The Boomers' FIRST-Family; On The Estate-Tax

[Mr. Shaman]

"Taxes are on everyone's mind lately for good reason. Not only will Congress have to make some tough decisions about the Bush tax cuts soon, but if lawmakers do nothing, the estate tax will automatically be reinstated after a year's hiatus — in its 2001 form. A great deal of misinformation is flying around out there about this, but most agree that the tax is flawed and needs to be modified.

One thing I do know is this: In a far stricter tax environment, my grandfather still managed to accumulate and pass on ample funds to make three subsequent generations very comfortable indeed. And as an inheritor I am here to tell you, the estate tax is not as much of a bogeyman as you've been led to believe.

Here at home, I have watched the gap between rich and poor driven to historic highs by a tax policy that has exacerbated our deficit and eviscerated our basic capacity to provide schooling, emergency services, and clean water and air for one and all. The estate tax is the cornerstone of a progressive system that leaves wealthy heirs with ample funds while providing the government with the resources it needs to build an environment for the common good. By preserving it, we not only restore billions in revenue to the national treasury — we also restore our most cherished collective ideals as a nation.

"Tax me" may be the least popular sentence in America, but it's what I am asking, and I hope that our leaders are listening." - Abigail Disney

"Right HERE, Republicans!!!!!"​

 

[skookerasbil]

Disney is gay..................

 

[Mr. Shaman]

Disney is gay..................

Correction:

The Disney Family is really, really, really, really, really, really RICH!!!!!!!!!

 

[DiamondDave]

Wow.. an individual rick person that allegedly supports being taxed more, according to a winger site.... that proves EVERYTHING

You can continue to keep saying that you love sucking 6 dicks at once... does not mean that because you and I have a Y chromosome in common, that I agree with your stance....

Give it up, troll

 

[boedicca]

It's always illustrative of the moral vacuity of the Mega Rich when they advocate higher taxes on people who work for a living, resting secure in the fact that they have more than enough money to last them several lifetimes, regardless of the tax policy.

 

[theDoctorisIn]

Not that it really matters at all, but Warren Buffett and Bill Gates are also firmly in favor of an estate tax.

 

[boedicca]

It doesn't matter. They have their billions in assets that are shielded in trusts, and when subjected to taxation, receive long term capital gains treatment.

It's quite easy to advocate high income taxes for the little people, especially when the goal is to curry favor with the political elites.

 

[theDoctorisIn]

It doesn't matter. They have their billions in assets that are shielded in trusts, and when subjected taxes, receive long term capital gains treatment.

It's quite easy to advocate high income taxes for the little people, especially when the goal is to curry favor with the political elites.

I agree with you about the opinions of Gates and Buffett and Disney being meaningless.

But, you missed the topic of the thread. An Estate Tax does NOT affect the "little people".

 

[Mr. Shaman]

Wow.. an individual rick person that allegedly supports being taxed more.....

Yeah, right.....an individual-person.....

Maybe you aren't an ignorant, greedy prick. It's possible you're a dyslexic, greedy prick.​

 

[Mr. Shaman]

It doesn't matter. They have their billions in assets that are shielded in trusts, and when subjected taxes, receive long term capital gains treatment.

It's quite easy to advocate high income taxes for the little people, especially when the goal is to curry favor with the political elites.

I agree with you about the opinions of Gates and Buffett and Disney being meaningless.

But, you missed the topic of the thread. An Estate Tax does NOT affect the "little people".

You're wasting your time.

That's not what the 'Baggers want to hear.....making it a "lie" (in their minds).
​

 

[caela]

Actually it does effect "little people". There are people out there who are not "rich" but who do well enough to have some assets to pass on to their children. Things like land or a business that would fall prey to the Estate Tax but that are not so huge that they would leave their descendants with enough money to provide for generations of them to live in comfort.

It is easy for people that have massive amounts of money to say, "Sure, tax me more," because that taxation won't really effect their bottom line or change anything in their life. It is much harder to find someone who will be so magnanimous in the middle class when the gov't comes knocking to lay a tax bill on them for the few acres of land that grandam left them...particularly when all the taxes were up to date on that land and the land was paid off.

