Death Tax, for or against?

[Indiansfan]

Everyone is right on here. Taxes as a whole are unfair and a joke. Welfare is a joke and the death tax is a joke.

This hits me b/c my dad turn 77 this year and my mom is 71, they are getting up there in age and will not be around forever. They also have a significant amount of money, money that they already paid their taxes on in a high tax bracket. When they pass, I am sure there will be a substantial amount of money left for me, most likely enough to set me up to be debt free until I retire myself, that is the way they are. There is NO WAY I should have to give over half of that to the government so that lazy people can pop out kids, collect free money to buy name brand clothes and get food stamps to spend on lobsters and T-bone steaks while I work an average of 70 hours a week to make ends meet and maintain a somewhat comfortable lifestyle.

On a positive note, I just heard tonight that there is a real good chance that Obama might extend the death tax for another few years in an attempt to win middle support and show people he cares during the recession since his bailouts didn't help in doing anything but making the rich richer.

Have your name put on your parents accounts. That saves you from paying that shit, since they become shared accounts. My aunt did that with my grandma. Her name was on the house and the bank accounts.

Zombie thread!

I just saw this and thought I'd pipe up.

I work with estate taxes every day and, no offense beckster, but joint/survivorship won't eliminate all of the tax liability for estate taxes. Especially the federal estate tax. Obviously I can't speak for every state in the U.S. but the same goes for most states as well.

The estate tax annoys the bejeebers out of me. It's nothing but a wealth redistribution plot. Basically, it takes 45% over the cap amount of anyone that dies worth over $1 million or above. (Highly simplified numbers)

While people think, "ohh, this will stop Bill Gates from passing on so much to his kids, we need it more than they do" it could not be further from the truth. Most of his money will be going to his foundation (non taxable transfer) and what his kids do get - they can afford to pay the tax leaving the kids with plenty still for the rest of their lives.

It tends to hurt small businesses and mid sized farmers the worst since they are they ones that are also over that amount. If you think about it, really, even $5 million isn't that much anymore if you look at capital in a business. Farm equipment, real estate, machinery in a factory, buildings, warehouses, etc. A family owned hardware store can easily be worth $1 mil or more

[Pete Nice]

Everyone is right on here. Taxes as a whole are unfair and a joke. Welfare is a joke and the death tax is a joke.

This hits me b/c my dad turn 77 this year and my mom is 71, they are getting up there in age and will not be around forever. They also have a significant amount of money, money that they already paid their taxes on in a high tax bracket. When they pass, I am sure there will be a substantial amount of money left for me, most likely enough to set me up to be debt free until I retire myself, that is the way they are. There is NO WAY I should have to give over half of that to the government so that lazy people can pop out kids, collect free money to buy name brand clothes and get food stamps to spend on lobsters and T-bone steaks while I work an average of 70 hours a week to make ends meet and maintain a somewhat comfortable lifestyle.

On a positive note, I just heard tonight that there is a real good chance that Obama might extend the death tax for another few years in an attempt to win middle support and show people he cares during the recession since his bailouts didn't help in doing anything but making the rich richer.

Have your name put on your parents accounts. That saves you from paying that shit, since they become shared accounts. My aunt did that with my grandma. Her name was on the house and the bank accounts.

Zombie thread!

I just saw this and thought I'd pipe up.

I work with estate taxes every day and, no offense beckster, but joint/survivorship won't eliminate all of the tax liability for estate taxes. Especially the federal estate tax. Obviously I can't speak for every state in the U.S. but the same goes for most states as well.

The estate tax annoys the bejeebers out of me. It's nothing but a wealth redistribution plot. Basically, it takes 45% over the cap amount of anyone that dies worth over $1 million or above. (Highly simplified numbers)

While people think, "ohh, this will stop Bill Gates from passing on so much to his kids, we need it more than they do" it could not be further from the truth. Most of his money will be going to his foundation (non taxable transfer) and what his kids do get - they can afford to pay the tax leaving the kids with plenty still for the rest of their lives.

