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Post by BeenThere...DoneThat... on Jul 9, 2011 11:40:04 GMT -5
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Post by BeenThere...DoneThat... on Jul 9, 2011 11:47:47 GMT -5
>>> How many times do you liberals want to tax the same money anyway? <<< ...rhetorical?
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Post by Deleted on Jul 9, 2011 11:48:07 GMT -5
It is not a dumb analogy... it is unduly rewarding the offspring, for skills, sacrifice and hard work employed by the parent.
Why shouldn't it be income for your children?
And its not like they tax $1.... you get like 7 million combined at this point before it kicks in.... and there are also many ways in which you can volluntarily redistribute your own funds so that you never reach that level... if you are so opposed to paying the tax....
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Post by BeenThere...DoneThat... on Jul 9, 2011 11:50:02 GMT -5
>>> it is unduly rewarding the offspring, for skills, sacrifice and hard work employed by the parent. <<< ...so it is unduly taxing the parent, right?
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Post by Deleted on Jul 9, 2011 11:50:50 GMT -5
Parent is dead... its not their money any more...
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cme1201
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Post by cme1201 on Jul 9, 2011 11:52:03 GMT -5
It is not a dumb analogy... it is unduly rewarding the offspring, for skills, sacrifice and hard work employed by the parent. Why shouldn't it be income for your children? And its not like they tax $1.... you get like 7 million combined at this point before it kicks in.... and there are also many ways in which you can volluntarily redistribute your own funds so that you never reach that level... if you are so opposed to paying the tax.... Wow. So I should never save to give my off-spring an easier life than I had? This is what is really wrong with our country, if I work hard to take care of me and mine, I must also work twice as hard to take care of you and yours or your simply going to take from mine. And people wonder why we as a country are losing our way.
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Post by Deleted on Jul 9, 2011 11:53:51 GMT -5
You can give your off-spring 7 million when you die... tax free... You can also give each one currently 13K a year... every year... tax free
What's stopping you?
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Post by BeenThere...DoneThat... on Jul 9, 2011 11:54:34 GMT -5
Parent is dead... its not their money any more... ...and how are we kidding? ...the govt. says it's their money, anyway, huh?
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Post by BeenThere...DoneThat... on Jul 9, 2011 11:55:18 GMT -5
You can give your off-spring 7 million when you die... tax free... You can also give each one currently 13K a year... every year... tax free What's stopping you? ...land rich, cash poor...
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Post by BeenThere...DoneThat... on Jul 9, 2011 11:55:49 GMT -5
...and how are we kidding? ...the govt. says it's their land, anyway, huh?
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Post by Deleted on Jul 9, 2011 11:57:14 GMT -5
The government doesn't claim their money. The government says, any amount over 7 million is subject to tax.
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Post by BeenThere...DoneThat... on Jul 9, 2011 12:01:37 GMT -5
The government doesn't claim their money. The government says, any amount over 7 million is subject to tax. ...a la imminent domain, huh?
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cme1201
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Post by cme1201 on Jul 9, 2011 12:02:11 GMT -5
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Post by Deleted on Jul 9, 2011 12:11:52 GMT -5
Wow... the indivdiual is up to 5 million... so between your wife and you, you can leave 10 million without it being taxed... (I was going with the old 3.5/7) ...
How about it created an envioronment/social and economic system in which you were able to earn and SAVE over 5/10 million dollars...
Ratchets... you need to look up the definition of an analogy...
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Post by djAdvocate on Jul 9, 2011 12:14:30 GMT -5
Wow... the indivdiual is up to 5 million... so between your wife and you, you can leave 10 million without it being taxed... (I was going with the old 3.5/7) ... How about it created an envioronment/social and economic system in which you were able to earn and SAVE over 5/10 million dollars... Ratchets... you need to look up the definition of an analogy... i can tell you right now, that if i had $10M given to me, i would never work a(nother) day in my life.
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cme1201
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Post by cme1201 on Jul 9, 2011 12:20:25 GMT -5
Wow... the indivdiual is up to 5 million... so between your wife and you, you can leave 10 million without it being taxed... (I was going with the old 3.5/7) ... How about it created an envioronment/social and economic system in which you were able to earn and SAVE over 5/10 million dollars... Ratchets... you need to look up the definition of an analogy... And the taxes I paid during my working life/spending life paid into the system. The government didn't do squat to be entitled to my/my families/my business hard earned money simply because I die.
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Post by BeenThere...DoneThat... on Jul 9, 2011 12:23:25 GMT -5
Wow... the indivdiual is up to 5 million... so between your wife and you, you can leave 10 million without it being taxed... (I was going with the old 3.5/7) ... How about it created an envioronment/social and economic system in which you were able to earn and SAVE over 5/10 million dollars... Ratchets... you need to look up the definition of an analogy... And the taxes I paid during my working life/spending life paid into the system. The government didn't do squat to be entitled to my/my families/my business hard earned money simply because I die. ...kinda makes you wonder about conflict of interest issues when one considers EPA standards, DOC standards, DOD standards, etc....
