Federal "Death Tax" Affects 5,500 Estates

[alan1]

Yeah I have a lot of sympathy for people whining about having to pay taxes on aything OVER the TWO DECADES worth of median family incomes (before TAXES) they might have to pay.

My heart just totally bleeds for those whining trust funding assholes.

Those rich scions have class envy.

they envy those of us who cannot leave our children over $5,000,000 TAX FREE.

I have a solution for them, just so they have nothing to envy about the rest of us, but none of them EVER want to take it.

Wonder why?

Oh yeah! that's right, because they won't want to not be fabulously wealthy for doing NOTHING except being born. The world owes them a living doesn't it?

They don't want to have to WORK to earn their daily bread, like the rest of us have to.

You feel sorry for these whining scions, do ya?

How much will YOU get when your daddy dies, exactly?

Perfect.

Make it all about how much they have to distract from the fact that this is nothing more than grave robbing.

Yeah IU know...and all taxatio is theft, too, right?

Poor little rich kid.

Spare me, okay?

If you can't make it in America with $1,000,000 TAX FREE to start out then honestly... you don't dDESERVE to be in charge of great wealth to begin with.

To start out?
Inheritance comes after somebody dies, considering the average life span in the US, the recipient of an inheritance is most likely nearing 60 by the time they get it, that's hardly "starting out".

 

[obama2ndterm]

Thise poor millionaires need to pay 95 % on earnings.

 

[WillowTree]

Put in simple terms. Money is earned, taxes are paid. Some money is then put into savings or investments, interest or capital gains taxes are paid. That's twice. Then when the person dies the gov. takes 50% of what is left? That's theft. Now as to wether or not you feel sorry for them and your answer is no because they are rich makes you kinda stupid. Same money taxed three times is theft.

 

[alan1]

Thise poor millionaires need to pay 95 % on earnings.

You don't understand the difference between income and assets, do you?

 

[obama2ndterm]

Daily Twitter Digest – 2009-10-31
November 1st, 2009 · No Comments

* Bipartisanship! D's & R's agree that the REAL scandal is the release of the report that details all their scandals. washingtonpost.com #tlot 1109
* Apparently Halloween is not Satanic when Evangelical Christians use it to explain how gays & "abortionists" go to hell. The Door Christian Church - Chandler AZ - Hell House IV 1220
* Local TV: Mortgage bimbo peddling 0% down mortgages, lamenting proposal to raise FHA requirement to an "unfair" 5% down. Ah Phoenix… #fb 13:18:39
* I am the victim of anticipatory plagiarism! Stated differently: Read this now before I get around to writing it. RollingDoughnut.com: "Doesn't everyone believe that it is evil to be selfish?" #tlot 14:17:48
* Looks like the bratenoids here in AZ will have to choose between trick-or-treating and watching the game. Opportunity cost is such a bitch. 20:31:16
* Family Guy instead of World Series? Fine with me. EverybodyStewiesWooHoo! 20:34:31
* Surprised Rand never wrote a defense of Halloween akin to her T-day & Xmas pieces. Creativity, voluntary exchange, mocking mysticism, etc. 20:43:56
* One more time: Capitalism does more to fight bigotry than any politician ever could. HRC's Corporate Equality Index 2010; or, How to Avoid the Gay Agenda, Take 2 : Dispatches from the Culture Wars #lgbt #tlot #fb 21:08:41
* One more time: No economy ever taxed itself into prosperity. http://is.gd/4JEE6 #tlot #fb 21:18:16
* somebodyhitwoohoo 2103
* "Everyone knows that umpires are very liberal…" Only on Fox… 21:28:43

 

[RadiomanATL]

Daily Twitter Digest – 2009-10-31
November 1st, 2009 · No Comments

* Bipartisanship! D's & R's agree that the REAL scandal is the release of the report that details all their scandals. washingtonpost.com #tlot 1109
* Apparently Halloween is not Satanic when Evangelical Christians use it to explain how gays & "abortionists" go to hell. The Door Christian Church - Chandler AZ - Hell House IV 1220
* Local TV: Mortgage bimbo peddling 0% down mortgages, lamenting proposal to raise FHA requirement to an "unfair" 5% down. Ah Phoenix… #fb 13:18:39
* I am the victim of anticipatory plagiarism! Stated differently: Read this now before I get around to writing it. RollingDoughnut.com: "Doesn't everyone believe that it is evil to be selfish?" #tlot 14:17:48
* Looks like the bratenoids here in AZ will have to choose between trick-or-treating and watching the game. Opportunity cost is such a bitch. 20:31:16
* Family Guy instead of World Series? Fine with me. EverybodyStewiesWooHoo! 20:34:31
* Surprised Rand never wrote a defense of Halloween akin to her T-day & Xmas pieces. Creativity, voluntary exchange, mocking mysticism, etc. 20:43:56
* One more time: Capitalism does more to fight bigotry than any politician ever could. HRC's Corporate Equality Index 2010; or, How to Avoid the Gay Agenda, Take 2 : Dispatches from the Culture Wars #lgbt #tlot #fb 21:08:41
* One more time: No economy ever taxed itself into prosperity. http://is.gd/4JEE6 #tlot #fb 21:18:16
* somebodyhitwoohoo 2103
* "Everyone knows that umpires are very liberal…" Only on Fox… 21:28:43

11:07:43 #retarded #twitterhead.

