Death Tax

[ItsFairmont]

I guess you guys didn't understand where I was coming from. I was giving hypothetical situations, based on the way it used to be historically.


Some don't want their estate taxed when they die. I'm sure anyone getting money inherited would agree with this, but they would be horrified if they inherited debt, which is the way the law was in Europe and early America.

In other words, you inherited whatever your father's financial situation was.

Now?

We don't have the risk of inheriting our father's mistakes, but get the luxury of inheriting his success.

The fact that some of it is taxed is a heck of a lot better than the way it was long ago.


In general I agree. My sister and I will inherit more than the cap, but I'm in no hurry to receive it. I love my dad, and expect him to live another 30 years, putting him at 100 (which is very reasonable in our family) and me at 70. I'll be retired long before then, and won't really care.

Besides, it's just money. Once I have a roof over my head, heat, food, and healthcare, I'm pretty satisfied.


I value time over money, which is why I became a teacher. I have all I need. Home, cars, wonderful family, health care.


Money?

I have just the right amount. I'm not going to obsess over an inheritance tax that is started at around 4 million dollars.

 

[Burp]

I guess you guys didn't understand where I was coming from. I was giving hypothetical situations, based on the way it used to be historically.


Some don't want their estate taxed when they die. I'm sure anyone getting money inherited would agree with this, but they would be horrified if they inherited debt, which is the way the law was in Europe and early America.

In other words, you inherited whatever your father's financial situation was.

Now?

We don't have the risk of inheriting our father's mistakes, but get the luxury of inheriting his success.

The fact that some of it is taxed is a heck of a lot better than the way it was long ago.


In general I agree. My sister and I will inherit more than the cap, but I'm in no hurry to receive it. I love my dad, and expect him to live another 30 years, putting him at 100 (which is very reasonable in our family) and me at 70. I'll be retired long before then, and won't really care.

Besides, it's just money. Once I have a roof over my head, heat, food, and healthcare, I'm pretty satisfied.


I value time over money, which is why I became a teacher. I have all I need. Home, cars, wonderful family, health care.


Money?

I have just the right amount. I'm not going to obsess over an inheritance tax that is started at around 4 million dollars.

3.5 to be exact...this year. Next year it could be everything over 1 million.

You said this in another thread: "The less the government is aware of little old me, the better."

But you have no problem with the government taxing money that they had already taxed?

 

[Ravi]

President Obama's budget keeps the estate tax at its 2009 level, which means the government gets 45 percent of a dead person's estate valued over $3.5 million dollars or $7 million for a couple.

Obama's Budget Resurrects 'Death Tax' - First 100 Days of Presidency - Politics FOXNews.com

Perhaps I should have said, "45 percent of my estate over 3.5 million dollars."

However, I think through the subsequent pages of this thread that was made quite clear.

Well, here you go, a little list of estate tax myths, including this one:

[FONT=Arial, Helvetica, sans-serif]Myth: The Estate Tax must be repealed because it is forcing family farms to sell out.
Fact: As with family businesses, this issue has been distorted. Only 3 of every 10,000 people who die leave a taxable estate in which a farm forms the majority of the estate. On April 8, 2001, the New York Times reported that the pro-repeal American Farm Bureau Foundation could not cite a single case of a family farm lost due to the estate tax. In any case, family farms can be protected by gradually raising exemption levels. Repealing the Estate Tax will likely encourage the growth of mega-farms, thereby hurting smaller operations.[/FONT]

RW - Tax Fairness: Estate Tax Myths and Facts

Why don't you go talk to your accountant instead of letting Republican douche bags jerk you around in a frenzy because they want to protect people that make massive contributions to their campaigns?a

I'm going to write to my representatives and ask them to support legislation to have income taxed the same no matter what source it comes from.

I never said anything about people "losing" a farm. If we were talking about farms, I guess this would be valid.

I don't own a farm. Never have. Never will.

You probably want to start a thread about the death tax and farming.

That isn't what we're talking about here.

I got that from the link you posted.

So tell me, exactly what are you being double taxed on? Your income or your business assets?

 

[dilloduck]

I guess you guys didn't understand where I was coming from. I was giving hypothetical situations, based on the way it used to be historically.


Some don't want their estate taxed when they die. I'm sure anyone getting money inherited would agree with this, but they would be horrified if they inherited debt, which is the way the law was in Europe and early America.

In other words, you inherited whatever your father's financial situation was.

Now?

We don't have the risk of inheriting our father's mistakes, but get the luxury of inheriting his success.

The fact that some of it is taxed is a heck of a lot better than the way it was long ago.


In general I agree. My sister and I will inherit more than the cap, but I'm in no hurry to receive it. I love my dad, and expect him to live another 30 years, putting him at 100 (which is very reasonable in our family) and me at 70. I'll be retired long before then, and won't really care.

