Bernie-mania running wild as Hillary Clinton sputters

[Magnificent Bastard 192]

You are assuming that anyone with money actually pays the listed tax rate.

 

There is a whole sh!tload of exemptions and loopholes you can drive a truck through. If you are smart, you pay no estate tax.

You're right, for now. But these fortunes are getting so big now that it will become more difficult to avoid a lot of it.

[IGotWorms 4,063]

You are assuming that anyone with money actually pays the listed tax rate.

 

There is a whole sh!tload of exemptions and loopholes you can drive a truck through. If you are smart, you pay no estate tax.

This is the truth. You set up "living trusts" or whatever (I'm not an estate guy so I don't know the finer points) and then you can pretty much avoid the estate tax entirely. At this point it's basically a tax on rich people who are poor planners. It's a wonder anybody ends up paying it.

 

So that's a big part of my idea, is truly closing those loopholes and not just allowing others to pop up as a wink-wink nod-nod kind of thing

[KSB2424 3,174]

There is a whole sh!tload of exemptions and loopholes you can drive a truck through.

 

That's across the board in the tax code.

 

I'm all for, 100% in favor, of closing loopholes and simplifying the tax code. No arguement from me.

 

In fact I'd get rid of every single credit and deduction and "special" tax whatthefockever. Those are what creates most of the loopholes in the first place. No need for the Gov't to try and artificially change behaivor using the tax code. No tax credit for mortgages that help create articical bubbles. No stupid deductions that people lie about. etc. etc.

 

For income, capital gains, and inheritance you fill out a one page document. Not the hundred page IRS crap that you need a CPA for.

 

You made X in 2015

You paid Y in tax in 2015

:looks up rate on progressive tax table calclator thing: You should pay Z in taxes

Y minus Z = what you owe or are refunded.

 

Done, 2 minutes.

 

The tax rates could be cut in half across the board and you'd still collect as much if not more in revenue.

[hoytdwow 202]

 

 

I'm all for, 100% in favor, of closing loopholes and simplifying the tax code. No arguement from me.

 

In fact I'd get rid of every single credit and deduction and "special" tax whatthefockever. Those are what creates most of the loopholes in the first place. No need for the Gov't to try and artificially change behaivor using the tax code. No tax credit for mortgages that help create articical bubbles. No stupid deductions that people lie about. etc. etc.

This is sorely needed. No deductions, no credits, no exemptions, for anybody or any corporation, period. Do this and you can lower all the rates.

[parrot 789]

 

No tax credit for mortgages that help create articical bubbles.

 

This just brought a tear to my eye KSB. I can die happy now.

[Voltaire 5,491]

 

I don't understand the point.

 

My point is that a hard working person, who finds himself saving all his life and accumulates 1 million in assets is a far cry from the uber uber rich with trust fund babies. And no, over the course of a lifetime it is not all that much. I find it crazy that a Father that saved and invested all this money for the betterment of his family upon his death.....

 

Kid 1: gets 200k

Kid 2: gets 200k

Kid 3: gets 200k

Federal Govt: rakes 400k of the top

 

It seems some of you have issues with trust fund babies of the uber rich. Which I get. But a Father or Mother accumulating 1M over the course of their entire lifetime to put their family in a good position going foward, isn't that.

 

THAT sir, is the American Dream.

So among other things, your not aware that estates less than $5.4 m are exempt. And there are other exemptions as well.

 

You also seem unaware that capital gains are taxed less than income so for people reaping in a large amount of capital gains the tax system isn't progressive at all.

 

In other words, it's lightly taxed when they 'earn' it and you'd have it not taxed at all in death either. And earn is in quotes because IMO someone who works full for a $200k - $2m salary has earned it more than someone who collects the same amount from a trust fund and doesn't lift a finger unless sitting at a Vegas card table.

 

Yet the one that works for his money productively building a business or whatever pays more in taxes at 39.8% than the trust funder whose income is identical but since it's all in capital gains and so only pays 15%.

 

Then when daddy dies, the trust funder gets access to a few hundred million or billion or whatever that was also only taxed at 15% and you would have transferred in full at no expense at all.

