Thread: Estate Tax

http://www.irs.gov/businesses/small...=108143,00.html

EDIT: This one might be better
http://www.irs.gov/businesses/small/...=98968,00.html

Nice way to add in your bias with the poll choices... "None, we should protect the top 1%" Do you really want an honest poll of opinion or just people to agree with your idiotic socialist ideas?

Originally Posted by brogers

Nice way to add in your bias with the poll choices... "None, we should protect the top 1%" Do you really want an honest poll of opinion or just people to agree with your idiotic socialist ideas?

I see once again your hatred and negativity has gotten in the way of your intellect. You can answer the questions ( I feel there enough options to cover all opinions) or you can stomp your feet and yell.

Bush calls it the death tax to make it sound worse.

i think either everyone should pay or nobody should pay

Originally Posted by brogers

Nice way to add in your bias with the poll choices... Do you really want an honest poll of opinion or just people to agree with your idiotic socialist ideas?

Maybe you should be inventive and creative and start your own poll "Dickus"...

Then you can include all the answers "YOU" want to hear -

(Which you and the Moral Minority Buttholes could cut and paste
from your Rush Limbaugh transcripts)

So.... What you're saying is.... if my parents die and leave me with an estate that is valued at $999,999.00 I don't have to pay any taxes on it? But if the estate is valued at $1 Million+ I do?

Oh, and would you care to disclose the tax rate for our readers?

Originally Posted by Witmaster

So.... What you're saying is.... if my parents die and leave me with an estate that is valued at $999,999.00 I don't have to pay any taxes on it? But if the estate is valued at $1 Million+ I do?

Oh, and would you care to disclose the tax rate for our readers?

If you had read the thread you would see post#2 takes you to the IRS page.....I'm sure that page or a link on it can answer all your tax questions.

The estate tax works (more or less) by taking the total value of your estate, subtracting gifts to charity and gifts to your spouse and then subtracting the exemption. You pay estate taxes on the rest and the rates go up to over 50%.

The estate tax is wealth confiscation. Plain and simple.


EDIT: The top estate tax rate is 47% now and will be 46% next year. So, the estate tax rates, effectively, start and end in the 40's.

Your poll is wrong, by the way.

it's $1.5 million this year and goes to $2 million next year.

Originally Posted by ForemanRules

If you had read the thread you would see post#2 takes you to the IRS page.....I'm sure that page or a link on it can answer all your tax questions.

You really need to work on your cross-examination skills... I was trying to create a segway for you to answer a valid question without sounding like a stoic socialist who hates wealthy people.

A better response would have been...

I'm glad you asked. As you can see on the IRS website it clearly states that estates with a value under $1 million (for 2002 & 2003) do not require filing an estate tax return

To reemphasize: Most relatively simple estates (cash, publicly traded securities, small amounts of other, easily valued assets and no special deductions or elections or jointly held property) with a total value under $1,000,000 and a date of death in 2002 or 2003 and $1,500,000 and a date of death in 2004 or 2005 do not require the filing of an estate tax return.

source



Now, if you'll excuse me. I have to go investigate a disturbance at a local cemetary.

Originally Posted by Pepper

Your poll is wrong, by the way.

it's $1.5 million this year and goes to $2 million next year.

To reemphasize: Most relatively simple estates (cash, publicly traded securities, small amounts of other, easily valued assets and no special deductions or elections or jointly held property) with a total value under $1,000,000 and a date of death in 2002 or 2003 and $1,500,000 and a date of death in 2004 or 2005 do not require the filing of an estate tax return.


I coppied it right off the IRS site......must have been on the wrong year or page....But the idea here is not what the amount is for 2005 or 2006, but rather what your views on the tax are.

Originally Posted by Witmaster

You really need to work on your cross-examination skills... I was trying to create a segway for you to answer a valid question without sounding like a stoic socialist who hates wealthy people.

A better response would have been...

I'm glad you asked. As you can see on the IRS website it clearly states that estates with a value under $1 million (for 2002 & 2003) do not require filing an estate tax returnsource



Now, if you'll excuse me. I have to go investigate a disturbance at a local cemetary.

