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We've been talking about so a lot actually about the so called death on the again and -- enough tax in the ged and that's coming our way -- the first -- -- day.
One example -- that -- of that would be.
The estate tax if congress does nothing it a rise to 55%.
On anything you leaving your state overall a million dollars.
Joining us now as many -- from Americans for Tax Reform many of Michael -- I can hardly believe this hospital that right if you die.
And you leave over a million dollars whatever is over a million gets hit at a 55%.
Rate is that right.
That's part stern I think it's telling -- -- called tax and again death may get an earlier because that's exactly where we're headed.
This is part the big tax hike coming down the pipe -- funny thirteen the death -- in particular.
If a problem because it's coming from a rate of 35%.
-- exclusion of five million dollars gonna drop the decision to one million.
Going to increase the rate to 55% as is you sat.
However on top of that we have a surtax that's going to be graduated surtax on any of states making -- its value over ten million to seventeen million.
There's another 5% surtax on what we're looking at the 60% surtax.
-- some of these states when I've families are dealing with a Capital One what you know and opinions we see a lot of discussion about the vessel -- about tax gotten about what's coming down the high it.
If you -- -- 2010 the dot -- was supposed to expire President Obama.
Extended and he's he extended as part of a tax cut package saying that.
The need to extend these tax cuts because it's a problem for the economy because our economy is too weak to withstand this kind of impact if we have -- -- eloped.
As you've been there are on her fashion mart earlier I don't see how this is change I don't see how we're in a position now where -- -- -- it's helpful.
But Kevin and let's go through the process for a second is going to be an election in of them I don't know what the results going to be that is going to be -- -- duck congress which may or may not deal with this tax cliff that's coming right under the -- There are some of those saying look there would do anything about it we will go over the tax cliff and then the new incoming congress will retroactively say no we're not going over the tax -- But I put it to you.
Can you actually retroactively.
Changed the estate tax rates and if you've already -- it.
And you've already been hit with 55% -- over a million -- It's very hard is it to retroactively.
Not die and pay that.
Right I'm -- it's crazy.
Get those are looking at zombie surtax that they were not get their -- -- -- saying that.
-- back me I would keep in mind -- back in 2010 the payroll tax it expired and it was retroactively you.
To some extent.
Put back into place because of the way that people five filer taxes of course people aren't filing right in January 2013 they're waiting till the springs south.
I think that this'll be telling we'll see what the congress wants to accomplish after the election which you know.
I think -- track record I really gives us a -- lot but you know.
But they keep in mind is there there are two things are looking out with this as a -- looking at a huge tax hike we're looking out -- the largest tax hikes in history.
And congress needs a look at that and say yeah you know these serious about what those kind of economic consequences are I think so far we haven't seen a serious discussion as to what that's going to be like -- -- rights -- -- thank you very much for joining and it's always a pleasure thanks very much indeed coming --