the working poor pay enough taxes without the need for income tax. the obscenely rich can shoulder a greater burden easily.
Death but no taxes
- Thread starter Bob
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Which is why the estate tax liability affects a minuscule portion of the population.
For 2009 only a few thousand estates had any estate tax liability.
If you don't support cutting Medicare, Social Security, Federal pensions (civilian & military) and military spending then taxes on someone are going to have to go up.
Here's a free pdf that includes folks across the political spectrum.
National Academies Press PDF Download Info
Which is why the estate tax liability affects a minuscule portion of the population.
For 2009 only a few thousand estates had any estate tax liability.
If you don't support cutting Medicare, Social Security, Federal pensions (civilian & military) and military spending then taxes on someone are going to have to go up.
Here's a free pdf that includes folks across the political spectrum.
National Academies Press PDF Download Info
So because they are small in number, it's ok to exploit them? Nobody will notice?
It's time for austerity measures.
That's silly.
This is the inconvienient truth
Prior to this year all estates got a step-up in basis. Which meant no captial gains tax on ALL inherited assets
But that goes away, while there is a very confusing mechanism to allowing some step up in basis, at best expect a higher bill from your CPA and at worst a capital gains tax liability.
Last year a husband and wife could shelter 7M easily, this year their heirs could face a captial gains tax liability.
Under your scenario shopper, billionaires make out like bandits while mass affluent taxpayers are the ones exploited.
Estate Tax: What You Need to Know for 2010 - CBS MoneyWatch.com
That's silly.
This is the inconvienient truth
Prior to this year all estates got a step-up in basis. Which meant no captial gains tax on ALL inherited assets
But that goes away, while there is a very confusing mechanism to allowing some step up in basis, at best expect a higher bill from your CPA and at worst a capital gains tax liability.
Last year a husband and wife could shelter 7M easily, this year their heirs could face a captial gains tax liability.
Under your scenario shopper, billionaires make out like bandits while mass affluent taxpayers are the ones exploited.
Estate Tax: What You Need to Know for 2010 - CBS MoneyWatch.com
All the money these people save, has already been taxed at normal rates through standard means before the estate tax kicks in, correct?
Nope, wrong again.
Many types of assets have no taxes paid at all:
- Qualified retirement plans-exclusive of SS tax
- Annuities
- Cash value life insurance
- Unrealized capital gains
And again, under your scenario many heirs of mass affluent taxpayers who had no estate tax liabilty will face a capital gains liability.
This is keeping me from work. C-ya later
If you can take off your socialist colored glasses you will see what is proposed is to exempt all income below the poverty level. This establishes a baseline for everyone. All income above this level is taxed equally. So if the poverty line is 30,000 and the tax rate is 10% (examples) then someone making 35,000 would pay 500 in taxes, 50,000 would pay 2,000, 100,000 would pay 7,000 and 1,000,000 would pay 97,000. I would say the rich guy is shouldering a greater burden, wouldn't you. The only people hurt is HR Block and tax accountants.