Besides, it's just money. Once I have a roof over my head, heat, food, and healthcare, I'm pretty satisfied.


I value time over money, which is why I became a teacher. I have all I need. Home, cars, wonderful family, health care.


Money?

I have just the right amount. I'm not going to obsess over an inheritance tax that is started at around 4 million dollars.

3.5 to be exact...this year. Next year it could be everything over 1 million.

So you have no problem with the government taxing money that they had already taxed?

I think he just really doesn't like for people t o give their money to someone that he doesn't think deserves it.

 

[Burp]

Well, here you go, a little list of estate tax myths, including this one:

RW - Tax Fairness: Estate Tax Myths and Facts

Why don't you go talk to your accountant instead of letting Republican douche bags jerk you around in a frenzy because they want to protect people that make massive contributions to their campaigns?a

I'm going to write to my representatives and ask them to support legislation to have income taxed the same no matter what source it comes from.

I never said anything about people "losing" a farm. If we were talking about farms, I guess this would be valid.

I don't own a farm. Never have. Never will.

You probably want to start a thread about the death tax and farming.

That isn't what we're talking about here.

I got that from the link you posted.

So tell me, exactly what are you being double taxed on? Your income or your business assets?

Everything over 3.5 million is taxed. In my situation, almost everything over 3.5 million has already had taxes paid on it.

 

[Yurt]

I guess you guys didn't understand where I was coming from. I was giving hypothetical situations, based on the way it used to be historically.


Some don't want their estate taxed when they die. I'm sure anyone getting money inherited would agree with this, but they would be horrified if they inherited debt, which is the way the law was in Europe and early America.

In other words, you inherited whatever your father's financial situation was.

Now?

We don't have the risk of inheriting our father's mistakes, but get the luxury of inheriting his success.

The fact that some of it is taxed is a heck of a lot better than the way it was long ago.


In general I agree. My sister and I will inherit more than the cap, but I'm in no hurry to receive it. I love my dad, and expect him to live another 30 years, putting him at 100 (which is very reasonable in our family) and me at 70. I'll be retired long before then, and won't really care.

Besides, it's just money. Once I have a roof over my head, heat, food, and healthcare, I'm pretty satisfied.


I value time over money, which is why I became a teacher. I have all I need. Home, cars, wonderful family, health care.


Money?

I have just the right amount. I'm not going to obsess over an inheritance tax that is started at around 4 million dollars.

easy for you to say...

so if you feel you don't need to obsess over it, why are you posting in this thread? does it all come to whether it affects us or not? your morality is everyone's morality?

 

[Burp]

I guess you guys didn't understand where I was coming from. I was giving hypothetical situations, based on the way it used to be historically.


Some don't want their estate taxed when they die. I'm sure anyone getting money inherited would agree with this, but they would be horrified if they inherited debt, which is the way the law was in Europe and early America.

In other words, you inherited whatever your father's financial situation was.

Now?

We don't have the risk of inheriting our father's mistakes, but get the luxury of inheriting his success.

The fact that some of it is taxed is a heck of a lot better than the way it was long ago.


In general I agree. My sister and I will inherit more than the cap, but I'm in no hurry to receive it. I love my dad, and expect him to live another 30 years, putting him at 100 (which is very reasonable in our family) and me at 70. I'll be retired long before then, and won't really care.

Besides, it's just money. Once I have a roof over my head, heat, food, and healthcare, I'm pretty satisfied.


I value time over money, which is why I became a teacher. I have all I need. Home, cars, wonderful family, health care.


Money?

I have just the right amount. I'm not going to obsess over an inheritance tax that is started at around 4 million dollars.

3.5 to be exact...this year. Next year it could be everything over 1 million.

So you have no problem with the government taxing money that they had already taxed?

I think he just really doesn't like for people t o give their money to someone that he doesn't think deserves it.

BO is a member of this message board?

 

[Iriemon]

And your comprehension skills are lacking every worse. Everything above 3.5 million is taxed. NO where did I say that everything over 3.5 would be taken. I said everything over 3.5 would be taxed.

I am amazed that so many people feel that government's tax policies are just and fair. All this talk about Paris Hilton and Trust Fund babies have nothing to do with my situation and what I am talking about.

To the contrary, it has every thing to do with the inheritance tax, which was the subject of your OP.

...



Repetitive. It's been pointed out repeatedly that much of the value of estates being inherited have not been taxed, and everyone who gets money and is taxed is getting taxed on monies that had already paid taxes.

The issue is, which you have not addressed, is why the Paris Hiltons should be treated differently.



