Uber wealthy cling to life, embrace euthanasia to beat estate taxes...

DECEMBER 30, 2009
Rich Cling to Life to Beat Tax Man

By LAURA SAUNDERS
Nothing's certain except death and taxes -- but a temporary lapse in the estate tax is causing a few wealthy Americans to try to bend those rules.

Starting Jan. 1, the estate tax -- which can erase nearly half of a wealthy person's estate -- goes away for a year. For families facing end-of-life decisions in the immediate future, the change is making one of life's most trying episodes only more complex.


On Jan. 1, the one-year halt to the estate tax begins. And never before has so much money hinged on the time of death, WSJ's Laura Saunders reports in a News Hub extra.
"I have two clients on life support, and the families are struggling with whether to continue heroic measures for a few more days," says Joshua Rubenstein, a lawyer with Katten Muchin Rosenman LLP in New York. "Do they want to live for the rest of their lives having made serious medical decisions based on estate-tax law?"

Currently, the tax applies to about 5,500 taxpayers a year. So, on average, at least 15 people die every day whose estates would benefit from the the tax's lapse.

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http://online.wsj.com/article/SB126213588339309657.html?mod=WSJ_hp_mostpop_read

the fucking poor who do not have the choice of end of life questions...they just end life!..no insurance..no doctors...no DNR orders...nothing!

Our tax laws are very complicated, and a great deal of money is wasted by people trying to comply and/or avoid them. Just as it would be a waste if a few hundred thousand of the brightest students went on to spend their lives digging holes and filling them in again in order to deal with the government, it is very wasteful that a few hundred thousand (at least) of bright people are employed by the economy in order for people to deal with the IRS.

Of course the complicated tax code is also the method through which K street gets favors for their clients.

There needs to be massive tax simplification. A few different rates, say three or 4, one cap gains rate, and one estate tax rate. All deductions gone, all tax credits, etc. gone.

Now, most who say this are conservatives who want low rates.. the rates can be high, I am not arguing for lower taxes, these rates can be high, but the code needs to be simple.

It would have a very positive effect on the economy after all the tax lawyers and accountants figure out something more useful to do.

Of getting articles written like this all year.

Reads like an article from The Onion.

<snip>

Of course, plenty of taxpayers themselves are eager to live to see the new year. One wealthy, terminally ill real-estate entrepreneur has told his doctors he is determined to live until the law changes.

"Whenever he wakes up," says his lawyer, "He says: 'What day is it? Is it Jan. 1 yet?'"

</snip>

You've GOT to be kidding.

Wow.

Sadly, it's real.

"the estate tax -- which can erase nearly half of a wealthy person's estate"

Nothing is "erased" -- the money still exists, it just goes back into supporting the country that makes it possible for excessive wealth to be concentrated in the hands of a few.

Even worse to think about what's going to happen before the estate tax will be scheduled to be reinstated. Will there be an heir snuffing out the benefactor while they still get the tax break?

...but doing so for "tax purposes" is hunky-dory?

Talk about values! (or lack of them...)

...coming to grips with the numbers cited here: "Currently, the tax applies to about 5,500 taxpayers a year. So, on average, at least 15 people die every day whose estates would benefit from the the tax's lapse."

Okay, let's see here. 15 people die every day... 15*365 = 5,475. So of the 5,500 people whose estates are affected, all but 25 will be dead by the end of the year?

Something doesn't add up. :-)

It's an estimate based on what happened over past years.

I thought they were talking about all people whose estates could be affected, but they were already limiting it to how many of those die per year. Thanks for clearing that up!