Congrss To Extend Estate tAX

The House voted December 3, 2009 to permanently extend a 45 percent inheritance tax on estates larger than $3.5 million, canceling a one-year repeal of the tax set to begin next month.

A similar effort is afoot in the Senate, but the health care debate there could preclude action on the estate tax before Congress breaks later this month for holidays. There are also disagreements among senators over the tax rate and the size of estates that should be exempt, further clouding the bill's prospects.

Under the House bill, which passed by a 225-200 vote, estates smaller than $3.5 million would continue to be exempt from the tax. Married couples, with a little estate planning, could exempt a total of $7 million.

Congress Fiddling on Estate Tax Reform

After 8 years of doing nothing, the House of Representatives has not reached a consensus on revising the Estate Tax. The current estate tax rate is 45 percent with an exemption level of $3.5 million for individuals and $7 million for couples. Unless something is done, in 2010 the rate and exemption level will fall to zero and then jump up to 55 percent and $1 million, respectively, in 2011.

Some Congressmen want to extend the current structure for one year. In the meantime, the taxpaying public is left to just guess.

Senate Working on Estate Tax Revision

After 8 years of delay, the Senate is finally considering a revision to the Estate Tax. When the Bush estate tax reduction were passed in 2001. the Pres. Bush told Congress that 8 years would be enough time for the revision of the Internal Revenue Code Estate Tax provisions. As a method of assuring Congress would get busy, the law provides for a repel of the Estate Tax for 2010. Now, after dilly-dallying for 8 years, the Democrats don't want to see the Estate Tax Revenue disappear. They are scrambling to come up with a revision.

A bipartisan group of Senators is proposing a gradual reduction of the Estate Tax rate from 45% to 35% in 2019. Also the exemption would increase to $5 mil by 2019. Full Article....

Health Care Reform - End to Charitable Deductions?

Under the guise of paying for health care "reform," President Obama is trying to eliminate charitable deductions. Aside from further damaging already hurting charities, many estate plans and lifetime giving plans need to be reviewed. If the Obama plan gets approved, many proposed charitable deductions will need to be reduced to pay the federal (and State) income and estate taxes.

Estate Tax is Back Again!

Estate Tax is Back Again!

The House and Senate each approved a Fiscal 2010 Budget Resolution which keeps the Federal Estate Tax into 2010. President Bush and Congress set-up Estate Tax Reduction in 2001 with a planned elimination in of the estate tax  on January 1, 2010 THE house and Senate passed budget resolutions that conforms with President Obama's goal of re-instituting the Estate Tax.  The estate tax exemption amount will be frozen at  $3.5 million for single taxpayers and $7 million for married couples – the same rule that applies in 2009 under the Bush legislation. In addition, the Obama Administration has called for indexing the exemption amounts for inflation beginning in 2010. Congress must actually pass legislation to enact the tax changes.click here

Report Foreign Accounts or Face Fine and Jail

Report Foreign Accounts or Face Fine and Jail

U.S. citizens and permanent residents who have bank and other financial accounts in a foreign country may be required to report those accounts to the U.S. Department of Treasury by June 30. The failure to report these accounts can result in a $10,000 fine per account and possible criminal penalties.

The government forces US citizens to file the report each year if they have a financial interest in or signature authority or other authority over any financial accounts, including bank, securities or other types of financial accounts, in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year.

Courier Post - Ron Paul Letter

The Courier Post published my commentary about Ron Paul:

Saturday, January 5, 2008


Re: "Republican Ron Paul offers a different choice and new ideas" (Perspectives, Dec. 28).

U.S. Rep. Ron Paul, R-Texas, is the only candidate running who actually represents the America of our founding fathers. He promotes more individual choice, the right for you to control your life, not the government controlling you and taxing you into penury.

Let's stop the "yes, but" Republicans and the "tax-and-spend" Democrats from overriding the Constitution in the name of "patriotism" or some favored social program. Paul represents a new freedom for all Americans from an overbearing federal government.

That is why I am voting for Ron Paul in the Republican Primary. Thank you.

RONALD J. CAPPUCCIO

Cherry Hill

Click Here for the full article.

New Jersey Ends Death Penalty!

New Jersey Ends Death Penalty!

The State of New Jersey Assembly and Senate approved the abolition of the Death Penalty on December 13, 2007. The Governor promises to sign it into law. It's about time!

Ron Cappuccio

The Best Way to Save Your Estate is Vote for Ron Paul in the Primaries:

Here is a video of Ron Paul Summarizing some of his positions:

Click Here...

Remember to Contribute to Dr. Paul's Campaign onm December 16, 2007

Click Here...

Why I Support Ron Paul For President

Why I Support Ron Paul for President

Taxes
First, Ron Paul is the only limited government, lower taxes candidate. He has never voted to increase taxes and desires to cut government spending and taxes needed to support the spending. You cannot increase government (whether it is "infrastructure" as used by the Big Spenders, or transfer payments and subsidies,) and expect to lower taxes.

Free Trade
Ron Paul supports real free trade not more governmental organizations such as NAFTA, GATT, CAFTA, etc. Free trade is simple... we won't tax imports and other countries do not tax our exports.

War and Foriegn Policy
The war in Iraq was sold to us with false information. The area is more dangerous now than when we entered it. We destroyed a regime hated by our direct enemies, the jihadists, and created thousands of new recruits for them. We have no business making "regime changes" and trying to knock down or prop up other governments. We are not and can never be the policemen of the world.

Personal Liberty
The biggest threat to personal liberty is the government. We must limit the ability of the government to collect and store data about citizens' personal matters. Every government agency restricts individual choice. We need to cut back on government and increase personal freedom. The Constitution has a very limited role for the Federal government. Washington has no business being involved with education, abortion, religion, race relations, housing, etc. These are the rights left to the individuals and the states.

Yes, Ron Paul CAN WIN
The so-called "practical" political commentators say that Ron Paul can't win so we should unite behind a "winner" even if we do not support their views. This is the old "unite for unity" trap and is akin to Machiavelli's "the end justifies the means" argument. Let's vote for the best person...Ron Paul for President in 2008!

Ronald J. Cappuccio

Click Here to contribute to Ron Paul's Campaign