Estate Tax

View Poll Results: Who should pay an estate tax???

Voters
14. You may not vote on this poll
  • All people should pay

    4 28.57%
  • People with over $500,000

    1 7.14%
  • People with over $1,000,000...the amount reconized now

    3 21.43%
  • People with over $5,000,000

    2 14.29%
  • People with over $10,000,000

    1 7.14%
  • None, we need to protect the top 1% of the country

    3 21.43%
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Thread: Estate Tax

  1. #1
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    Estate Tax

    Estate Tax Questions


    Reminder: 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 do not require the filing of an estate tax return.

    Q: What is the Estate Tax?

    The Estate Tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death (Refer to Form 706). The fair market value of these items is used, not necessarily what you paid for them or what their values were when you acquired them. The total of all of these items is your "Gross Estate." The includible property may consist of Cash and Securities, Real Estate, Insurance, Trusts, Annuities, Business interests and other assets.

    Once you have accounted for the Gross Estate, certain deductions (and in special circumstances, reductions to value) are allowed in arriving at your "Taxable Estate." These deductions may include Mortgages and other Debts, Estate Administration expenses, property that passes to Surviving Spouses and Qualified Charities. The value of some operating business interests or farms may be reduced for estates that qualify.

    After the net amount is computed, the value of lifetime taxable gifts (beginning with gifts made in 1977) is added to this number and the tax is computed. The tax is then reduced by the available unified credit. Presently, the amount of this credit reduces the computed tax so that only total taxable estates and lifetime gifts that exceed $1,000,000 will actually have to pay tax. In its current form, the estate tax only affects the wealthiest 2% of all Americans.
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    Last edited by TJ Cline; 09-24-2005 at 07:52 PM.
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    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?

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    Quote 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.
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    Bush calls it the death tax to make it sound worse.
    Quote Originally Posted by kbm8795 View Post
    Oh, I think Americans understand that the one thing conservatives hate the most is the idea of spending American tax money on Americans. . .in America.


    Your tax money is safe. . .in Iraq.
    Total ownage.

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    i think either everyone should pay or nobody should pay

  7. #7
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    Quote 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)

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  8. #8
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    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?
    NEVER write a check with your mouth that you can't cash with your ASS!!

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    Quote 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.
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  10. #10
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    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.
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    Your poll is wrong, by the way.

    it's $1.5 million this year and goes to $2 million next year.
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  12. #12
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    Quote 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.
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    Quote 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.
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    Quote 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.
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    Steal the money someone's made over their lifetime so the government can squander it, good idea.

  16. #16
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    Quote 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.
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    Quote Originally Posted by Witmaster
    Thanks, Perhaps if you could chew it for me as well. That would help.
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    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!!!
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    Quote 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.

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    Quote 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?

  21. #21
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    Quote 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.
    If sense were common, everyone would have it.

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    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.
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  23. #23
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    Quote Originally Posted by brogers
    Steal the money someone's made over their lifetime so the government can squander it, good idea.
    Will the Government squander it???? Probably some of it, but that is entirely another subject. What and where that Tax goes too is an interesting subject. Just because we have a wasteful and unchecked government in America doesn't mean we shouldn't pay any taxes at all, or are you purposing we stop paying taxes altogether??
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