champu 1
funjumper101 15
QuoteYou should move to North Korea. I am sure you would be very happy there living knowing that there is no personal wealth and that you are equal to everyone else. Equally screwed that is. Whoever told you that life would be easy, was clearly lying to you.
Inheritance taxes are the worst type of taxes as they are taxing assets that have already been taxed. If your beloved big government bureaucracy needs more money because it can't control it's spending, then consumption taxes are a better way to go. This way people can decide for themselves, is paying extra for this product/service worth the extra costs. I choose choice over a government bureaucracy who will be there to raid the assets of a family all because someone dies.
But I guess this is something a communist would never understand.
The power of marketing is quite apparent in the stupid statements present in this thread.
1. The vast majority of the people who have such STRONG opinions on this issue are those who are totally and completely unaffected by the estate tax. They simply don't have enough assets for any type of estate tax to apply to their estate.
2. The argument about "double taxation" is ridiculous. There are so many examples of "double taxation" affecting us regular folks, that the argument is silly. For example, my investments were made with "after tax" income. The proceeds are taxable income. My property taxes are paid with "after tax" income. Et Cetera, Et Cetera, Et Cetera. Gullibility is nothing to be proud of. A small bit of critical thinking goes a VERY long way.
3. Estate taxes are a form of capital gains tax, imposed when tangible assets like land, and/or intangible assets like large investment portfolios, move on to new ownership. Land that was bought thirty, fifty, or 100 years ago increases in value due to the public construction of roads, improved access to utilities and water, which are all government funded improvements. Real estate does not increase in value in a vacuum, unaffected by the rest of society. Nether do investment portfolios, are businesses.
4. George Steinbrenner's estate will not be taxed, thanks to the incredible foresight and fiscal planning of the party of the extremely wealthy. The Yanks went up in value massively while owned by him. Now all of that increased value will not have CAPITAL GAINS taxes applied when it moves on to new owners. That is a brilliant, fiscally sound policy, according to some posters in this thread.
It is stunning just how gullible and STUPID the RWCs are. Capiltal gains taxes apply to us peons. Why should they NOT apply to everyone?
IDIOTS, pure and simple.
Thanks for driving the USA into the ground, to the benefit of the extremely wealthy.
funjumper101 15
QuoteMy dad had a small business. I worked with him to build it. From a sweat equity point of view it was as much mine as it was his. But when he died and left it to me the government took such a big bite of it that i had to sell to pay what they wanted.
Fuck Barney Frank and all his useless cronies.
The fact that you and your father were able to build a business is really impressive. Too bad you and your dad weren't savvy enough to hire the right people to structure ownership in such a way as to be able to avoid an unplanned for tax burden. Had the right advisors been hired and their advice followed, things would have been different.
I am supposed to feel sorry for you because you failed to follow basic business principles?
I don't think so...
funjumper101 15
QuotePerrsonally, I think it's good that we have a system that doesn't create generational wealth disparity. I like that we live in a country where there isn't a class of ultra wealthy that live off of their families fortunes without paying taxes. It would seem wrong to me if we had a class of people living off inherited money and a system supported by those of us that work for a living.
You must not live in the USA. What you descibe is exactly what has happened with the US Tax code.
Read the book "Perfectly Legal", by David Kaye Johnston. It is a very informative read. Actual facts about the tax code and how it works. You will be very surprised at what the facts actually are, compared to what you "think" they are.
Quote
I would have been pissed at myself for not structuring the ownership of the business in such a way that I didn't get burned in the case of my fathers passing.
I understand and agree that there are a few situations where the inheritance tax doesn't seem "fair", but they are far and few between.
So which one is it? Is he (and his deceased dad) stupid for not structuring the business correctly, or is this a situation that is few and far between?
QuoteQuoteMy dad had a small business. I worked with him to build it. From a sweat equity point of view it was as much mine as it was his. But when he died and left it to me the government took such a big bite of it that i had to sell to pay what they wanted.
Fuck Barney Frank and all his useless cronies.