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skweet
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Post by skweet on Jul 9, 2011 12:36:17 GMT -5
I think that Buffett thinks like me. I plan to leave an estate of $100,000,000, in equivalent "today" dollars. (It is a plan, feasibility is questionable, but assume I make it). I do not know if my children are prepared to handle that money, and truly doubt my grandchildren will. My children are toddlers, so it really isn't a personal attack on any grandchild. It is just that statistically generation one creates wealth, generation two keeps wealth and generation three loses it. With the estate tax in place, trusts have been created by the wealthy. A little con on the hoi-poloi. Without the estate tax, the trusts go away. If Warren and I are forced to transfer our wealth (more importantly, control over that wealth from the grave), then our descendants get to blow it however they want. With trusts (charitable or otherwise) I can control that wealth, and divvy it out how I want. I will set up a trust and plan for it to be managed conservatively at 6% return, and pay my descendants a management fee (although the decision makers will be far more qualified, employees). The management fee will require that the meet once or a few times per year, hold a meeting (I see beer and pizza near a beach), and collect their checks. Under my plan my descendants will get between $200k and $300k, each, eternally. I will rest easy knowing that my three children (or 6, assumed, grandchildren) can't blow their whole $11MM on a hair-brained scheme run by the con-artist that will swarm after my death. And descendants are prone to fall for these schemes. You have to understand ole Warren's motives, because they are not as he represents, as they never are. He does not want any of his wealth to go to the government coffers. Without trusts and without an estate tax, he can be almost certain that his wealth will one day be gone, much of it recovered by Uncle Sam. With trust and an estate tax he can guarantee (under my plan) his descendants up to $150MM per year forever. Without them he gives each of 9 descendants $6.6B to lose in a crackpot company building cars that run on the dreams of small children. Warren is protecting his wealth, not offering give it away to the government.
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skweet
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Post by skweet on Jul 9, 2011 12:41:09 GMT -5
"Well stick around, maybe we'll all get $10M when Warren kicks the bucket..." To get any money out of Buffett you would have to be a charity. It won't be going to the government in an estate tax, the trusts are already in place.
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Post by Deleted on Jul 9, 2011 12:43:36 GMT -5
It hasn't been taxed for the child. It is like income to them... but it isn't taxed like income... they have a Huuge standard deduction before taxes kick in...
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djAdvocate
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Post by djAdvocate on Jul 9, 2011 13:13:32 GMT -5
Well stick around, maybe we'll all get $10M when Warren kicks the bucket... . i should probably add him to my christmas card list, eh?
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reasonfreedom
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Post by reasonfreedom on Jul 9, 2011 13:32:22 GMT -5
I am curious as to where you guys are finding these revenue numbers we are having. The last time I checked were are -1.4 trillion in revenue, how does that come out to plenty? www.usdebtclock.org/This is where I get my numbers, please show me yours. Do you realize there's a difference between interest payments on the debt and all the other things Treasury spends money on? Your figure includes all expenditures. We're only talking about making the payments on the interest we owe to avoid a default. Ok, so what you are saying is to take away from normal expenditures like defense and other programs to pay the interest? Since, the interest isn't included in the spending number i presented that would be -1.4 trillion+ interest owed. See we can't pay for our programs now, hence why the debt goes up every year. Which means we have no revenue to spend, to pay interest. Use math much?
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reasonfreedom
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Post by reasonfreedom on Jul 9, 2011 13:44:40 GMT -5
I make aprox 40k and I pay more than 1000 in taxes per year. I want to know how these people are paying 0%, there must be a lot of people making under 20k
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Post by privateinvestor on Jul 9, 2011 14:57:28 GMT -5
Fundamental truth cannot be better explained
BASIC REASON FOR CURRENT RECESSION!!!!!
A naked and drunken woman boards a cab in London one night.
The Indian driver keeps staring and does not start the cab.
Woman: Haven't you ever seen a naked woman before???
Indian Driver: I am not staring at you lady... just wondering where you keep the money to pay me!
Lesson: That is what most of the American and European banks failed to do (i.e) Assessing repayment capacity before taking on the exposure!_._,__
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Post by BeenThere...DoneThat... on Jul 9, 2011 15:24:28 GMT -5
...lol... ;D
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Post by Deleted on Jul 9, 2011 15:33:25 GMT -5
"You're right, it hasn't been taxed for the child and it is like income for them I suppose (inheritance, income, tomato, tomahto). It has been taxed when the parent made the money though...so it's already been taxed no matter what you call it."
I pay taxes on my income. And then when i pay the babysitter, or the lawn guy, or pay for my dinner out... someone else has to pay taxes on it... because it is income for them.... Would you exempt them as well?
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Post by BeenThere...DoneThat... on Jul 9, 2011 15:42:31 GMT -5
...payment for services rendered is not the same as bequeathing... correct?
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Post by Deleted on Jul 9, 2011 15:50:33 GMT -5
He conceded to income... Income ... Tomato...
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Post by BeenThere...DoneThat... on Jul 9, 2011 15:57:42 GMT -5
...ah, gotcha...
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formerexpat
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Post by formerexpat on Jul 10, 2011 17:38:32 GMT -5
Tough to argue with someone that believes they and the US government are more deserving of an inheritance from the deceased that worked hard to earn and save that money than the descendents.
Biggest problem with America - people are too entitled and want money for nothing.
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