Estate Tax Bill Could Hurt Charities

[dogday]

If the estate tax bill approved last week by the House becomes law, it will benefit wealthy families and cost the government a lot of tax revenue. But there are likely to be other winners and losers as well. Charities may find it harder to get donations and some heirs may have to wait years or even decades longer to collect inheritances, while surviving wives or husbands receive larger inheritances.

States that impose estate taxes will face new pressures to repeal them, because the federal government will no longer reduce its estate tax bill for those who owe state estate tax.

The bill faces an uncertain fate in the Senate, where a move to cut off debate on a bill to repeal estate taxes fell just three votes short. House leaders, who had wanted a complete repeal, pushed through the bill that was approved in the hope that it would pick up additional Senate votes.

Under current law, a person who dies in 2006 can leave up to $2 million to heirs without incurring estate tax. In addition, unlimited amounts can be left to a surviving spouse and to charities without incurring tax.

http://www.nytimes.com/2006/06/29/business/29tax.html?ex=1309233600&en=2fe962797fe0db76&ei=5088&partner=rssnyt&emc=rss

[Dr Fate]

1. Aint no "could" to it- it WILL hurt them. n/t

n/t

[no_hypocrisy]

2. Not to mention bequests from Wills and provisions in testamentary

trusts to colleges, and universities from loyal alumni/alumnae which depend upon the money for their existence.