Stimulus Plan Has "saved or created" about 650,000 thousand jobs!!! - Page 2 - Politics and War Forum

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Re: Stimulus Plan Has "saved or created" about 650,000 thousand jobs!!!
Wednesday, November 04, 2009 8:23 AM on j-body.org
ScottaWhite wrote:

.... Never mind the fact some average schmuck who inherits his dads vacation home, doesn't have to sell it just to pay the taxes.

Not true. Taxes don't kick in on inheritances until a much larger threshold. Unless dad's vacation home was worth $4 mil





Re: Stimulus Plan Has "saved or created" about 650,000 thousand jobs!!!
Wednesday, November 04, 2009 9:32 AM on j-body.org
So some guy working at Ford loses his father and inherits a 4 million dollar home... He has to sell it to pay the 2 million he owes taxes.

Am I to believe when my mom passes away, that my brother and I pay no taxes on her estate. Lol


“Poor Al Gore. Global warming completely debunked via the very Internet you invented. Oh, oh, the irony!” -Jon Stewart
Re: Stimulus Plan Has "saved or created" about 650,000 thousand jobs!!!
Wednesday, November 04, 2009 9:45 AM on j-body.org
One would not have to sell it, but even if one did...one would retain $2 million in cash proceeds from that transaction. Nothing to sneeze at, as they say

In cases where the heirs are interested in, and capable of, keeping such a home...a lien, or a second mortgage, even a "reverse" mortgage can be taken to satisfy the tax contribution. So options exist for those who are willing to retain such multi-million dollar properties. What usually transpires is this: Unless the heirs are as wealthy as the deceased, in many cases, selling the home is their only option anyway, for if they cannot afford the property taxes and upkeep (which will be quite substantial on such a property), it's an impossible situation.

As I understand, the current threshold is a three million dollar estate. Below that, the assets pass directly to the heirs with no tax or encumbrance.

You might like to check into it for yourself, yes. All families should discuss this. An effective estate plan and will is a must. Laws vary from state to state, but they are much less punitive than you may realize.





Re: Stimulus Plan Has "saved or created" about 650,000 thousand jobs!!!
Friday, November 06, 2009 5:17 AM on j-body.org
i dont know bill. ive read that you can lose over 40% of your weath with the whole inheritance/estate tax death tax deal. your right 2 million for a guy isnt anything to snease at. but no matter how you look at it its still the goverment taking away money ive earnee and paid taxes on allready, its like being doubletaxed.

granted there are allot of ways to get around the whole death tax to help your family keep what is rightfully theirs, but i think its a bit much to take away from your family things youve allready earned and paid for and been taxed on.


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Re: Stimulus Plan Has "saved or created" about 650,000 thousand jobs!!!
Friday, November 06, 2009 6:53 AM on j-body.org
Meh...always been that way.....Meh.....


Its a double tax....or more.

Dad earns a paycheck, which is taxed.....buys the house....which is taxed based on its value...
Dad dies, leaves the house to his son....who has to pay taxes on it as "income', but at an outrageously high rate.....if he keeps it....he's taxed on the value.....if he sells it a few years later.....taxed again.

You don't think skyhigh property taxes on declining property values wont' get some more governors un-elected? Lets see.


“Poor Al Gore. Global warming completely debunked via the very Internet you invented. Oh, oh, the irony!” -Jon Stewart
Re: Stimulus Plan Has "saved or created" about 650,000 thousand jobs!!!
Friday, November 06, 2009 10:09 AM on j-body.org
sndsgood wrote:

i dont know bill. ive read that you can lose over 40% of your weath with the whole inheritance/estate tax death tax deal. your right 2 million for a guy isnt anything to snease at. but no matter how you look at it its still the goverment taking away money ive earnee and paid taxes on allready, its like being doubletaxed.

granted there are allot of ways to get around the whole death tax to help your family keep what is rightfully theirs, but i think its a bit much to take away from your family things youve allready earned and paid for and been taxed on.

You may wish to get past "I read" status with this, as there's a helluva lot of misinformation out there to "read" these days! One must get real legal advice (as I have in recent months) before one can draw any conclusions. The threshold is, as I understand, three million dollars before death or inheritance tax is due. That's going to affect only a small part of the population, and it's the ones who can best afford it.

Additionally, some states constitutionally protect major assets that legally pass directly to the heirs, with such assets not even being endangered by creditors. So it's not just a simple "everyone gets hit" proposition...each case, in each region, can be a different outcome.




Edited 1 time(s). Last edited Friday, November 06, 2009 10:09 AM



Re: Stimulus Plan Has "saved or created" about 650,000 thousand jobs!!!
Monday, November 09, 2009 4:39 PM on j-body.org
oh i know its not as cut and dry and a yes or no question. but regardless i just think taking hits on whats allready been paid for and taxed is wrong, regardless of how rich or weathly the person is. i believe in people paying there fair share, i dont really agree with just the whole process of taxing the hell out of the rich because they can afford it.


