Estate Tax hikes...
- Thread starter gunnerbob
- Start date
fstroupe
New member
The thing that sucks, most people will read the $1million minimum and think that it is ok. Truth is, it really doesn't take much of a farm or business to be worth a million bucks. 150 acres, a couple of tractors, a combine, a barn, an elevator, and a couple of bob trucks and you're there. And you can't subtract the couple hundred thousand bucks of debt either.
Personally, it surprises me, as the the minimum was $600K at one point in time (when the last changes were made to the laws in 1981) and you'd think that they would reinstate that. It automatically increased to $2million in 2006, $3.5million in 2009, and went away in 2010. Of course, like all laws involving money, there is an expiration date, which was 2011, but Congress voted to extend it. They won't this time.
I have personally known three families over the years that had to sell farms because they could not afford the estate taxes, two more that had to sell significant parcels of land to get the money. There are also a few businesses that I suspect were closed for the same reason after the family patriarch died, but I didn't ask.
What no one realizes is that all cash has been taxed at least once, most real estate, equipment, merchandise has been taxed at least twice.
A pretty good history of estate taxes by the Heritage Foundation from 2004: Estate Taxes: An Historical Perspective
An even more detailed history from the IRS (.pdf format): http://www.irs.gov/pub/irs-soi/ninetyestate.pdf
Personally, it surprises me, as the the minimum was $600K at one point in time (when the last changes were made to the laws in 1981) and you'd think that they would reinstate that. It automatically increased to $2million in 2006, $3.5million in 2009, and went away in 2010. Of course, like all laws involving money, there is an expiration date, which was 2011, but Congress voted to extend it. They won't this time.
I have personally known three families over the years that had to sell farms because they could not afford the estate taxes, two more that had to sell significant parcels of land to get the money. There are also a few businesses that I suspect were closed for the same reason after the family patriarch died, but I didn't ask.
What no one realizes is that all cash has been taxed at least once, most real estate, equipment, merchandise has been taxed at least twice.
A pretty good history of estate taxes by the Heritage Foundation from 2004: Estate Taxes: An Historical Perspective
An even more detailed history from the IRS (.pdf format): http://www.irs.gov/pub/irs-soi/ninetyestate.pdf
jameshd
CMFWIC
Hell, you have to pay property tax on land and farm equipment every year. Even if you have an old truck that you retired to the pasture ten years ago, and you decide to get it running again, you have to pay the ten years of property tax on it. With interest. Property is taxed every year. It's a lot of money.
Government will look under every rock for revenue. They don't care who they step on or put in the poor house to do it. The government doesn't care what the effect is on the economy. The government can afford to collect revenue but can't afford to cut spending. How's that working out for us?
mappow
New member
We be nottun more den share croppers. We need to jus get over it, sing a good spiritual, and forge back to the fields before Massa Sam (formally Uncle Sam) gets upset wif us. Swing low....... sweet chariot.
***
It ain't gonna change with a change of the Presidency. The whole system will have to be reset back to the original Constitution. Call a Constitutional Convention and fully abolish the 16th and 17th amendment as starters.
***
It ain't gonna change with a change of the Presidency. The whole system will have to be reset back to the original Constitution. Call a Constitutional Convention and fully abolish the 16th and 17th amendment as starters.
That's how it works, people don't care about politics until it affects them.
maine04619
New member
My "estate" is all in a trust. My daughter and grand kids are already on it. I die they own the trust no taxes. Easy to do...
The rich libs are pure as the wind driven snow. It's the rich greedy republican capitalists Obama is after. The rich libs will get some kind of exemption. The definition for rich will continue to be down graded until it cuts deep into the middle class were the big money is. But it won't be Obama's fault.
golocx4
Got Beretta's?
That is because "they" believe that you don't own it and you didn't build it. They own it and you couldn't have built it without them.
vernsimpson
New member
There was talk at one time of taking over all the 401K's and other retirement accounts. Our "wonderful" leaders think all money and assets belong to them. The people who EARNED it by working should give it all to them so they can give it out to the parasites in our new society. So everyone should be on the lookout for the ultimate money grab as the government continues its spending spree as it tries to spend itself out of debt.
golocx4
Got Beretta's?
Obama has been giving passionate speeches for about 6 years now, but he never really says anything except everyone in America deserves a fair chance.
