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In this case you are basically screwed. All the more reason to vote for people who are not going to let Wall Street blow up the economy again.
The point is, why, in every scenario, is the deceased or the heir or the earner of the funds the one screwed, but the government, who neither participated in the original creation of the funds or in the decisions made to grow said funds is NEVER SCREWED, and in fact, BENEFITS for no reason other than because it wrote laws giving itself the right to confiscate unearned money from citizens???
A person gets free money for doing nothing other than being born to a wealthy family while regular, working class folks have to pay taxes on the income from the WORK THEY DO!
Its mind boggling to me how members of the 99% support turning America into a third world plutocracy with a tiny economic royalist elite at the top.
Every single person in my family (who came from zero dollars ONE GENERATION AGO) works their ass off for their money.
Why the holy hell should we have to pay taxes for dying?
It's mind boggling how parasites always have their hand out for other people's money, even plucking off their clothes as they lay dying.
This. I can't rep you again. Isn't envy a deadly sin? LOL
I am so tired of those who want to take from others who had parents who worked hard and saved...and paid a lot of taxes during their lifetime. To tax their money twice is nothing but out and out greed.
Thank you and exactly! I am so sick of having to defend the fruits of my (and anyone else's labor) against the apologists for the government, because they envy the wealthy.
Portland Mike wants the POWER OF THE STATE to steal from the wealthy because he is envious of rich people. It is not like that money is not going to be used to further the fraud and corruption of the government anyway.
Depends. What kind of an IRA is it? Tax deferred or post tax? If I invest in a Roth IRA with after tax dollars, then I have already paid taxes on that money.
Trump's new Economic Plan includes the old GOP hobbyhorse; eliminating the Federal Death Tax, which applies to only that portion of an estate in excess of $ 5.4 million and never mind that only 1 in 500 have estates that would benefit.
Many states tax substantially lower estate values.
Only Congress can change the tax code.
there again, those that have estates that would be taxed, are more likely to use the tax code to prevent an inheritance tax on the estate. they just need a sharp tax lawyer to set it up.
Quote:
Originally Posted by jeffrow1
Not really, look at just a couple of examples.....
I contribute $10k a year tax free to an IRA for 30 years, after 30 years it is valued at 1.5 million with appreciation. I have never paid taxes on either the gain or principle, assuming no $5 mill exclusion should tax be due on that upon my death?
unm, your IRA is NOT tax exempt. in your case you have a tax deferred IRA. that means when you start getting funds out, you pay the tax as income.
there are IRA plans however that dont have the payouts taxed, and those are post tax IRAs, which means you have already paid the taxes on the money.
Taking the fruits of someone's labor is stealing. I have $1000 from working all month. You come and take $200 out of my wallet. Is that stealing? I didn't give you that money. You did not earn that money by working for me. You did not sell me something that cost $200 that I willingly contracted with you for the $200.
What do you call it when you take $200 from me without my permission and without providing me with a service or product equal to the value of the $200?
If what you do is called stealing, then that is what the government is doing as well.
Look up what boneheaded means. You might need a new dictionary.
People who believe there should be no inheritance tax on Americans who inherit billions simply because they were born into a wealthy family, could you please explain whats so great about creating a new aristocracy in America? Isnt America supposed to be about fairness and equal opportunities, and not economic royalists who didnt work for their wealth?
Many years ago a man in Florida bought some property around a small lake. He built small cabins around the lake and opened a summer vacation business... vacationers would stay in a cabin at the lake for a few days and relax and enjoy the facilities and the lake.
Three generations later he still owned the business. Then he died. The inheritance tax, based on the value of the property and the business, was so high his family had to sell the business and the land it was on to pay the taxes. They lost their family business to pay a death tax.
Many years ago a man in Florida bought some property around a small lake. He built small cabins around the lake and opened a summer vacation business... vacationers would stay in a cabin at the lake for a few days and relax and enjoy the facilities and the lake.
Three generations later he still owned the business. Then he died. The inheritance tax, based on the value of the property and the business, was so high his family had to sell the business and the land it was on to pay the taxes. They lost their family business to pay a death tax.
Happy now?
Of course that makes them happy. Liberal policies tend to favor corporations over small business; therefore, shutting down another family business is just part of the Democrat plan.
there again, those that have estates that would be taxed, are more likely to use the tax code to prevent an inheritance tax on the estate. they just need a sharp tax lawyer to set it up.
unm, your IRA is NOT tax exempt. in your case you have a tax deferred IRA. that means when you start getting funds out, you pay the tax as income.
there are IRA plans however that dont have the payouts taxed, and those are post tax IRAs, which means you have already paid the taxes on the money.
I know, the argument I was making goes to the broader point that at some point in time taxes are due at a minimum on the amount deferred capital gains.
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