Estate Tax Hike

[lincoln8740]

I'd like to institute a Stupid Posts Tax, wherein each stupid post would raise the poster's taxes by 1%. A quick perusal of your previous posts suggests that if you stopped posting now you'd get to keep 1% of your income.

So sayeth the guy that doesn't use AC when its a 95 and 100% humidity out.

yep I am the one that is stupid

[littlebuddy]

Why should it matter that a person leaves his family a million instead of 200,000? I think people are just jealous that they are not getting the money, and basically liars when they say "think of all the people you could help with that money", when what they really mean is "I didn't get any".

[Detroit Stylin]

So sayeth the guy that doesn't use AC when its a 95 and 100% humidity out.

yep I am the one that is stupid

Yeah that had a lot to do with the topic at hand and has effectively rendered your thoughts, opinions and further attempts at discourse invalidated...

[lincoln8740]

Why should it matter that a person leaves his family a million instead of 200,000? I think people are just jealous that they are not getting the money, and basically liars when they say "think of all the people you could help with that money", when what they really mean is "I didn't get any".

I think its a combo of jealousy and the fact that they think all rich people became rich by being evil--thus making them evil people [[except of course for al gore and any other con artist greenies out there!)

[firstandten]

I look at Mitch differently now. As a columnist he has lost the trust I had in him, and I suspect his motives. So when he writes a piece like this I am less likely to even read it much less act upon what he says.

[wobbly]

http://www.taxpolicycenter.org/brief...estate/who.cfm

Scab Mitch is up there in the top 0.1% of the economy. Maybe his heirs want him to die this year.

[lincoln8740]

http://www.taxpolicycenter.org/brief...estate/who.cfm

Scab Mitch is up there in the top 0.1% of the economy. Maybe his heirs want him to die this year.

I love this argument" well it only applies to a small amount of people, who cares?"

Fine I will cede you that. Now will you cede me racial profiling?

Who gives a shit right?

oh wait.....

[bailey]

yeah F-- those family run businesses!!!
and
screw those small busineesses!!!

How dare they want their money only taxed once!!

Evil people

Seriously, the FACTS are not hard to find on stuff like this, why do you and others continue to ignore them?

-

Some type of inheritance tax has been around since the early days of the nation. The tax has been used primarily to finance wars, including the Civil War, until a more permanent version of the tax was established in 1916, according to the congressional Joint Committee on Taxation

Perhaps if we stop having unfunded wars of choice--- viola, no estate tax!

In 2011, 44,200 taxable estates, or 1.76%, will be touched if the exemption goes to $1 million; a $3.5 million exemption would affect 6,400, or 0.25%, estates, and a $5 million exemption would affect 3,500, or 0.14%. These numbers would grow to 3%, 0.46%, and 0.23% by 2019, according to the study, which is based largely on data from the Tax Policy Center, a joint venture of the Urban Institute and Brookings Institution.

those damn socialist hippies at the Brooking Institution just love to support Barack HUSSIEN NoBama!!!!

Not only does the tax apply to the largest estates, its effects are concentrated on those over $20 million. With a $3.5 million exemption, 62% of the estate tax revenue is from estates with over $20 million in assets. With a $5 million exemption, 73% of revenue is from estates of over $20 million. Various exemptions and deductions whittle statutory rates down to much lower effective rates, with an average 16% rate on estates over $20 million for the $3.5 million exemption, and 12% for the $5 million exemption. Some 96% of the tax falls in the top quintile when viewed by income of the person who has died under the $3.5 million exemption.

Lots of big words in there... do try to keep up. sound them out if you have to.

Proponents of estate tax repeal have argued that it would have a devastating effect on small businesses and farmers. In fact, the share paid by small business estates under proposed revisions would be small, only 16% to 18%. Just 0.2% of small business owners with at least 50% of their assets in businesses would be taxed.

Uh oh... there goes the violins for those "small buisness owners"

back in the day, one of the key Republican arguments against the estate tax was that it forced hardworking, salt-of-the-earth children of small farmers to sell the family plot in order to pay their taxes after dad died. It was a sad story, but with one problem: no one could find even a single small farmer who had been forced to liquidate in order to satisfy Uncle Sam's voracious maw. Even the American Farm Bureau Federation was eventually forced to admit that it couldn't come up with a single example, and a few years later the Congressional Budget Office estimated that under the now-current exemption level, only a tiny handful of small farms were likely to owe any estate tax to begin with — and of those, only about a dozen lacked the assets to pay their taxes. And even those dozen had 14 years to pay the bill as long as the kids kept running the farm. In other words, the story was a fraud from beginning to end.]

- my personal favorite example of the hyperbole.

[bailey]

I love this argument" well it only applies to a small amount of people, who cares?"

Fine I will cede you that. Now will you cede me racial profiling?

