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re: IRS collected a gargantuan $7 billion estate tax from a single source, nobody knows who
Posted on 4/18/24 at 10:23 pm to Havoc
Posted on 4/18/24 at 10:23 pm to Havoc
By the time the Uber wealthy have hit that stage, their finances ecetera are set up so they pay as little tax as possible even while their money continues to grow
Estate tax, again something none of you, or your beneficiaries, have to worry about, is a leaky stop gap for those extreme tax avoidances the ultra wealthy can afford to use
Don't cry for the multimillionaire or billionaire because they sure as frick don't care about us
Estate tax, again something none of you, or your beneficiaries, have to worry about, is a leaky stop gap for those extreme tax avoidances the ultra wealthy can afford to use
Don't cry for the multimillionaire or billionaire because they sure as frick don't care about us
2
Posted on 4/19/24 at 7:52 am to StTiger
You have this backwards. You move assets out of the estate via grantor trusts but continue to pay taxes on the earnings generated by those assets out of your estate.
Posted on 4/19/24 at 8:04 am to StTiger
quote:
Estate tax, again something none of you, or your beneficiaries, have to worry about,
You're probably one of those that thinks $2M is "Uber wealthy".
Estate taxes are a scam, and Dems love to redirect hard-earned revenue to the lazy and uneducated. Gotta protect that voter bloc.
If I want to leave everything to my kids and they spend it on hookers and blow and waste the rest, so what?
Posted on 4/19/24 at 8:47 am to TheOcean
He only died recently but Charlie Munger’s estate could generate that tax liability.
Posted on 4/19/24 at 8:47 am to HailHailtoMichigan!
Estate taxes make me sick. You pay taxes your entire life, then your kids/family get double fricked just because you die.
Posted on 4/19/24 at 8:52 am to Bjorn Cyborg
quote:
So there are no unfair taxes? No punitive taxes? No duplicative taxes? No excessive taxes?
Point out to me where in my post i said that there was no tax waste.. I will wait .
Some of yall up in here acting like the tax rate should be zero.. im saying that until one of yall baws comes up with a better way to fund the military or to build interstates or many other things- taxes are the price we pay to live in a society .
Posted on 4/19/24 at 8:55 am to Obtuse1
quote:Yeah, seems like anyone with a brain would put it in a trust or LLC and make their heirs partners. We've done that and life estates in my family. Also helps when there are shithead relatives who would run through everything in a couple of weeks otherwise or are drunks/dopers who would open the rest of the family to liability risks.
Somebody had horrible estate planning or they DNGAF.
Posted on 4/19/24 at 8:57 am to HailHailtoMichigan!
quote:Nor should their name be made public.
nobody knows who it is
Posted on 4/19/24 at 9:48 am to BK Lounge
quote:
Point out to me where in my post i said that there was no tax waste.. I will wait .
You were defending the estate tax, one of the most punitive and controversial taxes. If you are good with that one, I assume you are good with all of them.
Posted on 4/19/24 at 9:54 am to BK Lounge
quote:
im saying that until one of yall baws comes up with a better way to fund the military or to build interstates or many other things- taxes are the price we pay to live in a society .
There are other ways we can fund this.
Ever heard of tolls and gas taxes for roads.
You can use export and import taxes for national defense spending.
Now it is just to find a way to get the deadbeats off the dole that depend on Food Stamps, Medicaid, Section 8, and other government freebies. Let’s start taxing those benefits as income. Medicaid could be partially funded by a separate withholding on employees that do not have private health insurance. Food purchased with food stamps are normally exempt from state and local taxes, charge those taxes anyway.
Treat a Section 8 voucher as income and make the recipients pay taxes or reduce their earned income tax credits to pay for the taxes on this benefit.
This post was edited on 4/19/24 at 10:01 am
Posted on 4/19/24 at 10:52 am to HailHailtoMichigan!
Good.
Estate tax is probably the fairest and most rational tax.
People can argue all day about how tax revenue should be spent.
But when it comes to generating tax revenue, estate taxes are probably the fairest and most rational.
Estate tax is probably the fairest and most rational tax.