It tends to hurt small businesses and mid sized farmers the worst since they are they ones that are also over that amount. If you think about it, really, even $5 million isn't that much anymore if you look at capital in a business. Farm equipment, real estate, machinery in a factory, buildings, warehouses, etc. A family owned hardware store can easily be worth $1 mil or more

What gets me the most is that these Libs want to tax us on money that the taxes were already paid on!!!!!! FUCK OFF!!!!!

[Indiansfan]

Could not have said it any better, Pete

[ap bikini team]

So it's 11 days from the election and the Death Tax is coming up again. Romney wants to get rid of it, but Obama is already counting it as part of his revenue building policy in his second term. I don't think anyone in this thread had agreed with taking already taxed income and taking half of it again for taxes. Any minds changed? I still think it's bullshit.

[Joe]

Death tax is fucking dumb. I don't even know how anyone thought that should be legal.

[ap bikini team]

Death tax is fucking dumb. I don't even know how anyone thought that should be legal.

My guess is someone that wanted to raise taxes without "raising taxes". The sad thing is a LOT of people think it's a great idea to punish the rich people, not realizing it affects a hell of a lot of people that aren't remotely close to rich (i.e. farmers, small business, someone with a nice home in a neighborhood that developed well around the house, etc)

[Joe]

Death tax is fucking dumb. I don't even know how anyone thought that should be legal.

My guess is someone that wanted to raise taxes without "raising taxes". The sad thing is a LOT of people think it's a great idea to punish the rich people, not realizing it affects a hell of a lot of people that aren't remotely close to rich (i.e. farmers, small business, someone with a nice home in a neighborhood that developed well around the house, etc)

Someone should have taxed the rich a long time ago. That money is their's now. There's no getting it back. The only thing we can do is raise their taxes.

[ap bikini team]

Death tax is fucking dumb. I don't even know how anyone thought that should be legal.

My guess is someone that wanted to raise taxes without "raising taxes". The sad thing is a LOT of people think it's a great idea to punish the rich people, not realizing it affects a hell of a lot of people that aren't remotely close to rich (i.e. farmers, small business, someone with a nice home in a neighborhood that developed well around the house, etc)

Someone should have taxed the rich a long time ago. That money is their's now. There's no getting it back. The only thing we can do is raise their taxes.

Absolutely! 40% is far too low. We should go all France on them and take 75%!

[Pete Nice]

Death Tax is absolute bullshit how can you tax money that is already been taxed at least 1 time just because someone dies

sent from 1975.

[Pete Nice]

Death tax is fucking dumb. I don't even know how anyone thought that should be legal.

My guess is someone that wanted to raise taxes without "raising taxes". The sad thing is a LOT of people think it's a great idea to punish the rich people, not realizing it affects a hell of a lot of people that aren't remotely close to rich (i.e. farmers, small business, someone with a nice home in a neighborhood that developed well around the house, etc)

Someone should have taxed the rich a long time ago. That money is their's now. There's no getting it back. The only thing we can do is raise their taxes.

Absolutely! 40% is far too low. We should go all France on them and take 75%!

did you know the upper 1 percent use to pay 70 percent tax rate in till Reagan lowered it maybe too

sent from 1975.

[Pete Nice]

Obama loves the death tax but I bet when he dies ill have it set up that his kids will not pay shit

sent from 1975.

[Pete Nice]

do not kid yourself Obama is the 1 percent he is rich he is a millionaire

sent from 1975.

[ap bikini team]

Absolutely! 40% is far too low. We should go all France on them and take 75%!

did you know the upper 1 percent use to pay 70 percent tax rate in till Reagan lowered it maybe too

sent from 1975.

Sorry Pete, I thought that came across as sarcastic. I think it's absolute bullshit to keep raising it on the rich. Already been proven that if you confiscate every cent the 1% have, it wouldn't cover one year's budget.

[Joe]

Paul needs to stick to tits and ass.

[ap bikini team]

What level of taxes would you be comfortable with, Joe?