Who gives a shit right?

oh wait.....

spouting non sequiturs does not bolster your argument.

[lincoln8740]

In 2011, 44,200 taxable estates, or 1.76%, will be touched if the exemption goes to $1 million

Who cares about 44,000 families that busted their ass to make some money

Once again--who cares its only 44,000 families?


"Not only does the tax apply to the largest estates, its effects are concentrated on those over $20 million. With a $3.5 million exemption, 62% of the estate tax revenue is from estates with over $20 million in assets. With a $5 million exemption, 73% of revenue is from estates of over $20 million. Various exemptions and deductions whittle statutory rates down to much lower effective rates, with an average 16% rate on estates over $20 million for the $3.5 million exemption, and 12% for the $5 million exemption. Some 96% of the tax falls in the top quintile when viewed by income of the person who has died under the $3.5 million exemption. "

ya see what they did in the bold--try and keep up--the exemption is 1 million in 2011 they don't want to even get into the numbers at that amount

Proponents of estate tax repeal have argued that it would have a devastating effect on small businesses and farmers. In fact, the share paid by small business estates under proposed revisions would be small, only 16% to 18%. Just 0.2% of small business owners with at least 50% of their assets in businesses would be taxed
Proponents of estate tax repeal have argued that it would have a devastating effect on small businesses and farmers. In fact, the share paid by small business estates under proposed revisions would be small, only 16% to 18%. Just 0.2% of small business owners with at least 50% of their assets in businesses would be taxed

" In fact, the share paid by small business estates under proposed revisions would be small, only 16% to 18%"

"proposed revisions" where did that come from? I am confused we went from a 1 million exemption--try and keep up here-- to forgetting about that number to a new exemption of 3.5 million now we are not even talking about an actual number just proposed revisions!!!

"back in the day, one of the key Republican arguments against the estate tax was that it forced hardworking, salt-of-the-earth children of small farmers to sell the family plot in order to pay their taxes after dad died. It was a sad story, but with one problem: no one could find even a single small farmer who had been forced to liquidate in order to satisfy Uncle Sam's voracious maw. Even the American Farm Bureau Federation was eventually forced to admit that it couldn't come up with a single example, and a few years later the Congressional Budget Office estimated that under the now-current exemption level, only a tiny handful of small farms were likely to owe any estate tax to begin with — and of those, only about a dozen lacked the assets to pay their taxes. And even those dozen had 14 years to pay the bill as long as the kids kept running the farm. In other words, the story was a fraud from beginning to end.] "

there are so many things wrong with this paragraph I don't have the time to go through them all.

so once again to revisit the original point

For people who die that have a more than a million in assets you are okay with:

Taxing the portion above 1 million at 55%

Taxing the same money twice

possibly killing a family business

possibly killing a small business

believe that the people should pay the tax because "they have the ability to pay it!!" [[that is my favorite from the abvoe crap that you posted!!)

I know this is an extremly leftist message board but come on....

November can't get here quick enough

[Bearinabox]

So if your daddy dies rich, you deserve every cent of that money by virtue of him being your daddy, whether you've lifted a finger to earn it or not? I thought Republicans were the ones constantly bitching up a storm about the "entitlement mentality."

[Stosh]

In 2011, 44,200 taxable estates, or 1.76%, will be touched if the exemption goes to $1 million

Who cares about 44,000 families that busted their ass to make some money

Once again--who cares its only 44,000 families?


"Not only does the tax apply to the largest estates, its effects are concentrated on those over $20 million. With a $3.5 million exemption, 62% of the estate tax revenue is from estates with over $20 million in assets. With a $5 million exemption, 73% of revenue is from estates of over $20 million. Various exemptions and deductions whittle statutory rates down to much lower effective rates, with an average 16% rate on estates over $20 million for the $3.5 million exemption, and 12% for the $5 million exemption. Some 96% of the tax falls in the top quintile when viewed by income of the person who has died under the $3.5 million exemption. "

ya see what they did in the bold--try and keep up--the exemption is 1 million in 2011 they don't want to even get into the numbers at that amount

Proponents of estate tax repeal have argued that it would have a devastating effect on small businesses and farmers. In fact, the share paid by small business estates under proposed revisions would be small, only 16% to 18%. Just 0.2% of small business owners with at least 50% of their assets in businesses would be taxed
Proponents of estate tax repeal have argued that it would have a devastating effect on small businesses and farmers. In fact, the share paid by small business estates under proposed revisions would be small, only 16% to 18%. Just 0.2% of small business owners with at least 50% of their assets in businesses would be taxed

" In fact, the share paid by small business estates under proposed revisions would be small, only 16% to 18%"

"proposed revisions" where did that come from? I am confused we went from a 1 million exemption--try and keep up here-- to forgetting about that number to a new exemption of 3.5 million now we are not even talking about an actual number just proposed revisions!!!

