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Posted by jakdedert on 08/15/06 18:06
David McCall wrote:
> "jakdedert" <jakdedert@bellsouth.net> wrote in message
> news:gMmEg.15153$0k4.9615@bignews1.bellsouth.net...
>> David McCall wrote:
>>> You keep talking about Bush giving tax breaks to the rich. I assume you
>>> are
>>> talking about the tax known as the death tax or the estate tax. This is
>>> also
>>> known as double taxation. Taxes have already been paid on that money, but
>>> some think taxing your money once isn't enough, it needs to be taxed
>>> again
>>> when you die. Most people are exempt from this tax completely because
>>> they don't own businesses or have substantial savings or investments.
>>>
>>> This tax is not just aimed at executives of big corporations, but also at
>>> the
>>> family that owns the mom and pop store on the corner. It is also aimed at
>>> the family that own a modest farm keeping that farm from being passed
>>> down.
>>> The theory is that dead people aren't around to complain so they make a
>>> good
>>> tax target. Unfortunately it isn't the dead person that suffers (his
>>> suffering is over)
>>> it is the rest of the family that has to sell the family business for
>>> pennies on the
>>> dollar to pay the taxes on their parents death.
>>>
>>> David
>> BS...this tax is aimed squarely at the .5% of the population which is
>> subject to it...and they're not 'Mom & Pop' stores, or 'modest' farmers.
>>
>> Keep drinking the kool-aid. Eventually you won't feel a thing....
>>
> I'm a member of a family that will likely have to dissolve the business
> to cover the taxes when the time comes, and I'm surely not in the top
> .5%, but it will eventually affect me. I'm happy for you for not having
> enough assets in your family to have to deal with it.
>
> Enjoy your Kool-Aid :-)
>
Oh man...you're absolutely right. It's not .5%. It's 2.0%...the
percent of *individuals* this year (it's four mil' for couples) who will
die with an estate over $2,000,000 (just the part that's not sheltered,
or given to charity, or gifted to heirs before death or otherwise
deducted)...and just that part over two mil' (or four).
I guess your tax planner neglected to tell you that there is an
exemption for family-owned farms, right? And your family owned non-farm
business has special provisions as well. You have 14 years to pay off
the tax on the portion you haven't sheltered...at interest rates as low
as 2%. Don't you think you can make a go of it well enough to pay your
share in 14 years? You do have an estate planner, right? With your
kind of money, I would think so. Maybe you should talk to him.
Perhaps you're one of the top 1% of the population who owns over a third
of the assets. If so, I can see why you're upset. Maybe you're one of
the 18 megarich (collectively worth over $185 billion) who have funded
this latest assault on the estate tax...or perhaps you're worried that
you won't get enough of Daddy's money when he dies.
Tough. Go to work....
jak
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