Happy Days
- Thread starter DOGS THAT BARK
- Start date
You are wrong about having to be a millionaire several times over for the estate tax to be a problem. Today, the exclusionary amount is 2 million, with a 45 % max rate. In '09 it moves up to 3.5 million with a max rate of 45%.
In 2010, it will be repealed, before 2011, when it will revert to 1 million, with a 55% max rate. I do not feel that 55% of an estate above $1,000,000.00 should be used to line the pockets of greedy politicians and those who can get off their a$$, but don't.
You are kidding yourself if you think that a $ 1 or $2 million estate is huge these days. This is upper middle class territory, not the territory of the super rich. The super rich can handle it because they have the $$$, but the upper middle class get burned.
This is hypothetical, but I would hate to spend my life trying to amass a $3 million estate to hand over to my children, and have them receive only $1.9 million. Wtf is that? Highway robbery, imo.
I spent those years mostly as a student at LSU. It was a great time in my life, that's for sure....
The maximum rates on estate tax don't kick in until you get into the $ hundreds of millions. The lower millions are hit by the 1-2% range. ...I had a link posted on this last year.
Basically the only time serious numbers get involved are at the Hilton family levels. The average type of person isn't touched at all and people inheriting ONLY a few million $ are still barely touched.
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Bush has made it more difficult for people to afford college by tweaking with the loan system.
I don't mean that everyone can make a "success" of themselves, because many can't due to illness, disabilities, etc.
My point is that I do not like paying for those who can work for a living, but opt not to.
As for some people having an easier road to "success", what's the big deal?. I don't care what others have to do to get where they need to be. I focus on what I have to do to get where I want/need to go.
Very few people actually do this. Far more people are positively affected by some help and work to make themselves better than those that just look to abuse the system. The amount that ends up just going to freeloaders is a drop in the bucket compared to the entire budget.
I don't have a negative outlook. I have criticism of this ridiculous administration. The new congress has done some good things and the new president probably will too.
I'M NOT THE ONE TALKING ABOUT LEAVING THE COUNTRY!
I like China and spending time there has nothing to do with politics--transferring assets-buying property there (only pay property tax once) ect is diff story--its defensive--I'm taking responsibilty to keep my chips out of the hands that support those that don't--that will be your job,as I said previously.
I don't like paying for people who can work and choose not to, either. Believe me, I've seen this more than I care to admit. Let me ask a serious question on this, because I honestly don't know the answer. What is the current situation with unemployment benefits? Are they recurring? Do they essentially stop after a 5-year period or some such thing? Didn't we have reform in this area during the Clinton administration (I realize that was not his doing completely, although he was very much in support of that)? What is the current situation - does anyone know?
Plenty else to discuss here, but was wondering this the other day.
Plenty else to discuss here, but was wondering this the other day.
"The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA 2001), was signed into law by President Bush on June 7, 2001; it "repeals" the estate tax for one year in 2010. Given the "sunset provisons" as required under the Byrd Rule, the 2001 federal estate tax rules will be reinstated in 2011, but with just a $1 million exemption equivalent (as originally scheduled under TRA 1997). Some of the more cynical planners have called this new tax law the "Assisted Suicide Act of 2010" when referring to the single year's true tax relief, although during 2010 the assets inherited lose their "step-up" at death for many families. Consult with your tax and legal advisors to best plan for ways to minimize unnecessary tax and uncertainty."
Chad nobody likes paying for people who can work but scam the gov't. Somehow its Democrats that get linked with this, like they enjoy it and fight for it:shrug: . I also don't like my tax dollars going over to Iraq, going to farmers to grow crops, going to corporations enticing them to go and outsource their companies, paying off interest on a terribly inflated debt. That is the problem with guys like us. We don't like paying for people we get labeled for but these neocon puppets won't say a thing about not l paying for interest on a debt that they created, corporate welfare, farm subsidies,outsourcing among other things.