 

[The Rabbi]

Thise poor millionaires need to pay 95 % on earnings.

You don't understand the difference between income and assets, do you?

Most people dont. They dont understand the difference between income and wealth either. That's why so many people are poor. People who think Michael Jackson was wealthy are laboring under a huge delusion.

 

[chanel]

Thise poor millionaires need to pay 95 % on earnings.

Yeah. That'll work.

I would rather will my property to charity before I'd give 55% to the govt. But we won't have to worry about it. I plan to find a good lawyer just like all the "dishonest" wealthy people have.

The bulk of our estate (which we worked - for not inherited) is tied up in real estate. There is NO WAY my kids could come up with that kind of cash. I guess you grave robbers have no problem throwing people's kids out on the street. As long as they aren't your kids, right?

Envy is a deadly sin.

 

[Polk]

Doesn't Obama want to change the exclusion amount to $1 million? That will be a hell of a lot more than 5,500 households. A million dollars ain't what it used to be.

I'm sure the socialists would love to raise it to 100% of everybody's estate. Coming soon?

No. The exclusion will reset to one million in 2011 because that's the way Bush and the Republican-controlled Congress wrote the law in 2001. Obama has proposed raising the exclusion to 3.5 million (the 2009 rate) permanently.

 

[Care4all]

Thise poor millionaires need to pay 95 % on earnings.

Yeah. That'll work.

I would rather will my property to charity before I'd give 55% to the govt. But we won't have to worry about it. I plan to find a good lawyer just like all the "dishonest" wealthy people have.

The bulk of our estate (which we worked - for not inherited) is tied up in real estate. There is NO WAY my kids could come up with that kind of cash. I guess you grave robbers have no problem throwing people's kids out on the street. As long as they aren't your kids, right?

Envy is a deadly sin.

$7 MILLION of your estate is EXEMPT from estate taxes, you know that right?

 

[Oddball]

All of it should be exempt.

Making death a taxable "transaction" is positively ghoulish.

 

[Polk]

I'm not pretending to understand this, but I may be calling an estate lawyer next week.

Yeah, but in the previous link the WSJ says that if congress doesn't do anything, then the estate tax goes away.

Elimination of the levy on big inheritances was approved by Congress under President George W. Bush in 2001, with rollbacks phased in slowly and its full elimination slated to take effect next year.

Lawrence Summers, President Obama's chief economic adviser, declared recently that "Let's be very clear: There are no, no tax increases this year. There are no, no tax increases next year." Oh yes, yes, there are. The President's budget calls for the largest increase in the death tax in U.S. history in 2010.

The announcement of this tax increase is buried in footnote 1 on page 127 of the President's budget. That note reads: "The estate tax is maintained at its 2009 parameters." This means the death tax won't fall to zero next year as scheduled under current law, but estates will be taxed instead at up to 45%, with an exemption level of $3.5 million (or $7 million for a couple). Better not plan on dying next year after all.

Barack Obama's Budget Quietly Resurrects the Death Tax for 2010 - WSJ.com

More BS from the WSJ. Looking at the current baseline, he's suggesting what would be an increase in 2010, but a cut in all years going forward. And yet, according the WSJ, that's a tax hike.

 

[Polk]

Honestly I so do't get it

Even $1,000,000 is about TWENTY YEARS woth of the median family's PRETAXED incomes.

If they change from the current $3,500,000 TX FREE rates we have now(what's that about 35 times the median pretaxed family incomes?) to a merely $1,000,000 TAX FREE lum sum, are these scions going to SUFFER?

I have REAL victims of this system to worry about.

The bleedin scions of the stupendously wealthy aren't on my radar of people who need my concerns.

So what?

Why is it they should pay anything, especially considering that they've already paid taxes two and three times for their possessions?

Except that they haven't paid taxes two or three times on the money. Hell, most of the time they've never even paid taxes once on it.

 

[Polk]

All of it should be exempt.

Making death a taxable "transaction" is positively ghoulish.

After moaning about emotional appeals, you spin right in to making one.

 

[Care4all]

All of it should be exempt.

Making death a taxable "transaction" is positively ghoulish.

it is no more harmful than a number of other taxes...?

i don;t see it as wrong, because I read an article once that explained why and how it worked.

