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Just one more instance of Dummycrats killing people...
2 years ago  ::  Dec 27, 2012 - 5:55PM #1
GlenninVirginia
Posts: 6,399

...with their policies.


From none other than CNBC:


Will 'Fiscal Cliff' Accelerate Millionaire Deaths?


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Senior Editor, CNBC.com












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Pigeon Productions SA | Riser | Getty Images



Because the "fiscal cliff" will not stop for death, it looks as if death's carriage may make a "kindly" stop to pick up some American millionaires this year, to paraphrase Emily Dickinson.


In 2010, after a year in which the estate tax was zeroed out altogether, Congress passed a law that set the estate tax at 35 percent and exempted all estates under $5 million, adjusted for inflation. That law expires in January 2013 when the exemption will fall to $1 million and the tax will rise to 55 percent.


Many families are faced with a stark proposition. If the life of an elderly wealthy family member extends into 2013, the tax bills will be substantially higher. An estate that could bequest $3 million this year will leave just $1.9 million after taxes next year. Shifting a death from January to December could produce $1.1 million in tax savings.


www.cnbc.com/id/100341727



2 years ago  ::  Dec 27, 2012 - 7:41PM #2
61in61
Posts: 19,338

Dec 27, 2012 -- 5:55PM, GlenninVirginia wrote:


...with their policies.


From none other than CNBC:


Will 'Fiscal Cliff' Accelerate Millionaire Deaths?


By:


Senior Editor, CNBC.com












Twitter


121




LinkedIn


4




Share








Pigeon Productions SA | Riser | Getty Images



Because the "fiscal cliff" will not stop for death, it looks as if death's carriage may make a "kindly" stop to pick up some American millionaires this year, to paraphrase Emily Dickinson.


In 2010, after a year in which the estate tax was zeroed out altogether, Congress passed a law that set the estate tax at 35 percent and exempted all estates under $5 million, adjusted for inflation. That law expires in January 2013 when the exemption will fall to $1 million and the tax will rise to 55 percent.


Many families are faced with a stark proposition. If the life of an elderly wealthy family member extends into 2013, the tax bills will be substantially higher. An estate that could bequest $3 million this year will leave just $1.9 million after taxes next year. Shifting a death from January to December could produce $1.1 million in tax savings.


www.cnbc.com/id/100341727






What's wrong with that? Seems like a $1Million exemption is more than reasonable. It was only $600,000 in 1997. There are plenty of ways to shelter more of your estate as well. Any property held jointly with a spouse automatically passes to the spouse with no tax. With proper estate planning nobody in that asset class should be left wanting.

2 years ago  ::  Dec 27, 2012 - 9:00PM #3
GlenninVirginia
Posts: 6,399

Point One: why should something that was taxed when it was earned be taxed again when the earner dies?


Point Two: a million dollars ain't what it use' ta be.

2 years ago  ::  Dec 27, 2012 - 10:49PM #4
61in61
Posts: 19,338

Dec 27, 2012 -- 9:00PM, GlenninVirginia wrote:


Point One: why should something that was taxed when it was earned be taxed again when the earner dies?


Point Two: a million dollars ain't what it use' ta be.




In response to point one: Why not? The recipient is getting something that they didn't work for. Additionally, it is not necessarily true that the assets in the estate WERE already taxed. A good portion of most large estates is unrealized capital gains which would be taxed for the first time. There would also be other money sheltered in trusts which was never taxed either.


In response to point two: $1M is a 66.7% increase over what it was in 1997. The inflation rate over that period was about 35% combined so the estate tax deduction increased more than the inflation rate, which means that $1M is worth MORE than "it use' ta be."

2 years ago  ::  Dec 28, 2012 - 11:51AM #5
ArtVandelay
Posts: 16,748

BTW, Obama's Organized Community of Chicago reached 500 murders this year!  way to go Barry!

2 years ago  ::  Dec 28, 2012 - 6:11PM #6
GlenninVirginia
Posts: 6,399

Dec 28, 2012 -- 11:51AM, ArtVandelay wrote:


BTW, Obama's Organized Community of Chicago reached 500 murders this year!  way to go Barry!




Nope, they retracted one just in the nick of time.  It's now actively under investigation until, they hope, after January 1, when they can admit, yes, he was beaten to death with a blunt instrument.  I wouldn't put my money on Chicago going three more days without a murder, though.

2 years ago  ::  Dec 28, 2012 - 6:28PM #7
GlenninVirginia
Posts: 6,399

Dec 27, 2012 -- 10:49PM, 61in61 wrote:


In response to point one: Why not? The recipient is getting something that they didn't work for. Additionally, it is not necessarily true that the assets in the estate WERE already taxed. A good portion of most large estates is unrealized capital gains which would be taxed for the first time. There would also be other money sheltered in trusts which was never taxed either.


In response to point two: $1M is a 66.7% increase over what it was in 1997. The inflation rate over that period was about 35% combined so the estate tax deduction increased more than the inflation rate, which means that $1M is worth MORE than "it use' ta be."




Point One:  Well, if a million dollars just dropped through the ceiling and landed on the floor in front of me, I might think that, too - except for the fact that the Federal Government will just waste it when I'm dead.  All in all, I rather my offspring waste it - or better still I waste it before I'm dead.


Point Two:  When you're payin' $20.00 for a cold Happy Meal next summer and all you get with it is a small, watered down drink, you might not feel that way.  Nothin' tastes worse than cold (or reheated) McDonald's fries, by the way.  True, very little tastes better than fresh out of the frier McDonald's fries; but sometimes it's a long drive home.

2 years ago  ::  Dec 28, 2012 - 8:13PM #8
Boardroomjimmy aka Miguel Kay
Posts: 3,801

Dec 28, 2012 -- 6:28PM, GlenninVirginia wrote:


 True, very little tastes better than fresh out of the frier McDonald's fries




I can't think of five things that taste worse then McDonalds french fries. 

2 years ago  ::  Dec 28, 2012 - 11:12PM #9
Yankee1954
Posts: 8,749

Dec 27, 2012 -- 5:55PM, GlenninVirginia wrote:


...with their policies.


From none other than CNBC:


Will 'Fiscal Cliff' Accelerate Millionaire Deaths?


By:


Senior Editor, CNBC.com












Twitter


121




LinkedIn


4




Share








Pigeon Productions SA | Riser | Getty Images



Because the "fiscal cliff" will not stop for death, it looks as if death's carriage may make a "kindly" stop to pick up some American millionaires this year, to paraphrase Emily Dickinson.


In 2010, after a year in which the estate tax was zeroed out altogether, Congress passed a law that set the estate tax at 35 percent and exempted all estates under $5 million, adjusted for inflation. That law expires in January 2013 when the exemption will fall to $1 million and the tax will rise to 55 percent.


Many families are faced with a stark proposition. If the life of an elderly wealthy family member extends into 2013, the tax bills will be substantially higher. An estate that could bequest $3 million this year will leave just $1.9 million after taxes next year. Shifting a death from January to December could produce $1.1 million in tax savings.


www.cnbc.com/id/100341727






My condolences to the families!

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