Taxed in Life & Taxed in Death aka Estate Tax .

[Orlando Buffalo]

3 hours ago, Over 29 years of fanhood said:

The passing of generational wealth contributes to the systemic and sustained corruption that exists today. 
 

there should be some kind of hard cap, with few loopholes and exceptions but it will never happen because the ultra wealthy either own or are the politicians.

 

 

Why do you think it leads to sustained corruption? Do you think rich people are inherently dishonest? I am trying to connect that dot but I do not see how junior getting his father's money causes him to be corrupt 

[BillStime]

36 minutes ago, T master said:

 

The amount shouldn't matter it's the principle i don't care if i made $100k or $50 million if i was the one that worked my ass off to get or build it why should you or any one else be able to charge me more tax on it if or to those i leave it to if i have been paying taxes on it for the duration of my life .

 

A crook is a crook weather they are in a 3 piece suit or in a pair of jeans it makes no difference what you earn should be yours and if you paid for it & paid taxes for it your family shouldn't have to pay more just because you die and leave it to your family no matter how much it is .

 

 

 

Can you define what the Estate Tax is?

[Over 29 years of fanhood]

31 minutes ago, Buffalo Timmy said:

Why do you think it leads to sustained corruption? Do you think rich people are inherently dishonest? I am trying to connect that dot but I do not see how junior getting his father's money causes him to be corrupt 

it’s these generational wealthy families that seem to stay around or influence politics.

 

Pelosi and those other 3 families that have run Cali 

Kennedy’s 

Trump

DeVos

Rockefellers 

John Kerry 

JP Morgan’s kid financed WW 1

Bush’s

 

Wealthy people hovering around politics tends to cultivate corruption. Generational wealth just exacerbates the problem imo. 

Edited April 27, 2021 by Over 29 years of fanhood

[SoCal Deek]

1 hour ago, leh-nerd skin-erd said:

Listen, this is the same crowd that is all boned up about Uncle Joe and Aunt Liz saddling others with the debt people incurred for four years at a prestigious college or University replete with Sprang Break, general buffoonery, needless spending on room and board, a well-paying job coming out, a university with an endowment greater than the collective wealth of several third world countries (excluding Canada of course), and a set of financial priorities that reads

1. me

2. my stuff

3. more stuff for me.

4. new stuff to replace last year's stuff

5. bmw

6. travel

7. vacation

8. reunion with the other scofflaws

9. Biden 4 Prez

10. any financial obligations i knowingly and purposefully entered into using my good name as my word to honor said debt, but "what's in a name?". 

 

The payoff, they say, is that by saddling others with the debt, it frees up other money to fund items 1-9, so they're actually the hero of the day. 

 

 

I could not agree more. This once proud nation really has become ridiculous.  I'm constantly guilt-shamed into thinking I need to be paying for everyone else's completely voluntary debts (personal, corporate and governmental) and then after saving my whole life, paying the taxes that they said I owed, and whenever I can donating to causes I find worthwhile; I'm told I'm not paying my fair share?  Go f%$k yourselves! 

[Melon]

2 minutes ago, SoCal Deek said:

I could not agree more. This once proud nation really has become ridiculous.  I'm constantly guilt-shamed into thinking I need to be paying for everyone else's completely voluntary debts (personal, corporate and governmental) and then after saving my whole life, paying the taxes that they said I owed, and whenever I can donating to causes I find worthwhile; I'm told I'm not paying my fair share?  Go f%$k yourselves! 

You are always the victim, never forget that.

[Chef Jim]

2 hours ago, BillStime said:

 

Can you define what the Estate Tax is?

 

Yes it's a tax on an estate based on the value of the estate.  The current rate is 40% of anything above a lifetime unified credit (or exclusion)  of $11,7000,000.

 

Now to my question (unless of course you've blocked be because you got tired of me handing you your ass) is this:

 

What is Biden proposing the exclusion be lowered to?  Do you agree or disagree with that number?

Edited April 27, 2021 by Chef Jim

[leh-nerd skin-erd]

9 minutes ago, Melon said:

You are always the victim, never forget that.

Wrongo.  He’s the target. 

[SoCal Deek]

53 minutes ago, leh-nerd skin-erd said:

Wrongo.  He’s the target. 

You’ve got that right.  I’m sure it’s from all that so called privilege I’ve been granted my entire life. It couldn’t possibly be that I’ve worked my butt off for decades. Anyone buying into this leftist crap is a fool. 

[SoTier]

8 hours ago, Chef Jim said:

I'll ask you the same question.  What will be the new estate tax exclusion?  

 

Less than the $22.36 million it currently is.

[Over 29 years of fanhood]

3 hours ago, SoCal Deek said:

I could not agree more. This once proud nation really has become ridiculous.  I'm constantly guilt-shamed into thinking I need to be paying for everyone else's completely voluntary debts (personal, corporate and governmental) and then after saving my whole life, paying the taxes that they said I owed, and whenever I can donating to causes I find worthwhile; I'm told I'm not paying my fair share?  Go f%$k yourselves! 

we pay multiple tens of thousands per year in fed taxes. Never had a new car in our life, wear clothes with holes because we are frugal, bought a dump fixer upper in a good school district and other than drinking extravagant $12/bottle red wine and gravitating towards organic fruits and vegetables have no costly hobbies other than saving for kids college and maybe someday dreaming of retirement, paying through the nose for ever crappier healthcare, worked our asses off year after year for decades, went to college on loans and repaid them... 
 

