The estate tax in this case is 45% for estates from 3.5 million to 7 million. While you may think this is a lot of money, guess again.
Imagine a farmer that has been farming his families land all his life and it has been in the family for 100 years. When he dies, the property is part of his estate. Farms in Iowa can be 500, 1000, even 2000 acres. Even a 500 acre farm anywhere near a metro area or in an area with good soil could be worth 1.5 million easy. Now the government will want 45% of what has already been taxed, in terms of property tax, income tax and other taxes. Even someone from the suburbs of Long Island may have saved all their long life, and when they died, their home and assets could easily go into the millions, especially if they have a family owned business. Again, the government double and triple dips here, stealing from the people, and we haven't even mentioned state estate tax.
The real deal here is the Vampiress and her cohorts are further digging a hole for themselves come 2010. While Bella is in good form because she runs from the people's republic of California, her fellow dems will not do so well. At the very least she will lose the speakership. May be this is the silver lining of Obama getting elected: By allowing the flower of socialism to bloom, people smell the stench of the feculent flower and are now out to get the 2-4-d and be done with it. With the GOP in for 8 years, the dems always had a foil to blame for what wasn't working. Now that we get to see the results of their corrupt and feckless philosophy in a very short time, people will finally understand, come to their senses and choose a better alternative to the status quo.