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Post by townhalleditor on Dec 9, 2012 7:57:50 GMT -5
There is a warning klaxon sounding across America that if a tax deal is not done by the end of the year, Estate Taxes will jump up from 35 percent to 55% and that the exemption from the tax up to $5 million dollars will be lowered to one million.
What is your opinion on Estate Tax, also known as the "Death Tax."
I do not have a problem with the percentage level of taxation.
I am open to discussion on the level of exemption to protect family farms and businesses.
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Post by TW on Dec 9, 2012 11:38:36 GMT -5
Unless a deal is struck, let it be on the shoulders of the Republicans for obstructing change. I hate seeing it go in this direction, but I don't see them working out any deal raising taxes for the wealthy.
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Post by packerconvert on Dec 9, 2012 13:50:56 GMT -5
I would think conservatives would be obstructive to change.   |
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Post by TW on Dec 9, 2012 16:59:28 GMT -5
When you don't agree to work on a compromise on issues, everyone gets hurt. Their stance on budget reductions strictly dealing with those less fortunate in this country is an f-ing joke!
The BS about welfare is just that. Less than 8% of the welfare given out in this country is fraud. Less than 8% of the money spent in medicaid is fraud.
On the flip side of that is that the amount of fraud associated with large insurance companies, doctors, clinics, and hospitals, defrauding medicare, medicaid, and the military, is as much as triple that.
Yet, the right wing leadership is not addressing those issues, because that's who they represent.
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Post by nick20 on Dec 9, 2012 20:32:45 GMT -5
the estate tax is there to ensure the very rich did not pass down enormous fotunes untouched, creating a aristocracy of money. the current taxes only affect a fraction of a prcent of families, about 3000, if the amount is ppushed up to 10 million, the number affected drops to 40, yes 40 families. i could see keeping the rate at 55, but exempting 1.5 million for single filers and 3 million for couples. basically, splitting the difference between the current rate and the Clinton era rate. most folks do not have a million dollars anyway
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Post by TW on Dec 10, 2012 0:54:02 GMT -5
In today's society, a living will is what people should have in place. If it's handled properly, there's very little, if any, taxes that are collected.
It's how our family handles inheritances.
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Post by packerconvert on Dec 10, 2012 18:27:36 GMT -5
Isn't a living will for medical directives in the event you become incapacitated and can't make your own healthcare choices?
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Post by nick20 on Dec 10, 2012 18:57:17 GMT -5
yes it is that, but its also a gurantee that your heirs know your wishes. cuts down on kid 1 fighting against kid 2 for daddys estate.
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Post by TW on Dec 10, 2012 20:05:31 GMT -5
Within the confines of a living will, you can even have transfer of funds, and estate, over a course of years, to eliminate high taxes on inheritance.
It's something that everyone should investigate, if they intend leaving anything of value behind.
The wealthy do it all the time, in the form of trust funds, yearly "gifts," which create interest income (the only thing taxed), and various other methods of advance transfer of properties, etc.
It's a shame more people don't look at it from the perspective of what it can do to protect a family. It can also act as an insulator against the loss of property in the event of illness in later life, where attachments could have been made against the property.
Why let the wealthy keep it all, while you cough up big chunks for Uncle Sam, and a greedy state?
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