Jim in Anchorage Posted June 17, 2010 Author Share Posted June 17, 2010 And also when he understands that with estate, cap gains and income taxes due at death there can be 70-80% loss of the value of an estate When you point out that in Steelys case his heirs may be be liable for 5 dollars 38 cents in tax's he may change his tune and become a anarchist. Link to comment Share on other sites More sharing options...
birdog1960 Posted June 17, 2010 Share Posted June 17, 2010 Let me ask you a question. If your parents died with an estate worth $100k and in the end you had to split $20k with your siblings how would you feel about that? Or how about you dad ran a very successful business that he wanted to pass on to you but you had to liquidate it to pay the estate tax and the business folded. And do you really think that the goverment needs all that money they get or are they wasting a good portion of it? about 5000 households are affected in a year. were not talking about the family farm or store here... unless your family owns tysons or wal mart. Link to comment Share on other sites More sharing options...
Chef Jim Posted June 17, 2010 Share Posted June 17, 2010 about 5000 households are affected in a year. were not talking about the family farm or store here... unless your family owns tysons or wal mart. Yes we are talking about the family farm or store. Starting next year you'll be able to pass $1mil to your heirs free of estate taxes. That's a 900 sq ft condo here in SF. It's going to affect a hell of a lot more than 5000 households. Tysons or Walmart...yeah the estate tax only affects the Walton family. Link to comment Share on other sites More sharing options...
birdog1960 Posted June 17, 2010 Share Posted June 17, 2010 Yes we are talking about the family farm or store. Starting next year you'll be able to pass $1mil to your heirs free of estate taxes. That's a 900 sq ft condo here in SF. It's going to affect a hell of a lot more than 5000 households. Tysons or Walmart...yeah the estate tax only affects the Walton family. yeah, there's so much equity in the cali housing market ...just teaming with real estate millionaires Link to comment Share on other sites More sharing options...
Chef Jim Posted June 17, 2010 Share Posted June 17, 2010 yeah, there's so much equity in the cali housing market ...just teaming with real estate millionaires My point is your 5000 number is a bit off. According to this you're way off. Households with a net worth of $1 million or more, excluding their primary residence, totaled 7.8 million in 2009, up from 6.7 million in 2008, according to Spectrem Group That excludes their primary residence. Link to comment Share on other sites More sharing options...
IDBillzFan Posted June 17, 2010 Share Posted June 17, 2010 My point is your 5000 number is a bit off. According to this you're way off. That excludes their primary residence. You're missing his point. It's not HIS money they're coming after. It's the other folks. The rich folks. The folks who DESERVE to have the government take the cash from their wallet while they sleep in a casket. If you can't take a man's earnings while he's dead, when he's of no use any more, then what's the sense of having a government? Link to comment Share on other sites More sharing options...
birdog1960 Posted June 17, 2010 Share Posted June 17, 2010 My point is your 5000 number is a bit off. According to this you're way off. That excludes their primary residence. 5000 comes from initial article cited at start of thread Link to comment Share on other sites More sharing options...
Alphadawg7 Posted June 18, 2010 Share Posted June 18, 2010 yeah, there's so much equity in the cali housing market ...just teaming with real estate millionaires Its frustrating for me because I worked hard to be able to set myself up to retire in the 3 or 4 years and I am only 33. I am doing it through real estate here in the California housing market. I wouldnt fully retire as I would get bored, but I would probably do what I do now which is kind of like semi retirement as I pretty much do what ever I want now unless I am out overseeing one of my projects as the company I built is a pretty well oiled machine now. I worked hard to get to this point...I should be able to do what I want with my money right? I used to be in film and television production working slave like hours (a 8 hour work day is literally 12 hours in the industry) where I normally worked 12 to 16 hours a day on a project. Money was good, but hours were brutal. I worked hard to be able to put myself in a position to move into real estate and set myself up so its all I have to do. And I pay the IRS dearly for that as they tax me as short term capital gains as I flip houses in a mere months (its capped at 15% if you own it 12 months, but you make money doing what I do getting in and out, not holding it a year which means you pay way more in taxes as short term gains). I mean why should I have to give any of that to the IRS after they already taxed the hell out of me on short term gains? Havent I earned the right to leave my money to who I choose given I have been taxed heavily already when I earned the money and worked hard to be able to leave it to my family? It would be one thing if it was capped at like 15% or something, but 55% is down right criminal...Loan sharks dont take that much juice. I am doing all this for when I have a family not to cover the gross over spending of a corrupt, negligent, over spending government financial system. Its not my fault our government is so bad with money. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted June 18, 2010 Share Posted June 18, 2010 Let me ask you a question. If your parents died with an estate worth $100k and in the end you had to split $20k with your siblings how would you feel about that? Or how about you dad ran a very successful business that he wanted to pass on to you but you had to liquidate it to pay the estate tax and the business folded. And do you really think that the goverment needs all that money they get or are they wasting a good portion of it? Honestly? Me personally, I wouldn't give a crap... I came into this world with nothing and I will leave with nothing, not being able to take anything. Anyway... That scenario you mentioned (siblings) is probably close to truth... I will end up giving my share to my three siblings... I don't need it... I have been blessed... They need it more. Link to comment Share on other sites More sharing options...
IDBillzFan Posted June 18, 2010 Share Posted June 18, 2010 Honestly? Me personally, I wouldn't give a crap... I came into this world with nothing and I will leave with nothing, not being able to take anything. The only thing I get from this comment is you have no children or spouse. Link to comment Share on other sites More sharing options...
