Death Tax

[Ravi]

Tax the income once.

Problem solved.

So you agree then...the income should be taxed by the person receiving it as it is received. Am I understanding correctly?

That is the second time.

It is taxed when it is earned the first time.

You get $20 million. You pay taxes on it. You leave it to someone else. They pay taxes on it. This seems to be a problem for you, and I have no idea why. Income is income, no matter how you get it. Money is taxed infinitely...but the person receiving the money is only taxed one time.

 

[Burp]

So you agree then...the income should be taxed by the person receiving it as it is received. Am I understanding correctly?

That is the second time.

It is taxed when it is earned the first time.

You get $20 million. You pay taxes on it. You leave it to someone else. They pay taxes on it. This seems to be a problem for you, and I have no idea why. Income is income, no matter how you get it. Money is taxed infinitely...but the person receiving the money is only taxed one time.

My point is why should "they" have to pay on it again? It isn't how many people receive it, it's how many times it taxed.

Again, I want to leave 100% to my heirs, not a percentage because the government has their hand out.

 

[Ravi]

That is the second time.

It is taxed when it is earned the first time.

You get $20 million. You pay taxes on it. You leave it to someone else. They pay taxes on it. This seems to be a problem for you, and I have no idea why. Income is income, no matter how you get it. Money is taxed infinitely...but the person receiving the money is only taxed one time.

My point is why should "they" have to pay on it again? It isn't how many people receive it, it's how many times it taxed.

Again, I want to leave 100% to my heirs, not a percentage because the government has their hand out.

This is just disingenuous bullshit. The countless people that bought lottery tickets at $1 a pop also already paid taxes on that $1, therefore, in your mind it's actually been taxed and you as the lottery winner shouldn't have to pay any taxes.

So give 100% to your heirs and they can pay the taxes on it at the same rate everyone else pays taxes on their income.

 

[Burp]

You get $20 million. You pay taxes on it. You leave it to someone else. They pay taxes on it. This seems to be a problem for you, and I have no idea why. Income is income, no matter how you get it. Money is taxed infinitely...but the person receiving the money is only taxed one time.

My point is why should "they" have to pay on it again? It isn't how many people receive it, it's how many times it taxed.

Again, I want to leave 100% to my heirs, not a percentage because the government has their hand out.

This is just disingenuous bullshit. The countless people that bought lottery tickets at $1 a pop also already paid taxes on that $1, therefore, in your mind it's actually been taxed and you as the lottery winner shouldn't have to pay any taxes.

So give 100% to your heirs and they can pay the taxes on it at the same rate everyone else pays taxes on their income.

Nice spin but wrong.

Now, let's say you win the lotto. You pay taxes on the winnings. Do you want to leave your heirs the rest? Or just a portion thereof?

I am speaking specifically of my case. Forget everyone else tossing about their scenarios.

Two businesses, hard work, etc. Taxes have been paid on everything - actually yearly in some cases.

In the end, (hopefully), 4.5 million after all is said and done - over the 3.5 threshold.

Each penny has already been taxed - and like I said, in some cases, yearly more than once (each year, etc).

Why should my heirs pay taxes again on it?

I will ask again - do YOU want your heirs to receive 100% of your labors or just a percentage? You rather the government get it then them?

 

[PeterS]

You were fortunate enough to win the lotto or hit the $8,000,000.00 progressive slot - you would turn it down because you didn't "earn" it? Walk away and say "no?"

Why would I be gambling if I didn’t want the money? And gambling involves risk, effort, and talent. There is no risk, effort, nor talent needed to inherit monies. Just what are you trying to compare?

How about the risk, effort and talent I "used" to earn it in the first place?

Your risk, effort, and talent is mine? How commie socialist of you...

When you earned it?

Huh? When did I earn it?

This isn't that difficult.

Don't focus on who gets the money.

Focus on the fact that the government is taxing the money twice.

When did I pay taxes on it twice?

Focus on the fact that you set out to leave a legacy to your children, and your children's children.

So leaving them millionaires isn't a legacy?

You want their legacy to be 100% of your hard work, not 45% (or whatever the perecentage ends up being when you die) of it.

Why? The end result is that my children would be millionaires. If I intended my legacy, as shallow as that is, to be that. Haven't I succeeded?

