The Death Tax - What a load of shit.

[Mr. Cool Ice]

The U.S. Death Tax was imposed in 1916 to help pay the costs of World War I. That war ended ninety years ago, but the tax remains.

[dav3]

Let's just make a fucking breathing tax also.

[Mr. Cool Ice]

Originally Posted by dav3

Let's just make a fucking breathing tax also.

Watch your mouth, "they" may hear you and get ideas.

[collegeboobies]

Yes it is a load of shit. So is the income tax.

Whats your point?

[Mr. Cool Ice]

Originally Posted by collegeboobies

Yes it is a load of shit. So is the income tax.

Whats your point?

I was just watching TV and they were talking about it. Made me think of how bad it sucks and how to keep my assets overseas and set up a way for my family to get them without the government knowing.

For example, my houses abroad that are bought by a company which I have a nominee director for, there would be no way for the US government to know about these unless the dumb ass family sold them, dissolved the company and sent the money to their personal account.

Or another business I have offshore. It is a legal business that built it's own assets and earns it's own money (not an illegal tax shelter). How would they know about this?

Just thinking of ways to cheat The Man. That's all. Gotta call my attorney soon and work this out. I don't have a plan for this yet.

[After Shock Media]

Originally Posted by dav3

Let's just make a fucking breathing tax also.

Call it what it really was called. An Estate tax or a Inheritance tax. It does however sound much more scary and like it will effect more people if they call it a Death tax. It also rarely applies if left to a spouse and not a trust or 3rd party. It has a crap load of loopholes and then let us not forget the credits. Boils down to if less than 2 million for singles/4 million for couples there is no federal taxes. If you also inherited it in the last 10 years and also die, no tax. Also many exclusions for already taxed items.

[Lycanthrope]

what the hell happened. This didn't belong here.

[GatorB]

Originally Posted by Mr. Cool Ice

The U.S. Death Tax was imposed in 1916 to help pay the costs of World War I. That war ended ninety years ago, but the tax remains.

No such thing as the "death tax". Sorry if Bill Gates kids have to pay taxes on $50 BILLION instead of getting it tax free and not having to do any REAL work ever or comtribute anything to the country that allowed their FATHER( NOT them ) make $50 billion.

[cykoe6]

Originally Posted by Mr. Cool Ice

The U.S. Death Tax was imposed in 1916 to help pay the costs of World War I. That war ended ninety years ago, but the tax remains.

Agreed. The worst part is that the money was already taxed once when it was earned n the first place so it is being taxed for a second time. The Death Tax is the worst tax there is.

[Snake Doctor]

There is a bigger reason for the estate tax than just collecting tax revenue.

It's in place so that we don't end up with a permanent aristocracy in this country, which is what we would have if the JP Morgans and John Rockefellers of the world never had their estate subject to that tax.

It affects less than 2% of all estates in America.

[GatorB]

Originally Posted by cykoe6

Agreed. The worst part is that the money was already taxed once when it was earned n the first place so it is being taxed for a second time. The Death Tax is the worst tax there is.

Bullshit. Ok so when a worker works at a job and makes say $39,000 a year $3000 gets taken out for FICA taxes before he sees a dime. Now when he files his income tax he has to pay income tax on that $3000 paid in FICA tax. How is that not double taxation? Yet no outcry from you for the regular guy. The same guy takes his pay check and goes to the store. He pays sales tax then he also has to pay INCOME tax. That's DOUBLE taxation. Once again no outcry from you for the regular guy just pity for the super rich.

Sorry Bill Gates kids paid ZERO taxes on that money. I don't mean to pick on Bill Gates he's says he's ok with the estate tax and so it Warent Buffet. The 2 richest guys in America. So if they are ok with it basically everyone else should STFU. By the way the Walton heirs are 4-7 in the top 400 at $23 BILLION each so obviously the "death tax" didn't hurt them much, if at all.

[Jenny S.]

Originally Posted by cykoe6

Agreed. The worst part is that the money was already taxed once when it was earned n the first place so it is being taxed for a second time. The Death Tax is the worst tax there is.

Bunch of HS. The estate tax is a transfer tax. It is not a death tax, since ONLY the person who accepts an estate pays it, not the person who passed. If you say the money was already taxed you may as well argue, if someone joins your pay site, you shouldn't have to pay tax on that money either because the other guy already paid income tax on it.

The estate tax only applies to large fortunes, plus there are many exemptions for real estate, farms, etc. so 99% of the US population will never pay any estate tax. Typically, if you inherit something around 1.5 mill in cash you may pay around 25k.

Big deal! How fucking unfair! Move to the UK . Everything over £312,000 (the "nil-rate band) has a 40% inheritance tax on it.