The fact that you and your father were able to build a business is really impressive. Too bad you and your dad weren't savvy enough to hire the right people to structure ownership in such a way as to be able to avoid an unplanned for tax burden. Had the right advisors been hired and their advice followed, things would have been different.
I am supposed to feel sorry for you because you failed to follow basic business principles?
I don't think so...
Never asked anyone to feel sorry for me.
All I ever asked was for the asswipes that run the government to stop thinking what I earn is theirs and I am only entitled to what they allow me to keep. If you want to give all your hard earned money to Uncle Sam, have at it.
HAMMER:
Originally employed as a weapon of war, the hammer nowadays is used as a
kind of divining rod to locate the most expensive parts adjacent the
object we are trying to hit.
Originally employed as a weapon of war, the hammer nowadays is used as a
kind of divining rod to locate the most expensive parts adjacent the
object we are trying to hit.
kallend 2,032
QuoteQuoteQuoteMy dad had a small business. I worked with him to build it. From a sweat equity point of view it was as much mine as it was his. But when he died and left it to me the government took such a big bite of it that i had to sell to pay what they wanted.
Fuck Barney Frank and all his useless cronies.
The fact that you and your father were able to build a business is really impressive. Too bad you and your dad weren't savvy enough to hire the right people to structure ownership in such a way as to be able to avoid an unplanned for tax burden. Had the right advisors been hired and their advice followed, things would have been different.
I am supposed to feel sorry for you because you failed to follow basic business principles?
I don't think so...
Never asked anyone to feel sorry for me.
All I ever asked was for the asswipes that run the government to stop thinking what I earn is theirs and I am only entitled to what they allow me to keep. If you want to give all your hard earned money to Uncle Sam, have at it.
How would you suggest the government raise money for roads, schools, defense, etc. , if not from taxes paid by the citizens and residents of the country? Are you living with rushmc in Cloud-Cuckoo Land?
...
The only sure way to survive a canopy collision is not to have one.
The only sure way to survive a canopy collision is not to have one.
rushmc 23
QuoteQuoteMy dad had a small business. I worked with him to build it. From a sweat equity point of view it was as much mine as it was his. But when he died and left it to me the government took such a big bite of it that i had to sell to pay what they wanted.
Fuck Barney Frank and all his useless cronies.
The fact that you and your father were able to build a business is really impressive. Too bad you and your dad weren't savvy enough to hire the right people to structure ownership in such a way as to be able to avoid an unplanned for tax burden. Had the right advisors been hired and their advice followed, things would have been different.
I am supposed to feel sorry for you because you failed to follow basic business principles?
I don't think so...
Idid not see where he asked anyone to feel sorry for him
If he did and I missed it please show me where
As to your point
If one can structure a way to not have to do what he did, why have the death tax to begin with? There is a legal way around it and that is not being changed so why pay a lawyer to do that for you when the death tax could just be killed?
"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
rushmc 23
QuoteQuoteQuoteQuoteMy dad had a small business. I worked with him to build it. From a sweat equity point of view it was as much mine as it was his. But when he died and left it to me the government took such a big bite of it that i had to sell to pay what they wanted.
Fuck Barney Frank and all his useless cronies.
The fact that you and your father were able to build a business is really impressive. Too bad you and your dad weren't savvy enough to hire the right people to structure ownership in such a way as to be able to avoid an unplanned for tax burden. Had the right advisors been hired and their advice followed, things would have been different.
I am supposed to feel sorry for you because you failed to follow basic business principles?
I don't think so...
Never asked anyone to feel sorry for me.
All I ever asked was for the asswipes that run the government to stop thinking what I earn is theirs and I am only entitled to what they allow me to keep. If you want to give all your hard earned money to Uncle Sam, have at it.
How would you suggest the government raise money for roads, schools, defense, etc. , if not from taxes paid by the citizens and residents of the country? Are you living with rushmc in Cloud-Cuckoo Land?
Here is that stupid fucking dumb ass argument that others think no taxes should be paid.
