Here's How The Democratic 1% REALLY Act

[gnadfly]

George Lucas sold the Star War franchise to Disney for tax purposes. Yep, Estate Tax purposes. WTF? I don't blame him. I just find the stench of hypocrisy nauseating.

http://www.marketwatch.com/story/geo...me_latest_news



Since none of Lucas’s three adopted children plan to take over his film empire, financial advisers say the strategy will save his heirs the the responsibility of managing their inheritance – and potentially going through the often long and fraught process of dividing it. “Mr. Lucas has obviously surrounded himself for years with world class legal, estate and tax advisers,” Wade Westhoff, a financial adviser based in Danville, Calif., says of the Disney deal. “This is a textbook example of exit planning for a private business owner.” (Lucas and a spokesman for LucasFilm were not immediately available for comment)

That Lucas struck a deal in 2012 may be no accident either, advisers say. Long-term capital gains tax from the sale of assets held more than one year are taxed at a rate of 15% for investors in the 25% income tax bracket or above (Lucas’s level), and zero for investors in the 10% or 15% bracket. Those rates are set to jump to 20% and 10%, respectively in January. “He probably wanted to take advantage of the lower rate on long-term capital gain while it’s certain,” says Bill Smith, managing director at CBIZ MHM, a national accounting and professional services provider.

[Yssup Rider]

Fuck! Now I won't be able to vote for Obama again!

[CuteOldGuy]

It doesn't matter which party they belong to, the rich don't play by the same rules as the rest of us. That's why I don't care if they raise taxes on the rich. Raise them all you want, they won't pay them. They will pay congress to insert special loopholes. They are all over the Code. You can't take advantage of them, but Lucas can. There is a lot more tax avoidance going on than meets the eye. Trust me, I used to do this. Not at Lucas' level, but I had some 8-figure clients I worked for.

If we ever want any degree of tax fairness, we must abolish the income tax. The income tax will always favor the rich.

[fetishfreak]

So he sold his property to someone else in order to avoid paying any more tax than he absolutely had too. I applaude him for it. If I work hard my whole life and earn a nice living and can have some left to pass down to my kids I would want them to get all of it. They shouldn't have to pay taxes on the money I earned and paid taxes on already.

[joe bloe]

Originally Posted by CuteOldGuy

It doesn't matter which party they belong to, the rich don't play by the same rules as the rest of us. That's why I don't care if they raise taxes on the rich. Raise them all you want, they won't pay them. They will pay congress to insert special loopholes. They are all over the Code. You can't take advantage of them, but Lucas can. There is a lot more tax avoidance going on than meets the eye. Trust me, I used to do this. Not at Lucas' level, but I had some 8-figure clients I worked for.

If we ever want any degree of tax fairness, we must abolish the income tax. The income tax will always favor the rich.

The lower fifty percent of income earners pay two percent of the income taxes. The top ten percent pay seventy percent of the income taxes. Why do you think the rich are favored?

[Yssup Rider]

God DAMN you're a fascist, Blowhard!

[TexTushHog]

And how would it "create jobs" if his cap gain rate had been lower? He'd have still sold at soe point, and Fisney would keep running the business afterwards. People sell at low tax rates to enrich themselves, but those low rates do nothing to create jobs.