"back in the day, one of the key Republican arguments against the estate tax was that it forced hardworking, salt-of-the-earth children of small farmers to sell the family plot in order to pay their taxes after dad died. It was a sad story, but with one problem: no one could find even a single small farmer who had been forced to liquidate in order to satisfy Uncle Sam's voracious maw. Even the American Farm Bureau Federation was eventually forced to admit that it couldn't come up with a single example, and a few years later the Congressional Budget Office estimated that under the now-current exemption level, only a tiny handful of small farms were likely to owe any estate tax to begin with — and of those, only about a dozen lacked the assets to pay their taxes. And even those dozen had 14 years to pay the bill as long as the kids kept running the farm. In other words, the story was a fraud from beginning to end.] "

there are so many things wrong with this paragraph I don't have the time to go through them all.

so once again to revisit the original point

For people who die that have a more than a million in assets you are okay with:

Taxing the portion above 1 million at 55%

Taxing the same money twice

possibly killing a family business

possibly killing a small business

believe that the people should pay the tax because "they have the ability to pay it!!" [[that is my favorite from the abvoe crap that you posted!!)

I know this is an extremly leftist message board but come on....

November can't get here quick enough

Talk about a convoluted post. learn to quote properly?

You know that there are steps to prevent this from happening. This is just another wedge issue for trolls to yammer over.

Small business loss? Yeah right. That's usually easily handled by naming a successor or transfer of ownership befor the deed happens. Rare cases only if they drop dead suddenly or are intensely ignorant.

You are right, November can't get here quick enough, to finish the job of removing the ignorant, self centered Republican slugs from the House and Senate, so some real progress can get done in this country.

[littlebuddy]

Yea, if my dad is rich and wants ME to have his money, what business is it of yours. Its his money and he earned it and where he wants it to go should be up to him.

[johnsmith]

So if your daddy dies rich, you deserve every cent of that money by virtue of him being your daddy, whether you've lifted a finger to earn it or not?

Yes, every cent, if that is the father's wishes.

[Bearinabox]

Yea, if my dad is rich and wants ME to have his money, what business is it of yours. Its his money and he earned it and where he wants it to go should be up to him.

There you conservatives go again with your entitlement mentality. What, are you all too lazy and incompetent to work for your money? Get a job, slacker. Welcome to reality.

[bailey]

Yea, if my dad is rich and wants ME to have his money, what business is it of yours. Its his money and he earned it and where he wants it to go should be up to him.

Then your dad should consult a lawyer and effectuate the transfer of wealth. As was pointed out above...rarely is anyone ACTUALLY taxed at the full rate.

"back in the day, one of the key Republican arguments against the estate tax was that it forced hardworking, salt-of-the-earth children of small farmers to sell the family plot in order to pay their taxes after dad died. It was a sad story, but with one problem: no one could find even a single small farmer who had been forced to liquidate in order to satisfy Uncle Sam's voracious maw. Even the American Farm Bureau Federation was eventually forced to admit that it couldn't come up with a single example, and a few years later the Congressional Budget Office estimated that under the now-current exemption level, only a tiny handful of small farms were likely to owe any estate tax to begin with — and of those, only about a dozen lacked the assets to pay their taxes. And even those dozen had 14 years to pay the bill as long as the kids kept running the farm. In other words, the story was a fraud from beginning to end.] "

there are so many things wrong with this paragraph I don't have the time to go through them all.

Um. so, the fact that the advocacy group itself COULD NOT FIND A SINGLE EXAMPLE OF ANY PERSON LOSING THE FARM OVER ESTATE TAXES is some how a convoluted statement? The story about sad farmers selling the farm to fork it over to the IRS was a total lie. complete and total fallacy. A statement without a scintilla of evidence.

to once again to revisit the original point

for people who die that have a more than a million in assets you are okay with:

Taxing the portion above 1 million at 55%

and again... "Various exemptions and deductions whittle statutory rates down to much lower effective rates".

Taxing the same money twice

you do realize that under the current 2010 rules you are championing, the money STILL gets hit again, but at much more damaging point. The money passes to the kids tax free, but the assets no longer receive any step up in basis. It's a nice little trap. The Code says, when an estate is subject to estate taxes, the cost basis of inherited assets is the date of death value [[there is a "step up" in basis). However, in 2010 there is no estate tax, and therefore no step-up in basis. Now, because the government took no action at the end of 2009, the estate tax was replaced Jan. 1 with a capital gains tax that requires heirs pay rates of between 15 percent and 28 percent on any bequeathed assets they sell. The tax is complicated because it applies to all profit since the assets were acquired by their original owners. Now do you see how no estate tax is not necessarily a good thing?!

