wtf? the amount needs to get lowered, and the tax rate needs to be increased. how the fuck is this at $5m, and why would obama let this go up this much?
https://en.wikipedia.org/wiki/Estate_tax_in_the_United_States
what are you a commie?
Yeah, what you talking about? I think you have the arrows reversed.
OP voted for Bernie
Estate tax is BS!
alright. let me clarify. shit was 675k in 2001. in 2013 it was 3.75m. and now its at 5m. that’s an insane CAGR 13.3%. see i had assumed it would go up at 3%/ year.
also $5m as an estate. lets say that’s 5% conservative growth. that’s 250k/year. thats more than enough for any guy, even if you adjust for inflation that’s still 100k/year spending. also if ur married you can double the exclusion to $10m.
anyways just a personal opinion. i think its excessively generous to rich peepz.
also im not saying take 100%, so im not a commie.
Should be 0%!
I guess it depends on what you consider rich. The exemption was raised so much because families of a lot of small business owners were getting hammered.
Nery, you know in Manila, you can only drive cars with odd or even numbered license plates on alternating days? The way around this is to buy two cars. Make sure you double your E Class budget when you move there with $500k. Off topic, but it was important for me to remind you. Tank.
^i grew up there till i was 11, so im fully aware. you can actually make a lot of money smuggling exotic cars due to import taxes. i remember u brining that up in sk.
higg- how do they value small businesses in estate exclusion?, since they arent publicly traded, no one really knows its true value, so you can easily fibb amirite? also the idea that you are struggling if you have a $5m/$10m estate is hilarious.
So your plan is to tax people until they are “struggling”? Well, I guess it will only make them stronger and more virile in the end.
IRS requires a 3rd party valuation of the business. If they disagree with the value, they hire another valuation firm and battle it out in court. It’s really not that hard to build a business worth $15MM over 20 or 30 years but still be decidedly middle-income (don’t believe I said anything about struggling).
The lower limit on it I am not too concerned with. higgs and I agreed on an adjustment to 15-20mm to help small businesses for families fine fine. Tax the hell out of the billionares though those are the ones you want.
LPs, DLOC, and DLOM, amirite6?
^^ Even if you did (tax billionaires for all their income), it wouldn’t put a dent in the annual deficit. Gotta reduce spending.
Nery, how many times do you think the government should tax earnings? Because that’s what estates are made of.
im fine with doing both (not all their income, but they are paying some of the lowest income tax rates in the last 70 years or so)
Lowest income tax rates in the last 70 years… as if FDR’s tax rates during WWII era were reasonable at 94%
Yeah, because the highest marginal tax rate isn’t 94% any more. It was 94% after WW2 because we had to rebuild Europe.
I love how i state a fact and have 2 people immediately jump to the complete opposite end. Did I ever say they should be the highest? No I did not. Im fine with it being higher though I really dont care if the Waltons/Buffet/Gates/Soros of the world have to pay a bit more. They have enjoyed quite a bit of success in this country and quite a bit of it is due to the people of this country. Most European countries have their top rate in the mid 40’s, I think thats a fair number. When I look at the countries that how a lower top rate than us the only one I would really consider living in is Canada (although I am sure I missed one or two) but the remainder all seem to be eastern european/SE asian/SA crapholes.