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2013 will be a bad year to die.

Death Tax

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#61 Happy Panther

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Posted 12 December 2012 - 02:48 PM

Again, the effectual rate is nowhere near 40%. It's closer to 5%.


I am reading (below) that the effective tax rate on the entire estate for those that pay is 15%. But that is taking into account the exemption which is currently $5M. So the marginal tax rate is much closer to 35% and is only reduced to the degree which the estate can be protected by trusts and life insurance and such.

When the marginal tax rate goes to 55% above one million all of these numberrs will skyrocket. There is only so much money you can hide. I don't think you can put your house and boat into a trust.

http://www.cbpp.org/...atetaxmyths.pdf

#62 thefuzz

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Posted 12 December 2012 - 02:51 PM

Again, the effectual rate is nowhere near 40%. It's closer to 5%.



Care to share?

Not rich folk either, just normal middle class folk.

Don't need to hear about offshore accounts and lines of accountants. Just normal folks.

#63 thatlookseasy

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Posted 12 December 2012 - 04:32 PM

No handouts! Work Hard, pull yourself up by your own bootstraps!

Whoops wrong thread

#64 Delhommey

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Posted 12 December 2012 - 04:41 PM

I am reading (below) that the effective tax rate on the entire estate for those that pay is 15%. But that is taking into account the exemption which is currently $5M. So the marginal tax rate is much closer to 35% and is only reduced to the degree which the estate can be protected by trusts and life insurance and such.

When the marginal tax rate goes to 55% above one million all of these numberrs will skyrocket. There is only so much money you can hide. I don't think you can put your house and boat into a trust.

http://www.cbpp.org/...atetaxmyths.pdf


I'll be shocked and amazed if the amount is any less that $3.5 - $4 million and 45% as proposed. Even if the due date passes, it'll be kicked back retroactively when they inevitably pass something in Jan.

I'm not really for $1 million at 55%. A million is a fair chunk, but that's digging into small businesses and farms (although I'm sure they'd throw in exemptions even in this case like they always do) I think somewhere around $3-4 million at 45% is an acceptable compromise and accurately reflects on the fact these are just unrealized capital gains. Where the limit is currently is too high.

#65 Bronn

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Posted 12 December 2012 - 06:40 PM

My main point of argument is if they tax the dead person's assets all the time they are alive, why do they again get to tax it when they die?

They're double dipping, and sometimes worse than that...

I have gainfully benefited from losing a loved one. No matter the assets involved, it is just a sucky situation emotionally and it can even tear families apart without everyone else, .gov included, showing up wanting their cut.

I just think it is disgusting that the .gov practically shows up at the end of the year with their vampire teeth in wanting to suck more blood from a corpse they've already bled it's entire life... and they do this even in cases less than the inheritance tax limits...

If you inherit tangible assets that you sell, you have to claim that as income... If you draw interest on any moneys you deposit, you claim that as income... If you do anything other than let property/money sit still, generating nothing, then the .gov wants a cut...

#66 GOOGLE RON PAUL

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Posted 12 December 2012 - 08:18 PM

I worked my ass off on my parents farm growing up.
Probably harder work than most here have even dreamed of.

Can I not argue that I have already worked for that inheritance ?

Why is the fact many here that are arguing against this aren't planning on sailing the Bahama's with this, but hoping to better the life of their families and further secure their futures.

Wait, we are supposed to let the Government do that for us.


hey i've worked my ass off too so i guess we'll be splitting that inheritance since i have as much of a claim to what your parents made as you do.

why do you want to punish success? why can't you just bootstrap your way to prosperity? why do you need a handout?

#67 Davidson Deac II

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Posted 12 December 2012 - 08:37 PM

My main point of argument is if they tax the dead person's assets all the time they are alive, why do they again get to tax it when they die?

They're double dipping, and sometimes worse than that...

I have gainfully benefited from losing a loved one. No matter the assets involved, it is just a sucky situation emotionally and it can even tear families apart without everyone else, .gov included, showing up wanting their cut.

I just think it is disgusting that the .gov practically shows up at the end of the year with their vampire teeth in wanting to suck more blood from a corpse they've already bled it's entire life... and they do this even in cases less than the inheritance tax limits...