 

[Burp]

Why would I be gambling if I didn’t want the money? And gambling involves risk, effort, and talent. There is no risk, effort, nor talent needed to inherit monies. Just what are you trying to compare?

Your risk, effort, and talent is mine? How commie socialist of you...




Huh? When did I earn it?



When did I pay taxes on it twice?



So leaving them millionaires isn't a legacy?

You want their legacy to be 100% of your hard work, not 45% (or whatever the perecentage ends up being when you die) of it.

Why? The end result is that my children would be millionaires. If I intended my legacy, as shallow as that is, to be that. Haven't I succeeded?

You seem to have a hard time following along. My remarks were in response to yours.

Why is leaving something to your children shallow?

And you are still missing the point. Why does the government have any right to tax my money twice?

You find nothing wrong with giving the government X percentage of your money after you have already given them some?

You would prefer the government getting your money instead of your heirs?

 

[garyd]

There is no talent involved in winning the lottery or playing the slot machines. Idiots can and have one serious money doing both. And the risk is marginal unless you are a gambling addict.

 

[Care4all]

burp,

i paid taxes on my income, then invested my taxed already income in ''something'' that made me more money than my original investment....let's say i bought a $20,000 CD paying 5% interest on my already taxed money and it made me $1000 bucks in interest that year.

I have to pay taxes now on that thousand dollars that i made off of my already taxed income. The $1000 dollars would be recorded and reported to the IRS on form 1099 INT and added to my income earned working and I would be taxed on it.

THIS IS HOW TAXES WORK my dear.

we are all taxed on everything we earn even if we earned this money off of already taxed income.

plain and simple, yet you don't seem to understand our own tax structure? WHY is that?

What did you say you did for a living again? Didn't you say you work with clients trying to avoid estate taxes? If this is the case, then how can you possibly NOT UNDERSTAND our own tax structure? I am not trying to be mean here, but for the life of me, I can NOT understand how you can be so ignorant on this topic if you are some kind of financial advisor as you implied?

If you are just an every day joe citizen, then your lack of tax knowledge could be excused or even understandable....but you implied you helped others with their tax avoidance?

Regardless of the song and a dance, (fake story) you gave us when you began this thread, (and you probably did this to try to make a point which is fine and dandy)...I hope that maybe you will learn something about how our taxes work, before this thread dies.

care

 

[Valerie]

burp,

i paid taxes on my income, then invested my taxed already income in ''something'' that made me more money than my original investment....let's say i bought a $20,000 CD paying 5% interest on my already taxed money and it made me $1000 bucks in interest that year.

I have to pay taxes now on that thousand dollars that i made off of my already taxed income. The $1000 dollars would be recorded and reported to the IRS on form 1099 INT and added to my income earned working and I would be taxed on it.

THIS IS HOW TAXES WORK my dear.

we are all taxed on everything we earn even if we earned this money off of already taxed income.

plain and simple, yet you don't seem to understand our own tax structure? WHY is that?

What did you say you did for a living again? Didn't you say you work with clients trying to avoid estate taxes? If this is the case, then how can you possibly NOT UNDERSTAND our own tax structure? I am not trying to be mean here, but for the life of me, I can NOT understand how you can be so ignorant on this topic if you are some kind of financial advisor as you implied?

If you are just an every day joe citizen, then your lack of tax knowledge could be excused or even understandable....but you implied you helped others with their tax avoidance?

Regardless of the song and a dance, (fake story) you gave us when you began this thread, (and you probably did this to try to make a point which is fine and dandy)...I hope that maybe you will learn something about how our taxes work, before this thread dies.

care

Care, I understand exactly what you mean and I agree. When you apply that example to someone like the Hilton's for example, as you mentioned before, the numbers just get bigger and bigger. Huge sums of money, capital gains, that have yet to ever be taxed.

 

[garyd]

Utter nonsense. Your rationale is little more than someone else has more money than me and I don't like it. paying taxes on interest is as retarded if not more so than the death tax. You want to know why the average person in this country doesn't have a savings account any more? Because with an average 2% return for most non money market accounts and an inflation rate of three percent plus taxes on anything over about a hundred dollars in interest earned you are actually losing value year in and year out.

