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Try Not To Die.

Discussion in 'Politics, Elections & Legislation' started by JBrooks, Apr 2, 2009.

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  1. JBrooks

    JBrooks TS Member

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    I hope a lot of farmers and small business owners will refrtain from dying until the Republicans can take back control of Congress:

    "For those dying to take advantage of next year's zero percent federal "death tax," they may want to kill those plans.

    President Obama's budget keeps the estate tax at its 2009 level, which means the government gets 45 percent of a dead person's estate valued over $3.5 million dollars or $7 million for a couple.

    Republicans argue this tax doesn't just strike the wealthy.

    "It destroys a lot of small businesses and a lot of family farms and ranches in America," said Sen. John Ensign, R-Nev.

    "People who aren't wealthy, who may have built up value in land over generations and many family farms find themselves in situations where they've got to sell the farm in order the pay the taxes," said House Minority Leader John Boehner, R-Ohio.

    In 2001 and 2003, Republicans helped push through President Bush's tax cuts that lowered the estate tax from 55 percent to 45 percent this year and would have eliminated them next year.

    Democrats contend that keeping the tax rate at 45 percent in 2010 is still a break from the 55 percent and insist the federal coffers would take too much of a hit if Congress completely repealed the tax.

    "The total repeal would have a substantial additional impact on revenues," said Rep. John Spratt, D-S.C. "And this is also a time when we need to -- we simply can't be profligate about tax cuts. And we think we struck a good balance."

    Yet Obama's own top economic advisor, Larry Summers, took an interesting position on the passage of wealth from one generation to the next.

    "The evidence presented indicates that intergenerational transfers account for the vast majority of aggregate U.S. capital formation," he wrote in a study that he co-authored in 1980.

    If the estate tax is renewed next year, economists say small businesses need to plan ahead.

    "By and large, the death tax is borne by people who own small businesses, who haven't had the benefit of big corporate lawyers and big corporate accounting offices to prepare them for paying this tax," said William Beach, a senior fellow in economics at the Heritage Foundation."
     
  2. Bruce Specht

    Bruce Specht Well-Known Member

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    So then there is no relief from taxes even in death?
     
  3. BT-100dc

    BT-100dc Active Member

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    There should not be a death tax. This is theft and people only think that the weathy are affected; this is not true as many a farm has been sold off to pay the death tax. It's immoral. BT-100dc
     
  4. Fast Oil

    Fast Oil TS Member

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    The Robbie family that owned the Miami Dolphins found out how true this is. When Joe died the family had to sell the NFL franchise and the stadium that he built with personal loans because they did not have the money to pay the death tax on his estate.

    There are ways around it though.
     
  5. Model Number 12

    Model Number 12 TS Member

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    Thanks for the heads up, I'll try to postpone my demise until the voters realize that we can't afford to have Santa Claus in the Oval Office. Then at least I'll die happy.
     
  6. bigdogtx

    bigdogtx Well-Known Member

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    We shouldn't have to pay taxes on all our income and then because of being frugal or successful, your hard work is taxed again before your heirs can get it,,,,but as Cy Kick says, there are ways around it....
     
  7. k newman

    k newman TS Member

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    Folks, PA taxes when the feds don't. I can tell you it is the most regressive tax going - you're better off to give it away.

    PA says if it's parent to child, it's 4% or something. If it is a sibling to sibling, it's 12%. If it's outside like uncle to nephew, it's 15%.

    I got whacked twice. My dad gave his house to my brother and I to avoid it being taken should he go to a nursing home or something.

    My brother died first -- so I had to pay 12% on his half.

    Then, when my dad died, I had to pay on the cash that was left.

    I'm glad he wasn't rich enough to get whacked with the feds. Talking to my lawyer, he said to give it away before you die.

    AND, YOU CAN"T WRITE OFF INHERITANCE TAX ON YOUR FEDERAL RETURN.

    THIS TAX IS BAD
     
  8. bigdogtx

    bigdogtx Well-Known Member

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    k newman,,,,and when you are very successful,,,,the feds hit you with the Estate tax and your state hits you with the inheritance tax,,,,going and coming,,,,tax, tax, tax!!!!
     
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