Chef Jim

So you've written your children out of your will? Yes or no.

What a load of crap! No President has been solely responsible for what they say. Well Trump likely was. I can't imagine ANYONE prepared some of the stuff he said. LOL

Well the lifetime exclusion is $12m each so as of now between you and your spouse you have $24m to gift over your lifetime free of estate taxes.......for now. It's set to sunset in 2026 back to $5m each. It could sunset lower or sooner. We have no idea. So gift now while the exclusion is higher.

"To think that we're teaching sexual orientation is crazy but we should be able to have discussions...."

Stop vilifying the Uber wealthy. Almost every one of them got where they are through crazy hard work and sometimes unfathomable risk. If this means they have created a means to pass that lifestyle to their children and grandchildren so be it. Isn’t that what you want for your children? ***** the taxes! How about we stop the spending!! I just heard about the amount the state wants to give in tax revenue for a new stadium for the Bills. What will the state have to give up to fund this? Not sure if this is accurate but if it is I hate professional sports now more than ever. https://vm.tiktok.com/TTPdmkHmr6/

Yeah I know a couple. 🙄 But anyway you’re ok with the government taking up to 60% of someone’s estate upon their death?

Owning a gun does not make one psychotic. Imagining things things that aren’t really happening does.

Story? What are you babbling about now?

How would you distinguish it and accommodate it? What taxes are billionaires skirting? You do realize that they will lose 40% of the value of the majority of their estate at death right? You want to pile on another potential 20% cap gains tax? Yeah ***** their families!!! 🙄

Awwww poor Billy. Wants me to go away and stop making him look bad. That safe place is a ***** boring shithole full of people as psychotic as you. I left when DR told me to ***** off when I challenged him. So you telling me to go back tie MY “safe place” makes you look quite foolish doesn’t it. 🙄 My nomination for ironic post of the year.

Thanks. 🙄

Proud like a ***** you psychotic nut job.

No need to. My point stands.

What if the only reason gramps was able to keep the farm was because I and my family worked it. So gramps dies this 5,000 acre farm becomes taxable to me. I don’t have the liquidity to pay the taxes. Whoops….there goes my family’s livelihood. There are dozens of scenarios where this is asinine. Why potentially force the sale? And often at a fire sale price to raise the liquidity to pay the taxes. Why are you wanting to punish people based on their ancestry? Those business often employ thousands and generate millions in tax revenue every year. Those jobs and tax revenue could very well go poof under your idea.

Black Lives Matter. Stop treating them as if they don’t. So countering with “All Lives Matter” makes not sense. That’s it. Simple and 100% spot on.

That’s not what BLM means. But that’s ok neither do most everyone else our there.

Yes constructive thinking indeed. So your idea is to create something that has never been done before? Tax unrealized gains? Tax illiquid assets? Where’s the liquidity going to come from? Lots of family businesses well be sold and likely for pennies on the dollar. Again….asinine. My idea of doing away with the basis step up makes a lot more sense.

Huh? This would affect everyone not just the wealthy. 🙄 As a matter of fact the middle class would likely get ***** in the ass harder. As usual.

In this case Billy Boy isn't desperate. He's psychotic.

That's asinine! It would be a huge boon for the life insurance industry.

Taxed upon inheritance?

So it's warped to blame the sitting President for everything while from 2017-2020 it was SOP?

So we only spend $811,140 on defense? Huh. But seriously these numbers taken on their own are meaningless. But you knew that.........I hope. No he turns in to a 92 year old. I'm not sure which is worse.

And figuring out what the basis is on all that. It's dumb and it's all done for show. But why does no one ask him "Mr President. Do you agree that it will be an annual accounting nightmare to figure out the market value as well as the basis of those assets?" I was thinking you'd only need to compute basis once but you buy a home for $1,00,000 and you put $500k worth of work into it in any given year the new basis is $1,500,000. There are not enough appraisers/CPA/Accounts in the world to figure this all out. I have to agree with you.....WAM!!

I would assume the unrealized losses would be used to offset the unrealized gains. 🤷🏻‍♂️ It would be a total accounting cluster *****. The amount of accounting work that would be required on an annual basis to determine current market value vs basis for these wealthy people would be crazy. And the amount of accounting shenanigans that will likely go on? They don’t think before they throw this ***** out there. So instead of bitching I have ideas. First get rid of the step up in basis. You inherit the basis. So if/when you sell the asset you pay gains from when the asset was originally purchased. No more inter-generational wealth being passed on via the step up. Second bring back the stretch IRA that the Trump administration did away with. There are so many flaws in this. I understand the reasoning was to collect tax dollars today instead of spreading it out over a lifetime. But again, so many issues with this. Third incentivize Roth conversions. This would alleviate the taxes lost by bringing back the stretch. Not sure how you incentivize them other than education. But they are a great tool.