Wednesday, April 13, 2011

Obama's America to look like France

    We will see after today's news conference how much of a tax hike the American people can expect.  Raising taxes never brings in more revenue, it just makes for more creative bookkeeping and at worst passes the increase onto the customer.  The last rich man out of America please shut off the lights.

Inheritance tax
Inheritance tax rates will be raised on large fortunes to plug the €900m gap left by the two previous tax reforms.
In the case of fortunes over €4m, the last two tax bands for direct heirs (in 2010 these were €889,514-€1,779,029 and €1,779,029 upwards) will have their tax rates raised 5% to 40% and 45% respectively.
The renewal period for making lifetime gifts, which take advantage of the €156,974 tax-free threshold for direct heirs, will be extended to ten years. In other words, you will only be able to make such donations once in a decade rather than the current six year renewal period.
Tax reductions on donations related to the age of the donor will also be scrapped.

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