House votes to extend tax on wealthy estates

[SK-1]

Imagine busting your ass all your life to build a business for your family....then your family has to pay a 45% inheritance tax when you die.

Fu#*ing Liberal Democrats.

The bill passed by a 225-200 vote, with all Republicans opposed.
http://www.breitbart.com/article.php?id=D9CC1OQG3&show_article=1

[jmcslob]

Imagine busting your ass all your life to build a business for your family....then your family has to pay a 45% inheritance tax when you die.

Fu#*ing Liberal Democrats.

The bill passed by a 225-200 vote, with all Republicans opposed.
http://www.breitbart.com/article.php?id=D9CC1OQG3&show_article=1
I have no problems with this....and neither do most extremely wealthy individuals...such as Bill Gates, Warren Buffet etc....

Everybody should have to earn what they have...
So they know how to be responsible.....

[SK-1]

I have no problems with this....and neither do most extremely wealthy individuals...such as Bill Gates, Warren Buffet etc....

Everybody should have to earn what they have...
So they know how to be responsible.....


Did you read the whole article??
Estates larger than $3.5 million??? Hardly "Bill Gates and Buffet" territory. Their farts are valued more than that.

Hell, my last two bosses had estates large than that.

Seriously, with up to 60% income tax and this 45% DEATH TAX, why even try to succeed in the USA?

[FordGT90Concept]

Succeed, no. Tax evasion (as in make sure you are worth nothing the second before you die), yes. Good lawyer means you're immune from tax evasion. Yeah, that's the better plan.

This is another fine example of a useless tax that shouldn't exist.

[momentomoir]

Imagine busting your ass all your life to build a business for your family....then your family has to pay a 45% inheritance tax when you die.

Fu#*ing Liberal Democrats.

The bill passed by a 225-200 vote, with all Republicans opposed.
http://www.breitbart.com/article.php?id=D9CC1OQG3&show_article=1

why tax the wealthy my family has busted there ass off to get where they are its not fair
when theres a bunch of lazy ass mutha fuckers that dont do shit and live of the government
hell i was living in a tent and didnt take a hand out poor people make there selves poor imho

what happens say ur rich dad dies and leaves all his money to charity and you cant afford the tax is that really fair to them
my great grandpa started a scholarship program and his money was re-invisted in a ranch to keep my family in touch and in land that all of us can prosper from and our kids

[SK-1]

why tax the wealthy my family has busted there ass off to get where they are its not fair
when theres a bunch of lazy ass mutha fuckers that dont do shit and live of the government
hell i was living in a tent and didnt take a hand out poor people make there selves poor imho

You need to run for office(toast)

[momentomoir]

You need to run for office(toast)

lol i would be a Nazi i hate people too much lol and religion

[farlex]

Many who have very little also bust their ass quite hard, perhaps even harder than those above this mark. I don't particularly think busting ones ass is quite a good argument, everyone busts their asses, get over it. That being said, I agree this is ridiculous. We really need to impose a flat tax or preferably the fairtax soon or this is going to get out of hand. The government is essentially stealing from those who have much, might as well be a common thief scouting neighborhoods to see who has the best big screen so they can come in and take it.

[momentomoir]

Many who have very little also bust their ass quite hard, perhaps even harder than those above this mark. I don't particularly think busting ones ass is quite a good argument, everyone busts their asses, get over it. That being said, I agree this is ridiculous. We really need to impose a flat tax or preferably the fairtax soon or this is going to get out of hand. The government is essentially stealing from those who have much, might as well be a common thief scouting neighborhoods to see who has the best big screen so they can come in and take it.

