Federal Death Tax

#3
#3
lol at death tax misnomer. it taxes you for receiving goods valued OVER 5.34 million, just like winning the lotto or on a game show, you owe taxes. and most of the time when the original family owner dies and passes it on if the next generation takes it public its usually not because they are hurting but because they see quick way to get more money. i would like proof where the financial burden of the 'death tax' made a family sell.
 
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#4
#4
Yeah we need to get rid of the estate tax cause we are not moving towards a wealth oligarchy nearly fast enough hell even a better idea do not tax the wealthy at all and maybe they will TRICKLE down on us with their blessings.
 
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#5
#5
Yeah we need to get rid of the estate tax cause we are not moving towards a wealth oligarchy nearly fast enough hell even a better idea do not tax the wealthy at all and maybe they will TRICKLE down on us with their blessings.

Or just start taxing everybody.
 
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#6
#6
Yeah we need to get rid of the estate tax cause we are not moving towards a wealth oligarchy nearly fast enough hell even a better idea do not tax the wealthy at all and maybe they will TRICKLE down on us with their blessings.

You FINALLY post something that makes sense!!!! Welcome to the dark side.
 
#7
#7
lol at death tax misnomer. it taxes you for receiving goods valued OVER 5.34 million, just like winning the lotto or on a game show, you owe taxes. and most of the time when the original family owner dies and passes it on if the next generation takes it public its usually not because they are hurting but because they see quick way to get more money. i would like proof where the financial burden of the 'death tax' made a family sell.

Family Business Defense Council

click on these peoples names and read away.

Million dollar independently owned businesses shut down because of at least 40% went to gov't.
 
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#9
#9
Family Business Defense Council

click on these peoples names and read away.

Million dollar independently owned businesses shut down because of at least 40% went to gov't.

did a quick search on the first name on your list, he is worth more than the company he had to sell.

ARKANSAS BUSINESS RANKINGS: WEALTHIEST ARKANSAS FAMILIES. - Free Online Library

Arkansas Business' 25 Wealthiest Arkansans (25th Anniversary) | Arkansas Business News | ArkansasBusiness.com

only thing i found on his company was it was sold for $158, he is worth $233 million if i remember correctly. yeah it really would have bankrupted him to pay $75 million. I am willing to bet a good number of your names have similar stories. also its just like any other tax, you know its coming and can plan for it. Either by saving money for that express purpose, a bit dumb but a nice savings account, or you can pass the business on before you die, or get old enough where its prudent to move it to your sons/daughters/other family members. while it is a very large amount of money its not out of the realm of possibility to save for it.
 
#11
#11
Yeah we need to get rid of the estate tax cause we are not moving towards a wealth oligarchy nearly fast enough hell even a better idea do not tax the wealthy at all and maybe they will TRICKLE down on us with their blessings.

As someone who aspires to be wealthy one day, I approve this message.
 
#12
#12
lol at death tax misnomer. it taxes you for receiving goods valued OVER 5.34 million, just like winning the lotto or on a game show, you owe taxes. and most of the time when the original family owner dies and passes it on if the next generation takes it public its usually not because they are hurting but because they see quick way to get more money. i would like proof where the financial burden of the 'death tax' made a family sell.

Just look at your average family farm. The land value alone puts many above the threshold.
 
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#13
#13
Double student loan interest rates, remove death tax. We're serfs, aren't we?

Not quite. If you're game, i have some serfdom positions available. Send your resume to:

Serf'n Berd
1134 shackle island rd
Hendersonville, tn
 
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#16
#16
Just look at your average family farm. The land value alone puts many above the threshold.

and then you have to pay 40% on what goes over that. I know, my family is going through this right now. Grandmother just died a few months ago and Grandfather isn't getting any younger. I have said it before and said it again, prepare for it like you do any tax and it isnt a problem. there are ways to 'give' the land to your family with having to pay insane taxes. different states have different amounts but basically my family is buying the land from my grandfather at the lowest legal amount.
 
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#17
#17
and then you have to pay 40% on what goes over that. I know, my family is going through this right now. Grandmother just died a few months ago and Grandfather isn't getting any younger. I have said it before and said it again, prepare for it like you do any tax and it isnt a problem. there are ways to 'give' the land to your family with having to pay insane taxes. different states have different amounts but basically my family is buying the land from my grandfather at the lowest legal amount.

