Kyl Wants to Kill the Estate Tax

Jon Kyl, the Republican Whip senator from Arizona hates the “death tax”. His letter “Reducing the Estate Tax” to the editor of the New York Times was published April 11, 2009. Here is a link:

http://www.nytimes.com/2009/04/12/opinion/l12estate.html?_r=1

Kyl laments that the backbone of America, the small business owners and farmers can’t catch a break because they are too poor to employ the army of accountants and lawyers that are necessary to avoid the weighty burden.

“They (the small-business owners and farmers) earn relatively low profit margins and are considered ‘wealthy’ by the government only because they own expensive equipment or land.”

Let me repeat that “because they own expensive equipment or land” (my emphasis added). Now I’ve never pretended to be a tax accountant and I have never filled out a form 706 in my life, but I’m pretty sure that anyone with an estate value under 3.5 million does not have to pay any federal estate taxes. So Jon represents poor small-business owners and farmers with estates valued in excess of 3.5 million dollars. Is it any wonder that the Republican Party is on the decline?

By coincidence I received an advertisement for CPE credit from accountingweb.com today “Form 706: Estate Tax Return Fundamentals”. Below are some highlights:

Form 706: Estate Tax Return Fundamentals
Tuition — $199

Highlights:
Americans have been able to accumulate wealth. It is estimated more than $10 trillion dollars in wealth will be transferred over the next 15 years. If a person has been fortunate to amass significant wealth, the government imposes a tax when the person transfers their wealth at death. In 2009, if a person’s gross estate plus adjusted taxable gifts equals or exceeds $3.5 million in value, a Form 706 must be filed. In the teleconference, you will learn the rules applicable to properly preparing and filing Form 706. The program will cover which assets are subject to tax, the available deductions and major elections. Each schedule required to be filed with Form 706 will be discussed. The teleconference will provide you with a working understanding of how the estate tax works and proper reporting.

Who Should Attend:
Estate planners, accountants, attorneys, presidents, vice presidents, CPAs, controllers, business owners and managers, tax managers, financial planners and enrolled agents AND JON KYL!

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by Chris Wood, CPA - Chris Wood is a CPA with experience in Big Four, large regional and local public accounting firms. Write to the good Captain on everything under the sun concerning the captivating world of Excel!

 

 

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