If you inherit tangible assets that you sell, you have to claim that as income... If you draw interest on any moneys you deposit, you claim that as income... If you do anything other than let property/money sit still, generating nothing, then the .gov wants a cut...



Not that I agree with it, but they aren't really taxing the dead person's assets. They are taxing the one receiving the inheritance because the assets are new to him or her. At least that is the way the government looks at it.

But just for the heck of it.

Now my advise to those who die
(Taxman!)
Declare the pennies on your eyes
(Taxman!)
'Cause I'm the taxman
Yeah, I'm the taxman.

:)

#68 pstall

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Posted 12 December 2012 - 10:10 PM

at my current pace, im really not sweating the estate tax. lol

#69 Kurb

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Posted 13 December 2012 - 05:18 AM

hey i've worked my ass off too so i guess we'll be splitting that inheritance since i have as much of a claim to what your parents made as you do.

why do you want to punish success? why can't you just bootstrap your way to prosperity? why do you need a handout?



And there we have it folks.
Sums up Godspin in case anyone was wondering.

He is entitled to others wealth.

#70 GOOGLE RON PAUL

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Posted 13 December 2012 - 06:17 AM

just so we're clear here, by reading that and interpreting it as though i was projecting actual entitlement to your parents' wealth, you actually confirmed that you feel entitled to it

here let me clear it up for you: when your parents die, what makes you more deserving to their assets than anyone else? what happened to the libertarian, boot-strappy mantra? it's almost as if it only really applies to everyone else, never to you. how could you live with yourself after receiving that handout? better yet, how can you live with yourself after arguing in this very thread that you won't get enough of a handout which, of course, is all that an inheritance is?

#71 stirs

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Posted 13 December 2012 - 06:38 AM

Then lets all split Warren Buffets stuff. He seems to have a guilt complex over it in the media anyway.
Although, he and his lawyers keep trying to dodge taxes and keep as much as possible. Funny how that happens with libs, but yeah, let me know how we can divide his stuff. The Cosco guy would be another who seems to support all stuff "lib", but he too trying to dodge taxes. Washington Post, ditto. What is it with the bullhorns on the left who say we need more taxes but try their best to dodge them?



#72 GOOGLE RON PAUL

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Posted 13 December 2012 - 06:56 AM

Then lets all split Warren Buffets stuff. He seems to have a guilt complex over it in the media anyway.
Although, he and his lawyers keep trying to dodge taxes and keep as much as possible. Funny how that happens with libs, but yeah, let me know how we can divide his stuff. The Cosco guy would be another who seems to support all stuff "lib", but he too trying to dodge taxes. Washington Post, ditto. What is it with the bullhorns on the left who say we need more taxes but try their best to dodge them?


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#73 Darth Biscuit

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Posted 13 December 2012 - 09:16 AM

just so we're clear here, by reading that and interpreting it as though i was projecting actual entitlement to your parents' wealth, you actually confirmed that you feel entitled to it

here let me clear it up for you: when your parents die, what makes you more deserving to their assets than anyone else? what happened to the libertarian, boot-strappy mantra? it's almost as if it only really applies to everyone else, never to you. how could you live with yourself after receiving that handout? better yet, how can you live with yourself after arguing in this very thread that you won't get enough of a handout which, of course, is all that an inheritance is?


Who else is entitled to Kurb's parents wealth if they deem he should receive it? Not me. Not you. No one else is, not even the gov't.

He is their heir, he should receive it if that is his parents choice. It's not a hard concept.

You're playing apples and oranges to try and make some obscure point about "libertarians" and it's not working.


I'm with Bronn on this... the issue, as Cantrell has tried to derail it to, is not the heir issue, it's the fact that the gov't is taxing monies multiple times.

#74 Happy Panther

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Posted 13 December 2012 - 09:16 AM

here let me clear it up for you: when your parents die, what makes you more deserving to their assets than anyone else? what happened to the libertarian, boot-strappy mantra?


As a libertarian, I can say I don't think you understand our platform.

#75 Delhommey

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Posted 13 December 2012 - 09:28 AM

I'm sorry but what transfer of wealth ISN'T taxed?



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