hell me ancd my bf live off of one paycheck built our own house and own it also own are car
we started in a tent 5 months ago lived in a tent for 3 months in the texas hot summer
now we live in our own house
still are not that rich but were busting our asses to get there

but most of americas poor people are the dam lazy ass people
that get knocked up get wellfare child support and all that bull shit
and then you look at the brand new dodge charger with 26" rims the same people that voted for obama and now bitch about him bc they raised the price of cigarillos and black n milds

and if ur poor and u bust ur ass off you must be spending it on things you dont need:beer, cigs, bigger house then you can afford, a car you cant afford,fast food, going to movies, going on vacation, all other sort of bull shit

In my honest opinion people need to cut there extra spending save there money and use it wisely only buy stuff when you can afford it. Theres no excuse really to be poor and spending moeny on bull shit.
And its not hard to get to middle class theres lots a jobs out there most are just bull shit and people dont want to do

[farlex]

hell me ancd my bf live off of one paycheck built our own house and own it also own are car
we started in a tent 5 months ago lived in a tent for 3 months in the texas hot summer
now we live in our own house
still are not that rich but were busting our asses to get there

but most of americas poor people are the dam lazy ass people
that get knocked up get wellfare child support and all that bull shit
and then you look at the brand new dodge charger with 26" rims the same people that voted for obama and now bitch about him bc they raised the price of cigarillos and black n milds

and if ur poor and u bust ur ass off you must be spending it on things you dont need:beer, cigs, bigger house then you can afford, a car you cant afford,fast food, going to movies, going on vacation, all other sort of bull shit

In my honest opinion people need to cut there extra spending save there money and use it wisely only buy stuff when you can afford it. Theres no excuse really to be poor and spending moeny on bull shit.
And its not hard to get to middle class theres lots a jobs out there most are just bull shit and people dont want to do

Many are lazy. Many did not get a fair shake. Many feel entitled. Many feel trapped. Those statements apply to the rich just as well as they apply to the poor. It is easy to look down on others who are not able or not willing to do the things you do, but I would caution against such condemnation, it only creates strife. I agree people need to cut spending, but who are you to tell them this? Just as you don't want the government telling you how to spend your money nor do they want you telling them the same. Everyone just wants a slice of the pie, a piece of paradise, whatever that may entail. Some beat down the competition from behind, some wait for the welfare check. Either is lost when they condemn the other.

[momentomoir]

Many are lazy. Many did not get a fair shake. Many feel entitled. Many feel trapped. Those statements apply to the rich just as well as they apply to the poor. It is easy to look down on others who are not able or not willing to do the things you do, but I would caution against such condemnation, it only creates strife. I agree people need to cut spending, but who are you to tell them this? Just as you don't want the government telling you how to spend your money nor do they want you telling them the same. Everyone just wants a slice of the pie, a piece of paradise, whatever that may entail. Some beat down the competition from behind, some wait for the welfare check. Either is lost when they condemn the other.

well its called responsibility you dont just go out and buy something if you cant afford it it hurts you in the long run

if we cant afford pc parts we dont buy until we have available funds

its common sense dont spend what you dont have

every one should know that they teach it in most schools and parents should teach u that too

[farlex]

well its called responsibility you dont just go out and buy something if you cant afford it it hurts you in the long run

if we cant afford pc parts we dont buy until we have available funds

its common sense dont spend what you dont have

every one should know that they teach it in most schools and parents should teach u that too

It would be common sense if we were still based on cash, and we didn't have things like cars and houses that cost far more than the average person could ever afford in one go. When you add credit to the mix, and highly expensive shelter and transportation that is viewed as necessary, it is no longer common sense, and actually preys against human nature. It takes self-control, and either knowing the consequences first hand or being taught them well.

Some never do heroin because they know of the consequences. Some have to hit rock bottom before they realize what they've done. Some kill themselves in their own desire. Tis the human tale.

[T3hPwn3r3r]

I can't complain. Who NEEDS 3.5$ million?

[farlex]

I can't complain. Who NEEDS 3.5$ million?

