The death and taxes open line | Arkansas Blog

Thursday, May 16, 2013

The death and taxes open line

Posted By on Thu, May 16, 2013 at 3:19 PM

The line is open. Closing out:

* THERE THE GOP GOES AGAIN: The Arkansas Republican Party is in all-out assault mode on U.S. Sen. Mark Pryor, today pounding him for once saying seven years ago that he supported permanent repeal of the estate tax (dishonestly called a "death tax" by the Republicans) but joining in recent bipartisan approval of what is now a dramatically lower estate tax. Under the bipartisan deal, a spouse can inherit $10.5 million from a spouse without tax and the top rate on amounts above that, if not otherwise protected by the many tools available, has dropped to 40 percent.

Two other laugh-worhty points in the GOP narrative: 1) The invocation of the noble family farm. In addition to fact that a family farmer can pass an unlimited amount to a spouse and between them a married couple can structure $10.5 million (net value after debt offset) in untaxed estate pass-along, farms also enjoy other enormous benefits. Heirs can spread payments over 15 years at a low interest rates. (I've edited the original version to correct an error on the spousal exemption.) By one calculation, of the 1 in 1,000 deaths that result in a taxable estate nationwide, an estimated grand total of 20 are farms. Some threat. 2) Again, too, we must endure GOP Party Chair Doyle Webb as the preachy moralist on Mark Pryor's supposed inconstancy. It would be nice if Doyle Webb PAID his taxes and just debts and didn't try to cheat on old ladies' estates, including his own mother's. He's the last guy the GOP should trot out to talk about estate taxes and broken promises.

* GAME AND FISH LEASES LAKE MAUMELLE: The Game and Fish Commission today approved a $1 million 99-year lease of 9,000-acre Lake Maumelle and 9,861 surrounding acres for use in the Maumelle Wildlife Management Area. It would been working with Central Arkansas Water on the deal for some time. The money is to be paid over three years, with three-fourths of it coming from the federal government.

* SPEAKING OF NONPROFITS, THE IRS AND POLITICIANS: Blue Hog Reports notes that Sen. Jason Rapert is using the same PO Box he uses for his nonprofit Holy Ghost Ministries as the mailing address for his campaign finance report. No payments reported by the campaign for the usage, or an in-kind donation by the nonprofit. 501c3's are supposed to avoid partisan politics, of course. He shares a phone with the ministry, too. Penny ante stuff, yes, but, as BHR says, kind of odd. Rapert says his ministry does mission work in Africa. I've looked at his Form 990s a time or two. He doesn't itemize income or outgo, except to call the outgo of $60,000 or so a year as mission expenses. He got very offended when I asked him some months ago to disclose how he spent the money.

POLITICAL NEWS UPDATE: House Speaker Davy Carter will announce tomorrow whether he is in or out of the race for governor. Conventional wisdom is OUT. Statewide headlines that the GOP should go easier on guns and abortion is not a traditional way for a candidate to jump into a Republican primary.

Tags: , , , ,

From the ArkTimes store

Favorite

Comments (28)

Showing 1-28 of 28

Add a comment

 
Subscribe to this thread:
Showing 1-28 of 28

Add a comment

More by Max Brantley

Readers also liked…

  • Charter school accountability: Non-existent in Arkansas

    A state audit finds charter school spending violated state law, but the state Education Department says it has no responsibility for ensuring proper management of charter schools. Say what?
    • Mar 5, 2016
  • 'Million-Dollar Thursday': A visit to Sherwood's hot check court

    We take a visit to the weekly hot check court in Sherwood District Court, the subject of a recent civil rights lawsuit filed by ACLU Arkansas and others, who say the system there results in a modern-day debtor's prison
    • Aug 25, 2016
  • Policy group urges opposition to new charter seats in Little Rock

    The Arkansas Public Policy Panel is urging supporters of the Little Rock School District to tell state Board of Education members they oppose applications to be heard this week to dramatically expand the number of charter school seats in the Little Rock School District.
    • Mar 9, 2016

Most Shared

  • Lynchings hidden in the history of the Hot Springs Confederate monument

    Hot Springs twice erupted into the kind of violence that has its roots in the issues left unresolved by the Civil War, and both times, it happened right where that monument to Confederate soldiers stands today.
  • Take yourself there: Mavis Staples coming to LR for Central High performance

    Gospel and R&B singer and civil rights activist Mavis Staples, who has been inspiring fans with gospel-inflected freedom songs like "I'll Take You There" and "March Up Freedom's Highway" and the poignant "Oh What a Feeling" will come to Little Rock for the commemoration of the 60th anniversary of the desegregation of Central High.
  • Klan's president

    Everything that Donald Trump does — make that everything that he says — is calculated to thrill his lustiest disciples. But he is discovering that what was brilliant for a politician is a miscalculation for a president, because it deepens the chasm between him and most Americans.
  • On Charlottesville

    Watching the Charlottesville spectacle from halfway across the country, I confess that my first instinct was to raillery. Vanilla ISIS, somebody called this mob of would-be Nazis. A parade of love-deprived nerds marching bravely out of their parents' basements carrying tiki torches from Home Depot.

Most Viewed

  • Confederate memories of a Southern boy

    Confederate memories. How a Son of the South went wrong — or right, depending on your point of view.
  • Police identify three dead in Birchwood

    Police have now released some details about the apparent slaying Sunday of two children and suicide of the man who killed them on Birchwood Drive in West Little Rock. Court recordx indicate the suspect had a history of domestic violence.

Most Recent Comments

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation