2 pages of money talk I don't care about

5/16/2010 7:00:51 PM

Quote :

"Or, if he gives $999,999 to one relative and $500,001 to another, is the tax avoided?"

No b/c you can only give $11K (maybe it's higher now) away per person per year before you get hit with gift taxes.

Quote :

"Whoever inherits the land has to pony up $400K to pay off the government or they lose the family holdings?"

The tax code makes exceptions for this kind of situation. I'm not well versed on the details.

5/16/2010 7:07:29 PM

It's 12K per year per person. I mentioned this earlier.

5/16/2010 7:19:27 PM

back when i got an inheritance from my grandmothers passing, i was told it was only 10g's before it starts getting taxed

5/16/2010 7:22:45 PM

Yeah it goes up every so often. Back when I had to memorize that shit it was $11k but apparently it's gone up.

5/16/2010 7:25:24 PM

Quote :

"By having millions given to them they will live useless lives and be useless to society."

Yeah. Just look at those useless Rockefellers. WTF have they done for society?

5/16/2010 7:35:33 PM

you guys should know by now that Sarose is just trolling

5/16/2010 7:47:32 PM

Look at those world-beating hiltons

5/17/2010 1:13:15 AM

Chit Chat is Soap Box #50.

5/17/2010 1:15:15 AM

joint accounts brah

problem solved.

5/17/2010 1:45:54 AM

Quote :

"The point is that 1 million is enough to inherit at 100%. It wouldn't be bad to take the rest but they're only taking a small % of the rest. If you have a problem with that then ask yourself a question. Are you really trying to help your children? By having millions given to them they will live useless lives and be useless to society."

Speak for yourself, and stay out of other people's business.

5/17/2010 4:20:03 AM

Hmm yes liberals are just prying and getting into other peoples' business, that's what they're doing

shit's gotta get paid for

5/17/2010 7:44:21 AM

I really don't have a huge problem with inheritance tax.

If I was filthy rich, I would not leave a ton of money to my kids, I would want them to succeed or fail on their own merits, trusting that the way I raised them would take them much further than a wad of cash.

That said, I would make sure that the government would not get a dime of my wealth and distribute the vast majority of whatever wealth I have to charitable causes to ensure that my money and assets go to help those in need rather than into some politician's offshore account.

5/17/2010 8:30:45 AM

Quote :

"Gift Tax Annual Exclusion Year(s) Annual Exclusion 1998 – 2001 $10,000 2002 – 2005 $11,000 2006 – 2008 $12,000 2009 $13,000"

Quote :

"Gift Splitting If you or your spouse makes a gift to a third party, the gift can be considered as made one-half by you and one-half by your spouse. This is known as gift splitting. Both of you must consent (agree) to split the gift. If you do, you each can take the annual exclusion for your part of the gift. In 2009, gift splitting allows married couples to give up to $26,000 to a person without making a taxable gift."

http://www.irs.gov/publications/p950/ar02.html#en_US_publink100099451

Quote :

"Who pays the gift tax? The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement."

Quote :

"What can be excluded from gifts? The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts. 1.Gifts that are not more than the annual exclusion for the calendar year. 2.Tuition or medical expenses you pay for someone (the educational and medical exclusions). 3.Gifts to your spouse. 4.Gifts to a political organization for its use. In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made."

http://www.irs.gov/businesses/small/article/0,,id=108139,00.html

5/17/2010 8:37:12 AM

you guys must suck as parents if you think leaving your children a large sum of money is going to instantly corrupt them and make them worthless

[Edited on May 17, 2010 at 8:43 AM. Reason : or maybe you are recognizing the inherent worthlessness already in your children]

5/17/2010 8:42:22 AM

I never said or implied that.

5/17/2010 8:44:58 AM

Quote :

"Look at those world-beating hiltons"

You mean Conrad Jr, Barron, and Richard Hilton?

Yes, they've all done very well for themselves and contributed a good deal to society; much more than you, I'm sure.

5/17/2010 11:23:29 AM

it's actually 13k now and has been since at least 2009. I know because my grandparents do this gifting

5/17/2010 12:33:17 PM

Quote :

"Estate taxes prevent rich families from getting richer over time, creating a land of nobles and serfs. So it serves a purpose."

no.


the richest people in america pay far less in inheritance tax than they are supposed to because of several loops, expensive lawyers, etc.


the people who are hurt most by the inheritance tax are farmers who are forced to sell land to pay taxes and inevitably go broke. In todays economy you need about 2k acres of land to make a decent living off of farming (not get rich, just get by). At 4k/acre that's about $8million in land. You're probably making ~$100k/yr off of this land so ur talking owing $3.5million on something that makes $100k/yr i.e. 2.8%, less than the rate of inflation. What a horrible situation to be in. It's not like you paid $10M to get this land or have money laying around. Everything is tied up in the land. My family is going through this situation in which we have land that's been in our name since before the civil war. We are much closer to peasants than we'll ever be to nobles.