 

So I love how you're throwing around word like 'working' and 'saving' when that's not the case at all. The person who worked and saved was doing so at 39.8% the whole time. High end estates weren't built this way. Mostly. They were mostly built on lightly taxed capital gains which brings us full circle to point out why the system is not progressive at all.

[Reality 3,121]

So among other things, your not aware that estates less than $5.4 m are exempt. And there are other exemptions as well.

 

You may want to read the thread, HTH.

[KSB2424 3,174]

So among other things, your not aware that estates less than $5.4 m are exempt. And there are other exemptions as well.

 

You also seem unaware that capital gains are taxed less than income so for people reaping in a large amount of capital gains the tax system isn't progressive at all.

 

In other words, it's lightly taxed when they 'earn' it and you'd have it not taxed at all in death either. And earn is in quotes because IMO someone who works full for a $200k - $2m salary has earned it more than someone who collects the same amount from a trust fund and doesn't lift a finger unless sitting at a Vegas card table.

 

Yet the one that works for his money productively building a business or whatever pays more in taxes at 39.8% than the trust funder whose income is identical but since it's all in capital gains and so only pays 15%.

 

Then when daddy dies, the trust funder gets access to a few hundred million or billion or whatever that was also only taxed at 15% and you would have transferred in full at no expense at all.

 

So I love how you're throwing around word like 'working' and 'saving' when that's not the case at all. The person who worked and saved was doing so at 39.8% the whole time. High end estates weren't built this way. Mostly. They were mostly built on lightly taxed capital gains which brings us full circle to point out why the system is not progressive at all.

This is what happens when somebody doesn't read a thread, skips to page 5 and then spouts off. JFC

[tanatastic 2,062]

You're probably too young to have voted in the 2000 election. Believe me, that one made a difference. Everyone and their mother was saying there was no difference between Bush and Gore. Well I think the last 15 years would've looked a whole helluva lot different if W had never been president.

I was only 18. But for the record I still say nothing would have been different. In fact, Bush sent me a check for 400 bucks, no one else ever gave me squat. Bush is a god among presidents for that reason as far as im concerned.

[MDC 7,894]

 

I don't even understand the last paragraph. If I was you I would've stopped at the first sentence. Those are the facts, the rest was balony.

Baker Boy is now claiming to be a minority, in addition to being a Vietnam vet and fabulously wealthy business mogul who lives off his wife's public school teacher pension.

 

He may also be a race car driver or astronaut, stay tuned.

[IGotWorms 4,063]

I was only 18. But for the record I still say nothing would have been different. In fact, Bush sent me a check for 400 bucks, no one else ever gave me squat. Bush is a god among presidents for that reason as far as im concerned.

Congratulations, you're an idiot

[titans&bucs&bearsohmy! 2,745]

I was only 18. But for the record I still say nothing would have been different. In fact, Bush sent me a check for 400 bucks, no one else ever gave me squat. Bush is a god among presidents for that reason as far as im concerned.

You paid it back the next year. Hth

[Greedo 13]

I was only 18. But for the record I still say nothing would have been different. In fact, Bush sent me a check for 400 bucks, no one else ever gave me squat. Bush is a god among presidents for that reason as far as im concerned.

 

That money should have gone down to pay the national debt - this was a horrendous mistake by an administration that made a gajillion mistakes.

[The Moz 71]

 

Did I complain about paying taxes? No.

 

I asked why can't we pay taxes ONCE?

 

Why must our money be taxed, two or 3 times?

This I agree with the most. we likely pay around 60% of what we earn on taxes maybe more when it's said n done.

[Reality 3,121]

 

That money should have gone down to pay the national debt

 

Yea, cuz that happens.

 

[Magnificent Bastard 192]

Here's a scenario: I'm Rich, houses paid off ect. Most of my money is in stocks, real estate ect. that are subject to capital gains tax.I need living cash(dinners, vacations, hookers ect) Do I take money out of those investments, pay capital gains, and lose future interest on those funds, or do I secure an asset backed personal loan, at let's say 5%, and defer the capital gain for a few years? Pay back the loan in a few years?