You thought you could use the ultimate escape route to avoid the taxing tentacles of Barack Obama? You were wrong.
Buried deep in Obama’s new budget is the stipulation that the estate tax will remain at 2009 levels. What does that mean? Well, George Bush managed to get his tax cuts implemented and one of those was reducing the estate tax to zero in 2010. Enter Barack Obama. His minion Larry Summers justifies killing the tax cut (pun intended), citing the perpetuation of wealth by the few by handing down wealth over generations.
What this idiot doesn’t understand is that the rich can and do re-route that money before they die, and the money gets transferred anyway. They just route through a complex web of trusts and shell businesses that give the appearance of not being related to the seemingly altruistic rich person.
Of course there’s an exemption for those with less than $3.5 million. As long as you have nothing, they’re less likely to come after it. It’s commonly known as redistribution.