Estate tax uncertainty is deadly serious.....
(thanks to the local source who verified this for me).
The Ohio businessman, now in his 80's, built an incredible manufacturing concern over his lifetime. Through hard work, the elderly gentleman, has amassed a net worth that exceeds $50 million dollars.
When he was in his 70's, he decided to pay attention to his health. He bought a treadmill, and cut down his daily intake of manhattans from two to one. His goal was to make it to 2010 - when the tax imposed by the federal government would drop to 0.
On January 1, 2011, without Congressional action, the estate tax will jump to 55% on estates over $1 million. New Year's Day 2011, for this businessman, will not be a happy event. After January 1, 2011, his potential estate tax (taken from his heirs) will be more than $25 million, half of his life's work.
The gentlemen has pledged that the federal confiscation will never occur. Early in 2010, he toted the treadmill out to the road for the trashman to haul away. He's also enjoying three manhattans a day.
He doesn't intend to see 2011. Whether through natural causes, or a self-induced departure, this American, who has spent a lifetime creating jobs and opportunity, refuses to let the politicians squander his hard earned money.
The story is incredible to consider. With 126 days until the end of the year, will we see this happen across the nation?
(As an aside, do you know how long it will take the Obama administration to spend that $25 million estate confiscation? Less than 4 seconds....)
The Ohio businessman, now in his 80's, built an incredible manufacturing concern over his lifetime. Through hard work, the elderly gentleman, has amassed a net worth that exceeds $50 million dollars.
When he was in his 70's, he decided to pay attention to his health. He bought a treadmill, and cut down his daily intake of manhattans from two to one. His goal was to make it to 2010 - when the tax imposed by the federal government would drop to 0.
On January 1, 2011, without Congressional action, the estate tax will jump to 55% on estates over $1 million. New Year's Day 2011, for this businessman, will not be a happy event. After January 1, 2011, his potential estate tax (taken from his heirs) will be more than $25 million, half of his life's work.
The gentlemen has pledged that the federal confiscation will never occur. Early in 2010, he toted the treadmill out to the road for the trashman to haul away. He's also enjoying three manhattans a day.
He doesn't intend to see 2011. Whether through natural causes, or a self-induced departure, this American, who has spent a lifetime creating jobs and opportunity, refuses to let the politicians squander his hard earned money.
The story is incredible to consider. With 126 days until the end of the year, will we see this happen across the nation?
(As an aside, do you know how long it will take the Obama administration to spend that $25 million estate confiscation? Less than 4 seconds....)
To put it other terms, the difference between the St. Louis Rams being sold and the Yankees not being sold is Steinbrenner died this year whereas Georgia Frontiere died while there was an estate tax. The children of Frontiere could not afford the team due to the taxes, and Steinbrenner's family avoids $500 million due to his death this year.
You make the money or create a business and save your money to pass on that money/business to your children. Why should the government take their cut? Because redistribution of wealth is a core value of the left and they believe the government should be in the business of ensuring that wealth gets redistributed.
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what a great example!
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We should see an abundance of "Throw Mama From The Train" scenarios as we approach Dec. 31. Heirs who stand to save millions if the death occurs a few days or months (in some cases maybe even years) early.
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