Biden answers Q on inheritance tax

[gateley]

This is from a live chat Q&A on WaPo today

Marion, Iowa: In 2011 the estate tax will have an exclusion amount of $1 million dollars. This exclusion amount may cause some family farms to sell half of their land just to pay the estate tax. In your opinion, what is a realistic exclusion amount for the estate tax?

Sen. Joe Biden: There is absolutely no evidence to that effect.

As a matter of fact, I asked the Internal Revenue Service to provide me with a single example of a farm that has had to be sold because of inheritance taxes would not under existing law -- and they could not provide me one.

I would appreciate if you could provide me with any specific examples. Thank you.


http://www.washingtonpost.com/wp-dyn/content/discussion/2007/10/04/DI2007100401628.html

[hvn_nbr_2]

1. Bravo for an honest answer to that old canard

canard: a deliberately misleading fabrication
wordnet.princeton.edu/perl/webwn

And bravo to Joe for doing the homework with the IRS.

I find myself warming up more and more to Biden and Dodd.

[gateley]

2. Thanks for the definition - saved me from having to look it up!

I have been repeatedly impressed by Biden when asked questions that aren't the "usual" ones lobbed at the candidates. Over and over he's obviously aware of the issue, has thought about it, and has considered approaches to best achieve the optimal results. It blows me away.

[rinsd]

3. That is fantastic! Great answer Joe!

[WCGreen]

4. Well, I would favor getting rid of the Estate Tax if they phased out the

Bump in the basis to the FMV of any asset passed on to beneficiaries...

[pnwmom]

5. Wouldn't there be confidentiality rules that would apply here?

Can the IRS just pass out names of taxpayers, even to a Senator?

[ginchinchili]

6. That's a red herring. If people are losing their farms because of the inheritance tax...

...it's safe to say that most would be more than happy to give politicos and the news media their sad and useful stories, permission granted.

[demommom]

7. K&R