Personally, I'd feel a little better about taxes going to to provide an energy policy to get us off the oil dependency and national health care, than paying higher taxes so the trust fund babies can inherit billions tax free.



How is this relevant to whether Paris should inheret a few hundred million tax free?



Who has said that?

I will never be convinced that the government has any right to "re-tax" monies that I have already paid taxes on.

Same reason the Govt has a right to "re-tax" monies that Ms. Jones pays me to paint her house that she has already paid taxes on.

No, he said 55% of everything. I didn't say everything. I said, over the 3.5 million.

I'm not talking about Paris Hilton. If Paris is left money that has NEVER been taxed, then yes, there needs to be a tax. That isn't what I'm talking about.

You keep saying you are not talking about the Paris Hiltons or trust fund babies. But if you are talking about tax policy, you can't just ignore the consequences of your position.

So please clarify your position and save us the guesswork. Is it your position a person be able to inheret a billion dollars tax free, and that neither the estate nor the person inheriting should pay a dime in tax on that transfer? Let's assume that the the deceased paid all taxes due on his billion dollars.

 

[Ravi]

I never said anything about people "losing" a farm. If we were talking about farms, I guess this would be valid.

I don't own a farm. Never have. Never will.

You probably want to start a thread about the death tax and farming.

That isn't what we're talking about here.

I got that from the link you posted.

So tell me, exactly what are you being double taxed on? Your income or your business assets?

Everything over 3.5 million is taxed. In my situation, almost everything over 3.5 million has already had taxes paid on it.

Your assets more than likely have not been taxed, in fact you've probably been able to write each of them off as a business expense. Your income is taxed when you receive it...and after that only the money earned on it from investing is taxed....so I'm not seeing how your claim that this hurts small business people is remotely true.

So basically, your estate is being taxed a grand total of 10 - 13% overall when you die and your heirs aren't being taxed at all. If the tax code was fair you wouldn't have an estate tax but your heirs would pay an income tax on this new income.

 

[dilloduck]

I got that from the link you posted.

So tell me, exactly what are you being double taxed on? Your income or your business assets?

Everything over 3.5 million is taxed. In my situation, almost everything over 3.5 million has already had taxes paid on it.

Your assets more than likely have not been taxed, in fact you've probably been able to write each of them off as a business expense. Your income is taxed when you receive it...and after that only the money earned on it from investing is taxed....so I'm not seeing how your claim that this hurts small business people is remotely true.

So basically, your estate is being taxed a grand total of 10 - 13% overall when you die and your heirs aren't being taxed at all. If the tax code was fair you wouldn't have an estate tax but your heirs would pay an income tax on this new income.

This new income could be a gift if the poor guy didn't croak first.

 

[Iriemon]

Everything over 3.5 million is taxed. In my situation, almost everything over 3.5 million has already had taxes paid on it.

Your assets more than likely have not been taxed, in fact you've probably been able to write each of them off as a business expense. Your income is taxed when you receive it...and after that only the money earned on it from investing is taxed....so I'm not seeing how your claim that this hurts small business people is remotely true.

So basically, your estate is being taxed a grand total of 10 - 13% overall when you die and your heirs aren't being taxed at all. If the tax code was fair you wouldn't have an estate tax but your heirs would pay an income tax on this new income.

This new income could be a gift if the poor die didn't croak first.

Ahhh, now we finally are getting to the heart of the matter.

Why should someone who receives a billion dollar gift not have to pay taxes on it?

If the answer is they shouldn't, then why couldn't I go to my employer and tell them I no longer want a salary, but they can give me a gift of a little lesser amount each month. I save taxes, my employer saves taxes, we are better off.

Except the Govt has no revenues.

 

[brownlou]

Paris Hilton is the perfect reason to keep the death tax.

 

[Yurt]

Your assets more than likely have not been taxed, in fact you've probably been able to write each of them off as a business expense. Your income is taxed when you receive it...and after that only the money earned on it from investing is taxed....so I'm not seeing how your claim that this hurts small business people is remotely true.

So basically, your estate is being taxed a grand total of 10 - 13% overall when you die and your heirs aren't being taxed at all. If the tax code was fair you wouldn't have an estate tax but your heirs would pay an income tax on this new income.

This new income could be a gift if the poor die didn't croak first.

Ahhh, now we finally are getting to the heart of the matter.

Why should someone who receives a billion dollar gift not have to pay taxes on it?

If the answer is they shouldn't, then why couldn't I go to my employer and tell them I no longer want a salary, but they can give me a gift of a little lesser amount each month. I save taxes, my employer saves taxes, we are better off.

Except the Govt has no revenues.

before 1913 you could...

the government is obese, spending needs to be cut, taxes decreased

 

[Iriemon]

This new income could be a gift if the poor die didn't croak first.