People can argue all day about how tax revenue should be spent.
But when it comes to generating tax revenue, estate taxes are probably the fairest and most rational.
Posted on 4/19/24 at 11:02 am to Salviati
William Hunt an oil tycoon died recently... Same Hunt family who owned the Chiefs. Not sure he was worth that amount for the estate tax to be $7bil.
Posted on 4/19/24 at 11:09 am to Salviati
quote:
But when it comes to generating tax revenue, estate taxes are probably the fairest and most rational.
Why should wealth accumulated by immediate family and already subjected to tax, be reassessed a penalty upon death? Thats double taxation and eerily similar to imminent domain forfeiture
Posted on 4/19/24 at 11:30 am to BourreTheDog
quote:Property, including money, can be taxed on many occasions. For example, let's take a car dealership. A buyer uses money on which he paid income tax to purchase a car. The buyer pays a sales tax and several fees that the seller must transfer to the proper governmental agency. That car dealership pays income tax on the sale of the car, and it will use part of the sales proceeds to pay property tax. Some of the sales money might be used to pay employees. The dealership has to pay FICA, Fed Tax, State Tax, Medicare, etc. The employee has those amounts deducted from his paycheck. The money he spends will likely be subject to sales tax, and he will likely also have to pay property taxes.
Why should wealth accumulated by immediate family and already subjected to tax, be reassessed a penalty upon death? Thats double taxation and eerily similar to imminent domain forfeiture
Estate tax is not double taxation at all. The person receiving the estate has never paid taxes on the inheritance.
Saying that estate tax is double taxation is like saying that the sales tax a consumer pays is double taxation because the consumer has already paid income tax on the money used to make the purchase. Or it's like saying that an employee should not have to pay income tax because his employer has already paid sales taxes on the money it earned when selling its products.
Posted on 4/19/24 at 12:06 pm to Salviati
quote:
Estate tax is not double taxation at all. The person receiving the estate has never paid taxes on the inheritance.
bullshite. THAT’S the problem with the Tax Code. Just because it exists, doesn’t make it right. Redistribution of wealth is a socialist foundation block and goes against nearly every founding father principle.
Posted on 4/19/24 at 12:12 pm to MemphisGuy
quote:
Please describe, in detail, what makes one a "worthless grifter who didn't do shite" in this situation. Thanks in advance.
Maybe he believes in "Rugged Individualism" and that a man should "pull himself up by his bootstraps", instead of just living off of money that he never worked a day in his life to earn.
Posted on 4/19/24 at 12:14 pm to BK Lounge
quote:
You’re right, them sumbitches shouldnt fund the USDA to inspect our meat, or build interstates for us to drive on, or provide military protection for our country .. they should let you keep 100% of your “hard earned money”.. meanwhile , i can just about guarantee that i work harder than you and am in a higher tax bracket than you.. and i understand why i need to pay taxes to live in a society…. Jesus Christ, some of you people ……..
You should start making paying more for the hell of it
Posted on 4/19/24 at 12:26 pm to BourreTheDog
quote:Despite you're emotional outburst. It's still not double taxation.quote:bullshite. THAT’S the problem with the Tax Code. Just because it exists, doesn’t make it right.
Estate tax is not double taxation at all. The person receiving the estate has never paid taxes on the inheritance.
quote:This has nothing to do with estate tax specifically. Estate tax is a source of tax revenues, an eminently fair and rational source.
Redistribution of wealth is a socialist foundation block and goes against nearly every founding father principle.
As I said in my original post, how the government spends the tax revenue is a completely different issue.
Posted on 4/19/24 at 12:32 pm to BourreTheDog
quote:
Thats double taxation
Why do people act like that's illegal or immoral or some shite? Isn't sales tax "double taxation"? You've already paid income or capital gains tax on money you use to purchase goods and services that you are charged a sales tax for. Did the retailer not pay a inventory tax on some of the goods he charges sales tax on? Whatever gave people the idea that just because their money has been taxed once, it can't be taxed again?
Posted on 4/19/24 at 12:33 pm to Bjorn Cyborg
quote:
the estate tax, one of the most punitive
You can't punish dead people.
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