MarketWatch Warning to the 1%.. the IRS May be Coming for You!

[Chung Tran]

https://www.marketwatch.com/story/be...ney-2019-07-15

WTF? really?

this article speaks only to the 1%, which the article implies is maybe half of Americans! the fucking inheritance tax cap is scheduled to be reduced in 2016.. oh no! 11.4 million dollars, with schedule increases until 2026, and I'm supposed to be worried? who the fuck am I, Rothschild or Rockefeller? OMG, inherited Roth IRA's have to be spent in 10 years, if I am not in the exception group! what am I going to do? these taxes are going to kill me!

Damn it.. when are the super rich going to stop trying to accumulate and keep every God Damn dollar possible? don't they tire of worrying when that last fucking dollar might change hands?

[bambino]

I’m not worried.

[bb1961]

Somebody needs some butt hurt ointment...
The liberals have been working on class warfare for MANY years now...and have recruited MANY hapless souls. Congrads CHUNGY...you have been promoted to SUPREME COMMANDER!!
The sad problem with you chungy is wealth is created not stolen for others...IT IS INFINITE!!
Someone must have rifled through your pockets and stole your millions...contact you local law enforcement IMMEDIATELY.

https://www.youtube.com/watch?v=OgP2LcSwjQk


https://www.youtube.com/watch?v=x3clRraH77M

[friendly fred]

Originally Posted by Chung Tran

https://www.marketwatch.com/story/be...ney-2019-07-15

WTF? really?

this article speaks only to the 1%, which the article implies is maybe half of Americans! the fucking inheritance tax cap is scheduled to be reduced in 2016.. oh no! 11.4 million dollars, with schedule increases until 2026, and I'm supposed to be worried? who the fuck am I, Rothschild or Rockefeller? OMG, inherited Roth IRA's have to be spent in 10 years, if I am not in the exception group! what am I going to do? these taxes are going to kill me!

Damn it.. when are the super rich going to stop trying to accumulate and keep every God Damn dollar possible? don't they tire of worrying when that last fucking dollar might change hands?

If you had read the whole thing you would see they might lower the limits in 2026.

Most rich folks use a variety of methods to minimize estate taxes.

One such way is to get your kids into the family business early and give them a little stock based compensation each year at a low valuation then as the years go on purchase other holders stock from the corporate capital, increasing the kids percentage while not creating a taxable event at the wrong time. (fuck - I don't know if this is legit or not - go talk to a tax attorney if this applies to you)

All sorts of ways to legally minimize taxes. Rich folks will always beat the system somehow - it sucks but to have a successful capitalistic society you must tolerate the existence of the rich.

[Tiny]

Originally Posted by Chung Tran

https://www.marketwatch.com/story/be...ney-2019-07-15

WTF? really?

this article speaks only to the 1%, which the article implies is maybe half of Americans! the fucking inheritance tax cap is scheduled to be reduced in 2016.. oh no! 11.4 million dollars, with schedule increases until 2026, and I'm supposed to be worried? who the fuck am I, Rothschild or Rockefeller? OMG, inherited Roth IRA's have to be spent in 10 years, if I am not in the exception group! what am I going to do? these taxes are going to kill me!

Damn it.. when are the super rich going to stop trying to accumulate and keep every God Damn dollar possible? don't they tire of worrying when that last fucking dollar might change hands?

Well, if we eliminated the estate tax, over time we'd INCREASE federal tax receipts by $8 billion per year, add 150,000 jobs, increase GDP growth, grow investment in the private sector, and increase wages. The changes in terms of % of GDP wouldn't be huge. But you're talking billions of dollars.

https://taxfoundation.org/estate-and...-around-world/

So why not get rid of it? Everyone would be better off. Well, we can't do that. We've got to fuck the rich. The same principal applies to capital gains, as so eloquently described by President Obama:

https://www.youtube.com/watch?v=gJimLZRC9N8

So, FUCK THE RICH!!! HELL YEAH!!!

While we're at it I'd also like to also propose we take 40% of the wealth of any family whose patriarch visits AMP's more than once a month.

[Chung Tran]

Originally Posted by friendly fred

If you had read the whole thing you would see they might lower the limits in 2026.

if you had read my whole statement that you quoted, you would see I mentioned the lowering limit in 2026.. but that limit would still be extremely high, this article acts like it is impending disaster

Originally Posted by Tiny

Well, if we eliminated the estate tax, over time we'd INCREASE federal tax receipts by $8 billion per year, add 150,000 jobs, increase GDP growth, grow investment in the private sector, and increase wages. The changes in terms of % of GDP wouldn't be huge. But you're talking billions of dollars.