Once again sir
It is the level of taxation and services being debated. Not paying any taxes is not part of it
But it is the only chance you have of making a point
(I wondered how long it would take for you to make that tired old point again. Took less time than I thought it would)
"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
Bolas 5
QuoteIf one can structure a way to not have to do what he did, why have the death tax to begin with? There is a legal way around it and that is not being changed so why pay a lawyer to do that for you when the death tax could just be killed?
Exactly. Taxes might not really need to be increased if all the loopholes are closed.
It's all about consistency. If there's a x% non progressive tax on something, make sure all applicable pay x%.
Stupidity if left untreated is self-correcting
If ya can't be good, look good, if that fails, make 'em laugh.
If ya can't be good, look good, if that fails, make 'em laugh.
Quoteso you weren't forced to sell the business, you chose to.
I'm sure that if you just put the tiniest bit of thought into what you just said....even the tiniest...you'd see just how asinine and off the mark your statement really is.
QuoteIf the business was purchased then jobs were created or retained to offset the jobs that were lost, right?
Wrong
QuoteSo you inherited 3.5 million tax free dollars, and we're supposed to feel sorry for you, because you chose to sell the business?
Wrong again.
Do three wrongs make a right?
I don't think so.
Geez, it's embarrassing to see someone make such a fool of themselves here. You don't care? You don't see it? You don't even realize you're doing it?
Let me predict your response:
"I'm rubber, you're glue. Whatever you say bonces off em and sticks to you."
(My second-grader brought that home from school one day...I had to laugh.)
Something like that is what I've learned to expect from you. Why do you think that is?
My reality and yours are quite different.
I think we're all Bozos on this bus.
Falcon5232, SCS8170, SCSA353, POPS9398, DS239
I think we're all Bozos on this bus.
Falcon5232, SCS8170, SCSA353, POPS9398, DS239
Amazon 7
QuoteQuoteQuoteso you weren't forced to sell the business, you chose to.
If the business was purchased then jobs were created or retained to offset the jobs that were lost, right?
So you inherited 3.5 million tax free dollars, and we're supposed to feel sorry for you, because you chose to sell the business?
Hmm, o.k.
Sure I made the choice. But, in reality, there was no choice. Either go further in debt than i already was from my own business or sell.
I did not inherit 3.5 million. The true amount, after selling at auction and paying taxes, was barely a third of that. It was, thankfully, enough to pay off my house and my own business debt.
Answer me this: How would YOU feel if somebody forced you through economic penalties to forfeit 2/3 of what you and your father had spent decades building by working your ass off 24/7?
I would have been pissed at myself for not structuring the ownership of the business in such a way that I didn't get burned in the case of my fathers passing.
I understand and agree that there are a few situations where the inheritance tax doesn't seem "fair", but they are far and few between.
Personally, I think it's good that we have a system that doesn't create generational wealth disparity. I like that we live in a country where there isn't a class of ultra wealthy that live off of their families fortunes without paying taxes. It would seem wrong to me if we had a class of people living off inherited money and a system supported by those of us that work for a living.
Uh better check again
skyrider 0
QuoteQuoteMy dad had a small business. I worked with him to build it. From a sweat equity point of view it was as much mine as it was his. But when he died and left it to me the government took such a big bite of it that i had to sell to pay what they wanted.
Fuck Barney Frank and all his useless cronies.
The fact that you and your father were able to build a business is really impressive. Too bad you and your dad weren't savvy enough to hire the right people to structure ownership in such a way as to be able to avoid an unplanned for tax burden. Had the right advisors been hired and their advice followed, things would have been different.
I am supposed to feel sorry for you because you failed to follow basic business principles?
I don't think so...
So, you think it is OK for the government to step in and close small businesses , just becuase they lacked a tax planner?
So now ht ecountry is down one more small business,and anotehr family lost it's bread winner, But you don;t feel bad about that...after all, it wasn't you!
"IT ISN'T ME" , seems to be the whole drive behind this tax, it will not effect most, so they are for it!
