Welcome Guest [Log In] [Register]
Welcome to The New Coffee Room. We hope you enjoy your visit.


You're currently viewing our forum as a guest. This means you are limited to certain areas of the board and there are some features you can't use. If you join our community, you'll be able to access member-only sections, and use many member-only features such as customizing your profile, sending personal messages, and voting in polls. Registration is simple, fast, and completely free.


Join our community!


If you're already a member please log in to your account to access all of our features:

Username:   Password:
Add Reply
  • Pages:
  • 1
  • 3
The timing of Steinbrenner's death; ...saves his family $500 million
Topic Started: Jul 14 2010, 12:18 PM (691 Views)
The 89th Key
Member Avatar

http://www.nbcnewyork.com/news/local-beat/Steinbrenner-Family-Exempt-From-Estate-Tax-98418909.html

Offline Profile Quote Post Goto Top
 
musicasacra
Member Avatar
HOLY CARP!!!
Quote:
 
The 45 percent tax expired in January and starts up again in 2011 at 55 percent.

WTF!
Offline Profile Quote Post Goto Top
 
KlavierBauer
Member Avatar
HOLY CARP!!!
Yeah, didn't you know 2010 was the year to die?
"I realize you want him to touch you all over and give you babies, but his handling of the PR side really did screw the pooch." - Ivory Thumper
"He said sleepily: "Don't worry mom, my dick is like hot logs in the morning." - Apple

Offline Profile Quote Post Goto Top
 
Mikhailoh
Member Avatar
If you want trouble, find yourself a redhead
Good for his family. There is no damn way family businesses ought to have to be sold to pay death taxes. No damn way.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
Offline Profile Quote Post Goto Top
 
The 89th Key
Member Avatar

I'll claim ignorance.

Why the HELL does one have to pay a death tax? I've heard of it before, but had no idea it was that high. (Maybe lower for folks who aren't that rich?) Literally...is there a reason why? It's not like the state pays for the funeral, or estate attorneys, or whatever...
Offline Profile Quote Post Goto Top
 
Copper
Member Avatar
Shortstop
The 89th Key
Jul 14 2010, 12:34 PM
I'll claim ignorance.

Why the HELL does one have to pay a death tax? I've heard of it before, but had no idea it was that high. (Maybe lower for folks who aren't that rich?) Literally...is there a reason why? It's not like the state pays for the funeral, or estate attorneys, or whatever...
From the above link

Quote:
 

Only two percent of the population, or about 64,000 estates, makes enough to be subject to the tax, according to the Center on Budget and Policy Priorities. The repeal of the tax is sapping about $55 billion in revenue from the federal government. This year, about 4,500 families with very large estates will be receiving as much in annual tax reductions as 140 million taxpayers, according to the Washington-based nonprofit.

The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
Offline Profile Quote Post Goto Top
 
VPG
Member Avatar
Pisa-Carp
My girl friend who is in Finance (CPA/MBA) just told me Congress, realizing their mistake has talked about making the new bill retroactive back to Jan. 1 of 2010.
They know the lawsuits will abound if they do.
I'M NOT YELLING.........I'M ITALIAN...........THAT'S HOW WE TALK!


"People say that we're in a time when there are no heroes, they just don't know where to look."
Ronald Reagan, Inaugural, 1971

Offline Profile Quote Post Goto Top
 
ivorythumper
Member Avatar
I am so adjective that I verb nouns!
The 89th Key
Jul 14 2010, 12:34 PM
I'll claim ignorance.

Why the HELL does one have to pay a death tax? I've heard of it before, but had no idea it was that high. (Maybe lower for folks who aren't that rich?) Literally...is there a reason why? It's not like the state pays for the funeral, or estate attorneys, or whatever...
Because in the way that the centralized modern government works, everything you "have" is not really yours -- it all belongs to the collective and you are only allowed to use it because it is presently too politically risky to just seize it from you. So taxation becomes a method of wealth confiscation that is strategically and tactically more politically effective and in the long run more cost effective than outright confiscation.