So you may have to sell half your land to pay the tax, now you are in a position where farming is no longer profitable because of the overhead costs relative to the land you own, so you might as well sell the rest of the farm and do something else.

And guess who are the only people that can afford to buy all this land? Richers


years ago you could own 500 acres and get by. It's no longer the case. The estate tax will only make it worse, it'll eventually be 3000 acres to get by, then 5, then 10k acres to show a profit, and it will all be owned by extremely rich families or corporations, until the government comes in and cries foul play and monopoly this and noble that and takes the land themselves 'for the good of the people' when the truth is they are the ones who fucked it up in the first place


estate tax has got to go


there was a ~compromise on making it $3.5M/$7M couple and 45% (in 2011 it's $1M exclusion 55%) but since the economy went south and comrade obama is in charge i doubt we'll ever hear of it again

5/17/2010 12:48:53 PM

Quote :

"For all the hype about how the tax kills small businesses and family farms, the facts are that very few are actually hit by the tax — an estimated 550 in 2008 — and fewer still have to be sold to pay it. During last year's presidential campaign, both Barack Obama and John McCain advocated keeping the estate tax in some form."

hard to say how true this is, consider i was one of those '550' families. I consider myself extremely lucky to only have had to pay $150k.


And just down the road from my farm the Slattons had to sell their 1000 acres at auction because of estate taxes. It brought much less than they were hoping for, and the government came in and fined them again because the auction price was higher than the appraised value at the time of death and it was within 10 years of 'passing' so they had to pay additional taxes on the difference. Complete utter bullshit.

My dad can name a few other families in our hometown this situation has happened to. I know several families that will be paying soon because they just lost someone or are very close to. My hometown is 3000 residents. To know so many families who are going to be affected by this tax in such a small town and then here '550' in 2008 makes me extremely skeptical of what that article is claiming.

5/17/2010 12:56:33 PM

considering all the subsidies that farmers in general receive, im highly unsympathetic to their concerns about keeping "their" land that they "earned" and "worked so hard" for.

5/17/2010 1:00:44 PM

what an ignorant thing to say

5/17/2010 1:10:10 PM

dharney, you are lying

i'm not comfortable disclosing how i know

5/17/2010 1:12:20 PM

i was the executor for my grandmother estate, pretty sure I know what I did. Not sure how you would know anything unless i've posted it before or told you in person (do i know u?)


or ur the IRS auditor in charge of her estate...

[Edited on May 17, 2010 at 1:17 PM. Reason : asdf]

5/17/2010 1:17:08 PM

Quote :

"Money is generally taxed when it, or something else of value, changes hands."

This is completely wrong.....theres a difference between obtaining a good or service with money and DONATING MONEY (charities, churches, giving your kid 5 bucks to go to the movies on a Sat. night). College "educated" kids should be able to comprehend this fundamental difference......

[Edited on May 17, 2010 at 1:50 PM. Reason : .]

5/17/2010 1:48:14 PM

Quote :

"Money is generally taxed when it, or something else of value, changes hands."

Saddens me that just because the government has been taxing us at every possible opportunity, that this is the belief so many people are conditioned with.

Why does money HAVE to be taxed when something changes hands? Does the government really need to be that intrusive?

5/17/2010 2:27:49 PM

Quote :

"the richest people in america pay far less in inheritance tax than they are supposed to because of several loops, expensive lawyers, etc."

They see financial planners and prepare for their death in advance -- something everyone should do. But still, I can assure you that the families worth hundreds of millions or billions are paying a hefty chunk.

Family farmers are the most likely of everyone to be fucked, but it would be wiser to beef up the qualifying farm rules rather than repeal the entire tax.

5/17/2010 8:19:59 PM

Quote :

"This is completely wrong.....theres a difference between obtaining a good or service with money and DONATING MONEY (charities, churches, giving your kid 5 bucks to go to the movies on a Sat. night). College "educated" kids should be able to comprehend this fundamental difference......"

Quote :

"Money is generally taxed when it, or something else of value, changes hands."

5/17/2010 9:26:49 PM

Quote :

"Hmm yes liberals are just prying and getting into other peoples' business, that's what they're doing shit's gotta get paid for"

That is fucking exactly what left-liberals do when it comes to fiscal matters

and a lot of shit doesn't have to get paid for. We pay for a lot of shit we don't need.

5/18/2010 10:58:03 AM

Quote :

"and a lot of shit doesn't have to get paid for. We pay for a lot of shit we don't need."

Yes primarily the toys you play with

5/18/2010 11:01:34 AM

this is why you move to another country, or atleast to florida.

5/18/2010 11:57:43 AM

Bullshit.

Anything over 10 million dollars of inheritance should be taxed at 100%.

If your aristocratic ass can't make it in this world with $10,000,000, your education and social network, you deserve to fucking fail...especially since your daddy, grand-daddy or great-grand-daddy made the money and you didn't.

5/21/2010 11:03:18 PM

http://moneywatch.bnet.com/retirement-planning/article/estate-tax-what-you-need-to-know-for-2010/378294/

5/21/2010 11:23:46 PM

EAT THE RICH!

