Ran into a petitioneer today...

[Mythsaje]

Is petitioneer even a word? Somehow I doubt it. Oh, cool, I coined another one.

Anyway... I saw him in front of the grocery store, and being the good little political junkie I am, I asked, "what've you got there?"

One was for lowering property taxes. He was careful to explain that it had nothing to do with the school levies or anything else. I was trying to read it when he flipped his clipboard over and showed me the other one.

"ABOLISH THE DEATH TAX" it stated boldly.

He launched into the whole "death tax" spiel and I just shook my head. "It only affects those who make above a certain amount," I said, shaking my head.

He started to argue.

"No thanks," I told him, and walked away.

Boy, did he approach the wrong guy with THAT one.

[magellan]

1. What is the threshold on the inheritance tax now?

My husband seems to think it's $200K; I think it's higher.

[Clovis Sangrail]

2. $650k

at least that's what I was told when my mother passed away.
... not that the estate was anywhere near that ...

[magellan]

3. Thank you

And condolences.

[Mythsaje]

4. I'm thinking it's 200 grand myself...

but it may be more now...

[magellan]

5. Ah, I found it

Will my estate have to pay taxes after I die?

It depends. The federal government imposes estate taxes at your death only if your property is worth more than a certain amount--$600,000 to $1 million, depending on the year of death. But there are a couple of important exceptions to the general rule. All property left to a spouse is exempt from the tax, as long as the spouse is a U.S. citizen. And estate taxes won't be assessed on any property you leave to a tax-exempt charity.

Year..........Exempt Amount
1998------------$625,000
1999------------$650,000
2000,2001-------$675,000
2002,2003-------$700,000
2004------------$850,000
2005------------$950,000
2006 and after---$1 million

Important new rules also apply to family-owned businesses and farms. Beginning in 1998, they receive a special $1.3 million exclusion from estate tax. This amount is not in addition to the amount listed above, which is available to everyone. For example, if when you die the general exempt amount is $700,000, then a business that qualified for the increased exemption would get another $600,000 exemption, for a total of $1.3 million.

To qualify for this special increased exemption, the business must meet several rules:

* It must be more than 50 percent of your estate.
* Its principal place of business must be in the United States.
* You must meet IRS participation requirements in the business before your death.
* You must leave your interest in the business to family members or people who have been actively employed by the business for at least 10 years before your death. (More rules apply if you leave th business to non-U.S. citizens.)

more...Estate Tax

[neoblues]

6. The "Wealthy Estate Tax" is important...

The Nation
Long Live the Estate Tax!
Bill Gates Sr. & Chuck Collins
January 27, 2003 Issue

Alas, I don't expect to be having to worry about paying this particular tax. :cry: Sniffle... haha.

[niyad]

7. I ran into one the other day, who approached and asked if I was a

republican. having been told by a friend that such people were out and about at our favourite supermarket, I was prepared. in a loud voice, I replied, "ABSOLUTELY NOT"--which got smiles from several people around me.

I was even being nice, because my initial thought was that I would say, "I don't associate with liars, thieves, cons, pedophiles and murderers" but didn't feel like wasting breath.

next time, however. . . .

[Mythsaje]

8. I kinda felt bad for this guy...

out there pushing this stuff.

He was African American, and didn't seem all that hot on what he was doing. He didn't exactly have people lining up to sign the petitions, I noticed.

Go figure.