Ahhh, now we finally are getting to the heart of the matter.

Why should someone who receives a billion dollar gift not have to pay taxes on it?

If the answer is they shouldn't, then why couldn't I go to my employer and tell them I no longer want a salary, but they can give me a gift of a little lesser amount each month. I save taxes, my employer saves taxes, we are better off.

Except the Govt has no revenues.

before 1913 you could...

the government is obese, spending needs to be cut, taxes decreased

Thanks for your opinions. Are you going to answer my question?

 

[dilloduck]

Ahhh, now we finally are getting to the heart of the matter.

Why should someone who receives a billion dollar gift not have to pay taxes on it?

If the answer is they shouldn't, then why couldn't I go to my employer and tell them I no longer want a salary, but they can give me a gift of a little lesser amount each month. I save taxes, my employer saves taxes, we are better off.

Except the Govt has no revenues.

before 1913 you could...

the government is obese, spending needs to be cut, taxes decreased

Thanks for your opinions. Are you going to answer my question?

The answer is that you can't because the goverment made a law against it--just as they did to tax most gifts over a certain amount.

 

[Iriemon]

Ahhh, now we finally are getting to the heart of the matter.

Why should someone who receives a billion dollar gift not have to pay taxes on it?

If the answer is they shouldn't, then why couldn't I go to my employer and tell them I no longer want a salary, but they can give me a gift of a little lesser amount each month. I save taxes, my employer saves taxes, we are better off.

Except the Govt has no revenues.

before 1913 you could...

the government is obese, spending needs to be cut, taxes decreased

Thanks for your opinions. Are you going to answer my question?

The answer is that you can't because the goverment made a law against it--just as they did to tax most gifts over a certain amount.

Sorry my question wasn't clear. I wasn't asking what current law is. The question was rhetorical. What should the policy be? Should all "gifts" be tax exempt? And if so, why can't my employer give me "gifts" instead of "income."

And to tie it into this thread, why should a "gift" be treated different than an inheritance? Why should for tax purpose it make any difference whether a person gives the day before they die or after death?

 

[Yurt]

Thanks for your opinions. Are you going to answer my question?

The answer is that you can't because the goverment made a law against it--just as they did to tax most gifts over a certain amount.

Sorry my question wasn't clear. I wasn't asking what current law is. The question was rhetorical. What should the policy be? Should all "gifts" be tax exempt? And if so, why can't my employer give me "gifts" instead of "income."

And to tie it into this thread, why should a "gift" be treated different than an inheritance? Why should for tax purpose it make any difference whether a person gives the day before they die or after death?

why don't you change the amendment to gift tax and not income tax then...

why can't you understand that government should not tax either

 

[Iriemon]

The answer is that you can't because the goverment made a law against it--just as they did to tax most gifts over a certain amount.

Sorry my question wasn't clear. I wasn't asking what current law is. The question was rhetorical. What should the policy be? Should all "gifts" be tax exempt? And if so, why can't my employer give me "gifts" instead of "income."

And to tie it into this thread, why should a "gift" be treated different than an inheritance? Why should for tax purpose it make any difference whether a person gives the day before they die or after death?

why don't you change the amendment to gift tax and not income tax then...

why can't you understand that government should not tax either

Govt needs revenue to operate. If "gifts" are not taxed, then everyone will "gift" everything to each other. I'll work for free, and my employer can just "gift" me some money on a regular basis.

 

[dilloduck]

Sorry my question wasn't clear. I wasn't asking what current law is. The question was rhetorical. What should the policy be? Should all "gifts" be tax exempt? And if so, why can't my employer give me "gifts" instead of "income."

And to tie it into this thread, why should a "gift" be treated different than an inheritance? Why should for tax purpose it make any difference whether a person gives the day before they die or after death?

why don't you change the amendment to gift tax and not income tax then...

why can't you understand that government should not tax either

Govt needs revenue to operate. If "gifts" are not taxed, then everyone will "gift" everything to each other. I'll work for free, and my employer can just "gift" me some money on a regular basis.

Can't they generate revenue some other way than taking it from those who actually work ?

 

[ItsFairmont]

I think you're all missing the point (or not).

The Federal Reserve controls the money, and eventually they'll make sure your wealth is taken back by them.

Income tax, property tax, death tax. It's all designed to erode your wealth.

The only fair tax is a consumption tax through sales taxes and tariffs, but the government doesn't like those because then it gives us, the consumers, a strong measure of control.



The best thing you can do to get around the greedy Fed and government is to barter as much as possible.

Want a "new" lawnmower? Find a high-quality used one and barter for it.


We can beat the government and do it legally. The Federal government is a beast that needs to be put on a serious diet.