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Thread: Obama to call for middle class tax cut extension

  1. #231
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by notquiteright View Post
    Best stats I can find show just under 15,000 estates a year have to pay a tax.

    Most estate are have account/asset consultants so the passing of estates from one generation to another is done in increments to avoid taxes.

    It is an estate tax because a man can die, leave his estate to a qualifying charity and the estate isn't taxed. So the dead dude isn't 'taxed' as the upper 1% or so keep trying to insist.

    In 2009 about 80 'family farms' had any tax liability on their assets over 3.5 million USD. That means the myth of a 'death tax' killing family farms is false. Around here a big farm being broken up generally means the children don't want to farm due to nice city based careers, or they can't decide how to divide ALL the farm assets so they sold and split the money. (most sold land goes to kin around here so the last name on the deed doesn't change.) Most family farms are diversified in their holdings with stocks and interests in local businesses so it isn't traditional assets in question, it is just easier to sell the land no one wants to work and keeping the stocks and business partnerships.

    Anyway, a very few are very upset the land of opportunity doesn't include nobility or charity status for the upper 1%.

    I wonder what countries allow multi-million dollar estates to pass untaxed?
    What's as bad as the tax are the legal and accounting expenses you incur to deal with it.
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  2. #232
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by Billy the Kid View Post
    Screaming, whinning and moaning? Rather dramatic IMO.

    Tomato/Tomato.

    I'll just continue to call it a Death Tax.
    and you would be wrong, but if you wish to be ignorant on what it is, that is your business.

  3. #233
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by wbcoleman View Post
    My mother's death was taxed. I wrote the check.
    no, her estate was taxed, not the act of her death.

  4. #234
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by wbcoleman View Post
    You believe that everyone dies broke???
    I don't believe a corpse can own anything. Do you have evidence to the contrary?
    Last edited by MoSurveyor; 07-15-12 at 07:41 PM.
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  5. #235
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by randel View Post
    no, her estate was taxed, not the act of her death.
    Please explain why that's anything other than a semantic difference. What's consequential in your distinction?
    Zionism is the National Liberation Movement of the Jewish People.

  6. #236
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by MoSurveyor View Post
    I don't believe a dead man can own anything.
    No one has an estate until they die. What's your point?
    Zionism is the National Liberation Movement of the Jewish People.

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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by wbcoleman View Post
    Please explain why that's anything other than a semantic difference. What's consequential in your distinction?
    the act of dying is NOT TAXED...seriously, i dont get what is so hard to understand here. if you paid anything, it is because YOU RECEIVED ASSETS FROM THE ESTATE, WHICH IS 'INCOME' TO YOU. income is taxed in this country.

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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by randel View Post
    no, her estate was taxed, not the act of her death.
    And in actuality wasn't it the inheritance that was taxed?

    I mean, if the entire estate had gone to charity there would have been no tax, right?


    Ed:
    I see you addressed that in your next post. *thumbs up*
    Last edited by MoSurveyor; 07-15-12 at 07:47 PM.
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  9. #239
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by wbcoleman View Post
    No one has an estate until they die. What's your point?
    You might want to check your definitions there ...
    Mt. Rushmore: Three surveyors and some other guy.
    Life goes on within you and without you. -Harrison
    Hear the echoes of the centuries, Power isn't all that money buys. -Peart
    After you learn quantum mechanics you're never really the same again. -Weinberg

  10. #240
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by randel View Post
    the act of dying is NOT TAXED...seriously, i dont get what is so hard to understand here. if you paid anything, it is because YOU RECEIVED ASSETS FROM THE ESTATE, WHICH IS 'INCOME' TO YOU. income is taxed in this country.
    Yep! It's just like receiving a gift except you get a bigger deduction for it - a MUCH bigger deduction.
    Last edited by MoSurveyor; 07-15-12 at 07:51 PM.
    Mt. Rushmore: Three surveyors and some other guy.
    Life goes on within you and without you. -Harrison
    Hear the echoes of the centuries, Power isn't all that money buys. -Peart
    After you learn quantum mechanics you're never really the same again. -Weinberg

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