cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Senior Contributor

So it`s okay with you...

.....That estates will be death taxed at a rate of 55% over $1 million in 2011??? If you think so we`ll just have to agree to disagree. Be Well, My Friend.

Highlighted
Veteran Advisor

Re: Very Important to understand, Schnurrbart..you speak volumes

Someone might have suggested something about amnesty but it sure as hell wasn't me so quit lieing about me.  The only way someone making $40K or less would pay no taxes is if they had 3 or more kids as per your link.  Some do but a WHOLE BUNCH  don't.  You sanctimonious pig!!  Get off your high horse once in awhile and look around you.  There are people suffering out there and you couldn't care less!

Highlighted
Senior Advisor

Re: So it`s okay with you...

Husband and wife equals 2 million in exemption. If the two of you have a $ 3 million estate then you would have $1 mill at th 55% rate or  $550,000 estate taxes. Divide that $550 k by the 3 million estate it is only 18.333 % of the total estate.

 

And this is if you do little or no estate planning.

 

Now if you had 3 million in assets and you bought the assets for $1mil  and sold them for the $3 mill, you would have capital gains of $2 mil taxable at the capital gains rate.

 

Im sorry you have such a large estate. I'm lucky I don't have the 3 million but I am a thousandaire!

Highlighted
Senior Contributor

Re: So it`s okay with you...

Als't I know is that all the years I was making over 40K while I was single (and that is a long time), all I got was the standard deduction, year, after year, after year. I have NEVER been able to itimize from the time I have started to pay taxes until today. I still can't itemize while I am married.  I am sure that there are more like me than there are people who get breaks. Meanwhile, multi-million dollar corporations get by with zero taxes, but I don't hear you carping about them.

Highlighted
Senior Contributor

Re: Very Important to understand, Schnurrbart..you speak volumes

I wasn`t "lieing" about you, you stupid freak. I made a mistake, it was GTO that said `Make `em legal and tax `em`.  You`re the MFer that`s "lieing" about me when you say I couldn`t care less about low income workers. Your f...ing Democrat party sold the working man down the tubes with their free trade. Clinton signed NAFTA and Obama supported it after he campaigned against it. Yeah, Democrats are for the working man, don`t bet your arse, Schurrbart!!

Highlighted
Senior Advisor

Re: BA

I have one farm that I bought in the mid 80's for approximately $900 per acre. Todays market would probably return give me $5000 plus per acre.  That one farm would net me $500 K in capital gains that has never been taxed and that is only one farm. Chances are it will pass tax free because my estate is not large enough to exceed the estate tax exemption.

 

Be also advised that the exemption could be larger if the repubs were willing to negotiate an agreement, Unfortunately they are insisting on a continuation of the Bush temporary tax rates and they are unsustainable with our budget problems.

 

So blame the congress of 2003 or president Bush for making that temporary change to the tax code.It probably never would have passed without the expiration date.

It's a different circumstance now and we cannot afford to continue the tax policy. Yes if the temporary tax expires then it will hurt people that Obama never intended to hurt.

 

However, don't be surprised if Obama caves on this issue. The worlds worst negotiator. If I was the decider, the repubs would compromise on the tax code or it would revert back to the code of the Clinton era. I would never give in to their hardball tactics. Not ever! 

 

 

Highlighted
Senior Contributor

Re: So it`s okay with you...

$3 million estate would be maybe 500 acres, heirs getting socked with a $550,000 bill. They`d probably have to `fire sale` at least some of the family farm or actually have to borrow money putting the whole operation in jeopardy. Farms that could get in real trouble are one`s that have developemential potential and are valved at MORE than it is worth to farm.

Highlighted
Senior Contributor

Hey Knapper

Corporations never will actually have to pay taxes because they will just raise prices on the products they sell. The consumer will take it in the shorts though higher prices. I know it sounds good to put the screws to a faceless company, but it would be a tax on the poor folks. Just like cigarette taxes, many $$ per pack, however I see personally that it`s the working poor smoking and paying that tax. 

Highlighted
Veteran Advisor

Re: NOW BA.....


@BA Deere wrote:

  The school systems are basically 100% funded by the farmer`s property taxes for Jesus Christ sake!!


Why do your schools have anything to do with your god? Unless you have your kids in a religious school shouldn't education stay away from all religions?

I think you should be able to refuse to pay taxes if they are for some god.

Highlighted
Veteran Advisor

Re:...a mortgage outs it in jeopardy?


@BA Deere wrote:

$3 million estate would be maybe 500 acres, heirs getting socked with a $550,000 bill. They`d probably have to `fire sale` at least some of the family farm or actually have to borrow money putting the whole operation in jeopardy. Farms that could get in real trouble are one`s that have developemential potential and are valved at MORE than it is worth to farm.


Just wondering how profitable your farms are if a mortgage of $550,000 for 500 acres would put it in jeopardy.

Transfers between spouses in Canada are tax free.

A little tax planning after kids are old enough can reduce much tax and then the kids would have little mortgage for much Capital asset. If they can not make money then it is probably better to cash it in and go do something else.

Sounds like you get no return on your capital investment.