The 1% - Page 2 - PeachParts Mercedes-Benz Forum

JollyRoger · #16 12-15-2011, 12:50 PM

I would say a 5 million estate is no "poor farmer".

Air&Road · #17 12-15-2011, 12:51 PM

Where does the government get off taxing money that has previously been taxed? That's basically what Estate tax is.

MTI · #18 12-15-2011, 01:13 PM

Historically, the estate/death tax was used to pay off the debt of our wars, then repealed. Sounds like a plan.

lutzTD · #19 12-15-2011, 01:30 PM

Quote:

Originally Posted by mgburg

The Government should only PAY for whatever is beneficial to ALL AMERICANS...security (as in the military, border control, etc.), and enforce regulations that BENEFIT ALL AMERICANS...

Nothing else.

No subsidies, or tax breaks for: nanny-state cradle-to-grave money/ponzi-schemes, no corporate/private welfare, no church/wiccan/heathen (or related) ideologies/practices.

If you need a handout, go see the folks down your street.

If you see someone that needs a handout, contribute what you can.

BUT, because Government has decided it needs to stay in power and make the little decisions in your life, you have big, expensive, lavishly appointed buildings put up by other Government wonks to placate their butts into believing they've worked so hard in their short life-span that they DESERVE to be at the top of the heap.

And we're led to believe that Saddam Hussein and Muammar Gaddafi, with their multiple-scores of palaces around their countries, was a show of extravagance on the order of obscene.

Are you kidding?

Every frickin' week, someone, somewhere, with public funding from the taxpayers, is coming up with some multi-million dollar crypt to honor themselves and their cronies and to house more Governmental wonks, whose soul purpose in life is to do nothing more than push paper and brow-beat hard-working Americans into paying higher taxes simply because the circle may be broken if they don't.

We keep putting these clowns back in office because "...they're experts and they know what they're doing..."

Did anyone EVER believe that the top-nerd in a debate class could ever make a career from speaking to a bunch of second/third (and lower) place nerds/morons?

Bend over, grab your ankles and remember...

"You only get the Government you pay for. And if you lose to the next highest bidder, whoa be unto you."

sounds good, but who decides what or how the benefit is realized

dynalow · #20 12-15-2011, 02:32 PM

Quote:

Originally Posted by JollyRoger

I would say a 5 million estate is no "poor farmer".

Yes, but land is valued at it's highest & best use. 200 acres in say, New Jersey, is worth a hell of a lot more as housing than farmland. Add it to the fact that small farmer Jones on 200 acres ain't rich enough to pay estate taxes and even paying interest only for 5 years and then interest and taxes for the next 10, if he qualifies under the small business > 35% exception, will still in many cases force sales of businesses, or force them to go into debt they may not be able to repay. (Whew, I wrote that like a lawyer!)

JollyRoger · #21 12-15-2011, 02:36 PM

I would bet that there are plenty of exemptions in the Estate Tax for actual farm families, they have tremendous power in Congress in both parties.

MTI · #22 12-15-2011, 02:37 PM

Doesn't "farmer Jones" also have a bunch of credits, offsets and other legal mechanisms which affect the tax rate?

FAQ About Estate Taxes From IRS

raymr · #23 12-15-2011, 03:39 PM

We have a Congress that is the new American Royalty. They are the puppets of rich individuals and corporate political action campaigns. Together they are sucking middle America dry and feeding the suburban Washington government/contractor complex. If you don't believe it just check the income demographics.

Everyone should be backing the OWS groups when they channel their resources on Washington and the big money influence of lobbyists.

Jim B. · #24 12-15-2011, 03:57 PM

Quote:

Originally Posted by raymr

We have a Congress that is the new American Royalty. They are the puppets of rich individuals and corporate political action campaigns. Together they are sucking middle America dry and feeding the suburban Washington government/contractor complex. If you don't believe it just check the income demographics.

Everyone should be backing the OWS groups when they channel their resources on Washington and the big money influence of lobbyists.

Yep.

Every so-called "conservative" who votes Republican and who is not part of the rich 1% is simply voting against their own self interest.

It is so easy to see.

How dumb or uninformed or easy to dupe can people get?

732002 · #25 12-15-2011, 04:16 PM

Quote:

Originally Posted by MS Fowler

As usual, you use the extreme case to "prove" your point. ( Not your fault, really, most polemicists do it.)
The "death taxes" make it difficult for many families to keep the family business--whether it is a family farm ( not too many left) or other business. You prefer to see these family assets broken up and sold?
Why do you hate small and middle-sized family businesses?

$5,000,000 is the new 2011 level that "death taxes" start at.

It must be "difficult" to inherit over $5,000,000 and pay taxes.
The inhumanity!

dynalow · #26 12-15-2011, 04:25 PM

Quote:

Originally Posted by MTI

Doesn't "farmer Jones" also have a bunch of credits, offsets and other legal mechanisms which affect the tax rate?

FAQ About Estate Taxes From IRS

That is true.
However, going down the IRS' list, the marital is a delaying tactic. Most people aren't overly charitable, at least around here. Mortgages and debt, admin expenses & losses are deductions but have to be paid and absorbed in full.

In the case of a qualifying Family Farm, IRC 2032A allows a reduction from value of up to $1,000,000.

2032A is a benefit to farms & other businesses, with up to a 1 million exemption. There are multiple qualifiers- property, heirs, use, etc., 25 & 50% tests to meet, as well as a 10 year holding period to avoid additional lookback taxes. Also for farms, there are alternate valuation methods available, with strings attached. (disclaimer: I have not prepared an etate tax return using 2032 and from what I know about it, I hope I don't ever have to!

)

A similar deduction for a qualifying family owned business (IRC 2057) was revoked beginning in 2004.

I smell the farm lobby at work...Sen Grassley head of Agriculture Committee in 2004?

MTI · #27 12-15-2011, 04:42 PM

Anyone with an estate subject to "estate/death" taxes already has a CPA/tax attorney on board to minimize, if not eliminate, this transfer of wealth. Frankly, I don't think those folks are using TurboTax and the IRS Helpline when it comes to advice.

hill · #28 12-15-2011, 05:22 PM

Quote:

Originally Posted by Jim B.

Yep.

Every so-called "conservative" who votes Republican and who is not part of the rich 1% is simply voting against their own self interest.

It is so easy to see.

How dumb or uninformed or easy to dupe can people get?

Over 90%of congressional races are won by the candidate with the bigger war chest. Advertizing sells more than soap and beer. With Citizens United that 10-20 percent of morons who believe what the screen tells them will decide the fate of the country.

hill · #29 12-15-2011, 05:28 PM

Quote:

Originally Posted by MTI

Anyone with an estate subject to "estate/death" taxes already has a CPA/tax attorney on board to minimize, if not eliminate, this transfer of wealth. Frankly, I don't think those folks are using TurboTax and the IRS Helpline when it comes to advice.

Correct. Like the Lauder clan (perfume) used a family trust.

Family trusts can be used to pass down money multigenerational at rates even lower than 15% capital gains.

Hatterasguy · #30 12-15-2011, 05:41 PM

Quote:

Originally Posted by MTI

Anyone with an estate subject to "estate/death" taxes already has a CPA/tax attorney on board to minimize, if not eliminate, this transfer of wealth. Frankly, I don't think those folks are using TurboTax and the IRS Helpline when it comes to advice.

Yep, family trust problem solved.

No one pays that tax unless they screw up or the death is very sudden and untimely.

They should jack up income taxes on salaries over $1m to discourage these CEO's from taking such big pay days. Make them keep their cash tied up in the companies so they have a vested long term interest in their health.