Doesn't matter if you need it. Maybe you don't NEED your fancy computer or Xbox 360. Maybe I just take them b/c I can. Maybe you don't feel so good about that. If we're going to have a monetary system, a system that defines individuals worth by their money, then the government shouldn't be able to take it to their hearts content. It's counter-intuitive.

[jmcslob]

Many are lazy. Many did not get a fair shake. Many feel entitled. Many feel trapped. Those statements apply to the rich just as well as they apply to the poor. It is easy to look down on others who are not able or not willing to do the things you do, but I would caution against such condemnation, it only creates strife. I agree people need to cut spending, but who are you to tell them this? Just as you don't want the government telling you how to spend your money nor do they want you telling them the same. Everyone just wants a slice of the pie, a piece of paradise, whatever that may entail. Some beat down the competition from behind, some wait for the welfare check. Either is lost when they condemn the other.
I also want to add that all people in The U.S. workforce are not needed..
Seriously there is, somewhere out there, a machine that does your job....
it's only a matter of time before your obsolete, so before you pass certain types of judgment consider that very soon through no fault of your own you may be out of work without any options for work including McDonald's and Walmart...Seriously I've seen a totally automated McDonald's at the Cleveland science museum...

When all that happens Do you think your gonna want wealth only handed down from family's....

You all may think that sounds crazy....But check out Cincinnati Milicron, they have a plan to replace YOU
http://www.milacron.com/products/products.html

[SK-1]

lol i would be a Nazi i hate people too much lol and religion

You might like this(toast)
http://www.youtube.com/watch?v=yjO4duhMRZk&feature=topvideos

[SK-1]

I don't particularly think busting ones ass is quite a good argument, everyone busts their asses, get over it.

Nope, not even going to get over it because I personally know/work with Homosapiens who are mega lazy. They are out there. I bet 99% of the forum community knows at least one lazy bastard. The other 1% are liars.:p

And for the record, I've never met a LAZY millionaire.

(I know I know....use the multiquote:o)

[Deusxmachina]

These guys are stealing from dead people. They're grave robbers.

[DrPepper]

Wtf 45% tax on dying and giving the money to the people who deserve it ?

[MT Alex]

That crap happens all the time here. 20 acres of land that used to be worth $250,000 is now valued at 3 million plus. When Mom and Dad die, their kids can't afford to pay the taxes to inherit it, developers come in and buy the land and put 10+ houses on it. Now, you end up with families not being able to pass multi-generational land down to their kids, and farm land and open space gets stampeded into houses for people nobody wants to see move here in the first place. Utter crapola.

[momentomoir]

That crap happens all the time here. 20 acres of land that used to be worth $250,000 is now valued at 3 million plus. When Mom and Dad die, their kids can't afford to pay the taxes to inherit it, developers come in and buy the land and put 10+ houses on it. Now, you end up with families not being able to pass multi-generational land down to their kids, and farm land and open space gets stampeded into houses for people nobody wants to see move here in the first place. Utter crapola.

my family is passing land to me
our land is meant to gather future generations so we can stay intouch
and the rest is to help benefit the our selves
i think its nice land development is sorta a legacy or family tradition with us i dont see it fair to tax it

[Magibeg]

Nope, not even going to get over it because I personally know/work with Homosapiens who are mega lazy. They are out there. I bet 99% of the forum community knows at least one lazy bastard. The other 1% are liars.:p

And for the record, I've never met a LAZY millionaire.

(I know I know....use the multiquote:o)

Actually i know a few lazy millionaires, but of course they inherited their money entirely and never worked a day in their lives. Once you have a large enough sum of money you can just live off the interest. Money has a snowballing effect as you get more of it because the basic requirements for living can remain roughly the same while the ability to generate income steadily increases.

[SK-1]

Actually i know a few lazy millionaires, but of course they inherited their money entirely and never worked a day in their lives. Once you have a large enough sum of money you can just live off the interest. Money has a snowballing effect as you get more of it because the basic requirements for living can remain roughly the same while the ability to generate income steadily increases.