 

[Burp]

burp,

i paid taxes on my income, then invested my taxed already income in ''something'' that made me more money than my original investment....let's say i bought a $20,000 CD paying 5% interest on my already taxed money and it made me $1000 bucks in interest that year.

I have to pay taxes now on that thousand dollars that i made off of my already taxed income. The $1000 dollars would be recorded and reported to the IRS on form 1099 INT and added to my income earned working and I would be taxed on it.

THIS IS HOW TAXES WORK my dear.

I agree 100% to this scenario. But this isn't what I'm talking about. Once that money is taxed, it should be taxed again just because I die (yes, I know it's clearly under the threshold - I'm just using that as an example - if you can't grasp this idea, change the dollar amounts)

we are all taxed on everything we earn even if we earned this money off of already taxed income.

plain and simple, yet you don't seem to understand our own tax structure? WHY is that?

What did you say you did for a living again? Didn't you say you work with clients trying to avoid estate taxes? If this is the case, then how can you possibly NOT UNDERSTAND our own tax structure? I am not trying to be mean here, but for the life of me, I can NOT understand how you can be so ignorant on this topic if you are some kind of financial advisor as you implied?

If you are just an every day joe citizen, then your lack of tax knowledge could be excused or even understandable....but you implied you helped others with their tax avoidance?

Regardless of the song and a dance, (fake story) you gave us when you began this thread, (and you probably did this to try to make a point which is fine and dandy)...I hope that maybe you will learn something about how our taxes work, before this thread dies.

care

No fake story. My OP was factual. It was later in the thread that I stated something less than truthful to get the thread back on track and not to focus on the people saying I didn't have that much money.

As I stated, I shouldn't have done that. Point addressed and we have moved on.

I advise the people I work with to purchase paid up life insurance policies, to purchase houses and name their heirs as joint tenants with right of survivorship, and to take advantage of the Annual Gift Tax Exclusiom ($13,000.00 this year). This is just to name a few of course.

In my specific situation, with two businesses and other assets, I have to be concerned with the $3.5 million dollar threshold. Yes, I understand it is the amount OVER 3.5.

My whole point is: Why should the government take a portion of what I have already paid taxes on just because I died?

 

[Burp]

burp,

i paid taxes on my income, then invested my taxed already income in ''something'' that made me more money than my original investment....let's say i bought a $20,000 CD paying 5% interest on my already taxed money and it made me $1000 bucks in interest that year.

I have to pay taxes now on that thousand dollars that i made off of my already taxed income. The $1000 dollars would be recorded and reported to the IRS on form 1099 INT and added to my income earned working and I would be taxed on it.

THIS IS HOW TAXES WORK my dear.

we are all taxed on everything we earn even if we earned this money off of already taxed income.

plain and simple, yet you don't seem to understand our own tax structure? WHY is that?

What did you say you did for a living again? Didn't you say you work with clients trying to avoid estate taxes? If this is the case, then how can you possibly NOT UNDERSTAND our own tax structure? I am not trying to be mean here, but for the life of me, I can NOT understand how you can be so ignorant on this topic if you are some kind of financial advisor as you implied?

If you are just an every day joe citizen, then your lack of tax knowledge could be excused or even understandable....but you implied you helped others with their tax avoidance?

Regardless of the song and a dance, (fake story) you gave us when you began this thread, (and you probably did this to try to make a point which is fine and dandy)...I hope that maybe you will learn something about how our taxes work, before this thread dies.

care

Care, I understand exactly what you mean and I agree. When you apply that example to someone like the Hilton's for example, as you mentioned before, the numbers just get bigger and bigger. Huge sums of money, capital gains, that have yet to ever be taxed.

Too bad that isn't the issue I'm talking about.

 

[Care4all]

burp,

i paid taxes on my income, then invested my taxed already income in ''something'' that made me more money than my original investment....let's say i bought a $20,000 CD paying 5% interest on my already taxed money and it made me $1000 bucks in interest that year.

I have to pay taxes now on that thousand dollars that i made off of my already taxed income. The $1000 dollars would be recorded and reported to the IRS on form 1099 INT and added to my income earned working and I would be taxed on it.

