The Birth Tax

[jreeves]

Whatever. I give up. I guess it is all me that is confussed about what you are saying. Go figure

One last thing ... when someone posts something and either makes it BOLD or highlighted ... it is usually because it has been said sarcastically or they simply are making a point to make sure it stands out, for some reason. I took .... my mother in law is so rich, she's living with my wife and I.....as a scartastic remark! So shoot me.

But, now I feel better. Since you have zero inherited money, quit worrying about it ... welcome to the club! As they say the only thing that are for sure in life is DEATH and TAXES! So get ready to pay those taxes on all of that 1-2 million $ that you will accumulate over your lifespan - and be sure you leave extra money for your kids ... so they do not have to pay inheritance tax on it, when you are dead.

My mother in law comment was meant to be sarcastic....My mother in law isn't rich...

It is true death and taxes...should we be taxed when we are dead though?

 

[chopcrazy]

You may pay taxes for that sole purpose....but I pay taxes to support my government.

I pay taxes because if I don't, I could go to jail.

 

[editec]

Care,
The tax rate is 45% that's someone's lifetime savings, it doesn't belong to the feds. Sorry I disagree with you...

Nonsense.

First as others have pointed out the first $2,000,000 of the estate is untaxed. For the next couple years the first $3,500,000 is UNTAXED.

Secondly it isn't "someone's" life savings, because that someone is dead.

FYI, $2,000,000 equates to 42.5 years GROSS salary for the MEDIAN American family. (meaning the average American family nets less than that, since they will be paying a minimum of 14% of that amount in SSI and Medicade taxes)

And some of you future scions are whining about only inheriting $2,000,000, TAX-FREE?

What a bunch of freaking crybabies.

If you can't make it STARTING OUT WITH 42.5 years median family income TAX-FREE, maybe you ought to study harder in school or something, because you surely aren't worthy of having that much disposable income if that's not enough for you to start out with.

 

[Mr. Right]

taxing anyone at a diffeent rate is the problem.

This creates divisions. This is what political parties thrive on.

We need a one tax fits all. the Fair tax is the only solution to a level playing field.

[I'm no millionaire]

when you live in New Jersey, you understand being taxed.

Add the tolls and other corruption and it's well over half your income.

Liberals want more poor people.

 

[Ravi]

Death tax is a misnomer. Even estate tax is a misnomer.

Say I have 10 billion in assets. I sell off my assets and convert them all to cash, and pay what ever capital gains tax I owe. I can now do anything I want with the money...I'll never be taxed on it again. I can have a nice bonfire and burn it, keeping aside a little to pay the fine for having an unauthorized bonfire, if I'm so inclined.

Or, I could give it to my relatives. I'm still not getting taxed on it again. Once it is no longer my money, it becomes income for them. In fact it becomes unearned income, because they are getting it for no other reason than I needed to do something with it.

So of course, they must pay income taxes on this income because in our country, income is taxed.

Why a bunch of middle class nuts on a message board obsess over finding a way for the benefactors of the rich to avoid paying taxes is a MYSTERY.

 

[dilloduck]

Death tax is a misnomer. Even estate tax is a misnomer.

Say I have 10 billion in assets. I sell off my assets and convert them all to cash, and pay what ever capital gains tax I owe. I can now do anything I want with the money...I'll never be taxed on it again. I can have a nice bonfire and burn it, keeping aside a little to pay the fine for having an unauthorized bonfire, if I'm so inclined.

Or, I could give it to my relatives. I'm still not getting taxed on it again. Once it is no longer my money, it becomes income for them. In fact it becomes unearned income, because they are getting it for no other reason than I needed to do something with it.

So of course, they must pay income taxes on this income because in our country, income is taxed.

Why a bunch of middle class nuts on a message board obsess over finding a way for the benefactors of the rich to avoid paying taxes is a MYSTERY.

I think our "middle class nuts" think either taxation either isn't applied fairly or in some cases shouldn't be applied at all. Let's say I do domething odd like work for money. I am taxed as a result of someone paying me for my work and this tax is now in the hands of the government. Now I take this money (which has been taxed already) and give $50,000 to my son. Why should the government be entitled to tax it again ?

 

[editec]

Why a bunch of middle class nuts on a message board obsess over finding a way for the benefactors of the rich to avoid paying taxes is a MYSTERY.

The phrase you're too kind to use to describe these middle class people is:
pandering tools of the rich, Ravi.

I admire your restraint, though.

That's exactly why I haven't used that term to describe those obsequious peasants in that way, too.

Wouldn't want to hurt their feelings, after all.

 

[dilloduck]

The phrase you're too kind to use to describe these middle class people is:
pandering tools of the rich, Ravi.

I admire your restraint, though.

That's exactly why I haven't used that term to describe those obsequious peasants in that way, too.

Wouldn't want to hurt their feelings, after all.