You have to be diligent once you get rich, or other people (GOVERNMENT) will relieve you of your wealth.
So, even after one becomes rich, the work never stops.
Ask any lottery winner. Especially the ones who were not diligent, and lost everything.

[Magibeg]

You have to be diligent once you get rich, or other people (GOVERNMENT) will relieve you of your wealth.
So, even after one becomes rich, the work never stops.
Ask any lottery winner. Especially the ones who were not diligent, and lost everything.

I dunno, I always thought the biggest problem with people suddenly having money was the inability to properly budget (which i guess in a way leads to it going to other people and possibly taxes). I heard of a special financial group that deals with recent lottery winners to help them cope with their money because you're right, a lot of them do just end up blowing it all.

[SK-1]

I heard of a special financial group that deals with recent lottery winners to help them cope with their money because you're right, a lot of them do just end up blowing it all.

I'd like to be a member of that group.:)

[jmcslob]

That crap happens all the time here. 20 acres of land that used to be worth $250,000 is now valued at 3 million plus. When Mom and Dad die, their kids can't afford to pay the taxes to inherit it, developers come in and buy the land and put 10+ houses on it. Now, you end up with families not being able to pass multi-generational land down to their kids, and farm land and open space gets stampeded into houses for people nobody wants to see move here in the first place. Utter crapola.
H&R Block can tell you how to avoid That for $50, Plus it's not like you can't uphold a probate court decision through appeals and have the properties true Value appraised etc.. just because the land holds Value as a Farm does not mean it holds the same value for a vacant lot...

I'm sure if it was already decided upon, That a family member would eventually take custody of the estate perhaps some other type of planning could be put forth to avoid such taxes... Like sell it to that family member for $1, yes that works too.

And if the property or estate is a business, if you can't afford 45% of it's value, you probably can't run it anyways...
I dunno I would think if you have a family business perhaps you could put some money back, we'll say 45% of the business's value, so that way if you die whoever inherits it will already have what they need for the business to succeed..

[Deusxmachina]

And if the property or estate is a business, if you can't afford 45% of it's value, you probably can't run it anyways...

So let's say you have a business valued at one million dollars. It makes a net profit of, oh, let's say 250k a year. Someone then says you can't operate it and make that 250k a year unless you first pay 450k. Assuming you could pay it, you'd then have to work two full years just to make the money back. And assuming you can't pay it, you're out of business before you even get started.

Sounds fair.

[MT Alex]

H&R Block can tell you how to avoid That for $50, Plus it's not like you can't uphold a probate court decision through appeals and have the properties true Value appraised etc.. just because the land holds Value as a Farm does not mean it holds the same value for a vacant lot...

I'm not sure what part of the West you have been to, lately. Farms aren't worth shit, it's the land that is worth the high values, not milk or wheat.

Gosh, it sure is too bad us backwater hicks haven't heard of H&R Block, then we could have saved our land, Shucks.

Get real.

Above and beyond Federal estate taxes: 20 acres doesn't make someone a land baron here, in fact, that is a paltry amount of land. Besides that, one acre chunks on the water are worth way more than valley land. Montana Property Taxes are 3.5% of appraised property values, minus a 31% homestead value. Because jack waters from urban areas have found it quaint to move to the country, the $250,000 one acre on the water you used to pay $6037.50 per year now has an appraised taxable value worth 2 mil, which adds up to $48,300 per year, which is $4025.00 per month.

Most people end up having to use the "equity" that was forced upon them to take out loans, simply to pay their taxes, or are forced to sell.

Think about things like this while you are so busy championing the plight of the common man. Higher taxes stick it to everyone. Your first post in this thread says it all, the elite will have no problems, while the middle class will do as usual: bend over and take one for the team.