Rob's House Posted June 18, 2010 Share Posted June 18, 2010 The only thing I get from this comment is you have no children or spouse. Explains a lot. Link to comment Share on other sites More sharing options...
Chef Jim Posted June 18, 2010 Share Posted June 18, 2010 Honestly? Me personally, I wouldn't give a crap... I came into this world with nothing and I will leave with nothing, not being able to take anything. Anyway... That scenario you mentioned (siblings) is probably close to truth... I will end up giving my share to my three siblings... I don't need it... I have been blessed... They need it more. Great plan. You've been blessed with what exactly? Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted June 18, 2010 Share Posted June 18, 2010 Yes we are talking about the family farm or store. Starting next year you'll be able to pass $1mil to your heirs free of estate taxes. That's a 900 sq ft condo here in SF. It's going to affect a hell of a lot more than 5000 households. Tysons or Walmart...yeah the estate tax only affects the Walton family. Hey, I am sorry that things are so grossly out of whack in Cali. 900 square feet = 1 mil? Time for the market to crash, if it hasn't already... It needs to crash more. And... I have been blessed without the urge to be greedy, especially with my siblings (three of them). I have also been blessed with self-reliance. I could care less if "Daddy" gives me a leg up when he croaks, it isn't the end of the world. Like I said, you can move to some other country where they promote family wealth a lot better. If 1 million will buy you a small condo in Cali... Then paying these taxes and having the full protection and benefits of the United States is a steal. What is the % of how most wealth is created? Inheritence? I know it is pretty high... In the 90's %? Anyway... A lot of wealthy people do support what I am saying... It the few anti-government lunatics that are fighting these taxes and winning what is purely a PR battle amongst the wannabees. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted June 18, 2010 Share Posted June 18, 2010 The only thing I get from this comment is you have no children or spouse. I have a wife and two children, 12 and 8. Link to comment Share on other sites More sharing options...
IDBillzFan Posted June 18, 2010 Share Posted June 18, 2010 I have a wife and two children, 12 and 8. You're saying you have no desire or need to have money left behind for them when you die? That makes no sense. Do you at least have life insurance? A living trust set up? Link to comment Share on other sites More sharing options...
Rob's House Posted June 18, 2010 Share Posted June 18, 2010 Hey, I am sorry that things are so grossly out of whack in Cali. 900 square feet = 1 mil? Time for the market to crash, if it hasn't already... It needs to crash more. And... I have been blessed without the urge to be greedy, especially with my siblings (three of them). I have also been blessed with self-reliance. I could care less if "Daddy" gives me a leg up when he croaks, it isn't the end of the world. Like I said, you can move to some other country where they promote family wealth a lot better. If 1 million will buy you a small condo in Cali... Then paying these taxes and having the full protection and benefits of the United States is a steal. Good of you to make that decision for the rest of us. You're a real peach. You keep mentioning this business of the "full protection and benefits of the US". I thought the primary "benefit" and "protection" was the freedom to own what's yours and make your own decisions without a bunch of meddling needle dicks using the power of govenment to decide who gets to have what when and where. Link to comment Share on other sites More sharing options...
Chef Jim Posted June 18, 2010 Share Posted June 18, 2010 You're saying you have no desire or need to have money left behind for them when you die? That makes no sense. Do you at least have life insurance? A living trust set up? And of course the money will run out exactly on the day he dies. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted June 20, 2010 Share Posted June 20, 2010 You're saying you have no desire or need to have money left behind for them when you die? That makes no sense. Do you at least have life insurance? A living trust set up? No. Not at all. Oh... They (my family) will have money... Lots of it! I am actually worth more dead than alive. And the gov't will take their share without any guff... That is the price you pay for living in such a great country, a free country. Like I said, if you don't like it... Move... Move to a more "family inheritience" country. You know, you are paying for your freedom, peace, and prosperity. You and your loved ones are also paying for a society that doesn't let power coalesce and stay with rich families because of wealth inheritence alone. That money beinig taken out is not in anyway impeding prosperity... It is only impeding shear greed and a power structure of the few for the few. So... This concept is very "American." It promotes freedom and upwards mobility by ALL. You can't have it both ways without other societal consequences. The truly "rich" know this. It's the anti-government loons that seek to battle here. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted June 20, 2010 Share Posted June 20, 2010 Good of you to make that decision for the rest of us. You're a real peach. You keep mentioning this business of the "full protection and benefits of the US". I thought the primary "benefit" and "protection" was the freedom to own what's yours and make your own decisions without a bunch of meddling needle dicks using the power of govenment to decide who gets to have what when and where. We need those "meddling needle dicks using power of government to decide who gets to have what when and where" (your poor choice of words) or we will find ourselves in an oligarchy. Link to comment Share on other sites More sharing options...
Rob's House Posted June 20, 2010 Share Posted June 20, 2010 We need those "meddling needle dicks using power of government to decide who gets to have what when and where" (your poor choice of words) or we will find ourselves in an oligarchy. This whole business of "if you don't want to bend over and take it every time we the needlers want to stick it to you again you need to leave the country of your birth" garbage doesn't make much sense at all. It is not as if you the needlers are the one's who have granted us the freedom you now claim we should gladly fork over out of gratitude for having had said freedom. It's circular reasoning. It is good of you guys to protect us from an oligarchy. If that's truly the reason behind this (which I think it's ridiculous to fear an oligarchy and not an all powerful central government, but save that for now) wouldn't you start taxing around $100+ million mark? Or is it your assertion that all the recipients of all the estates that value in the millions will band together and rule supreme? Don't worry man, you're not paranoid, everybody just thinks you are. Link to comment Share on other sites More sharing options...
Recommended Posts