[lincoln8740]

you do realize that under the current 2010 rules you are championing, the money STILL gets hit again, but at much more damaging point. The money passes to the kids tax free, but the assets no longer receive any step up in basis. It's a nice little trap. The Code says, when an estate is subject to estate taxes, the cost basis of inherited assets is the date of death value [[there is a "step up" in basis). However, in 2010 there is no estate tax, and therefore no step-up in basis. Now, because the government took no action at the end of 2009, the estate tax was replaced Jan. 1 with a capital gains tax that requires heirs pay rates of between 15 percent and 28 percent on any bequeathed assets they sell. The tax is complicated because it applies to all profit since the assets were acquired by their original owners. Now do you see how no estate tax is not necessarily a good thing?!

If they SELL the business. Usually in family run/small business the family members keep the business. Thus, there would be no tax on the income generated from such business.

I am still not in favor of taxing the same money twice, but I am really not in favor of whacking the crap out of the holdings of a small/family owned business. That is my biggest problem with the tax--You are a family member of a business that has been making a living on the earnings of the business. Someone dies and the Feds waltz in and say not only do you owe us for the amount of cash that is in the account but we are are also going to value the property/assets that generate that income.

2 million dollar value of the land that the store sits on and 2 million in the bank of the business, the IRS will say "that will be a cool 1.5 million paid in ninety days--BITCH!!"

Fair?

If your someone who believes in 90% taxation maybe, but thank god most Americans don't!

Also an easy way around your Now do you see how no estate tax is not necessarily a good thing? Is quite simple. You don't sell the assets, you mortgage them out--Get your cash and walk or just simply continue operating the business.

Now If you live in Manhattan and you were left a penthouse worth 4 million, that may be a bit trickier

[lincoln8740]

There you conservatives go again with your entitlement mentality. What, are you all too lazy and incompetent to work for your money? Get a job, slacker. Welcome to reality.

What about the sons/daughters that work in the family business?

Are they lazy?

Are they incompetent?

Yes the reality is somehow you liberals want to get my families money--Talk about entitlement--at least I have the same last name!

It amazes me that every time a liberal on these board talks about laziness and competence, one has the sneaking suspicion that they work in the public sector

just a gut feeling

[Bearinabox]

What about the sons/daughters that work in the family business?

Are they lazy?

Are they incompetent?

Yes the reality is somehow you liberals want to get my families money--Talk about entitlement--at least I have the same last name!

It amazes me that every time a liberal on these board talks about laziness and competence, one has the sneaking suspicion that they work in the public sector

just a gut feeling

I'm sorry, did you say something? I couldn't hear you over the whiny drone of your entitlement mentality.

[ejames01]

They should tax the dirty bums at 320%.

[bailey]

If they SELL the business. Usually in family run/small business the family members keep the business. Thus, there would be no tax on the income generated from such business.

I am still not in favor of taxing the same money twice, but I am really not in favor of whacking the crap out of the holdings of a small/family owned business. That is my biggest problem with the tax--You are a family member of a business that has been making a living on the earnings of the business. Someone dies and the Feds waltz in and say not only do you owe us for the amount of cash that is in the account but we are are also going to value the property/assets that generate that income.

2 million dollar value of the land that the store sits on and 2 million in the bank of the business, the IRS will say "that will be a cool 1.5 million paid in ninety days--BITCH!!"

Fair?

If your someone who believes in 90% taxation maybe, but thank god most Americans don't!

Also an easy way around your Now do you see how no estate tax is not necessarily a good thing? Is quite simple. You don't sell the assets, you mortgage them out--Get your cash and walk or just simply continue operating the business.

Now If you live in Manhattan and you were left a penthouse worth 4 million, that may be a bit trickier

Alright I'm done. You are getting all fired up about something you CLEARLY have no understanding of. Turn off Beck and do some reading on the subject from unbiased sources.

[lincoln8740]

Alright I'm done. You are getting all fired up about something you CLEARLY have no understanding of. Turn off Beck and do some reading on the subject from unbiased sources.

uhh I have quite the understanding of it--please enlighten me of where my previous post is incorrect?

[bailey]

uhh I have quite the understanding of it--please enlighten me of where my previous post is incorrect?

uhhh. no you don't. I have neither the time nor the inclination to educate someone so determined to remain willfully ignorant of the facts and the law.

[lincoln8740]

uhhh. no you don't. I have neither the time nor the inclination to educate someone so determined to remain willfully ignorant of the facts and the law.

Damn as real estae attorney I better tell my clients that I have no idea about the law

Thanks for letting me know

Oh and I should also let the esate planning guys that I have met with that they have no idea about the law either

Thanks again!

[bailey]

Damn as real estae attorney I better tell my clients that I have no idea about the law

Thanks for letting me know

Oh and I should also let the esate planning guys that I have met with that they have no idea about the law either

Thanks again!

i fear for you clients if you are advising them in the same manner in which you post on this board.