Just to prove it, he has introduced a bill in the Senate to deeply cut the inheritance taxes for all you working stiffs who have to pay when a relative (those plumbers, teachers, carpenters, etc.) dies.
The existing federal estate tax levies a 45% on those deceased couples with property worth more than $7 million. That means in 2008 only 0.2 percent of all estates had to pay even a penny estate tax. Kyl is troubled by any tax. He wants to increase the rate level to $10 million, and reduce the top level from 45% to 35%. So if your estate is worth $15 million, only $5 million of it is taxed, and after deductions at only about 20%. N.Y. Times, 4/02/09
Kyl claims this is double taxation - WRONG ! Most of that wealth is in capital gains on stocks, real estate, bonds, etc. and, if unsold, the deceased never paid taxes on the gains. His proposal would cost the I.R.S. $250 billion in lost revenue over the next 10 years. If passed, it would also affect an equivalent amount lost to the Arizona Revenue Department. As if the Feds or the state would miss taxes never collected on estates. Kyl, your champion for the “average” Arizonan in the Senate.
Source: FS - The Independent Voice
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