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He didn't pay $750 in taxes. He has paid tens of millions in taxes. He had a year where prior losses offset gains. That's what happens in business. Other years, he paid a fortune.
In your fervor to punish the rich, you're willing to sacrifice what little the working man is able to leave his kids. The mother of a friend of mine died, and all she had to leave her five (gulp) kids was the house - a little rancher worth $200K (and probably purchased for $40K 35 years earlier). Each kid got $40,000. Now you want the kid to have to pay tax on that $40K so that liberals can use it to give health care to illegal aliens, provide legal defense when they commit violent crimes, and fund all sorts of giveaway programs?
(And the word is "anyway"....not "anyways.")
That's a big reason I don't support liberal tax increases. It only benefits illegals and other leeches, I'd pay a tax instead to get rid of, who don't pay their own way. It's never to the benefit of working and middle class.
Doesnt bother those of us who aren't inherited and given everything by their rich parents. Some people have to actually WORK for what they get.
Plenty of people whose parents are not rich worked and saved every dime to buy a home for their family. Kept that home for decades, improved it and passed away. Leaving that home as their only asset to their kids. Do you believe those people are rich? Its what my parents did and my father was illiterate and my mother disabled. We grew up with nothing but my parents had one thing they cared about near the end of their lives. Leaving us that home which they knew was the gift they could give us. Don't you want to leave your kids something when you go(assuming you have any).
I see your posts on here all the time complaining about the "rich" which i take you mean anybody with more then you. People like my parents who worked for decades not just for themselves but to make a better life for their children are how people become wealthier. It's thinking about others before yourself. Perhaps you should try it and everyone else who complains about what others have and make sure those who come after you are left something to make their lives a little better. Do that for a generation or two and a lot of the wealth inequality in this Country will disappear. It will never disappear if you are waiting for the Government to take away decades worth of a families work to give it away to strangers. Nobody will ever sacrifice for the future if that happens they will spend it all before they go.
Plenty of people whose parents are not rich worked and saved every dime to buy a home for their family. Kept that home for decades, improved it and passed away. Leaving that home as their only asset to their kids. Do you believe those people are rich? Its what my parents did and my father was illiterate and my mother disabled. We grew up with nothing but my parents had one thing they cared about near the end of their lives. Leaving us that home which they knew was the gift they could give us. Don't you want to leave your kids something when you go(assuming you have any).
I see your posts on here all the time complaining about the "rich" which i take you mean anybody with more then you. People like my parents who worked for decades not just for themselves but to make a better life for their children are how people become wealthier. It's thinking about others before yourself. Perhaps you should try it and everyone else who complains about what others have and make sure those who come after you are left something to make their lives a little better. Do that for a generation or two and a lot of the wealth inequality in this Country will disappear. It will never disappear if you are waiting for the Government to take away decades worth of a families work to give it away to strangers. Nobody will ever sacrifice for the future if that happens they will spend it all before they go.
No but if you work hard & buy your own home, it is better to be able to keep some of that money if a spouse dies & you need to sell it, to live. The stepped up basis can also help older people who have a home. Because when a spouse dies, the surviving spouse can take the stepped up basis. This is not about rich people, this is about everyday people.
A spouse doesn't pay inheritance, or any other taxes on jointly owned property when the other spouse dies. There is no change in basis
Quote:
Originally Posted by madison999
So is this a double tax?
Inherit the property and get taxed for receiving it, and then get taxed again when you need to sell it just to pay the tax for receiving it?
There's no tax until you sell the property, assuming the total estate is under the currently generous exemption.
Quote:
Originally Posted by InformedConsent
Exactly. Biden's plan on eliminating the "step-up" will slam the middle class. Think about Mom and Pop businesses' property and other assets. Biden will tax the hell out of them when they're inherited. Biden to the middle class: F YOU, suckers!
There's no tax until the property is sold. A simple change to exempt family owned businesses from the total inheritance value, but without steppes up basis solves this issue.
Quote:
Originally Posted by Rachel976
It would be a logistical nightmare anyway. What about stocks? Am I supposed to figure out what my Dad paid for the 50 shares of AT&T stock he bought in the early 50s? And then added to it in the late 50s? And then a bit more in the 60s? And the do the same for the GE stock purchased at different times? And then Ford? You'd have to figure out cost basis for all sorts of lots of stocks, if it were even possible.
If you can't support the basis, then your basis is 0. I don't have any issues with that at all, and I am likely to inherit a fair amount of securities.
Manchin (D-WV) has said that he won’t vote to end the filibuster. We’ll see if he sticks to his word.
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