Your anecdote is a wonderful illustration between tax law and taxation. Many people, including some in this very thread, falsely equate tax law with guaranteed state money in the bank (as well as funding for sacred cows, creating equity between the haves and have nots, and sticking it to the evil rich). Taxation is a different animal entirely. People will take all reasonable measures to avoid, delay, and offset their tax burden. Supporters of new tax laws and those who support retaining current tax laws espouse the projected revenues as if it is a foregone conclusion. Your family is living proof that isn't the case at all. In fact, a case could be made that all taxation unfairly puts burdens on the poor because the poor dont have the means to pay for CPAs, tax attorneys, financial planning experts which help move assets and create structures which minimize tax liability. Furthermore, anyone can look up the average tax collected through the decades and discover that Americans pay about 18% on average. This percentage has been relatively constant no matter the fluctuationing tax rates and the addition of new tax laws.
 
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#18
#18
and then you have to pay 40% on what goes over that. I know, my family is going through this right now. Grandmother just died a few months ago and Grandfather isn't getting any younger. I have said it before and said it again, prepare for it like you do any tax and it isnt a problem. there are ways to 'give' the land to your family with having to pay insane taxes. different states have different amounts but basically my family is buying the land from my grandfather at the lowest legal amount.

Point being is it shouldn't be nessasary. My dad had to buy the farm from my GPs me and my brothers will have to buy it from him to keep it operating as a farm. All that accomplishes is employing attorneys and accountants for something that should be a non issue!
 
#19
#19
Why should someone's estate be taxed upon their death? I personally think it's complete BS. If the person is a self made millionaire then they've paid their fair share of taxes through their business ventures and etc. This tax is nothing more than an attempted money grab by the government. Most individuals use trusts and other tools to avoid the damn tax anyway.
 
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#20
#20
Point being is it shouldn't be nessasary. My dad had to buy the farm from my GPs me and my brothers will have to buy it from him to keep it operating as a farm. All that accomplishes is employing attorneys and accountants for something that should be a non issue!

It's a racket perpetuated by lawyers. The laws were written to provide the bastards job security.
 
#22
#22
Don't forget about the state bufu too. Fortunately, Tennessee's estate tax is going away completely beginning in 2016. Folks on their way to retire in FL will have an added incentive to just stop and stay in TN. We are gonna need more "We don't care how you did it up North" bumper stickers.
 
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#23
#23
What's the big deal about the death tax?

Afterall if you are dead you don't need the money.

Carry on :crazy:
 
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#24
#24
What's the big deal about the death tax?

Afterall if you are dead you don't need the money.

Carry on :crazy:

Tax his land, tax his wage,
Tax his bed in which he lays.
Tax his tractor, tax his mule,
Teach him taxes is the rule.
Tax his cow, tax his goat,
Tax his pants, tax his coat.
Tax his ties, tax his shirts,
Tax his work, tax his dirt.
Tax his chew, tax his smoke,
Teach him taxes are no joke.
Tax his car, tax his ass
Tax the roads he must pass.
Tax his tobacco, tax his drink,
Tax him if he tries to think.
Tax his booze, tax his beers,
If he cries, tax his tears.
Tax his bills, tax his gas,
Tax his notes, tax his cash.
Tax him good and let him know
That after taxes, he has no dough.
If he hollers, tax him more,
Tax him until he's good and sore.
Tax his coffin, tax his grave,
Tax the sod in which he lays.
Put these words upon his tomb,
"Taxes drove me to my doom!"
And when he's gone, we won't relax,
We'll still be after the inheritance TAX!
 
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#25
#25
did a quick search on the first name on your list, he is worth more than the company he had to sell.

ARKANSAS BUSINESS RANKINGS: WEALTHIEST ARKANSAS FAMILIES. - Free Online Library

Arkansas Business' 25 Wealthiest Arkansans (25th Anniversary) | Arkansas Business News | ArkansasBusiness.com

only thing i found on his company was it was sold for $158, he is worth $233 million if i remember correctly. yeah it really would have bankrupted him to pay $75 million. I am willing to bet a good number of your names have similar stories. also its just like any other tax, you know its coming and can plan for it. Either by saving money for that express purpose, a bit dumb but a nice savings account, or you can pass the business on before you die, or get old enough where its prudent to move it to your sons/daughters/other family members. while it is a very large amount of money its not out of the realm of possibility to save for it.

I have read the most Americans being so cursed with the misfortune of being wealthy businesses owners (or themselves born into wealthy families then later becoming the recipients of inherited wealth) purchase insurance policies to cover the federal and/or state estate taxes.
 

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