It allows everyone to keep up the appearances of being free.
The dogma lives loudly within me.
Offline Profile Quote Post Goto Top
 
The 89th Key
Member Avatar

Copper - I read that part, but thought I've heard of the "death tax" being applied to normal folks. Maybe I just assumed that. Still...it's ridiculous and I like your explanation, IT.
Offline Profile Quote Post Goto Top
 
Mark
Member Avatar
HOLY CARP!!!
Our government is foul.
___.___
(_]===*
o 0
When I see an adult on a bicycle, I do not despair for the future of the human race. H.G. Wells
Offline Profile Quote Post Goto Top
 
John D'Oh
Member Avatar
MAMIL
ivorythumper
Jul 14 2010, 12:53 PM
It allows everyone to keep up the appearances of being free.
As Kris Kristofferson famously said, freedom is just another word for nothing left to lose.
What do you mean "we", have you got a mouse in your pocket?
Offline Profile Quote Post Goto Top
 
KlavierBauer
Member Avatar
HOLY CARP!!!
I thought Janice Joplin said that.
"I realize you want him to touch you all over and give you babies, but his handling of the PR side really did screw the pooch." - Ivory Thumper
"He said sleepily: "Don't worry mom, my dick is like hot logs in the morning." - Apple

Offline Profile Quote Post Goto Top
 
jon-nyc
Member Avatar
Cheers
The 89th Key
Jul 14 2010, 12:34 PM
Maybe lower for folks who aren't that rich?
Yeah, most estates were below the threshold. Even before the Bush cuts, the threshold was over 600k (meaning if your estate was worth less than 600k it wasn't taxed at all).


And most people with estates larger than that avoided it for the most part through creating trusts of various sorts.
In my defense, I was left unsupervised.
Online Profile Quote Post Goto Top
 
The 89th Key
Member Avatar

So weird.

I have an idea...how about you and your family can, umm, KEEP what is yours! Still not sure why the government can tax 55% of your estate just because you died.
Offline Profile Quote Post Goto Top
 
jon-nyc
Member Avatar
Cheers
The 89th Key
Jul 14 2010, 01:21 PM
I have an idea...how about you and your family can, umm, KEEP what is yours!


Sounds good in theory, but how will we pay for all those foreign wars? Or pay back the Chinese what we owe them?
In my defense, I was left unsupervised.
Online Profile Quote Post Goto Top
 
Axtremus
Member Avatar
HOLY CARP!!!
One, tax on inheritance is necessary. Else richer families would just continue to build up into rich feudal lords and robber barons over generations.

Two, "There is no damn way family businesses ought to have to be sold to pay death taxes." "Family business" is a romantic concept that serves no useful economic purpose. "Business" is "business." Don't let the "family" modifier muddy the "business." If ownership interests need to be sold to pay taxes (any kind of tax), so be it.

That said, I do object to "estate tax/death tax" as it is formulated today. For tax purposes, I would rather see "inheritance" treated as a form of income and taxed as income and levied on the persons/taxable entities receiving the inheritance.
Offline Profile Quote Post Goto Top
 
KlavierBauer
Member Avatar
HOLY CARP!!!
Wow - you just out-socialized even yourself, in asserting that rather than an estate tax, it would be even better to tax the living beneficiaries of that estate and treat their inheritance as income. Are you for real?
You seem to forget that these folks have already been taxed on this money - more than once.
But to keep them from getting what you would determine as "too much" you feel it's fair to simply take that from them - forget the fact that they've earned it fairly, legally, and have already payed a hefty tax on it.

89th: The estate is figured, and the tax is applied based on the gross estate value + any adjustable tax gifts.
This tentative tax is figured thusly:
For amounts not greater than $10,000, the tax liability is 18% of the amount.
For amounts over $10,000 but not over $20,000, the tentative tax is $1,800 plus 20% of the excess over $10,000.
For amounts over $20,000 but not over $40,000, the tentative tax is $3,800 plus 22% of the excess over $20,000.
For amounts over $40,000 but not over $60,000, the tentative tax is $8,200 plus 24% of the excess over $40,000.
For amounts over $60,000 but not over $80,000, the tentative tax is $13,000 plus 26% of the excess over $60,000.
For amounts over $80,000 but not over $100,000, the tentative tax is $18,200 plus 28% of the excess over $80,000.
For amounts over $100,000 but not over $150,000, the tentative tax is $23,800 plus 30% of the excess over $100,000.
For amounts over $150,000 but not over $250,000, the tentative tax is $38,800 plus 32% of the excess over $150,000.
For amounts over $250,000 but not over $500,000, the tentative tax is $70,800 plus 34% of the excess over $250,000.
For amounts over $500,000 but not over $750,000, the tentative tax is $155,800 plus 37% of the excess over $500,000.
For amounts over $750,000 but not over $1,000,000, the tentative tax is $248,300 plus 39% of the excess over $750,000.
For amounts over $1,000,000 but not over $1,250,000, the tentative tax is $345,800 plus 41% of the excess over $1,000,000.
For amounts over $1,250,000 but not over $1,500,000, the tentative tax is $448,300 plus 43% of the excess over $1,250,000.
For amounts over $1,500,000, the tentative tax is $555,800 plus 45% of the excess over $1,500,000.
For years before 2007, additional tax brackets applied for amounts over $2,000,000 with marginal rates of up to 55%.