THIS IS HOW TAXES WORK my dear.

we are all taxed on everything we earn even if we earned this money off of already taxed income.

plain and simple, yet you don't seem to understand our own tax structure? WHY is that?

What did you say you did for a living again? Didn't you say you work with clients trying to avoid estate taxes? If this is the case, then how can you possibly NOT UNDERSTAND our own tax structure? I am not trying to be mean here, but for the life of me, I can NOT understand how you can be so ignorant on this topic if you are some kind of financial advisor as you implied?

If you are just an every day joe citizen, then your lack of tax knowledge could be excused or even understandable....but you implied you helped others with their tax avoidance?

Regardless of the song and a dance, (fake story) you gave us when you began this thread, (and you probably did this to try to make a point which is fine and dandy)...I hope that maybe you will learn something about how our taxes work, before this thread dies.

care

Care, I understand exactly what you mean and I agree. When you apply that example to someone like the Hilton's for example, as you mentioned before, the numbers just get bigger and bigger. Huge sums of money, capital gains, that have yet to ever be taxed.

but even with Ravi's point, when money exchanges hands, it is also taxed. there is an exception, when your spouse dies it all can pass on to the significant other without any taxes at all....but they both really owned the entire estate together anyway....

but if you willed your money to a son OR THE GARDENER....this money is no longer yours and is now someone elses....and is NEW income to them...it should be taxed, but instead there is a $3.5 million dollar exemption from any tax?

yet i can receive only $12k as a gift without having to pay taxes on it, and that's it....if my parents gave me $20k tomorrow, i would HAVE TO REPORT AND PAY TAXES on $8k of it!!!!!!!!!!!!

This FAUX outrage of burp is utterly ridiculous.

care

 

[garyd]

Nonsense another tax that needs to be done away with.

 

[Burp]

burp,

i paid taxes on my income, then invested my taxed already income in ''something'' that made me more money than my original investment....let's say i bought a $20,000 CD paying 5% interest on my already taxed money and it made me $1000 bucks in interest that year.

I have to pay taxes now on that thousand dollars that i made off of my already taxed income. The $1000 dollars would be recorded and reported to the IRS on form 1099 INT and added to my income earned working and I would be taxed on it.

THIS IS HOW TAXES WORK my dear.

we are all taxed on everything we earn even if we earned this money off of already taxed income.

plain and simple, yet you don't seem to understand our own tax structure? WHY is that?

What did you say you did for a living again? Didn't you say you work with clients trying to avoid estate taxes? If this is the case, then how can you possibly NOT UNDERSTAND our own tax structure? I am not trying to be mean here, but for the life of me, I can NOT understand how you can be so ignorant on this topic if you are some kind of financial advisor as you implied?

If you are just an every day joe citizen, then your lack of tax knowledge could be excused or even understandable....but you implied you helped others with their tax avoidance?

Regardless of the song and a dance, (fake story) you gave us when you began this thread, (and you probably did this to try to make a point which is fine and dandy)...I hope that maybe you will learn something about how our taxes work, before this thread dies.

care

Care, I understand exactly what you mean and I agree. When you apply that example to someone like the Hilton's for example, as you mentioned before, the numbers just get bigger and bigger. Huge sums of money, capital gains, that have yet to ever be taxed.

but even with Ravi's point, when money exchanges hands, it is also taxed. there is an exception, when your spouse dies it all can pass on to the significant other without any taxes at all....but they both really owned the entire estate together anyway....

but if you willed your money to a son OR THE GARDENER....this money is no longer yours and is now someone elses....and is NEW income to them...it should be taxed, but instead there is a $3.5 million dollar exemption from any tax?

yet i can receive only $12k as a gift without having to pay taxes on it, and that's it....if my parents gave me $20k tomorrow, i would HAVE TO REPORT AND PAY TAXES on $8k of it!!!!!!!!!!!!

This FAUX outrage of burp is utterly ridiculous.

care

It's 13K, not 12.

You don't like the fact that you have to pay taxes on a "gift" over 12K, but when I express outrage that my heirs have to pay taxes when I pass on over 3.5 million, I'm "faux?"

 

[Ravi]

My point is why should "they" have to pay on it again? It isn't how many people receive it, it's how many times it taxed.

Again, I want to leave 100% to my heirs, not a percentage because the government has their hand out.