I’m also very fed up with hearing I need to pay more because I owe my ‘fair share’. 
 

I’m tired of being the horse in animal farm. 

[Over 29 years of fanhood]

5 hours ago, SoCal Deek said:

You’ve got that right.  I’m sure it’s from all that so called privilege I’ve been granted my entire life. It couldn’t possibly be that I’ve worked my butt off for decades. Anyone buying into this leftist crap is a fool. 

The death inheritance lottery win should totally be taxed by the same methodology as a lottery win. I’d rather the money come from there than disincentivizing work and promoting laziness. 

[Buffarukus]

nothing to do with the topic but my idea is to link companies success to wages.

 

if you are some huge corporation with billions of dollars in profit your min wage should be tied to the workforce you employ. ford paid well a above wage and top tier benefits. 

 

i think that's a decent compromise that has giant corporations giving back to the people and allows startups a opportunity to grow with unskilled labor and low overhead.

 

increasing the min wage...for those who are already successful.

[leh-nerd skin-erd]

7 hours ago, Over 29 years of fanhood said:

The death inheritance lottery win should totally be taxed by the same methodology as a lottery win. I’d rather the money come from there than disincentivizing work and promoting laziness. 

The desire to build and sustain intergenerational wealth has been part of the American dream since the country was founded.  Painting the desire for a legacy to pass on the fruits of ones life as some sort of lottery win seems unreasonable to me, and suggesting that it promotes laziness is painting it with an exceptionally broad brush.  

 

 

 

 

[SoCal Deek]

8 hours ago, Over 29 years of fanhood said:

The death inheritance lottery win should totally be taxed by the same methodology as a lottery win. I’d rather the money come from there than disincentivizing work and promoting laziness. 

Yikes. My daughter didn’t learn laziness from her father. She learned an incredible work habit and she’ll pass those down by being an example to her kids as well. It’s amazing to me how so many, so easily, stereotype the wealthy. It’s just as bad as stereotyping the poor. 

[Chef Jim]

10 hours ago, SoTier said:

 

Less than the $22.36 million it currently is.

He’s discussing $3m. Is that number fair?  What would you like to see it dropped to?

[Chef Jim]

9 hours ago, Over 29 years of fanhood said:

The death inheritance lottery win should totally be taxed by the same methodology as a lottery win. I’d rather the money come from there than disincentivizing work and promoting laziness. 

So a family starts a business, let’s say a winery.  They children become deeply involved in that business.  Mom and dad pass. In order for the kids, who now want to continue running the business, to keep the business, they find they owe the government potentially millions in taxes. The government wants those taxes in 9 months.  The business only as a few hundred thousand in liquidity. Now the children are forced to sell the business they want to keep in the family in order to pay those taxes.  You ok with that?  

1 hour ago, leh-nerd skin-erd said:

The desire to build and sustain intergenerational wealth has been part of the American dream since the country was founded.  Painting the desire for a legacy to pass on the fruits of ones life as some sort of lottery win seems unreasonable to me, and suggesting that it promotes laziness is painting it with an exceptionally broad brush.  

 

 

 

 

Not painting with a broad brush. It’s a complete lack of understanding how family businesses operate. 

[SoTier]

6 minutes ago, Chef Jim said:

He’s discussing $3m. Is that number fair?  What would you like to see it dropped to?

 

The average net worth of the top 1% of Americans is $10.8 million.

The average net worth of the top 2% of Americans is only $2.4 million.

I think excluding the first $10 million is ok.  I don't think it's fair since the median net worth of American households is $121,700, but I would be ok with it because it would put the exclusion just below what it was before before Trump doubled it in 2018.

 

[SoTier]

14 minutes ago, Chef Jim said:

So a family starts a business, let’s say a winery.  They children become deeply involved in that business.  Mom and dad pass. In order for the kids, who now want to continue running the business, to keep the business, they find they owe the government potentially millions in taxes. The government wants those taxes in 9 months.  The business only as a few hundred thousand in liquidity. Now the children are forced to sell the business they want to keep in the family in order to pay those taxes.  You ok with that?  

Not painting with a broad brush. It’s a complete lack of understanding how family businesses operate. 

 

That's what estate planning is for.  If the children are "deeply involved in that business", then why don't they have  ownership stakes? 

[Governor]

Taxes are the last thing you should be worried about.

 

The HC system, cancer business, old folk’s homes, gets every last penny well before you die. You aren’t leaving anything to anyone other than your crusty old house that your kids don’t even want. You’re just giving your kids unnecessary work. Don’t get cute. “Gift” your money out when you turn 75 and be done with it.

Edited April 28, 2021 by The Governor

[BillStime]