U.S. House passes estate tax repeal despite veto threat

Discussion in 'Blazers OT Forum' started by SlyPokerDog, Apr 18, 2015.

  1. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    The business might have been in the family for generations.

    And see my edit above.
     
  2. The_Lillard_King

    The_Lillard_King Westside

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    Matter of opinion about whether it is a debt that should have to be taken on.

    Give me 5 million after taxes and I'm pretty sure I can roll that into financial security for my family. Especially if given to me in the form of a 7 million dollar successful business that has a 2 million dollars in debt.
     
  3. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    It's not $5M, it's $2.5M. The govt. TAKES 50% of the short term capital gains because they're forced to sell.

    It's none of anyone's business to force anyone to sell their property like this.
     
    Last edited: Apr 20, 2015
  4. 3RA1N1AC

    3RA1N1AC 00110110 00111001

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    Yes, great-great grandpappys olde tyme truck stop, passed down through generations.

    Cool story.
     
  5. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    It could be the family farm. Like I said, it's nobody's right to destroy what the family built over generations of time.

    The worst part is it'll be some corporation or a 1%er who buys these things at distresses prices.
     
  6. The_Lillard_King

    The_Lillard_King Westside

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    I suppose if thought is parents worked so hard and they deserve to be able to give kids all the money so kids don't have to work . . . I get that. I don't agree and feel that kids should also have to work hard. I guess hearing the "injustice story" . . . still not feeling very sorry for kids, but I understand the idea that parents should be able to give kids everything they have when they die without our country being able to touch it.

    My thought is we live in a great country with great opportunity and I don't have a problem with the country getting back a piece of whatever fortune I made when I die. But I do have kids and again understand the other school of thought.
     
  7. MarAzul

    MarAzul LongShip

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    Geez! After reading this thread, it's makes sense why civil wars are needed every so often.

    Here is a list of Ranches for sale in Oregon.

    http://fayranches.com/ranches-for-sale/oregon

    Take the one for $7,780,000 as an example. Then go barrow the money to pay the tax on it, if you can find it. I seriously doubt you can make enough money with this ranch to make that payment every month while continuing to pay the property tax on the ranch. Your dad just died, but you now 50 some years old have to sell the place you have been working your whole life,
    just to pay the tax a bunch of have nots think is great. A system like that calls for war! Thank the Republicans for saving us from the war.
    This is not income anyway, it just a recalibration of value to reflect the devaluation of the dollar over time. Why the hell tax that new number? It doesn't represent income. More like confiscation to please the have nots.
     
    Last edited: Apr 19, 2015
  8. 3RA1N1AC

    3RA1N1AC 00110110 00111001

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    Let me get out my hankercheif, that poor 50 year old rancher will only get 5 million dollars to retire on for his parents hard work? Unfathomable sadness.
     
  9. MarAzul

    MarAzul LongShip

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    I can only hope you know how shallow that sentiment really is.
     
  10. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    $5M < keeping the ranch.
     
  11. magnifier661

    magnifier661 B-A-N-A-N-A-S!

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    Now think about this. i love this new bill! Brainiac, I'll be sure to invite you to my zero tax inheritance party!
     
  12. 3RA1N1AC

    3RA1N1AC 00110110 00111001

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    I'm there! I'm sure Paris Hilton is throwing one too!
     
    magnifier661 likes this.
  13. maxiep

    maxiep RIP Dr. Jack

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    Congratulations on realizing you're a Federalist.

    As for what you pay for, look at the role of the Federal Government as procribed in our Constitution.

    Finally, if you were happy to pay $250K, why wouldn't you not be happy to pay the whole thing?
     
  14. 3RA1N1AC

    3RA1N1AC 00110110 00111001

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    Its a trap!
     
  15. jlprk

    jlprk The ESPN mod is insane.

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    Denny is wrong again. He says estate tax on $7 million is $2 million. So everyone in the thread is using that number. (Side note: Only 0.5% of all deaths pay any estate tax, i.e. 1% of marriages.)

    For a 2015 death, maximum IRS estate tax on a $7 million estate is $573,800. ($7 million - $5.43M exclusion = $1.57M taxable. $345,800 is the tax on the first $1M. Tax on the remaining $570,000 is at 40% = $228,000. $345,800 + $228,000 = $573,800.)

    But anyone with sense will have estate planning, such as a trust, and pay 25-30% instead of 40%, which lowers it about $70,000 to $500,000. You can probably get it lower if the estate is in the form of a business, and you run your business in a way to minimize estate tax.

    But no one runs his life just to maximize his grubby kids' take when he dies. Republicans have never heard, "You can't take it with you."

    Summary of estate tax on a $7M estate:

    tax...effective rate (= tax / $7M)...source
    $500,000...7%...jlprk
    $573,800...8%...IRS maximum amount
    $2,000,000...28%...Denny
     
    Last edited: Apr 20, 2015
  16. jlprk

    jlprk The ESPN mod is insane.

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  17. jlprk

    jlprk The ESPN mod is insane.

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    You seem to think you have a clever piece of logic, posting it twice. Back at'cha:

    Do you like the Iraq War? Then why don't you contribute all your money to it? Do you like Israel? Then why don't you contribute all your money to it? Do you like chocolate?...
     
  18. jlprk

    jlprk The ESPN mod is insane.

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    If you like Civil War, here's what happened last time your side started one. Gerald O'Hara tells his daughter Scarlett, don't sell Tara when I die. Daddy won't sell the farm.

     
  19. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    No, I'm not wrong. Brainiac kept saying the family would get to "retire on $5M," The difference between $7.8M and $5M is $2M.

    My points all still stand. Even at $500K in tax, you are forcing people who can't come up with that money to sell the property to evil corporations or someone in the 1%.

    What are the capital gains when they sell the place? Short term if they sell within the 1st year, and that would be pushing 50%, if not more due to ObamaCare.

    The government shouldn't be taxing you on unrealized gains, which is what inheritance tax exactly does.
     
  20. H.C.

    H.C. Well-Known Member

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    I'm not 50, and my grandparents aren't dead.
    But I have a job at their farm that I perform and work hard at every day.
    I will be extremely sad when my grandparents pass away, even more so if we as a family can't afford to keep the farm in the family.
    Personally 5 million isn't enough for me to not miss working there every day.
    I grew up there, my childhood was there, both my cousins got married there, I remember at 6 years old catching and butchering a chicken there for a holiday...
    5 million isn't near enough to lose that.
    No dollar amount is.
     
    Last edited: Apr 20, 2015

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