Saturday, March 21, 2009

Taking the Death Tax Too Far

Oregon has a bill circling the legislature that has a number of people really upset. The bill is designed to tax widows and orphans at their neediest hour. That's right a loved one dies who may even be the bread winner of the family and you are left with all the final decisions, casket, burial and paying taxes on the insurance and annuities that were left to support you.

This is a heartless proposal by the democrats to attempt to shore up a budget that has gross overspending in many categories. Instead of cutting wasteful spending the Oregon House is looking to steal more money from the citizens of the state.

House Bill 2854 adds life insurance payouts and savings within policies and annuities to the list of what qualifies as taxable income in Oregon these benefits would be taxed at Oregon's highest rate. Value accrual within a policy that is tax-deferred until withdrawal will now be subject to tax collection each year. No state has ever introduced the repeal of these exemptions. More than 2 million Oregonians from every walk of life hold life insurance policies. All would be taxed.

At a time when you need it the most, when your survival may depend on it, count on the Oregon Legislature to take it away from you. You and Your family aren't really important to them. The state has needs you know.

How Low Can You Go As A Democrat?

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