In-A-Gadda-Levitre Posted April 30, 2009 Posted April 30, 2009 I would think that the Inheritance Tax would basically decimate the passing of the team on down to either of his daughters. They would end up being on the hook for roughly $450 mil give or take a few bucks. With the election of Hussein Obama, the chance of the Bush tax cuts, which included the elimination of the "death tax", is virtually dead in the water. Couple that with NYS taxes on top of the federal and it's damn near impossible to will or sell the team in New York without the state pulling down a cool hundred million or so. If Ralph were to heir the team to his wife, they could bypass the inheritance tax but he has stated many many times that, that isn't an option. at the risk of turning this into a PPP partisan bake-off, the elimination of the "death tax" is also opposed by the American Institute of CPAs, because it effectively raises the taxes on all but the wealthiest, since it's tied to a measure that eliminates the step-up in basis.
BillnutinHouston Posted April 30, 2009 Posted April 30, 2009 I would think that the Inheritance Tax would basically decimate the passing of the team on down to either of his daughters. They would end up being on the hook for roughly $450 mil give or take a few bucks. With the election of Hussein Obama, the chance of the Bush tax cuts, which included the elimination of the "death tax", is virtually dead in the water. Couple that with NYS taxes on top of the federal and it's damn near impossible to will or sell the team in New York without the state pulling down a cool hundred million or so. Change we can live with........and a team we will have to learn to live without.
flomoe Posted April 30, 2009 Posted April 30, 2009 at the risk of turning this into a PPP partisan bake-off, the elimination of the "death tax" is also opposed by the American Institute of CPAs, because it effectively raises the taxes on all but the wealthiest, since it's tied to a measure that eliminates the step-up in basis. Isn't there a way that this tax could at least be lowered so companies can be passed from family members to family members? I know it's such a slippery slope but the penalties crush the will to succeed and pass it on to your own family. On another note, when I originally replied, I didn't know that Ralph's daughter had passed. Prayers for the families.
Trader Posted May 1, 2009 Posted May 1, 2009 Congratulations, you're the douche bag of the month. Your sash and tiara will arrive shortly. The inheritance tax will effect most middle class people. Anyone who inherit an estate including non cash assets with a total income in that year value of 200k will be Taxed and Taxed again and Then they will die and Be Taxed once more!
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