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You must realize the "rich" are exempt from the child tax credit, which will be cut in half for the middle class.
Or the 10% tax bracket that will be raised to 15%.
The 15% TB that will be raised, as well as every other tax bracket.
Capital gains will be raised, certainly your mother, father, uncles, aunt, cousins, friends, wife, neighbors, children own stock and sell sometime, don't they?
This is the one and only year that the RICH can DIE and leave behind EVERYTHING to their sons- who didn't earn a dime of it- and not pay taxes on a dime of it.
As of January 1st, 2011, the estate tax comes back and bigger than ever. It used to be 45% on anything over $3.5 million. Now the brats get set back at 55% and only $1 million is exempt. That is a more reasonable tax but if it were me writing the policy, I would exempt more- maybe $2 million so the thing does not cream small "father and son" businesses.
But that got me to thinking about how many rich people might wish to die this year so their heirs can keep it all. And how many hiers want their rich dad to kick the bucket this year.
I am wondering if we might see an epidemic of suicides and murders of old rich people in December.
In 2009 the Democratically controlled Congress discussed that they may tax estates of those who die during 2010 retroactively. However, not wanting to lose votes in the November 2010 elections, they refuse to commit one way or the other, making estate tax planning for 2010 impossible to do with any accuracy.
Frankly, I'd be less worried about suicide and more worried about murder by greedy spouses. The ultra rich already have their estates in charitable trusts.
This is the one and only year that the RICH can DIE and leave behind EVERYTHING to their sons- who didn't earn a dime of it- and not pay taxes on a dime of it.
As of January 1st, 2011, the estate tax comes back and bigger than ever. It used to be 45% on anything over $3.5 million. Now the brats get set back at 55% and only $1 million is exempt. That is a more reasonable tax but if it were me writing the policy, I would exempt more- maybe $2 million so the thing does not cream small "father and son" businesses.
But that got me to thinking about how many rich people might wish to die this year so their heirs can keep it all. And how many hiers want their rich dad to kick the bucket this year.
I am wondering if we might see an epidemic of suicides and murders of old rich people in December.
So let me ask Kev. My aunt and uncle who have a dairy farm in Amsterdam NY with rolling acres of land, and their one son who is "challenged" and two other sons. The farm has been in the family three generations, what happens to the farm when it is passed on?
What are my cousins going to do when faced with a estate (death) tax and not enough money to pay it? Sell half the land? Who is going to buy the land, the Chinese?, the Arabs?
And the money collected for government, what happens to that?
Originally Posted by KevK View Post
This is the one and only year that the RICH can DIE and leave behind EVERYTHING to their sons- who didn't earn a dime of it- and not pay taxes on a dime of it.
Are you talking about the money and income that person has earned throughout his life, been TAXED on throughout his life. So now you are advocating double taxation and for some odd reason you think the government is ENTITLED to 50+% of a persons estate.....WHY?
It is always good entertainment when the rich die and we get to witness ugly nasty fights between the family over who gets what. Hell, some of them start fighting BEFORE the rich guy is even dead!
I remember quite a few GOOD dark comedies based on just this scenario.
Quote:
Originally Posted by KevK
Your wife gets it all tax free if you die first. It is your kids that pay taxes. And your kids did not plant the fruits so I have no problem with the estate tax. It is a good tax.
And the government did help you make your fortune. They set up and maintained a legal environment that allowed you to do so. They enforced the contractual agreements you entered in to. They protected your assets from being stolen and pilfered by a gang of gunmen. For the most part they educated your work force and probably you.
If you think you can do business with no government, you can go to Somalia and give it your best try. I think your odds are better here.
Glad you got here first. I've been typing a lot today. Great response.
They tax you when you make it, and they tax what's left when your gone.
I'd say that is unconstitutional, but the guys rights that are violated is 6 down and 3 across.
Poor little rich folks having to pay taxes on declared income above $1 million. All 44,000 of them, who didnt plan ahead
In 2009, the estate tax exemption will increase to $3.5 million. TPC projects that 14,900 estate tax returns will be filed for people who died in that year, of which only 5,500 will owe estate tax totaling about $13.8 billion.
After a single year hiatus in 2010, the estate tax will return in 2011 with a $1 million exemption and many more estates will have to file returns. TPC estimates that 108,200 estates of people dying that year will file estate tax returns and 44,200 of those estates will pay taxes totaling $34.4 billion.
Poor little rich folks having to pay taxes on declared income above $1 million. All 44,000 of them, who didnt plan ahead
Have you even bothered to look at how these tax hikes will effect the middle class?
Again, why does the Left think the government is entitled to someones money when they die, especially since they've paid taxes throughout their lifetime on the income?
I'm not really expecting an answer, cause there really is not logical answer out there. Just a rhetorical question.
Last edited by sanrene; 07-06-2010 at 09:18 PM..
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