Whether the very rich are content to pay more, or not, isn't really the issue with the Estate Tax, the problem with it, is that it is really nothing more than a way for the gov't to double dip and nail someone else with a tax that they shouldn't be responsible for.

 

[Mr. Shaman]

Actually it does effect "little people". There are people out there who are not "rich" but who do well enough to have some assets to pass on to their children. Things like land or a business that would fall prey to the Estate Tax but that are not so huge that they would leave their descendants with enough money to provide for generations of them to live in comfort.

In 2009, anything over $3.5M ($7M, per couple) was taxed.

In 2010, there'll be no Estate Taxes (negotiated by Bush; part o' his tax-cuts hustle).

In 2011, the Estate Tax will be on anything over $1M ($2M, per couple....also negotiated by Bush), unless Congress intercedes.

What "little people" are you referring-to?

Why was the $3.5M/$7M such a terrible rate?? ​

 

[caela]

Actually it does effect "little people". There are people out there who are not "rich" but who do well enough to have some assets to pass on to their children. Things like land or a business that would fall prey to the Estate Tax but that are not so huge that they would leave their descendants with enough money to provide for generations of them to live in comfort.

In 2009, anything over $3.5M ($7M, per couple) was taxed.

In 2010, there'll be no Estate Taxes (negotiated by Bush; part o' his tax-cuts hustle).

In 2011, the Estate Tax will be on anything over $1M ($2M, per couple....also negotiated by Bush), unless Congress intercedes.

What "little people" are you referring-to?

Why was the $3.5M/$7M such a terrible rate?? ​

Land might be worth 3.5million on paper, but unless you sell it, it's not just putting cash in your pocket. Why should you, as the inheritor, have to pay ANOTHER tax on that land when grandma had all the taxes up to date and the land paid off?

And as I said, my issue with the estate tax, isn't WHO it effects but the fact that it's just another gov't rip off. Oh yeah, it's paid off free and clear, all the property taxes that go with it are up to date, but here we're going to tax AGAIN because grandma died and we haven't taxed YOU for it yet. If I were to die and leave a piece of land to my child she shouldn't be nailed with a tax on it until next year when the property taxes come due, certainly not an Estate Tax (another expense on top of having to bury a loved one) that she might not have the cash for and then having to turn around and having to pay property taxes a few months later.

 

[Mr. Shaman]

Actually it does effect "little people". There are people out there who are not "rich" but who do well enough to have some assets to pass on to their children. Things like land or a business that would fall prey to the Estate Tax but that are not so huge that they would leave their descendants with enough money to provide for generations of them to live in comfort.

In 2009, anything over $3.5M ($7M, per couple) was taxed.

In 2010, there'll be no Estate Taxes (negotiated by Bush; part o' his tax-cuts hustle).

In 2011, the Estate Tax will be on anything over $1M ($2M, per couple....also negotiated by Bush), unless Congress intercedes.

What "little people" are you referring-to?

Why was the $3.5M/$7M such a terrible rate?? ​

Land might be worth 3.5million on paper, but unless you sell it, it's not just putting cash in your pocket. Why should you, as the inheritor, have to pay ANOTHER tax on that land when grandma had all the taxes up to date and the land paid off?

And as I said, my issue with the estate tax, isn't WHO it effects but the fact that it's just another gov't rip off. Oh yeah, it's paid off free and clear, all the property taxes that go with it are up to date, but here we're going to tax AGAIN because grandma died and we haven't taxed YOU for it yet. If I were to die and leave a piece of land to my child she shouldn't be nailed with a tax on it until next year when the property taxes come due, certainly not an Estate Tax (another expense on top of having to bury a loved one) that she might not have the cash for and then having to turn around and having to pay property taxes a few months later.

Why wait 'til you're dead, to do that??

​

 

[boedicca]

It doesn't matter. They have their billions in assets that are shielded in trusts, and when subjected taxes, receive long term capital gains treatment.

It's quite easy to advocate high income taxes for the little people, especially when the goal is to curry favor with the political elites.

I agree with you about the opinions of Gates and Buffett and Disney being meaningless.

But, you missed the topic of the thread. An Estate Tax does NOT affect the "little people".

