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Well, what was the real intent of the OP's post? Were you able to divine it? He didnt seem to understand what $ exactly is taxed. I think the guess that he read someplace that he should blame Obama for it was a pretty good one, law expiring and all that.
So Obama can do nothing to stop the law from expiring?
It is not the republicans. It is not the democrats. It is the Progressive government ideas, to tax, tax tax, to redistribute the wealth of others. Nothing else.
They are also filthy stinking rich and most of their money is hedged so they and their families will avoid this.
Better to talk about those $250K folks..the ones who die and leave $1-2 million in value to their children.
Not too hard to achieve that really..2 homes paid off, savings, etc..your typical snowbird couple.
This is who will be hurt by the expiration of the Bush cuts.
Please, those $250k folks will NEVER get to the "estate tax" level. That $1-2million in "value" is extremely hard to achieve, and making $250k/yr even if both of them make it will not even get close to qualifying them for it. Have you even read the requirements and what can and can't be used in it?
I love this argument. My friend (OP), unless you're in the top 1% of ALL INCOME WAGE EARNERS, this "tax" doesn't apply to you and never will.
It's all a ruse and false flag to even think you will get to it.
Not quite true. A million in assets is quite easy to have if you have invested right. Very easy for middle class couples to achieve via real estate and savings.
There is no government entity in the United States that levies a tax based on the death of any person.
There is a tax levied on a particular financial transaction, which is the transfer of the estates of certain wealthy individuals. It only applies to a tiny percentage of the population.
Not quite true. A million in assets is quite easy to have if you have invested right. Very easy for middle class couples to achieve via real estate and savings.
Very true. A million in assets that can account for the estate tax, even if you have invested extremely well (unless you're a Microsoft or Dell millionaire-and even then), are nearly impossible. The assets-only account for your primary residence, not ALL residences for example.
I believe the minimum income threshold in most cases is $850k single and $1.25M jointly to even have to significantly worry about Estate Taxes or Inheritance Taxes. Unless you've also go in excess of approx. (give or take a few hundred k) $2M in investments gross (pre-profit) you're not going to be in that group.
Please, those $250k folks will NEVER get to the "estate tax" level. That $1-2million in "value" is extremely hard to achieve, and making $250k/yr even if both of them make it will not even get close to qualifying them for it. Have you even read the requirements and what can and can't be used in it?
You'd have to be doing coke, to be making $250K a year and not die subject to the estate taxes..
Please, those $250k folks will NEVER get to the "estate tax" level. That $1-2million in "value" is extremely hard to achieve, and making $250k/yr even if both of them make it will not even get close to qualifying them for it. Have you even read the requirements and what can and can't be used in it?
WRONG, its an ESTATE VALUE of 1 million plus
meaning even if you bought your house for 50k...if the MARKET VALUE (same value you are TAXED on) is now 1 million,,,youve hit the mark
the AVERAGE BEGINNER home value here on long island is over 500k...what if you have a cabin on the lake too....more VALUE
I know this for a FACT, because New York State took me for a big ride, about 15 years ago...I didnt hit the federal level, but NYS got me for 55% of everything over 100k
before you respond, please read my post #17
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