Sorry Wit, I thought you were above the need to be spoon fed the knowledge you seek....I was wrong and in the future will help you all I can.

Steal the money someone's made over their lifetime so the government can squander it, good idea.

Originally Posted by ForemanRules

Sorry Wit, I thought you were above the need to be spoon fed the knowledge you seek....I was wrong and in the future will help you all I can.

Thanks, Perhaps if you could chew it for me as well. That would help.

Originally Posted by Witmaster

Thanks, Perhaps if you could chew it for me as well. That would help.

Don't worry kid I'll take care of you.

I think the estate/death tax should be eliminated entirely!

I suppose the government thinks it has to tax someone inheriting something because it essentially is unearned income and thus taxable. But didn't my great-granddaddy already pay taxes on the oil & gas royalties he earned 60 years ago??? So, why do I have to pay a tax on the SAME MONEY again??? Just plain stupid!!!

Originally Posted by brogers

Steal the money someone's made over their lifetime so the government can squander it, good idea.

Squander it? Perhaps. Consider these gov expenditures:

• Printing the very dollar bills with which people trade.
• Public roads.
• Rural electrification.
• Government subsidized telephone wiring.
• Satellite communications.
• Police protection.
• Military protection.
• A criminal justice system.
• Fire protection.
• Paramedic protection.
• An educated workforce.
• An immunized workforce.
• Protection against plagues by the Centers for Disease Control.
• Public-funded business loans, foreclosure loans and subsidies.
• Protection from business fraud and unfair business practices.
• The protection of intellectual property through patents and copyrights.
• Student loans.
• Government funded research and development.
• National Academy of Sciences.
• Economic data collected and analyzed by the Bureau of Economic Analysis.
• Prevention of depressions by Keynesian policies at the Fed (successful for six decades now).
• Dollars protected from inflation by the Fed.
• Federal Emergency Management Agency.
• Public libraries.
• Cooperative Extension Service (vital for agriculture)
• National Biological Service.
• National Weather Service
• Public job training.

"Why shouldn't the American people take half my money from me? I took all of it from them."
--Edward Albert Filene (1869-1937)

As for the topic at hand, the estate tax should remain. As a matter of progressive tax policy, it is better to tax dead millionaires than not-so-rich living people. The tax also is a dig at the establishment of an american aristocracy--we want productive people and not a class of uninspired unmotivated fops like Paris Hilton...it's not a perfect measure but it helps.

Originally Posted by butterfly

I think the estate/death tax should be eliminated entirely!

I suppose the government thinks it has to tax someone inheriting something because it essentially is unearned income and thus taxable. But didn't my great-granddaddy already pay taxes on the oil & gas royalties he earned 60 years ago??? So, why do I have to pay a tax on the SAME MONEY again??? Just plain stupid!!!

It is not double taxation, b/c the person receiving the inheritance paid no tax on the transfer of the assets--a taxable event. By your rationale, any money that was taxed once is no longer taxable. Both earned income and passive income are taxed in this country...why should the transfer of inherited wealth, beyond spousal conveyances, be any different?

Originally Posted by butterfly

I think the estate/death tax should be eliminated entirely!

I suppose the government thinks it has to tax someone inheriting something because it essentially is unearned income and thus taxable. But didn't my great-granddaddy already pay taxes on the oil & gas royalties he earned 60 years ago??? So, why do I have to pay a tax on the SAME MONEY again??? Just plain stupid!!!

Your Grandpappy worked in oil? Hook a bortha up, 2.75 a gallon for gas is too much.

I think the tax needs to go and is absolutely ridiculous. If gov't employees were paid what they were worth and weren't paying $500 for a hammer or giving no bid contracts to pals, then we wouldn't have to tax the hell out of everyone 5-10 times.

I'm cool with it unless I suddenly find out a rich uncle left me his estate because he hates his own spoiled children and remembers something clever I said when I was 8. Yeah I have a handful of filthy rich aunts and uncles.