Death Tax May Die

Discussion in 'Politics' started by Nienna, May 11, 2005.

  1. Nienna
    Offline

    Nienna Senior Member

    Joined:
    Feb 24, 2005
    Messages:
    4,515
    Thanks Received:
    333
    Trophy Points:
    48
    Location:
    Ohio
    Ratings:
    +333
    Legislation would end the Federal Estate Tax.

    Sens. Wayne Allard, R-Colo., and Jeff Sessions, R-Ala., have introduced legislation to permanently and immediately do away with a tax they say is damaging to families.

    http://www.family.org/cforum/fnif/news/a0036511.cfm
     
  2. insein
    Offline

    insein Senior Member

    Joined:
    Apr 10, 2004
    Messages:
    6,096
    Thanks Received:
    356
    Trophy Points:
    48
    Location:
    Philadelphia, Amazing huh...
    Ratings:
    +356
    yay for common sense. Or maybe thats too early for the cheers.
     
  3. dilloduck
    Offline

    dilloduck Diamond Member

    Joined:
    May 8, 2004
    Messages:
    53,240
    Thanks Received:
    5,552
    Trophy Points:
    1,850
    Location:
    Austin, TX
    Ratings:
    +6,403
    Dems like stealing from people to much to celebrate yet but I'm gonna keep my fingers crossed--death taxes are as immoral as it gets.
     
  4. no1tovote4
    Offline

    no1tovote4 VIP Member

    Joined:
    Apr 13, 2004
    Messages:
    10,294
    Thanks Received:
    616
    Trophy Points:
    83
    Location:
    Colorado
    Ratings:
    +616
    I liked Allard before, and I like him even more now....
     
  5. archangel
    Online

    archangel Guest

    Ratings:
    +0


    I for one put my kids as co owners on all my tangible assets...vehicles,boat,property.bank account...so if and when I pass away they are already legally the asset owner....no taxes due....lol
    However ya gotta trust your kids before you do this...so happens I raised em right and have no fears....
     
  6. Nienna
    Offline

    Nienna Senior Member

    Joined:
    Feb 24, 2005
    Messages:
    4,515
    Thanks Received:
    333
    Trophy Points:
    48
    Location:
    Ohio
    Ratings:
    +333
    Actually, we went through this just recently when my father passed away. Taxes are owed on the part that you own, over a certain amount. So if you own an account jointly with one of your kids, he will owe taxes on half of that account, minus the cutoff. Or if the value is under a certain amount, it will be exempt. Say you have a joint account worth $2,100,000. Your kid will own 1,050,000 at the time of your death. The other 1,050,000 is yours, but say the cutoff is 1,000,000 (I can't remember the cutoff amount). Your kid will owe taxes on 50,000. Of course, spouses are exempt.
     
  7. no1tovote4
    Offline

    no1tovote4 VIP Member

    Joined:
    Apr 13, 2004
    Messages:
    10,294
    Thanks Received:
    616
    Trophy Points:
    83
    Location:
    Colorado
    Ratings:
    +616
    This is why all assets should be owned by a Sub Chapter S corporation. If everybody in the family owns shares in the corporation and a shareholder agreement is signed that upon death the shares owned by each are turned into treasury shares those left behind own the entire corporation upon the death of another but it is not inheritance or income, thus it is not taxed.
     
  8. archangel
    Online

    archangel Guest

    Ratings:
    +0


    Damn I should have known this having worked for the Department of Treasury...
    Then again the sub department was USCS...did not deal with tax issues per se..
    mostly criminal...Narcotics,child porn,export of high tech etc etc...live and learn...thanks!



    Then again if the cut off is $1,000,000 I am safe not in that category...wheew!
     
  9. IControlThePast
    Offline

    IControlThePast Member

    Joined:
    Jan 20, 2005
    Messages:
    470
    Thanks Received:
    21
    Trophy Points:
    16
    Ratings:
    +21
    Hey that's Welfare, just what you're fighting against :tng:.

    Why not make the cutoff for the Death Tax very high, like 10,000,000 or so. If families would be inheriting that much they won't be hurting. I just don't like the defecit. I don't mind cutting taxes, as long as we're not in the red.
     
  10. no1tovote4
    Offline

    no1tovote4 VIP Member

    Joined:
    Apr 13, 2004
    Messages:
    10,294
    Thanks Received:
    616
    Trophy Points:
    83
    Location:
    Colorado
    Ratings:
    +616

    It's not welfare, it's tax law. If you want to give your money on death without being taxed out of it you would do what I stated. It isn't even a loophole.
     

Share This Page