[jmcslob]

So let's say you have a business valued at one million dollars. It makes a net profit of, oh, let's say 250k a year. Someone then says you can't operate it and make that 250k a year unless you first pay 450k. Assuming you could pay it, you'd then have to work two full years just to make the money back. And assuming you can't pay it, you're out of business before you even get started.

Sounds fair.

I'm not sure what part of the West you have been to, lately. Farms aren't worth shit, it's the land that is worth the high values, not milk or wheat.

Gosh, it sure is too bad us backwater hicks haven't heard of H&R Block, then we could have saved our land, Shucks.

Get real.

Above and beyond Federal estate taxes: 20 acres doesn't make someone a land baron here, in fact, that is a paltry amount of land. Besides that, one acre chunks on the water are worth way more than valley land. Montana Property Taxes are 3.5% of appraised property values, minus a 31% homestead value. Because jack waters from urban areas have found it quaint to move to the country, the $250,000 one acre on the water you used to pay $6037.50 per year now has an appraised taxable value worth 2 mil, which adds up to $48,300 per year, which is $4025.00 per month.

Most people end up having to use the "equity" that was forced upon them to take out loans, simply to pay their taxes, or are forced to sell.

Think about things like this while you are so busy championing the plight of the common man. Higher taxes stick it to everyone. Your first post in this thread says it all, the elite will have no problems, while the middle class will do as usual: bend over and take one for the team.

Here from the article:
Under the House bill, estates smaller than $3.5 million would continue to be exempt from the tax. Married couples, with a little estate planning, could exempt a total of $7 million. That leaves less than 1 percent of all estates subject to the tax.

Give it up...
we're not talking middle Class this is about Inherited wealth and Power,
and this is about People like Paris Hilton gaining control of a multi-million Dollar companies that thousands of people depend on for work

And Btw, this bill has loop holes that seem pretty much like protections for people you are describing Mt Alex....Land itself is only Valued upon the structures on it, think the example of a Vacant lot That i gave, This bill is for estates and depending on your states Zoning Laws may simply be exempt without a business or Structure on it with a Value of 3.5 million, and if totaling more than 3.5 or 7 million per married couple, In other words you either have to be Rich to qualify for this tax, or you will get rich from inheriting from an estate, which is just like winning the Lottery (Same Tax %)

[Wile E]

Here from the article:
Under the House bill, estates smaller than $3.5 million would continue to be exempt from the tax. Married couples, with a little estate planning, could exempt a total of $7 million. That leaves less than 1 percent of all estates subject to the tax.

Give it up...
we're not talking middle Class this is about Inherited wealth and Power,
and this is about People like Paris Hilton gaining control of a multi-million Dollar companies that thousands of people depend on for work

And Btw, this bill has loop holes that seem pretty much like protections for people you are describing Mt Alex....Land itself is only Valued upon the structures on it, think the example of a Vacant lot That i gave, This bill is for estates and depending on your states Zoning Laws may simply be exempt without a business or Structure on it with a Value of 3.5 million, and if totaling more than 3.5 or 7 million per married couple, In other words you either have to be Rich to qualify for this tax, or you will get rich from inheriting from an estate, which is just like winning the Lottery (Same Tax %)

You are wrong. Just because an estate is worth 3.5, doesn't mean they have 3.5 in on hand assets. Appraised values and actual available assets are 2 entirely different things. Especially if the estate includes a business that has overheads involved.

Besides, taxing the rich is never a good idea. Who do you think accounts for most of the jobs available in this country?

Furthermore, taxes have already been paid on these estates by the deceased. By taxing the inheritor, the govt is double dipping.

Sorry, just because they are rich, doesn't mean they should be punished, or that the govt should be able to double dip on the estate.

Taxes should actually be flat across the board, imo, and there should be no such thing as a death tax, period, for anyone.

[jmcslob]

You are wrong. Just because an estate is worth 3.5, doesn't mean they have 3.5 in on hand assets. Appraised values and actual available assets are 2 entirely different things. Especially if the estate includes a business that has overheads involved
Not under this Bill... That may be true through individual states but not under this Federal Bill or it would affect more than <1% of estates...

