Its bad to die with money and assessts, mkay.

have him gift as much as he can to you/your siblings/children etc. now, if he is planning to give it to you anyway, he can give 12k tax free to each eligible person, this year anyway.

You say my parents sound like suckers but you lay it out there pretty plainly. The difference between 15% and 45% is huge. You lump the two plans together as if they are very similar. Again why does this money get taxed again at all?

If this doesnt qualify as wealth redistribution im not sure what does.

My grand dad has set up a trust for myself and all of my cousins but I cant access it til im 40 or something. I guess steps are being made to move as much as it as possible.

If you:

1. Live in or near Ohio.

and

2. You yourself, or have parents whom, wish to avoid the inheritance and estate taxes.

Please pm me. For my work I specialize in helping people circumvent the government and ensure that the majority, if not all, of their money go to the people they want to leave it to rather than to the greedy government assholes. If you're interested, and live in other states, pm me as well and I could potentially tell you who to talk to.

 

Originally Posted by pocketmilkduds

You say my parents sound like suckers but you lay it out there pretty plainly. The difference between 15% and 45% is huge. You lump the two plans together as if they are very similar. Again why does this money get taxed again at all?

If this doesnt qualify as wealth redistribution im not sure what does.

Yes, I did lay it out plainly. The Republican president and congress has already passed a law that raises the estate tax to 55% in 2010 (yes this law was passed back in 2003 when dems were not in power yet). So who exactly is doing the redistribution of weath here?

If your parents are blaming that on Obama, they are suckers who will believe anything someone sends them in an email without checking what the facts are first. Obama is not "implementing" anything. The tax law is already there and he is suggesting to reduce it. Granted not as much as McCain did, but your characterization in the OP is completley off base.

THe best part of this tax (which Democrats keep fighting FOR and Repub's comprimise with) is the fact that if mom and dad's estate has IRA or 401k money in it then the kids get about 20 cents of every dollar beyond the Death Tax threshold. they get double taxed from DOLLAR ONE. They don't just pay estate tax on everything that is left after they pay income tax on ira's they pay BOTH the death tax and income tax on dollar one after the limit.

Say life insurance (outside of an irrevocable trust), home equity, savings, other real estate, personal property, maybe a business or even a FARM total over $2 million their tax deferred retirement savings gets hacked to hell.

Say parents leave the 2 kids each $500k in 401k assets and parents have a business or other assets and life insurance totalling 2 million - the kids pay income tax at soon to be 39% and inheritance tax of 45% and hey, don't forget state income tax. The gov't gets about 83% and kids get 17% LOLOLOLOLOOOOL - Thanks DUMMYCRATS!!!

^^^wrong^^^ They are subject to ESTATE tax

In fact sometimes they are even subject to income tax if the premiums are income tax deducted. This happens to the self employed ans small business owners.

 

Originally Posted by niptuck

THe best part of this tax (which Democrats keep fighting FOR and Repub's comprimise with) is the fact that if mom and dad's estate has IRA or 401k money in it then the kids get about 20 cents of every dollar beyond the Death Tax threshold. they get double taxed from DOLLAR ONE. They don't just pay estate tax on everything that is left after they pay income tax on ira's they pay BOTH the death tax and income tax on dollar one after the limit.

Say life insurance (outside of an irrevocable trust), home equity, savings, other real estate, personal property, maybe a business or even a FARM total over $2 million their tax deferred retirement savings gets hacked to hell.

Say parents leave the 2 kids each $500k in 401k assets and parents have a business or other assets and life insurance totalling 2 million - the kids pay income tax at soon to be 39% and inheritance tax of 45% and hey, don't forget state income tax. The gov't gets about 83% and kids get 17% LOLOLOLOLOOOOL - Thanks DUMMYCRATS!!!

^^^^ is this possible. Are there any solutions? This is socialsim right?

It's so much fun to watch wingnuts squirm over a tax.....OMG SOCIALISM!!!

 

Originally Posted by Tread

No offense, but your parents sound like suckers who believe whatever they get sent in their email

Estate Tax. The claim that Obama proposes to "restore the inheritance tax" is also false, as are the claims that McCain would impose zero tax and that Bush "repealed" it. McCain and Obama both would retain a reduced version of the estate tax, as it is correctly called, though McCain would reduce it by more.

The tax now falls only on estates valued at more than $2 million (effectively $4 million for couples able to set up the required legal and financial arrangements). It reaches a maximum rate of 45 percent on amounts more than that. It was not repealed, but it is set to expire temporarily in 2010, then return in 2011, when it would apply to estates valued at more than $1 million ($2 million for couples), with the maximum rate rising to 55 percent.

Obama has proposed to apply the tax only to estates valued at more than $3.5 million ($7 million for couples), holding the maximum rate at 45 percent. McCain would apply it to estates worth more than $5 million ($10 million for couples), with a maximum rate of 15 percent.

http://www.factcheck.org/askfactchec...fits_if_i.html

*** EDIT - and just to be clear, it is a law passed by Republican president/congress currently in place that has the estate tax moving to 55% in 2010, unless something is done. But both candidates were suggesting something will be done as soon as they take office.

loolz you imply his parents are wrong then prove their exact point. wp.

<TABLE class=wikitable align=right border=1><TBODY><TR><TH>Year</TH><TH>Exclusion
Amount</TH><TH>Max/Top
tax rate</TH></TR><TR><TD>2001</TD><TD>$675,000</TD><TD>55%</TD></TR><TR><TD>2002</TD><TD>$1 million</TD><TD>50%</TD></TR><TR><TD>2003</TD><TD>$1 million</TD><TD>49%</TD></TR><TR><TD>2004</TD><TD>$1.5 million</TD><TD>48%</TD></TR><TR><TD>2005</TD><TD>$1.5 million</TD><TD>47%</TD></TR><TR><TD>2006</TD><TD>$2 million</TD><TD>46%</TD></TR><TR><TD>2007</TD><TD>$2 million</TD><TD>45%</TD></TR><TR><TD>2008</TD><TD>$2 million</TD><TD>45%</TD></TR><TR><TD>2009</TD><TD>$3.5 million</TD><TD>45%</TD></TR><TR><TD>2010</TD><TD>repealed</TD><TD>0%</TD></TR><TR><TD>2011</TD><TD>$1 million</TD><TD>55%</TD></TR></TBODY></TABLE>

Rich people will be droppin like flies in 2010--->

lol at republicans passing a 55% inheritance tax. you people believe anything

IT'S CALLED A DEATH TAX!

 

Originally Posted by Tread

 

Originally Posted by kowboy8686

loolz you imply his parents are wrong then prove their exact point. wp.

I didnt "imply" anything. I stated the facts that his parents are indeed COMPLETELY wrong.

1) Obama is not "implementing" anything, the tax already exists

2) Obama is not the one suggesting a 55% rate, that rate already exists for 2010 due to a Republican passed law.

3) Obama has proposed to reduce the rate defined by existing law to 45%

Their "exact" point is that the estate tax's implementation and 55% rate is something Obama is suggesting he is going to put in place. That "exact" point is 100% factually incorrect. Obama wants to reduce the current law. You guys can argue all you want about whether the tax should exist or not, but the sprit of the OP trying to tie its introduction or 55% rate to Obama is completely false.

Perhaps you should read things a little more closely before posting.

your added thoughts are full of more shit than a chinese monster movie. if it were up to the repubs that tax wouldve been repealed long long ago.

seriously people, if you don't like the death tax then just don't die. fucking morans