GOP estate tax repeal

[Tsing Tao]

You lose two choices when you die: you can't buy the car and you can't save/invest the money. That's because you are dead.

I understand your argument. Conservatives spout "Double taxation" as the reason against an estate tax. It's not a good reason by itself. The reality is that you don't want to pay more to the government and this is another battleground for it. You would happily exchange a higher estate tax for no income tax, I bet; and I bet you would be upset if your income tax rates went up by double but the estate tax was eliminated for everyone.

Society doesn't benefit if vast amounts of wealth are transferred to succeeding generations.

You are wrong. I would not exchange a higher estate tax for no income tax. I believe there is a purpose to an income tax and no purpose to an estate tax (other than to just tax something because liberals like to soak the rich). Therefore, since I am a man who follows principles, I would disagree with your statement 100%.

The income tax does not need to double to compensate for no estate tax. Tax rules can be simplified and revised to become more fair. We simply choose to not do it.

 

[Tsing Tao]

The United States can not go Bankrupt, therefore Social Security cannot go bankrupt. What can happen however is idiots can intentionally damage the Social Security System by by not following through on the Trustees' recommendations based on the actuaries calculations. The Trustees have been calling for an increase in the contribution rate for years -- originally a very modest increase -- that Congress has ignored for years.

No, technically no country that can print money at will can go bankrupt. It simply punishes its citizens with the devaluation of its currency. Lovely.

 

[piezoe]

Trumpy said, "... Most Americans will see a tax cut. Only a small percentage of tax payers will see an increase". So... if you're one of those with an increase, then you're a "tax donkey"... as am I. (Can't have a tax cut across the board without a decrease in spending.... and you know they didn't do that!) If there's a tax cut for some, must be a tax increase for others. Thank you very much!! Still... hosed as I am... yet again... I wouldn't vote a Lefty/Commie in his place. (Trumpy is only taking some/more. The DemoCraps plan on taking EVERYTHING!!)

I think it is entirely reasonable to say that you guys who voted for an obvious, psychopathic TV performer in preference to an uncharismatic and annoying, but competent, alternative got exactly what you deserve. The problem for the rest of us is that we don't deserve it. We told you the guy was a clinical narcissist, a liar, an asshole, and a criminal, and you voted for him anyway.

 

[Tsing Tao]

So maybe the son should've been made part owner before his folks passed

And that is precisely what happens. The rich figure out all sorts of tax schemes to get around the taxation laws you guys push down their throats. The ones who don't are the ones who can't plan in advance or are caught suddenly without a plan. This makes the tax even more pointless.

 

[gwb-trading]

I’m wondering if anyone on this forum has actually even looked at their tax bill this year?

I have done a preliminary run at my federal taxes — they have gone up. The GOP tax changes screwed me (as far as I can tell).

I don’t live in a state where the property tax deduction limits have an impact — but am still screwed.

 

[piezoe]

And that is precisely what happens. The rich figure out all sorts of tax schemes to get around the taxation laws you guys push down their throats. The ones who don't are the ones who can't plan in advance or are caught suddenly without a plan. This makes the tax even more pointless.

If those schemes have the affect of significantly avoiding taxation, then chances are that, on close examination, they are illegal Yet many get away with them, such as Donald's Daddy transferring income to his three year old to be taxed at the child's rate. I suppose he had to make the three year-old an employee to do this!

You can give your farm or business to your kids while you are alive , but its still a taxable event if the transfers exceed the gift tax limits. You can transfer your property in a living Trust, but then the basis for those you transfer the property to is your basis --unlike what happens re the basis for property inherited via a will . Hence you may be transferring a sizable capital gain to the next generation that will ultimately be taxed. Etc.

 

[Tsing Tao]

If those schemes have the affect of significantly avoiding taxation they chances are that on close examination they are illegalare illegal. Yet many get away with them, such as Donalds Daddy. who transferred income to his three yer old child to be taxed at the child's rate. I suppose he had to make the three year-old an employee to do this!

Dude, Trump won. Get over it. I suggest therapy if you are unable to handle your grief. Many schemes are within loopholes designed for by congress (by both democrats and republicans) to avoid the same issues. You're an idiot if you think otherwise.

You can give your farm or business to your kids while you are alive , but its still a taxable event if the transfers it exceed the gift tax limits. You can transfer your property in a living Trust but then the basis for those you transfer the property to is your basis --unlike what happens re the basis for property inherited via a will . Hence you may be transferring a sizable capital gain to the next generation that will ultimately be taxed. Etc.

As I said, there are a number of ways to minimize and, in some cases even eliminate, taxation rules with a good accountant.

 

[piezoe]

Dude, Trump won. Get over it.

I'll be over it when I see that asshole in handcuffs. You going to make the same mistake again? I hope to god you learned your lesson.

 

[RRY16]

I have done a preliminary run at my federal taxes — they have gone up. The GOP tax changes screwed me (as far as I can tell).

I don’t live in a state where the property tax deduction limits have an impact — but am still screwed.

Stop It! Everyone knows you don’t work.

 

[Tsing Tao]

I'll be over it when I see that asshole in handcuffs. You going to make the same mistake again? I hope to god you learned your lesson.

The question is whether you guys learned your lesson or not. If you put an asshole and corrupt politician against him and I have the choice between an Idiot I don't know vs. an Idiot I do, I'll choose the one I do.

I don't consider voting for Trump a mistake when all I had was Hillary as an alternative.