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Is that 3.5 mil figure correct..? It's been four years since handed an estate, but at that time it was anything over 1 million. I can't believe it's gone up that much. Anyone have an accuratre figure on the taxable amount..??
Here is the current table:
2002 and 2003 $ 1.0 Million
2004 and 2005 1.5 Million
2006, 2007, and 2008 2.0 Million
2009 3.5 Million
2010 Tax Repealed
The repeal is only good for one year and in 2011 congress must vote to make the repeal permanent. At this time it is very questionable that will happen. That is why this discussion is so important.
Location: Visitation between Wal-Mart & Home Depot
8,309 posts, read 38,766,834 times
Reputation: 7185
Quote:
Originally Posted by sonarrat
Just desserts for so spectacularly plundering the middle class at the expense of the obscenely wealthy.
This is ignorant.
Who gets hit harder by an estate tax? A poor farmer or a wealthy heir of a timber baron?
Let's examine Farmer John's finances over here. He owns about 1,000 acres somewhere in Nebraska and grows corn. He supports a wife and three kids on, let's say, yearly profits of about $60,000. He's not exactly poor, but he isn't getting rich either. Ever. This land has been in his family for generations and he hopes that one of his children will continue the tradition when he is gone. Along comes Obama who says, "when you die, the Fed will take 45% of your estate value." Ouch. John hears this and has a heart attack. It turns out that his estate is worth about $800,000 but all of that is tied up in land. If his wife and kids can't cover the taxes, they have to sell the land (or portions of it) to generate money to pay the taxes. That hurts and is an excellent way to get land out of the private citizen's hands and into the hands of the banks.
The same holds for Joe Small Business Owner.
Now, Cornelius Vanderbilt XIX doesn't have this problem. He has massive amounts of money but has apportioned it between trusts and LLC's and investments to minimize his private holdings upon his death and will find more creative ways to hide his estate if the government tries to take more of it. He may pay considerably more in estate taxes than Farmer John or Joe Small Business Owner, but that larger amount doesn't create a crisis for him the way it does for the little guys.
The people who are really punished by estate taxes are middle America entrepreneurs, ranchers, farmers, and small merchants. No one is doing them any favors by "giving the rich their just desserts", just raping them again after they die.
The government should maintain a list of “Known Rich People” and when they die, seize all their money and property, including what they have hidden in foreign banks.
Dead people don’t need money, and their lazy parasitic spawn can get off their pampered butts and earn their own money.
Class warfare is not nonsense. Success in the American axiom is not an independent variable, it's quite tied to the dispossession of others. Wealth redistribution occurs all the time in this society, we just side with those we would like to emulate (the rich) and therefore deem downward wealth distribution as immoral and bothersome. Social stability is a necessary evil, no man is an island. If one is truly above the initial knee-jerk impulse of human greed, one could internalize the bigger impact MARGINAL UTILITY has on our well-being. This is to say, the marginal utility of my last dollar above cost of living (basic need pyramid, lowest level) is much more smaller (perhaps even negative) than the last dollar's marginal utility of an individual below the basic need line. Therefore the probative value of society "robbing" me from my top dollar to appease those below me is of greater value than pounding my chest and declaring my righteousness as the ultimate justification for why they should suffer and I should sit pretty. In the real world you extend that line of thinking and you become a target.
So class warfare is real and exists in everyday life, we just misconstrue our obedient ways for a society that lacks the teeth to revolt. We are the worst kind of slaves in many respects, the main one being that we lack self-acknowledgment, perhaps because our shackles are made of confusing monetary ponzi schemes we do not even acknowledge we misunderstand as a collective. Oh look American idol is back on, all is well.....
while you are correct about marginal utility of money
just side with those we would like to emulate (the rich) and therefore deem downward wealth distribution as immoral and bothersome
it is immoral and bothersome
taking ones money without permission to give to another group that you deem worth is theft and completely immoral
starting a business and getting rich off of others labor that they volentarily enter into is in no way immoral
the crap madoff pulled is immoral (although not nearly as immoral as things like social security) and he should be jailed
I would say class warfare IS nonsense as well as NOT nonsense because it is wholly dependent on the situation... If you earn you dollar than income redistribution is complete nonsense... If your dollar was earned as a result of you doing absolutely nothing then there is a good reason for class envy... as I see it, a lot of professionals EARN their money and their success, however there are those such as CEOs and actors/actresses, etc etc who have NOT earned what they are currently being paid... who does the government target? Who does the public target? Too bad the public is too busy texting their votes to American Idol to care to compensate the right people... at least the actors/actresses who are way overcompensated have enough public worship to declare that all other professions should be taxed while they live in the their tax loopholes and tax shelters... ironic isn't it...
lol as bad an actor as tom cruise is he will sell tons of movie tickets for any movie he is in
if another actor replaced him the movie would generate a lot less revenue
why doesnt he deserve his cut?
The government should maintain a list of “Known Rich People” and when they die, seize all their money and property, including what they have hidden in foreign banks.
Dead people don’t need money, and their lazy parasitic spawn can get off their pampered butts and earn their own money.
Location: Visitation between Wal-Mart & Home Depot
8,309 posts, read 38,766,834 times
Reputation: 7185
Quote:
Originally Posted by GregW
Jimbo - $800,000 is about $2,700,000 less than the deductable. No inheritance tax owed. Didn't Farmer John have an accountant? Like his wife?
Estate taxes serve to protect the Republic from the "rule by wealth" that took other republics down.
The current deductible... The threshold used to be $20,000.
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