5/22/2010 4:24:51 PM

Quote :

"Yes primarily the toys you play with"

1. That has nothing to do with this argument.
2. Goddamn right. Need has nothing to do with it. If I want my own jet airplane, that's my business.

[Edited on May 22, 2010 at 4:40 PM. Reason : ]

5/22/2010 4:32:18 PM

Being taxed because your parents left you too much money.

This sounds like an awesome problem to have. I wish I was able to complain about it.

5/22/2010 4:40:38 PM

Quote :

"Anything over 10 million dollars of inheritance should be taxed at 100%. "

gotta love a liberal telling me how much money is "enough" to inherit

5/22/2010 4:59:17 PM

you know theres a stipulation that if a family member died without a will and no one claims it in a certain period of time, the money goes to the government.

5/22/2010 5:03:14 PM

Quote :

"gotta love a liberal telling me how much money is "enough" to inherit"

You sound like a welfare queen

5/22/2010 5:22:22 PM

Quote :

"That said, I would make sure that the government would not get a dime of my wealth and distribute the vast majority of whatever wealth I have to charitable causes to ensure that my money and assets go to help those in need rather than into some politician's offshore account."

Ah, so it can go in some charity CEO's offshore account.

Quote :

"Why does money HAVE to be taxed when something changes hands?"

Because if we didn't tax said form of money changing hands, then it would in effect be subsidized and be a tax loophole. If we repealed the estate tax it would be open for abuse.

5/22/2010 5:37:38 PM

Quote :

"You sound like a welfare queen"

There would be no welfare, queens or otherwise, if it weren't for You People. Get your generalizations correct, Liberal.

5/22/2010 5:42:34 PM

WHAT DO YOU MEAN "YOU PEOPLE"!!!!????

5/23/2010 2:16:54 AM

Inheritance tax? Are you fucking kidding me? You goddamn liberals are gonna dig your own graves, I swear.
I almost can't wait until Civil War II. The tree of liberty needs a drink....

5/23/2010 2:26:29 AM

^I am ready.

Also

Quote :

"Being taxed because your parents left you too much money. This sounds like an awesome problem to have. I wish I was able to complain about it."

5/23/2010 6:58:18 AM

Quote :

"Bullshit. Anything over 10 million dollars of inheritance should be taxed at 100%. If your aristocratic ass can't make it in this world with $10,000,000, your education and social network, you deserve to fucking fail...especially since your daddy, grand-daddy or great-grand-daddy made the money and you didn't. "

I am sure that most make the money on interest of said money. This is true capitalism, they have the capital and can do whatever they want, even if it is just sit in a bank, or buy stupid toys.

also when they buy things they are helping the economy, so if they didn't buy anything all you communist workers would be bitching and complaining about the economy and how there is no work.

and what do the really really rich do when the taxes are too high - go some where else, look at when america tried to do a luxury tax on yahts. It just bankrupted and put american ship building companies outta work, as the rich bought their toys out of other countries with out the tax and eager to work with them.

The rich will always be there, and so will the poor.

get over it.

5/23/2010 8:03:31 AM

Quote :

"I almost can't wait until Civil War II."

Quote :

"^I am ready. "

Im not sure how long that would last. Dont most libs hate guns. Bringing your frappuccino and a copy of the NY times to a gun fight wont end well for you.

^good post. If your grandparents or parents want to sacrifice, not buy all the latest Apple shit put out, to accumulate wealth to make thier kids life easier why penalize them? Other than there are a lot more people who would rather piss away their money and whine then live below thier means and sacrifice to better provide for thier family.

5/23/2010 9:04:36 AM

^^

5/23/2010 9:29:30 AM

lol civil war 2

please arm up and march on washington asap you frothing teenager

5/23/2010 9:43:55 AM

Quote :

"Quote : "Why does money HAVE to be taxed when something changes hands?" Because if we didn't tax said form of money changing hands, then it would in effect be subsidized and be a tax loophole. If we repealed the estate tax it would be open for abuse."

Soooooo... any time money is NOT taxed, it's subsidized AND it's a loophole. According to your argument that means money should be taxed all the time every time. Sounds like a great economic policy.

Let me guess, you're a big fan of government aren't you?

5/26/2010 12:13:07 AM

if you're going tro make money from OUR people you're going to give back and help OUR people that gave you the money int he first place. We should all be in this together. If the rich leave, someone else just takes the income they weren't working for in the first place.

Capitalism doesn't take skill or talent. It just takes a huge wad of cash to start off with. The poor are instantly enslaved to you at that point.

Quote :

"Yes, they've all done very well for themselves and contributed a good deal to society; much more than you, I'm sure."

bullshit. I know for a fact I would' do more with what they have considering what I do now. They would never allow homeless people to occupy their empty hotel rooms. Many of you will laugh at the idea or any idea of helping the collective people. Its all about greed with YOU PEOPLE and stepping up a staircase made of the necks of your neighbors.

5/26/2010 12:52:25 AM