QuoteSo now ht ecountry is down one more small business,and anotehr family lost it's bread winner,
except the family already had another business
(and now several million in cash - not bad)
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding
blue skies from thai sky adventures
good solid response-provoking keyboarding
kallend 2,032
QuoteQuoteQuoteMy dad had a small business. I worked with him to build it. From a sweat equity point of view it was as much mine as it was his. But when he died and left it to me the government took such a big bite of it that i had to sell to pay what they wanted.
Fuck Barney Frank and all his useless cronies.
The fact that you and your father were able to build a business is really impressive. Too bad you and your dad weren't savvy enough to hire the right people to structure ownership in such a way as to be able to avoid an unplanned for tax burden. Had the right advisors been hired and their advice followed, things would have been different.
I am supposed to feel sorry for you because you failed to follow basic business principles?
I don't think so...
So, you think it is OK for the government to step in and close small businesses , just becuase they lacked a tax planner?
So now ht ecountry is down one more small business,and anotehr family lost it's bread winner, But you don;t feel bad about that...after all, it wasn't you!
Bad management causes lots of businesses to close. It's called "CAPITALISM". The properly managed businesses thrive AND pay their taxes.
...
The only sure way to survive a canopy collision is not to have one.
The only sure way to survive a canopy collision is not to have one.
kallend 2,032
Quote
Geez, it's embarrassing to see someone make such a fool of themselves here.?
You do have the option of not posting here.
...
The only sure way to survive a canopy collision is not to have one.
The only sure way to survive a canopy collision is not to have one.
QuoteQuoteQuoteQuoteMy dad had a small business. I worked with him to build it. From a sweat equity point of view it was as much mine as it was his. But when he died and left it to me the government took such a big bite of it that i had to sell to pay what they wanted.
Fuck Barney Frank and all his useless cronies.
The fact that you and your father were able to build a business is really impressive. Too bad you and your dad weren't savvy enough to hire the right people to structure ownership in such a way as to be able to avoid an unplanned for tax burden. Had the right advisors been hired and their advice followed, things would have been different.
I am supposed to feel sorry for you because you failed to follow basic business principles?
I don't think so...
Never asked anyone to feel sorry for me.
All I ever asked was for the asswipes that run the government to stop thinking what I earn is theirs and I am only entitled to what they allow me to keep. If you want to give all your hard earned money to Uncle Sam, have at it.
How would you suggest the government raise money for roads, schools, defense, etc. , if not from taxes paid by the citizens and residents of the country? Are you living with rushmc in Cloud-Cuckoo Land?
I don't have any problem paying taxes as long as the money is spent wisely. Unfortunately a very large portion is wasted on bullshit such as the war in Iraq, illegal wiretaps, etc. You're a smart man. You know as well as I, maybe better, that the government wastes far too much money.
Don't tell me you are among those that feel people fall into two groups: Those that think all taxes are fair and needed, and those that want no taxes at all.
HAMMER:
Originally employed as a weapon of war, the hammer nowadays is used as a
kind of divining rod to locate the most expensive parts adjacent the
object we are trying to hit.
Originally employed as a weapon of war, the hammer nowadays is used as a
kind of divining rod to locate the most expensive parts adjacent the
object we are trying to hit.
QuoteDon't tell me you are among those that feel people fall into two groups: Those that think all taxes are fair and needed, and those that want no taxes at all.
Two groups -
1- people who would like to receive money from the taxes the govt collects.
2- people that those people would like to be taxed (the "rich" others).
Definition of rich - people who make twice as much as the person you are asking. (It doesn't matter who you ask)
QuoteDefinition of rich.
someone who gets a $3.5 million inheritance...
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding
blue skies from thai sky adventures
good solid response-provoking keyboarding
QuoteQuoteDefinition of rich.
someone who gets a $3.5 million inheritance...
When your parents die, I want all their money given to me, not you.
(Since you are ok with that. We'll call it a tax. I have determined that I am more deserving of it than you.
According to you, your parents have no right to determine where their money goes.)
If you're all simply tired of reading what I have to write just let me know. I'll be on my way.
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