Using an example of the Hiltons... the Hiltons will leave their children a huge estate, much of which was never taxed while the Hiltons were alive...YES, NEVER TAXED on their capital gains because they never sold their stock...which is when taxes take place on this kind of wealth gain.
here is the example:
When mr Hilton decided to go public with his company many moons ago and sold shares in Hilton stock for let's say, $10 a share. Let's also say he kept/bought about half the shares sold and he sold 200,000 shares keeping 100,000 shares of stock for himself....and to keep power of how the corporation is run.

Over the years Hilton corporation has grown in assets, real estate assets and the value of their stock has risen to where it is now worth $100 dollars a share instead of $10 a share....

Each of his 100,000 shares worth $100 a share now which means that he has made $90 bucks a share in profit on his investment that was NEVER TAXED, and just handing them over to his kids without some realization of their worth and the taxes avoided while the Hiltons were alive because of this legal loophole is not fair to all of us that have to pay taxes on every single dime we made as profit off of our own initial investments...

Exempting $7 million from a family estate ensures not being doubled taxed, in my opinion and from what i read in detail on this, most of the remaining money is not punishment to the dead, it is taxes that they purposefully postponed until their death by holding on to and investing in things that can grow their wealth without being taxed while they are alive.

If I had not reviewed these examples and believed what I had read on it, I would have never accepted an Estate tax, as I have now.

 

[Oddball]

And all that "thou shall not covet...." stuff goes right out the window, huh?

 

[Care4all]

And all that "thou shall not covet...." stuff goes right out the window, huh?

whose coveting anything? We are only talking about a tax system or method of a country's tax collection, and only one small part of it....

the hiltons don;t ever have to pay social security taxes on every dime they earn either....this is just a part of our taxation system but no more egregious than other methods of taxation put upon all of us imo...

life's a bitch and then we die.

 

[Oddball]

The death tax doesn't go into the OASI Ponzi scheme in the first place.

If it's such the small part, what's the point in it anyways, other than being a little stab at the vindictive redistributive "justice" mindset?

 

[The Rabbi]

All of it should be exempt.

Making death a taxable "transaction" is positively ghoulish.

it is no more harmful than a number of other taxes...?

i don;t see it as wrong, because I read an article once that explained why and how it worked.

Using an example of the Hiltons... the Hiltons will leave their children a huge estate, much of which was never taxed while the Hiltons were alive...YES, NEVER TAXED on their capital gains because they never sold their stock...which is when taxes take place on this kind of wealth gain.
here is the example:
When mr Hilton decided to go public with his company many moons ago and sold shares in Hilton stock for let's say, $10 a share. Let's also say he kept/bought about half the shares sold and he sold 200,000 shares keeping 100,000 shares of stock for himself....and to keep power of how the corporation is run.

Over the years Hilton corporation has grown in assets, real estate assets and the value of their stock has risen to where it is now worth $100 dollars a share instead of $10 a share....

Each of his 100,000 shares worth $100 a share now which means that he has made $90 bucks a share in profit on his investment that was NEVER TAXED, and just handing them over to his kids without some realization of their worth and the taxes avoided while the Hiltons were alive because of this legal loophole is not fair to all of us that have to pay taxes on every single dime we made as profit off of our own initial investments...

Exempting $7 million from a family estate ensures not being doubled taxed, in my opinion and from what i read in detail on this, most of the remaining money is not punishment to the dead, it is taxes that they purposefully postponed until their death by holding on to and investing in things that can grow their wealth without being taxed while they are alive.

If I had not reviewed these examples and believed what I had read on it, I would have never accepted an Estate tax, as I have now.

Conveniently leaving out the fact that his $10 in whatever year he went public, let's say 1955, now has the purchasing power of say $100. So he is getting taxed not on profit but on inflation, which the government created in the first place.

 

[Care4all]

The death tax doesn't go into the OASI Ponzi scheme in the first place.

If it's such the small part, what's the point in it anyways, other than being a little stab at the vindictive redistributive "justice" mindset?

I did not mean to imply that the funds collected from it are not a number that is to laugh at...just that it is only one of the many ways our government finds to tax all of us and most of it seems unfair...liquor taxes and cigarette taxes and gas taxes and social security taxes and medicare taxes and capital gains taxes and dividend taxes and income taxes etc....

WHY would I argue for reducing this particular tax that is a FIRST TIME TAX on their earnings/profits/capital gains that they sheltered over the years before eliminating some of these other unfair taxes that to me are double taxation?

in 2006 the government collect about 80 billion in estate taxes or something close to that, if my memory serves.

and yes social security is not a part of this discussion, but my point was that social security, a tax that the hiltons DO NOT PAY, are paying as much as 200-300 billion a year on things that our income taxes and other taxes are suppose to pay for...that THEY are suppose to pay for as an income tax payer....but instead it is taken from the poorest or the workers among us...as with the cigarette taxes and liquor taxes and gas taxes are collected from the masses at a much higher percentage of their income than the hiltons....

It's a wash....

And you can not get blood out of a turnip.