The 2016 Thread

[Droid101]

Well... I don't pay my own cell phone bill technically. My job buys it for me. So I guess you were right about something for once.

[Knicks101]

Jobbed to this man Maivia.

[KevinNYC]

Wow what liberal nonsense you post. So just because someone is more successful they should be penalized more? And where will these taxes go? Maybe you can tell me kev because I personally find it ludicrous to go after people in America who made something of their lives. The buzz words income inequality are as sharp as a dull blade and cut like a spoon. Is this not America where making yourself successful for you and your family the key ingredient to what makes this nations gears run smoothly? Lets get a hold of the limousine liberals in Hollywood who think it's cool to be a democrat because that's the flavor of the month and see if they are willing to pay these taxes. Of course We never get that story.

So Kev how essential are these estate taxes to the USA? I'm curious to know where and what these taxes are used for and why? I am also curious as to why is it the governments business if I leave my children my estate that they have to be taxed? Why is a liberal like yourself pro big government and anti freedom? This is a serious question I have for liberals.

Um, Chewing was saying that the Democrats don't about the poor or income equality.
I posted to an editorial from the Communist Daily Worker, ooops, I mean, USA Today, showing what the actual priorities of Congressional Republicans who were pushing a speedy vote to repeal a tax that doesn't even apply to the 1%. No, they want repeal a tax that applies only to the top two tenths of the 1%. Or to put it another way, a tax that is not levied on 99.8% of estates.



So you don't know how taxes work?
You don't know what taxes are used for?
Do you think this is a new tax?
You do know the estate tax has existed 99 years now right? And it has been levied on Hollywood types and any one else in the upper echelon for a century now?
Also this is a not a tax paid by a taxpayer, the tax payer is dead. It's paid by the estate and it no taxes at all are paid on the first $5.34 million dollars on the estate. So let's say you're an only child whose parents die in a car accident and after funeral costs, charitable deductions, etc have an estate of worth $11 million dollars.

Mazel Tov, after the estate tax is paid, you just inherited 10.896 million dollars.

[KevinNYC]

Meanwhile votes that are not happening in Congress include confirming the incoming Attorney General and War Resolution against ISIS.

[Knicks101]

Maivia more than a man

That's true, when this legend running for President?

[MightyWhitey]

Um, Chewing was saying that the Democrats don't about the poor or income equality.
I posted to an editorial from the Communist Daily Worker, ooops, I mean, USA Today, showing what the actual priorities of Congressional Republicans who were pushing a speedy vote to repeal a tax that doesn't even apply to the 1%. No, they want repeal a tax that applies only to the top two tenths of the 1%. Or to put it another way, a tax that is not levied on 99.8% of estates.



So you don't know how taxes work?
You don't know what taxes are used for?
Do you think this is a new tax?
You do know the estate tax has existed 99 years now right? And it has been levied on Hollywood types and any one else in the upper echelon for a century now?
Also this is a not a tax paid by a taxpayer, the tax payer is dead. It's paid by the estate and it no taxes at all are paid on the first $5.34 million dollars on the estate. So let's say you're an only child whose parents die in a car accident and after funeral costs, charitable deductions, etc have an estate of worth $11 million dollars.

Mazel Tov, after the estate tax is paid, you just inherited 10.896 million dollars.

I don't care if it existed for 200 years it's a useless tax just like the carbon tax. Maybe you can tell me why liberals like yourself are pro big government and are anti freedom? Why is such a tax so important for you to post about yet you avoid the one tax Obama imposed through obamacare?

[KevinNYC]

I don't care if it existed for 200 years it's a useless tax just like the carbon tax. Maybe you can tell me why liberals like yourself are pro big government and are anti freedom? Why is such a tax so important for you to post about yet you avoid the one tax Obama imposed through obamacare?

Perhaps you should educate yourself on why the estate tax exists.

It's basically a democratic tool to prevent an entrenched aristocracy.

[falc39]

You encounter war mongers in your daily life? That's fvkin weird

Yup, easily identifiable by their "bomb muslims" foreign policy views. I'm surprised you haven't?

[falc39]

Never met anyone who said that in real life

Don't know how to help you buddy.

Maybe go out more often instead of posting here all day?

[Droid101]

Also this is a not a tax paid by a taxpayer, the tax payer is dead. It's paid by the estate and it no taxes at all are paid on the first $5.34 million dollars on the estate. So let's say you're an only child whose parents die in a car accident and after funeral costs, charitable deductions, etc have an estate of worth $11 million dollars.

Mazel Tov, after the estate tax is paid, you just inherited 10.896 million dollars.

Is that accurate? You're saying that of the money past 5.34 mil, it's only taxed at 1.8% or so?

That's ****ing loony. It needs to be at least 20% or more.

Unless you were just estimating, in which case carry on.

[KevinNYC]

Is that accurate? You're saying that of the money past 5.34 mil, it's only taxed at 1.8% or so?

That's ****ing loony. It needs to be at least 20% or more.

Unless you were just estimating, in which case carry on.

No, it's a 40% tax. But on an $11 million estate, not very much is taxed because, in this case the 5.34 million exemption is doubled because each parent gets to exclude 5.34 million. So only about 300,000 is taxable. In my example, I had them both die in the same accident to get that double exemption, but, as I look this up, you don't even need to do this. The double exemption is now part of the law. Even if one spouse dies before the other, you can still keep that 5 million buck exemption. Essentially, they simplified and standardized one form of estate planning that folks were already doing.

So if the husband dies and leaves all of his 20 million estate to his wife, there's no estate tax because spouses are exempt. If a couple of years later the wife dies, there will be an estate tax, but you can exclude 5.3 for husband and 5.3 for the wife. So the first 10.68 million is tax free and then it's a 40% tax on the estate. So a the effective tax rate in this example is 18.64% of the entire estate. If the estate was worth 200 million, the effective tax rate would be 37.8%

Starting for deaths in 2011, and now going forward, widows and widowers can add any unused exclusion of the spouse who died most recently to their own $5.34 million tax-free amount. The sum carried over is called the “deceased spousal unused exclusion amount.” In common parlance it has since become known by the short-hand, “the DSUE amount.”

This enables couples together to transfer up to $10.68 million tax-free. It also eliminates the need in many cases for the tax-planning gyrations that lawyers routinely recommended to preserve each spouse’s estate tax exemption amount.

Portability, as tax geeks call it (though that term does not actually appear in the American Taxpayer Relief Tax Act Of 2012 or ATRA), doesn’t change the fact that you can give an unlimited amount to your spouse, during life or through your estate plan (provided she or he is a U.S. citizen) with no tax applied–this is the unlimited marital deduction. But until portability became part of the law, without proper planning, when the second spouse died anything above the exempt amount not going to charity would be taxed. In other words, the first spouse’s exemption would be lost. Bypass trusts (also called family trusts or credit-shelter trusts) addressed that problem.

[Droid101]

Ah you're right I mis-read. Still painfully low.

[Nanners]

Where are you hanging out that you meet these people

Probably shouldn't hang out there. Sounds shitty

have you never been to the midwest or something? i used to live in oklahoma and these types of people were f[COLOR="Black"]u[/COLOR]cking everywhere.

[gigantes]

have you never been to the midwest or something? i used to live in oklahoma and these types of people were f[COLOR="Black"]u[/COLOR]cking everywhere.

you sound miserable and lost at the moment, but i hope things pick up for you.

[Nanners]

you sound miserable and lost at the moment, but i hope things pick up for you.

what? you think i sound miserable and lost because when i lived in the midwest i witnessed people say they want to bomb muslims???