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post #1 of 16 (permalink) Old 07-03-2006, 12:02 PM Thread Starter
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Estate tax

From News of the Weird:

As Congress debates whether to retain the federal estate tax, two advocacy groups released evidence in April that 18 super-rich families (including the owners of Wal-Mart, Gallo wine, Campbell's soup and the Mars candy company) spent as much as $500 million in the last 10 years through industry and trade associations to urge abolition of the tax, and if their campaign is successful, the families will have saved themselves an estimated $71 billion in taxes, a return of 142 times the investment. (Polls show that around 70 percent of Americans favor abolition, even though only one taxpayer in 400 owes any tax.) [St. Petersburg Times, 4-26-06]
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post #2 of 16 (permalink) Old 07-03-2006, 12:23 PM
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A 40 something % tax on money/property that has already been taxed seems a bit excessive to me. Even in my biggest dreams I'll never come near qualifying for this type of tax, but the taking of almost half of something someone earned is just plain criminal (even if they are dead).

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post #3 of 16 (permalink) Old 07-03-2006, 02:34 PM
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Originally Posted by felkhound
A 40 something % tax on money/property that has already been taxed seems a bit excessive to me. Even in my biggest dreams I'll never come near qualifying for this type of tax, but the taking of almost half of something someone earned is just plain criminal (even if they are dead).

It will be back to 49% in 2011. What is even dumber is the gift tax. I want to help my mom out for bringing me in this world but I have to pay a 49% gift tax when I do help her. I do not get it. Our parents sacrifice and spend so much to raise us and when we are able to repay them the democrats wants their 49% hand out. So I buy everything in my name and let her use it.

I think the democrats want to penalize cultures that save for the next generation, because some cultures do not know how.

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Last edited by tiggerfink; 07-03-2006 at 02:36 PM.
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post #4 of 16 (permalink) Old 07-03-2006, 04:15 PM
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Quote:
Originally Posted by tiggerfink
What is even dumber is the gift tax. I want to help my mom out for bringing me in this world but I have to pay a 49% gift tax when I do help her. I do not get it. Our parents sacrifice and spend so much to raise us and when we are able to repay them the democrats wants their 49% hand out. So I buy everything in my name and let her use it.

I think the democrats want to penalize cultures that save for the next generation, because some cultures do not know how.
Tiggerfink, in addition to your annual exemption of $12,000 per recipient, you have a lifetime exclusion of one million dollars for tax-free gift giving.
Then, when you die, your estate also gets a two-million-dollar exemption.

Exactly how much repaying are you doing?
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post #5 of 16 (permalink) Old 07-03-2006, 04:37 PM
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This is not a liberal subject for me.
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post #6 of 16 (permalink) Old 07-03-2006, 06:34 PM
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Originally Posted by Marsden
Tiggerfink, in addition to your annual exemption of $12,000 per recipient, you have a lifetime exclusion of one million dollars for tax-free gift giving.
Then, when you die, your estate also gets a two-million-dollar exemption.

Exactly how much repaying are you doing?
I think the time I die, my mom would be dead. So in the meantime, I hope my mom enjoys the rest of her life without any financial worries. My parent’s sacrifice so much for their children. Unfortunately my father died before I could help him.

A $12,000 tax-free gift and social security from working minimum wage does not cover living expensive. Of course I give her more and get pist off because have to pay the 49% gift tax.

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post #7 of 16 (permalink) Old 07-03-2006, 06:49 PM
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I'm gonna try again. You have a lifetime exclusion of one million dollars for tax-free gift giving.
That means you can give her ONE MILLION DOLLARS in addition to the $12K a year. TAX-FREE. So you are not paying the gift tax which incidentally isn't 49%. Or, if you are, you're making a free gift to the U.S. Treasury which doesn't seem to be what you want, right?
You have a lifetime exclusion of one million dollars for tax-free gift giving.

Incidentally, you also said above that you keep the things that you give her in your name to avoid a tax liability.
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post #8 of 16 (permalink) Old 07-04-2006, 11:46 AM
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90% of all Americans favor a tax increase on the other 10% . . .

The estate tax should be repealed, the money was earned, taxed, the rest belongs to the family that earned it. You can demonize the filthy rich as the liberals do if you want, but they earned it, and deserve to keep it as much as anyone else. Money given as a gift amongst family members should not be taxed at any level.
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post #9 of 16 (permalink) Old 07-04-2006, 11:54 AM
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Quote:
Originally Posted by Gregs300CD
From News of the Weird:

As Congress debates whether to retain the federal estate tax, two advocacy groups released evidence in April that 18 super-rich families (including the owners of Wal-Mart, Gallo wine, Campbell's soup and the Mars candy company) spent as much as $500 million in the last 10 years through industry and trade associations to urge abolition of the tax, and if their campaign is successful, the families will have saved themselves an estimated $71 billion in taxes, a return of 142 times the investment. (Polls show that around 70 percent of Americans favor abolition, even though only one taxpayer in 400 owes any tax.) [St. Petersburg Times, 4-26-06]
Where in Berkley? I used to live there while in law school. I loved it.

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post #10 of 16 (permalink) Old 07-04-2006, 01:06 PM
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The government should decide what is fair. It is the people's wealth, not some family who stole the money from the proletariat.

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