What in the hell does that mean and why do people have orgasms when he says it.
OK the media would have us believe that he wants to tax the rich. Who can argue that right?
Now the rhetoric is changing from taxing the rich to taxing the wealthy.
Taxing the rich mean income tax on people making over 250K per year.
Warren Buffet is wealthy, He draws a salary of $1.00 a year from his company. No wonder his secretary pays more than him.
Well now you will begin to hear talk of taxing people that are wealthy and it is not about taxing their income, but their wealth. Monies that have already been taxed when earned. The Media will have us believe that this means the super wealthy who simply cut coupons from tax free bond yields and are worth millions.
But alas, it could mean YOU! Your 401 K or other assets you have saved and invested to prepare for your own retirement and life are again NOT YOURS you greedy bastard!!!
A full-scale tax reform could cut or limit specific tax breaks as a way of lowering overall tax rates. President Barack Obama has said he will raise taxes for wealthy Americans, and trade groups representing both employers and financial services firms have voiced concerns that the tax benefits of 401(k) plans could be slashed.
Personally, I say give Obama what he wants. He will collect enough taxes on the rich to run the guberment for a whopping eight days.
What in the hell does that mean and why do people have orgasms when he says it.
OK the media would have us believe that he wants to tax the rich. Who can argue that right?
Now the rhetoric is changing from taxing the rich to taxing the wealthy.
Taxing the rich mean income tax on people making over 250K per year.
Warren Buffet is wealthy, He draws a salary of $1.00 a year from his company. No wonder his secretary pays more than him.
Well now you will begin to hear talk of taxing people that are wealthy and it is not about taxing their income, but their wealth. Monies that have already been taxed when earned. The Media will have us believe that this means the super wealthy who simply cut coupons from tax free bond yields and are worth millions.
But alas, it could mean YOU! Your 401 K or other assets you have saved and invested to prepare for your own retirement and life are again NOT YOURS you greedy bastard!!!
A full-scale tax reform could cut or limit specific tax breaks as a way of lowering overall tax rates. President Barack Obama has said he will raise taxes for wealthy Americans, and trade groups representing both employers and financial services firms have voiced concerns that the tax benefits of 401(k) plans could be slashed.
Personally, I say give Obama what he wants. He will collect enough taxes on the rich to run the guberment for a whopping eight days.
gunnerbob
PEW Professional
"They" want you, your land, your car, your house... and your children enslaved to the gov't machine. But, remember... it's for your own good! "They'll" take your money and pass it to your neighbor, but that's okay... b/c you were given the other neighbor's money. You work 40-50hrs a week, and get compensated with food stamps and Obamaphones! What's wrong with that?! You get taxed for driving a vehicle, taxed for eating meat, taxed for drinking soda, taxed for not using public transit, taxed for being searched by the TSA, taxed for not being searched by the TSA, taxed for having Obamacare, taxed for not having Obamacare, taxed for having your guns taken and being upset, taxed for being religeous, taxed for not being religeous, taxed for being white, taxed for having a baby, taxed for not having a baby, etc etc.....
DOESN'T ALL THIS SOUND LIKE A PLAN?! IDK ABOUT YOU GUYS BUT I'M LOOKING FORWARD.....
There are far too many lazy, ignorant Americans out there.
DOESN'T ALL THIS SOUND LIKE A PLAN?! IDK ABOUT YOU GUYS BUT I'M LOOKING FORWARD.....
There are far too many lazy, ignorant Americans out there.
dcselby1
Denny
Thanks, maybejim. I understand my father-in-law has put all their stuff in trust, bought insurance policies, etc. I don't pay much attention to it because they will probably out live my Agent Oranged Azz. Just trying to make the point you mentioned. You have to speak to people in words they can understand and relate to! She didn't think what they did in Washington impacted her life.
maybejim
Maybejim
What you have to do is set up a trust for husband and wife. It is set up so that when one or the other dies, you set up (without having to go back to the lawyer) a "by-pass trust" with half the assets. Those assets can still be used for the survivor but officially belong to the kids (assuming that is who is set up as your beneficiary). That way any taxes are assessed against half of the estate. When the other partner dies, the taxes go against the second half of the estate. There are other trusts that can be set up but this arrangement will handle most people's estates for little or no taxes.
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