the estate tax is a good thing

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fun gus
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the estate tax is a good thing

Postby fun gus » Sat Oct 30, 2010 11:37 pm

..unless you live in Wyoming



http://www.google.com/hostednews/ap/art ... 742699686b




CHEYENNE, Wyo. (AP) — U.S. Rep. Cynthia Lummis says some of her Wyoming constituents are so worried about the reinstatement of federal estate taxes that they plan to discontinue dialysis and other life-extending medical treatments so they can die before Dec. 31.

Lummis, a Republican who holds her state's lone seat in the House, declined to name any of the people who have made the comments.

But she said many ranchers and farmers in the state would rather pass along their businesses — "their life's work" — to their children and grandchildren than see the federal government take a large chunk.

"If you have spent your whole life building a ranch, and you wanted to pass your estate on to your children, and you were 88-years-old and on dialysis, and the only thing that was keeping you alive was that dialysis, you might make that same decision," Lummis told reporters.

Lummis and other Republicans are fighting to renew the Bush-era tax cuts, which expire at the end of the year. The cuts exempt large inheritances as well as certain wage income, interest, dividends and capital gains.

The estate tax, first enacted in 1916, temporarily disappeared for 2010 while political wrangling stalemated efforts to revise it. The tax's top rate in 2009 was 45 percent, but estates smaller than $3.5 million — or $7 million in the case of married couples — were exempt. That left less than 1 percent of all estates subject to the tax.

Without further action from Congress, the estate tax will return in 2011 and will affect more heirs, with a lower exemption — $1 million — and a higher top rate — 55 percent.

Lummis said the children of some people choosing death over taxes told her of their parents' decision. She wouldn't identify them and said it would be their decision to come forward.

Copyright © 2010 The Associated Press. All rights reserved.


get a boner, Wease
"what if there were no hypothetical situations?"

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Re: the estate tax is a good thing

Postby Pudge » Sat Oct 30, 2010 11:39 pm

Love that money! :mrgreen:
"Vincere scis, Hannibal, victoria uti nescis" -- Maharbal, 216 B.C.E.

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Re: the estate tax is a good thing

Postby fun gus » Sat Oct 30, 2010 11:58 pm

The tax's top rate in 2009 was 45 percent, but estates smaller than $3.5 million — or $7 million in the case of married couples — were exempt. That left less than 1 percent of all estates subject to the tax.

Without further action from Congress, the estate tax will return in 2011 and will affect more heirs, with a lower exemption — $1 million — and a higher top rate — 55 percent.

Okay, no matter that you PAY taxes when you MAKE the money. Then you PAY taxes when you bank it ( if you choose to here)
then you have to PAY a tax when you die, or pass the tax along. I'm sorry, that is a buncha horsecr*p. And even if you bank it in a 'protected' entity, that might not be safe either. Now, I doubt there are many willing to croak quick to save thier cash, but if THERE IS ONE then it is Tyranny.

Learn History. [urlhttp://www.taxfoundation.org/news/show/627.html][/url]

The estate tax is one of the most inefficient features of the current tax system. Its sheer complexity results in high compliance costs--as much as estate taxes raise by some estimates. High compliance costs along with distortions to economic activity warrant outright elimination of estate taxes before the sunset occurs.

http://www.heritage.org/research/report ... erspective
"what if there were no hypothetical situations?"

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Re: the estate tax is a good thing

Postby fun gus » Sat Oct 30, 2010 11:59 pm

Pudge wrote:Love that money! :mrgreen:


:rofl:
"what if there were no hypothetical situations?"

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Re: the estate tax is a good thing

Postby thescout » Sun Oct 31, 2010 2:40 am

Anything to get the hard working man's money. The government better be taxing alot of estate taxes we are 13 trillion in debt. :doh: Hey maybe Paris Hilton can loan these poor fellas some money to pay off their estate taxes? :clap:
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Re: the estate tax is a good thing

Postby Pudge » Sun Oct 31, 2010 12:59 pm

fun gus wrote:The estate tax is one of the most inefficient features of the current tax system.

Pretty redundant statement if you ask me. :wink:
"Vincere scis, Hannibal, victoria uti nescis" -- Maharbal, 216 B.C.E.

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Re: the estate tax is a good thing

Postby Wease » Sun Oct 31, 2010 3:13 pm

Those folks are pretty damn stupid if they end up having their estate pay that tax, it is very easy to minimize or avoid. If they end up paying it, good. Got to get that deficit down somehow.
I thought baggers and wingers liked personal responsibility and such. What is more lazy than inheriting money? :mrgreen:

I don't believe a word of the part of the post about people chosing to die in 2010. Just pure fantasy by politicians in an election year.

Gus seems the one sporting wood and buying into this right wing fantasy. :rofl:
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Re: the estate tax is a good thing

Postby fun gus » Sun Oct 31, 2010 3:28 pm

"The estate tax is a good thing' -Wease

" Wease is a dumba**' -Dan Rooney


http://www.nodeathtax.org/mcnair-nfl-ow ... estate-tax
:mrgreen:
"what if there were no hypothetical situations?"

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Re: the estate tax is a good thing

Postby widetrak21 » Mon Nov 15, 2010 4:58 pm

I don't believe a word of the part of the post about people chosing to die in 2010. Just pure fantasy by politicians in an election year.


Not political fodder AT ALL. VERY, very real issue. I can attest first hand from my work field that this issue is huge in estate planning.
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Re: the estate tax is a good thing

Postby fun gus » Mon Nov 15, 2010 6:52 pm

widetrak21 wrote:
I don't believe a word of the part of the post about people chosing to die in 2010. Just pure fantasy by politicians in an election year.


Not political fodder AT ALL. VERY, very real issue. I can attest first hand from my work field that this issue is huge in estate planning.

careful WD21. Progressives dont take kindly to having thier beliefs challenged :naughty: :ninja:
"what if there were no hypothetical situations?"

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Re: the estate tax is a good thing

Postby widetrak21 » Tue Nov 16, 2010 2:43 pm

careful WD21. Progressives dont take kindly to having thier beliefs challenged


:lol: Not hard to figure out that say you have $5m estate, 55% is paying uncle sam $2.75m in taxes. So you lose over half of what your family earned, that you inherited. You can't imagine how much money the govt has lost this year alone by big estates dying in 2010.
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