‘Congress Scrambles to Extend Estate Tax’

House Bill would extend top rate of 45 percent on estates larger than 3.5 million

http://www.msnbc.msn.com/id/34226417/ns/business-personal_finance/

For those of you planning to make it big next year on inheritance without taxation, think again.  Congress is trying to pass a bill that will tax all estates inherited over 3.5 million at a rate of forty-five percent.  Now how fair is that?

This translates to …”If you’ve got a smaller business that’s much more service oriented, $3.5 million probably allows you to escape under the line,” Patten said. “But if you have any kind of business that requires capital, then this puts your business at risk.”

Don’t you think this will  encourage the rich to hide their money in other accounts so that those who inherit the wealth will not be taxed so hefty at forty-five percent?  Shouldn’t Congress try to keep U.S. money here in the United States?  Why can’t Congress slash the tax rate? After all, wouldn’t we all do a little less hiding on our tax returns if tax rates were a little more reasonable?