This is just disingenuous bullshit. The countless people that bought lottery tickets at $1 a pop also already paid taxes on that $1, therefore, in your mind it's actually been taxed and you as the lottery winner shouldn't have to pay any taxes.

So give 100% to your heirs and they can pay the taxes on it at the same rate everyone else pays taxes on their income.

Nice spin but wrong.

Now, let's say you win the lotto. You pay taxes on the winnings. Do you want to leave your heirs the rest? Or just a portion thereof?

I am speaking specifically of my case. Forget everyone else tossing about their scenarios.

Two businesses, hard work, etc. Taxes have been paid on everything - actually yearly in some cases.

In the end, (hopefully), 4.5 million after all is said and done - over the 3.5 threshold.

Each penny has already been taxed - and like I said, in some cases, yearly more than once (each year, etc).

Why should my heirs pay taxes again on it?

I will ask again - do YOU want your heirs to receive 100% of your labors or just a percentage? You rather the government get it then them?

They should receive 100% of what I have to give them and pay income taxes on it just like anyone else would be obligated to pay.

You, and they, aren't being double taxed. You are paying an estate tax that is much lower than any income tax they would pay and they are being treated under the law as if they were more valuable than anyone else.

 

[Care4all]

Care, I understand exactly what you mean and I agree. When you apply that example to someone like the Hilton's for example, as you mentioned before, the numbers just get bigger and bigger. Huge sums of money, capital gains, that have yet to ever be taxed.

but even with Ravi's point, when money exchanges hands, it is also taxed. there is an exception, when your spouse dies it all can pass on to the significant other without any taxes at all....but they both really owned the entire estate together anyway....

but if you willed your money to a son OR THE GARDENER....this money is no longer yours and is now someone elses....and is NEW income to them...it should be taxed, but instead there is a $3.5 million dollar exemption from any tax?

yet i can receive only $12k as a gift without having to pay taxes on it, and that's it....if my parents gave me $20k tomorrow, i would HAVE TO REPORT AND PAY TAXES on $8k of it!!!!!!!!!!!!

This FAUX outrage of burp is utterly ridiculous.

care

It's 13K, not 12.

You don't like the fact that you have to pay taxes on a "gift" over 12K, but when I express outrage that my heirs have to pay taxes when I pass on over 3.5 million, I'm "faux?"

Burp,

The point is that there are many things with our tax code that seems unfair....and bitching about whether someone inherits the $4.5 million or the $4,050,000 after estate taxes are paid, is just not one of them, in my opinion. It is the LEAST of injustices when it comes to our tax code.

And for me, as a religious person, FAVORING the rich over those less fortunate, is a SIN.

James 2

Favoritism Forbidden

1My brothers, as believers in our glorious Lord Jesus Christ, don't show favoritism. 2Suppose a man comes into your meeting wearing a gold ring and fine clothes, and a poor man in shabby clothes also comes in. 3If you show special attention to the man wearing fine clothes and say, "Here's a good seat for you," but say to the poor man, "You stand there" or "Sit on the floor by my feet," 4have you not discriminated among yourselves and become judges with evil thoughts?

5Listen, my dear brothers: Has not God chosen those who are poor in the eyes of the world to be rich in faith and to inherit the kingdom he promised those who love him? 6But you have insulted the poor. Is it not the rich who are exploiting you? Are they not the ones who are dragging you into court? 7Are they not the ones who are slandering the noble name of him to whom you belong?

 

[dilloduck]

How about favoring the poor? Is that a sin too ?

 

[Care4all]

How about favoring the poor? Is that a sin too ?

NOPE! Because they are the "least" among us!

Not a sin at all to favor the poor....not one mention of such in the entire Bible that I have ever read!

But you are welcomed to prove me wrong Dillo and quote any scripture that says such and I will eat my words if you do!

Care

 

[dilloduck]

How about favoring the poor? Is that a sin too ?

NOPE! Because they are the "least" among us!

Not a sin at all to favor the poor....not one mention of such in the entire Bible that I have ever read!

But you are welcomed to prove me wrong Dillo and quote any scripture that says such and I will eat my words if you do!

Care

1My brothers, as believers in our glorious Lord Jesus Christ, don't show favoritism.

How about the one you already used ?