LOL--How about people finding a way to keep the money you earned.

 

[Ravi]

I think our "middle class nuts" think either taxation either isn't applied fairly or in some cases shouldn't be applied at all. Let's say I do domething odd like work for money. I am taxed as a result of someone paying me for my work and this tax is now in the hands of the government. Now I take this money (which has been taxed already) and give $50,000 to my son. Why should the government be entitled to tax it again ?

Because you are not your son. And it becomes income to him. If you gave it to me, I'd have to pay the taxes on it. Why do you want your son to shirk his responsibility?

 

[blunt]

Since when is silverspoons inheriting fortunes called "earning" money. They should pay a higher tax, hell they still come out with something for nothing. Most people aren't lucky enough to get an inheritance, what the hell are the silverspoons crying about?
I find it weird that the richer you get he tighter you become, cracks me up. People who make a million or more a year cry about paying seventy five thousand in taxes..poor babys. Meanwhile most middle class working stiffs pay a quarter of their income or more in taxes and don't cry half as much as the silverspoons..pathetic!!
It comes down to being stingy and depriving others, period, it makes them feel superior.
Just like Bush's mom said after Katrina "they where all disadvantaged anyway" meaning who cares, it didn't effect the millionares.

 

[Care4all]

per law, while alive, you can gift or give up to $11,000 a year tax free per person....after this amount it is considered a taxable gift....

 

[dilloduck]

per Law, While Alive, You Can Gift Or Give Up To $11,000 A Year Tax Free Per Person....after This Amount It Is Considered A Taxable Gift....

Why

 

[dilloduck]

Because you are not your son. And it becomes income to him. If you gave it to me, I'd have to pay the taxes on it. Why do you want your son to shirk his responsibility?

Why does the government tax the results of MY work over and over and then have the balls to tax me for giving it to someone ?

 

[Glori.B]

per law, while alive, you can gift or give up to $11,000 a year tax free per person....after this amount it is considered a taxable gift....

it's actually $12k now

 

[Ravi]

Why does the government tax the results of MY work over and over and then have the balls to tax me for giving it to someone ?

Why should you or someone you give money to be allowed to avoid capital gains tax or income tax?

 

[dilloduck]

Why should you or someone you give money to be allowed to avoid capital gains tax or income tax?

I asked you first--and I believe it would be called a gift tax.

 

[Red Dawn]

Nonsense.

First as others have pointed out the first $2,000,000 of the estate is untaxed. For the next couple years the first $3,500,000 is UNTAXED.

Secondly it isn't "someone's" life savings, because that someone is dead.

FYI, $2,000,000 equates to 42.5 years GROSS salary for the MEDIAN American family. (meaning the average American family nets less than that, since they will be paying a minimum of 14% of that amount in SSI and Medicade taxes)

And some of you future scions are whining about only inheriting $2,000,000, TAX-FREE?

What a bunch of freaking crybabies.

If you can't make it STARTING OUT WITH 42.5 years median family income TAX-FREE, maybe you ought to study harder in school or something, because you surely aren't worthy of having that much disposable income if that's not enough for you to start out with.

JReeves began the thread falsely asserting that everyone had to pay the estate tax. He didn't realize there was a 2 to four million dollar exemption that could be inherited tax free.

When his own link proved him wrong, is when he changed his argument and started crying that inheriting 2 million dollars tax free simply wasn't good enough. I guess he had been so thoroughly propogandized by Rush Limbaugh, that he thought normal, middle class families face huge and painful estate tax burdens. When in fact, less than 1% of america's wealthiest families ever pay any sort of estate tax.

 

[Gunny]

I think there's a lot of republicans who read about the estate tax on Rush Limbaugh's website, but in actual fact have no idea what the estate tax law is.

Totally clueless.

No estate tax is paid on the first two million dollar value of the estate, because of the tax credit. No tax is paid on the first four million, for couples.

So yes, only the wealthy pay estate tax. Say, when Paris Hilton inherits her Daddy's estate - which will almost certainly be over two million dollars in value, she will pay an estate tax.

In other words, what jreeves said is correct and you agree with; yet you are blathering on about .....?

 

[dilloduck]

JReeves began the thread falsely asserting that everyone had to pay the estate tax. He didn't realize there was a 2 to four million dollar exemption that could be inherited tax free.

When his own link proved him wrong, is when he changed his argument and started crying that inheriting 2 million dollars tax free simply wasn't good enough. I guess he had been so thoroughly propogandized by Rush Limbaugh, that he thought normal, middle class families face huge and painful estate tax burdens. When in fact, less than 1% of america's wealthiest families ever pay any sort of estate tax.

ya ya --we've been through all that----what is the reason we allow the IRS to take part of the money that we want to donate to someone else ?

 

[editec]

Why does the government tax the results of MY work over and over and then have the balls to tax me for giving it to someone ?

Because they can.