Time: GOP senators looking for a RICH KATRINA CORPSE for estate tax pitch

[MosesPresley]

Originally posted by Ming
Oerdin...
I didn't want to start a new thread on this joke, but figured this was the most appropriate place for it since it is classic republican bashing... So excuse the short thread jack, but I though you would like this one... I did

How about this one?

President Bush and Rumsfeld are sitting in a bar.

A guy walks in and asks the barman, "Isn't that Bush and Rumsfeld sitting over there?"

The barman says, "Yep, that's them."

So the guy walks over and says, "Wow, this is a real honor! . What are you guys doing in here?"

Bush says, "We're planning WW III."

The guy says, "Really? What's going to happen?"

Bush says, "Well, we're going to kill 140 million Muslims this time and one blonde with big boobs."

The guy exclaimed, "A blonde with big boobs? Why kill a blonde with big boobs?"

Bush turns to Rumsfeld and says, "See, I told you no one would worry about the 140 million Muslims".

[SpencerH]

Originally posted by MosesPresley

Isn't America about working for what is yours, not simply getting it in a windfall inheritance from the labor of others?

I was going to say that what America is, or isnt, about cant be described in a single short sentence. Then I realized it can. One word, freedom. We all have the same rights, we all have the same responsibilities. It's contrary to my view of America to enact a tax-based class structure. Earned money is taxed. I see no reason to tax it again just because one person is jealous over how much someone else has. IMO thats taxation without representation.

BTW: I'm not american (yet)

[SpencerH]

Originally posted by MosesPresley


How about this one?

President Bush and Rumsfeld are sitting in a bar.

A guy walks in and asks the barman, "Isn't that Bush and Rumsfeld sitting over there?"

The barman says, "Yep, that's them."

So the guy walks over and says, "Wow, this is a real honor! . What are you guys doing in here?"

Bush says, "We're planning WW III."

The guy says, "Really? What's going to happen?"

Bush says, "Well, we're going to kill 140 million Muslims this time and one blonde with big boobs."

The guy exclaimed, "A blonde with big boobs? Why kill a blonde with big boobs?"

Bush turns to Rumsfeld and says, "See, I told you no one would worry about the 140 million Muslims".

ROTFLMAO

[Dinner]

Rah, the tax bar has been moved much much higher now so family farms are no longer effected unless they are truly massive and wealthy estates.

This year the limit is $1.5million but next year it goes up to $3 million, and continues going up each year until 2010 when it is eliminated all together. If you are a billionaire that would be the year to die because it comes back in 2011 but is set at the $10 million level. The percentage of tax various from 0% up to 50% on the largest of large estates (over $100 million).

Further more it is very easy, many say to easy, to avoid paying this tax. You can give up to $11k per person per year without declaring or them having to pay taxes on it. Trust funds are exempted for the most part, as long as they are inrevocable trusts, and setting up a corporation or moving the assets to other countries (Aruba is a popular place) then you can avoid all taxes. All in all we will see very, very, very, very few family farmers effected by this.

[KrazyHorse]

Originally posted by rah
A wife can inherit without the tax.

This is how quite a few family farms ended up in the hands of large corporations or developers. The kids had to sell all/part of farms to pay the taxes. I assume that those that support estate taxes approve of this.

The estate tax doesn't even kick in until 1 million dollars, and the average tax load paid by farm or business estates with assets in the 1-2 million dollar range (400-500 per annum, in a country of 285 million) is ~1.3%.

If you are inheriting a 1.5 million dollar farm and you can't afford an estate tax of 19000$ then there's something wrong with your business.

[KrazyHorse]

BTW, the family farm is dead.

**** the family farm. They're inefficient and outdated. Sell the farm and get a real job.

And stop depending on ****ing farm subsidies for over 65% of your income.

[Dinner]

Originally posted by Wezil
Other small business can fall into the same category if the wealth is tied up in the business.

Make it a corporation and you don't have to worry about it. Alternatively, deed it in a trust or take the Tyco option and officially relocate the corporation in Bermuda.

No taxes owed.

[Sandman]

Or take out a mortgage to pay for the tax.

[KrazyHorse]

If you make it into a corporation then the kids still owe the estate tax on the value of the corporation.

Just like in a widely publically held corporation each stockholder's estate owes taxes on the value of the piece of the corporation in the hands of the estate.

[KrazyHorse]

Originally posted by Sandman
Or take out a mortgage to pay for the tax.

The family farm in the US is so woefully inefficient that even with massive agricultural subsidies most are already mortgaged to the hilt.

[Dinner]

I figure after sucking up all those farm subsidies for all those decades they deserve to give something back in an estate tax.

[Last Conformist]

People are speaking about screwing family farms as if that were a bad thing ...


My comment re: America allegedly being to the right of Sweden is because Sweden scrapped the inheritance tax a while ago.

[KrazyHorse]

If you inherit a family farm worth 1.5 million dollars then you can sell that farm, invest in an index fund and receive between 60 and 80 thousand dollars of capital gains/dividends every year for the rest of your natural life without eating into your principal at all.

Now on top of that you can get a job and easily push yourself well over 130k per annum

And I'm supposed to feel bad for somebody who's in this situation and who has to pay the government a one-time fee of 19000$?

[Ming]

Originally posted by KrazyHorse
If you inherit a family farm worth 1.5 million dollars then you can sell that farm, invest in an index fund and receive between 60 and 80 thousand dollars of capital gains/dividends every year for the rest of your natural life without eating into your principal at all.

Now on top of that you can get a job and easily push yourself well over 130k per annum

And I'm supposed to feel bad for somebody who's in this situation and who has to pay the government a one-time fee of 19000$?

While the farm may be worth that much "on paper" the odds are that the assests are heavly borrowed against... In addition, that money probably has to be divided among the family members.

Now remind me... are you warm fuzzy friendly democrat or a cold hearted republican?

[Last Conformist]

If I were an American ( ), I'd be cold-hearted democrat.