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Re: Stimulus Plan Has "saved or created" about 650,000 thousand jobs!!!
Monday, November 09, 2009 5:50 PM on j-body.org
In this case, it's a bit more targeted. We have to discuss taxation in its specific separate incarnations, for each different taxable situation has its own unique aspects and intentions.

In the instance of inheritances, there is a concept known roughly as "generational wealth attainment". Simply put, were this type of tax equally applied to all decedents (folks who die), rather than the most wealthy only, then the ability of families to build wealth in a stairstep fashion, generation by generation, would be negatively impacted. As such, the intention here is to allow attainment of wealth over successive generations without impact, until a certain threshold is reached. It's a great way to encourage inheritance among those who would benefit from it the most...those on the lower rungs of the wealth attainment ladder. Not a new concept either, been with us through the many generations that made America the wealthiest nation on Earth. It's thus a very proven concept





Re: Stimulus Plan Has "saved or created" about 650,000 thousand jobs!!!
Monday, November 09, 2009 10:34 PM on j-body.org
Let's dumb it down a bit.

Mary wins the megalottery ($200mill). Takes lump sum, and walks away with around 70 mill. Govt takes it's "fair share" of $130 mill. Mary promptly dies andeaces it to her son Bobby. Govt takes it's fair share of approx 35 million. Yeah... That's a good plan uncle Sam.

Y'know why these tax scams exist? Because everyone hates and is envious of the wealthiest people. We commoners can ot fathom the rightness of earning it or even inheriting it (stupid trust fund babies etc). So you tax the rich. Te the rest of us that it'll o ly affect the richest 5% and the rest of us get to spend it..afterall, they're rich... They can spare the dough. Such sound policy.


“Poor Al Gore. Global warming completely debunked via the very Internet you invented. Oh, oh, the irony!” -Jon Stewart
Re: Stimulus Plan Has "saved or created" about 650,000 thousand jobs!!!
Tuesday, November 10, 2009 4:51 AM on j-body.org
Moderate Voice of the People wrote:

In this case, it's a bit more targeted. We have to discuss taxation in its specific separate incarnations, for each different taxable situation has its own unique aspects and intentions.

In the instance of inheritances, there is a concept known roughly as "generational wealth attainment". Simply put, were this type of tax equally applied to all decedents (folks who die), rather than the most wealthy only, then the ability of families to build wealth in a stairstep fashion, generation by generation, would be negatively impacted. As such, the intention here is to allow attainment of wealth over successive generations without impact, until a certain threshold is reached. It's a great way to encourage inheritance among those who would benefit from it the most...those on the lower rungs of the wealth attainment ladder. Not a new concept either, been with us through the many generations that made America the wealthiest nation on Earth. It's thus a very proven concept






its been around for awhile but that doesnt nessicarily means it had a dramatic impact on the us becoming the wealthest nation on earth. you think i'd want them all taxed this way when im just the opposite, i dont think any of them should be taxed that way wich means it would not effect those of lower incomes at all. in my version it would be a great way to encourage inheritance to everyone. not just the poor.

it just seems that people are learning year after year that its the goverments job to take care of them. so the goverment needs more and more money to try and take care of everyone the goverment can't spend what it makes as is so it just keeps borrowing more money and continues to spend more money that it takes in, id prefer everyone would learn to just take care of themselves. i know its a pipedream.


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Re: Stimulus Plan Has "saved or created" about 650,000 thousand jobs!!!
Tuesday, November 10, 2009 7:49 AM on j-body.org
sndsgood wrote:

Moderate Voice of the People wrote:

In this case, it's a bit more targeted. We have to discuss taxation in its specific separate incarnations, for each different taxable situation has its own unique aspects and intentions.

In the instance of inheritances, there is a concept known roughly as "generational wealth attainment". Simply put, were this type of tax equally applied to all decedents (folks who die), rather than the most wealthy only, then the ability of families to build wealth in a stairstep fashion, generation by generation, would be negatively impacted. As such, the intention here is to allow attainment of wealth over successive generations without impact, until a certain threshold is reached. It's a great way to encourage inheritance among those who would benefit from it the most...those on the lower rungs of the wealth attainment ladder. Not a new concept either, been with us through the many generations that made America the wealthiest nation on Earth. It's thus a very proven concept

its been around for awhile but that doesnt nessicarily means it had a dramatic impact on the us becoming the wealthest nation on earth.

You miss my/the point. Which is this...in spite of these long-standing inheritance tax laws, America still became the wealthiest nation on earth. Obviously, something worked.

I know you are an idealist, and you prefer your concepts simple and all-encompassing. However, that is just not how the real world works sometimes. They say "Nothing is certain except death and taxes"


Edited 1 time(s). Last edited Tuesday, November 10, 2009 2:25 PM




Re: Stimulus Plan Has "saved or created" about 650,000 thousand jobs!!!
Wednesday, November 11, 2009 6:03 AM on j-body.org
i always believe the simplest plans are usually the best plans. we get so bogged down in things and make things so diffiucult on ourselves too much waste goes on.i know what your saying though and know thats likely the way its going to stay, nothign done anymore makes things more simpler.


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