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Death Tax
#1
I couldn't find a thread on this...but just reading this article today:

http://www.foxnews.com/politics/2012/11/...p=trending


I don't believe in estate taxes since all that money has already been taxed at LEAST once. However if they're gonna have estate tax, they should NOT TAX PROPERTY. Anything that must be sold in order to pay the government is WRONG.

It makes me so angry that the government just robs dead people like this. A 55% death tax on any estate worth over a million????? A million dollars is really not a HUGE estate, as estates go....and to only be left with 45% of your inheritance? It enrages me!
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#2
Ahhh, don't worry, its only for the rich. The rich people should pay their fair share because its not fair that they have all of that money and we don't.[Image: free-mad-smileys-166.gif]
Shrug Ive got my eyes on you
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#3
This stuff infuriates me too. As I always say, property ownership is a myth. We rent our property from the government and if we fail to pay their rent, they take it away. This story should be the poster child for everything wrong with the idea that estate taxes only affect the "rich".

Pennsylvania is one of the few states that imposes an estate tax and it doesn't matter what the estate value is. We just went through that BS after my Dad died. Had to get the damned state paid 9 months after we unexpectedly lost him, no matter that you're not always in a position to make sound financial decisions in such cases.
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#4
RugerGirl;43452 Wrote:I couldn't find a thread on this...but just reading this article today:

http://www.foxnews.com/politics/2012/11/...p=trending


I don't believe in estate taxes since all that money has already been taxed at LEAST once. However if they're gonna have estate tax, they should NOT TAX PROPERTY. Anything that must be sold in order to pay the government is WRONG.

It makes me so angry that the government just robs dead people like this. A 55% death tax on any estate worth over a million????? A million dollars is really not a HUGE estate, as estates go....and to only be left with 45% of your inheritance? It enrages me!

The US federal gov't is a criminal enterprise. Period. The whole rotten stinking apparatus should be charged with RICO violations and thrown in prison.
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#5
And it seems a lot of people have no problem with this tax. They must be OK with the thinking the government should take personal property simply because someone died or they'll never have enough assets to worry about it. If they're the latter, they may be in for a rude surprise some day.
Palerider, proud to be a member of pa2a.org since Sep 2012.
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#6
The cutoff for the 55% estate tax under Obama's plan is only one million dollars. In many areas, it doesn't take too much for a property to be worth close to a million...that plus a few investments and a bit of cash and you lose over half of it to Uncle Sam.

And its not always the rich....sometimes the ONLY thing a person has is their inheritance! If the only thing you have to leave to your kids is a farm, why should they have to SELL half (or all) of it to be order to pay their taxes? Its a shame!

I read too that its not far off that they may start taxing life insurance plans, which they say is a way for the rich to hide their money. More so, its a way for the poor and middle class to actually have something to leave to their family! We don't have much at ALL right now....but my husband has a moderate life insurance policy so that I can actually "make it" if he passes and I'm left with our four kids. It would really hurt to have to pay a chunk of it in taxes, heaven forbid life would come to that, but just saying.
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#7
Say goodbye to family farms.
Vampire pig man since September 2012
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#8
Camper;43507 Wrote:Say goodbye to family farms.

Camper is correct here. How much income per year does the typical Pa dairy farm make? I'm sure the real estate, livestock and equipment "values" are greater than the annual income by orders of magnitude!

The fiscal cliff amount is 55% on any estate over $1 million. My understanding is that Obama has asked for 45% on anything over $3.5 Million.
Brick, proud to be a member of pa2a.org since Sep 2012.
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#9
RugerGirl;43501 Wrote:The cutoff for the 55% estate tax under Obama's plan is only one million dollars. In many areas, it doesn't take too much for a property to be worth close to a million...that plus a few investments and a bit of cash and you lose over half of it to Uncle Sam.

And its not always the rich....sometimes the ONLY thing a person has is their inheritance! If the only thing you have to leave to your kids is a farm, why should they have to SELL half (or all) of it to be order to pay their taxes? Its a shame!

I read too that its not far off that they may start taxing life insurance plans, which they say is a way for the rich to hide their money. More so, its a way for the poor and middle class to actually have something to leave to their family! We don't have much at ALL right now....but my husband has a moderate life insurance policy so that I can actually "make it" if he passes and I'm left with our four kids. It would really hurt to have to pay a chunk of it in taxes, heaven forbid life would come to that, but just saying.

This is the problem with Obamas make the wealthy pay scheme.

$250K in NJ is not the same as $250K in Mississippi.

PS: There is away around this if you establish a trust if your estate is worth >$1 million, as I was informed by my attorney.
A gun rack in a pick-up is not for holding guns. Its a place for women to hold on to. Smile
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#10
Camper;43507 Wrote:Say goodbye to family farms.

I wonder who dreamed up such a thing as the death tax and if they realize who it would hurt the most...

http://www.laissez-fairerepublic.com/TenPlanks.html

From the Communist Manifesto, the 10 planks of communism:

1. Abolition of private property in land and application of all rents of land to public purpose.

2. A heavy progressive or graduated income tax.

3. Abolition of all rights of inheritance.

4. Confiscation of the property of all emigrants and rebels.

5. Centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly.

6. Centralization of the means of communication and transportation in the hands of the state.

7. Extension of factories and instruments of production owned by the state; the bringing into cultivation of waste lands, and the improvement of the soil generally in accordance with a common plan.

8. Equal obligation of all to work. Establishment of Industrial armies, especially for agriculture.

9. Combination of agriculture with manufacturing industries; gradual abolition of the distinction between town and country by a more equable distribution of the population over the country.

10. Free education for all children in government schools. Abolition of children's factory labor in its present form. Combination of education with industrial production.
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