Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I always get a kick out of these "hard working real Americans" who admit they don't have enough net worth to worry about the estate tax, griping because the Democrats want to raise the taxes on those "hard working real Americans" like;
Susan Sarandon, I'd have to guess she's worth a bunch of millions,
Paris Hilton, probably worth more than all C-D posters combined,
Sean Penn, he could buy and sell all of us, heck he could buy and keep most of us,
The most reviled woman in the world according to the right wing, Barbara Streisan, ha ha ha ha ha, she'll leave ALL OF IT to liberal causes
Nancy Pelosi, second biggest leech in the US according to the right wing,
Diane Feinstein, worth 3 and 1/2 s**tloads of money,
Bill and Hillary Clinton, hated by the right but want them to leave all their money to their hated daughter,
Al Gore, yep, he's worth millions too,
Barack and Michelle Obama, yes admit it, even Black men and women can become multi-millionaires in the USA, and guess what, they'll leave all that money to those daughters that you despise so much.
Somehow seeing these names on the list of those who will make out HUGE by revoking the estate tax should prompt many posters here to call their reps TODAY to reinstate the "death" tax for everything over $199.50 that they possess in autographed Rush Limbaugh ties and Bill O'Reilly loofahs.
I always get a kick out of these "hard working real Americans" who admit they don't have enough net worth to worry about the estate tax, griping because the Democrats want to raise the taxes on those "hard working real Americans" like;
Susan Sarandon, I'd have to guess she's worth a bunch of millions,
Paris Hilton, probably worth more than all C-D posters combined,
Sean Penn, he could buy and sell all of us, heck he could buy and keep most of us,
The most reviled woman in the world according to the right wing, Barbara Streisan, ha ha ha ha ha, she'll leave ALL OF IT to liberal causes
Nancy Pelosi, second biggest leech in the US according to the right wing,
Diane Feinstein, worth 3 and 1/2 s**tloads of money,
Bill and Hillary Clinton, hated by the right but want them to leave all their money to their hated daughter,
Al Gore, yep, he's worth millions too,
Barack and Michelle Obama, yes admit it, even Black men and women can become multi-millionaires in the USA, and guess what, they'll leave all that money to those daughters that you despise so much.
Somehow seeing these names on the list of those who will make out HUGE by revoking the estate tax should prompt many posters here to call their reps TODAY to reinstate the "death" tax for everything over $199.50 that they possess in autographed Rush Limbaugh ties and Bill O'Reilly loofahs.
golfgod
Yes. Those you mention here are the only ones that would have to pay. That argument is used as a diversion from the fact that there are many people that have worked long hours to build a business and money, got taxed on it, and would like to pass along the remainder to their kids. Even with the ones you mention, they've already been taxed on their income. This money is their's while their alive, why do they lose power to the government over where it goes when they die?
Whatever happened to the estate tax? Isn't that the so-called "death" tax?
Yup. Whatever little is left of your income after "normal" taxes, is yours to keep... until you die. Your death triggers this additional tax, where they take up to 55% of everything you own above a certain amount. Hence the name "death tax" - it's perfectly accurate, despite what fanatical screamers like JoeP want you to believe.
If you worked all your life to create a small business, create jobs, and run it successfully, hoping to pass it on to your kids, your kids will have to sell it and/or shut it down, to pay the taxes on it triggered by your death.
Saddest thing about the Death Tax, is that it cost more for the government to administer it, do the bookkeeping, hire the people to track it, etc., than the tax brought in.
It's a completely worthless tax. Yet the Democrats fight tooth and nail to keep it. It's a good way for them to get revenge on you for successfully building that business.
The estate tax is the death tax because that is when its sollected. I thnik the OP has been in a claoset soemwhere if he/she hasn't heard of it. Lawyers and governamnt unlike prosicutes don't quite doing you when you die.
If you worked all your life to create a small business, create jobs, and run it successfully, hoping to pass it on to your kids, your kids will have to sell it and/or shut it down, to pay the taxes on it triggered by your death.
Except for the fact that there are exemptions for businesses and farms you are 100% correct on this point.
Except for the fact that there are exemptions for businesses and farms you are 100% correct on this point.
That's news to me.
And all the Estate-tax calculators I've seen, allow NO exemption for businesses of farms you own. Are they all wrong?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
That argument is used as a diversion from the fact that there are many people that have worked long hours to build a business and money, got taxed on it, and would like to pass along the remainder to their kids. Even with the ones you mention, they've already been taxed on their income. This money is their's while their alive, why do they lose power to the government over where it goes when they die?