Yes it does. Many small businesses and farms are affected by it. Land and buildings are often valued above the limit, causes the heirs to have to sell just to handle the taxes.

 

[Mr. Shaman]

It doesn't matter. They have their billions in assets that are shielded in trusts, and when subjected taxes, receive long term capital gains treatment.

It's quite easy to advocate high income taxes for the little people, especially when the goal is to curry favor with the political elites.

I agree with you about the opinions of Gates and Buffett and Disney being meaningless.

But, you missed the topic of the thread. An Estate Tax does NOT affect the "little people".

Yes it does. Many small businesses and farms are affected by it. Land and buildings are often valued above the limit, causes the heirs to have to sell just to handle the taxes.

oooooooooooooooooooooooooooo.....no specifics.....again.

(Ya' can't name any o' the many small businesses and farms, huh?? )​

 

[caela]

In 2009, anything over $3.5M ($7M, per couple) was taxed.

In 2010, there'll be no Estate Taxes (negotiated by Bush; part o' his tax-cuts hustle).

In 2011, the Estate Tax will be on anything over $1M ($2M, per couple....also negotiated by Bush), unless Congress intercedes.

What "little people" are you referring-to?

Why was the $3.5M/$7M such a terrible rate?? ​

Land might be worth 3.5million on paper, but unless you sell it, it's not just putting cash in your pocket. Why should you, as the inheritor, have to pay ANOTHER tax on that land when grandma had all the taxes up to date and the land paid off?

And as I said, my issue with the estate tax, isn't WHO it effects but the fact that it's just another gov't rip off. Oh yeah, it's paid off free and clear, all the property taxes that go with it are up to date, but here we're going to tax AGAIN because grandma died and we haven't taxed YOU for it yet. If I were to die and leave a piece of land to my child she shouldn't be nailed with a tax on it until next year when the property taxes come due, certainly not an Estate Tax (another expense on top of having to bury a loved one) that she might not have the cash for and then having to turn around and having to pay property taxes a few months later.

Why wait 'til you're dead, to do that??

​

I don't follow this bit of snarkiness.

One of my co-workers had this exact scenario happen to him. His parents left him a piece of land that had a high value (both intrinsic, it's land after all, and sentimental, as it had been in his family for a few generations,) but when it came to him and the gov't nailed him with the estate tax he had no choice but to sell his family land. It might have had intrinsic value that the gov't wanted to collect on (double dipping since his parents had all the property taxes associated with it up to date) but it didn't put cash in his pocket. The only way to pay the, extra, tax bill was to sell the land his parents had left him.

So the Feds got paid twice...and my co-worker lost his family land...wonderful set up for the feds, shitty for anyone whose family doesn't leave them with inheritances like Ms. Disney's did.

 

[boedicca]

His snarkiness is actually quite easy to follow as long as one keeps in mind that it driven by envy towards those who have more than he does.

 

[Mr. Shaman]

Land might be worth 3.5million on paper, but unless you sell it, it's not just putting cash in your pocket. Why should you, as the inheritor, have to pay ANOTHER tax on that land when grandma had all the taxes up to date and the land paid off?

And as I said, my issue with the estate tax, isn't WHO it effects but the fact that it's just another gov't rip off. Oh yeah, it's paid off free and clear, all the property taxes that go with it are up to date, but here we're going to tax AGAIN because grandma died and we haven't taxed YOU for it yet. If I were to die and leave a piece of land to my child she shouldn't be nailed with a tax on it until next year when the property taxes come due, certainly not an Estate Tax (another expense on top of having to bury a loved one) that she might not have the cash for and then having to turn around and having to pay property taxes a few months later.

Why wait 'til you're dead, to do that??

​

I don't follow this bit of snarkiness.

Snarkiness????? (Webster would love to hear-about this one. )

Desperately-clinging to any-and-all assets (accumulated)....until the day you die (when other family-members could have made-use of those assets)....makes sense, to you, huh?? ​

 

[Mr. Shaman]

His snarkiness is actually quite easy to follow as long as one keeps in mind that it driven by envy towards those who have more than he does.

Hey.....if assets (accumulated) give some people better inter-family bargaining-power....have at it!!

(I guess this is one o' those family-value$ you "conservatives" consistently refer-to. )​