If that really were the case I would be totally against this Bill

[Wile E]

Not under this Bill... That may be true through individual states but not under this Federal Bill or it would affect more than <1% of estates...

If that really were the case I would be totally against this BillEven if there were loopholes to get out of it, it shouldn't effect ANY estates. The bill shouldn't exist. The govt should not be allowed to double dip, ever, for any reason. I don't care how much money a person inherits, it's none of the govt's business as far as I am concerned. The deceased individual already paid taxes on it, and in the event they didn't, the inheriting individual still has to pay any property or income taxes (and other such taxes) that the deceased may have owed on it, in order to inherit it. They don't need to add to that.

[jmcslob]

Even if there were loopholes to get out of it, it shouldn't effect ANY estates. The bill shouldn't exist. The govt should not be allowed to double dip, ever, for any reason. I don't care how much money a person inherits, it's none of the govt's business as far as I am concerned. The deceased individual already paid taxes on it, and in the event they didn't, the inheriting individual still has to pay any property or income taxes (and other such taxes) that the deceased may have owed on it, in order to inherit it. They don't need to add to that.
That's like saying Lottery winnings should be Tax exempt......Or just because your were born rich you should get to remain rich simply because....

That would bankrupt any state given enough time

[Wile E]

That's like saying Lottery winnings should be Tax exempt......Or just because your were born rich you should get to remain rich simply because....

That would bankrupt any state given enough time

No, it isn't the same. First, nobody had to die for you to win the lottery. That's a fucked up way of looking at gaining an inheritance. Second, a lottery jackpot did not have a former owner who paid taxes on it. That's a completely broken analogy.

[jmcslob]

From the Article:
The quirk in the law, in which the estate tax would disappear for only a year, came out of a series of tax cuts enacted in 2001. Many Republicans, who controlled Congress at the time, wanted to permanently repeal the estate tax then. But they settled on a gradual reduction, with a one-year repeal, to reduce the impact on the federal budget deficit.
......
Oddly property Values increased wildly over the period in which That idea was tried....and now we have Negative equity on properties.....
It just doesn't work....
Like it or not Estate Taxes keep property Values in line with inflation...


Currently, the tax affects few estates. In 2009, about 5,500 estates will be subject to the tax, according to projections from the Tax Policy Center, a Washington think tank. That's 0.23 percent of all estates.

seriously we are talking about The Richest of the Rich Here.....
Trust me they can afford it.....
It's like pocket change to these people

[Wile E]

From the Article:
The quirk in the law, in which the estate tax would disappear for only a year, came out of a series of tax cuts enacted in 2001. Many Republicans, who controlled Congress at the time, wanted to permanently repeal the estate tax then. But they settled on a gradual reduction, with a one-year repeal, to reduce the impact on the federal budget deficit.
......
Oddly property Values increased wildly over the period in which That idea was tried....and now we have Negative equity on properties.....
It just doesn't work....
Like it or not Estate Taxes keep property Values in line with inflation...


Currently, the tax affects few estates. In 2009, about 5,500 estates will be subject to the tax, according to projections from the Tax Policy Center, a Washington think tank. That's 0.23 percent of all estates.

seriously we are talking about The Richest of the Rich Here.....
Trust me they can afford it.....
It's like pocket change to these people
Pocket change or not, it still doesn't make it right. That's like saying you have to pay more money for an identical item if you are rich, because hey, you can afford it. This $30,000 Mustang will now cost you $300,000, just because you have the money.

And no prob on the inheritance/lottery thing. I was hoping you just didn't realize how bad it sounded. (toast)

[Deusxmachina]

Trust me they can afford it.....
It's like pocket change to these people

That's the same thing I hear even-lower-income people say about those who make $40k a year.

It's not the government's money.