I find it hard to believe that this affects only 2% ...
"I realize you want him to touch you all over and give you babies, but his handling of the PR side really did screw the pooch." - Ivory Thumper
"He said sleepily: "Don't worry mom, my dick is like hot logs in the morning." - Apple

Offline Profile Quote Post Goto Top
 
Kincaid
Member Avatar
HOLY CARP!!!
The death tax is kinda like cigarette and other sin taxes - because it is such a small pool of people (that are loathed by many), it is easy (and lucrative) to tax them.

Then they came for the smokers and I didn't speak up for them, because I wasn't a smoker.
Kincaid - disgusted Republican Partisan since 2006.
Offline Profile Quote Post Goto Top
 
Piano*Dad
Member Avatar
Bull-Carp
I will likely be creating a trust to avoid this. But the trust avoidance technique is just a charade. Another example of how, wink wink, we have laws that catch only the ignorant or the unlucky. And another example of how we make useless, but profitable, work for lawyers.
Offline Profile Quote Post Goto Top
 
KlavierBauer
Member Avatar
HOLY CARP!!!
Good point Piano*Dad - it should be noted there are ways to protect this money from the Estate Tax (or death duties as the Brits call it).
"I realize you want him to touch you all over and give you babies, but his handling of the PR side really did screw the pooch." - Ivory Thumper
"He said sleepily: "Don't worry mom, my dick is like hot logs in the morning." - Apple

Offline Profile Quote Post Goto Top
 
jon-nyc
Member Avatar
Cheers
Axtremus
Jul 14 2010, 01:40 PM
That said, I do object to "estate tax/death tax" as it is formulated today. For tax purposes, I would rather see "inheritance" treated as a form of income and taxed as income and levied on the persons/taxable entities receiving the inheritance.
I've often argued the same. Treat it as income to the inheritors.
In my defense, I was left unsupervised.
Online Profile Quote Post Goto Top
 
jon-nyc
Member Avatar
Cheers
Piano*Dad
Jul 14 2010, 01:58 PM
I will likely be creating a trust to avoid this.


At your advanced age you're only now getting around to this? :lol:
In my defense, I was left unsupervised.
Online Profile Quote Post Goto Top
 
jon-nyc
Member Avatar
Cheers
KlavierBauer
Jul 14 2010, 02:02 PM
Good point Piano*Dad - it should be noted there are ways to protect this money from the Estate Tax (or death duties as the Brits call it).
It was noted, several posts up in a reply to 89.
In my defense, I was left unsupervised.
Online Profile Quote Post Goto Top
 
Piano*Dad
Member Avatar
Bull-Carp
Oh, and I should add, per Ax's (IMHO rather dumb) notion that the estate tax is the leveler to prevent the feudalization of modern society, that as a two earner family with a healthy attitude toward saving, I'm caught up in this silliness. Do we really want to discourage two-earner families from saving because somehow we're the type who will destroy society by perpetuating premodern attitudes about aristocratic entitlement.
Offline Profile Quote Post Goto Top
 
Piano*Dad
Member Avatar
Bull-Carp
jon-nyc
Jul 14 2010, 02:05 PM
Piano*Dad
Jul 14 2010, 01:58 PM
I will likely be creating a trust to avoid this.


At your advanced age you're only now getting around to this? :lol:
I didn't need to worry about it until the law changed.
Offline Profile Quote Post Goto Top
 
Go to Next Page
« Previous Topic · The New Coffee Room · Next Topic »
Add Reply
  • Pages:
  • 1
  • 3