I don't agree, of course, but besides that, I know of maybe 4-5 people who understand the purpose of the Estate Tax, and it has nothing to do with soaking the rich. hint: it is similar to the reason that the giver of large sums of money given away at one time, is taxed on part of that amount.. NOT the receiver of the money. almost nobody realizes that the Donor is taxed, not the receiver.


what I find amusing, is all the staunch Republicans on this Board, who defend the party that looks out for the extremely wealthy, that nobody on this Board will ever get near, AND who are morally and legally opposed to the reasons we congregate here, namely paid pussy.. well some of us, it looks like the guys in the political Forum haven't had pussy in years

[Tiny]

Originally Posted by Chung Tran

I don't agree, of course, but besides that, I know of maybe 4-5 people who understand the purpose of the Estate Tax, and it has nothing to do with soaking the rich. hint: it is similar to the reason that the giver of large sums of money given away at one time, is taxed on part of that amount.. NOT the receiver of the money. almost nobody realizes that the Donor is taxed, not the receiver.


what I find amusing, is all the staunch Republicans on this Board, who defend the party that looks out for the extremely wealthy, that nobody on this Board will ever get near, AND who are morally and legally opposed to the reasons we congregate here, namely paid pussy.. well some of us, it looks like the guys in the political Forum haven't had pussy in years

You should actually read the Tax Foundation piece. They're a little right of center, but considered unbiased, and provide the back up for what I said. What they say is true in general terms, and I could regurgitate it here, but what's the point. Most here are set in their convictions and won't listen to reason.

As to "the donor is taxed, not the received", the donor is dead. The money comes out of the pockets of the receivers. The tax has everything to do with appearing to punish the rich. Why else would you impose a tax that over the years reduces government revenues?

The reason I say "appearing" -- the tax doesn't raise much money because people go to extremes to avoid paying it. They employ armies of accountants, tax lawyers and lobbyists, and make all kinds of decisions that wouldn't make sense except for the tax savings. This is why ending the tax would improve employment, investment and GDP. The politicians can have their cake and eat it too. They appeal to the socialist instincts of voters by promoting the tax while at the same time raking in campaign donations for the loopholes.

And as to your second paragraph I've posted some here about moral justification for prostitution and a lot more against laws that restrict it. Like my reply to your post last week,

https://www.eccie.net/showpost.php?p...91&postcount=9

[Chung Tran]

Originally Posted by Tiny

As to "the donor is taxed, not the received", the donor is dead. The money comes out of the pockets of the receivers.

no, I am talking about a living person who gives more than the annual limit to one person, $15,000, being taxed on the excess amount. remember where I digressed from the Inheritance Tax in my answer? actually, the Uniform Gift Tax Exclusion would likely kick in, but the two concepts are related.

[gnadfly]

Originally Posted by Chung Tran

if you had read my whole statement that you quoted, you would see I mentioned the lowering limit in 2026.. but that limit would still be extremely high, this article acts like it is impending disaster



I don't agree, of course, but besides that, I know of maybe 4-5 people who understand the purpose of the Estate Tax, and it has nothing to do with soaking the rich. hint: it is similar to the reason that the giver of large sums of money given away at one time, is taxed on part of that amount.. NOT the receiver of the money. almost nobody realizes that the Donor is taxed, not the receiver.


what I find amusing, is all the staunch Republicans on this Board, who defend the party that looks out for the extremely wealthy, that nobody on this Board will ever get near, AND who are morally and legally opposed to the reasons we congregate here, namely paid pussy.. well some of us, it looks like the guys in the political Forum haven't had pussy in years

Two words: Clinton Foundation.

[rexdutchman]

[Tiny]

Originally Posted by Tiny

While we're at it I'd also like to also propose we take 40% of the wealth of any family whose patriarch visits AMP's more than once a month.

Originally Posted by Chung Tran

what I find amusing, is all the staunch Republicans on this Board, who defend the party that looks out for the extremely wealthy, that nobody on this Board will ever get near, AND who are morally and legally opposed to the reasons we congregate here, namely paid pussy.. well some of us, it looks like the guys in the political Forum haven't had pussy in years

The reason I don’t go to massage parlors is because 60 customers were busted in my town. I’m not criticizing your preferences. You’re a respected AMP expert. Like being rich, Jewish, black or whatever, it’s something that distinguishes you from other people. You shouldn’t be persecuted for it

To be clear, I don’t believe the government should take 40% of everything you have and give it to me and other Americans. The government shouldn’t fuck rich people, poor people, blacks, whites, Hispanics, Asians, or AMP customers like you. A tax that doesn’t raise revenues and hurts the economy, imposed in order to punish one group of people, is stupid. The only people who benefit from the estate tax are tax attorneys, accountants and lobbyists.

I’m not following what you’re trying to say about the gift tax. There has to be an estate tax so people can’t avoid the gift tax by dying? The gift tax raises very little revenue. And if some rich guy wants to give away his money after he’s already paid 40% tax on the income I don’t believe he should have to pay another 40% gift tax.

[Chung Tran]

Originally Posted by Tiny

The reason I don’t go to massage parlors is because 60 customers were busted in my town.

FUCK!
To be clear, I don’t believe the government should take 40% of everything you have and give it to me and other Americans.

I’m not following what you’re trying to say about the gift tax. There has to be an estate tax so people can’t avoid the gift tax by dying? The gift tax raises very little revenue. And if some rich guy wants to give away his money after he’s already paid 40% tax on the income I don’t believe he should have to pay another 40% gift tax.

I'll try to be as brief as possible.. the 40% is a marginal rate, the last few dollars, not an average rate. the purpose of the gift and inheritance tax is to prevent hoarding of un-taxed cash simply passed from one wealthy generation to the next. ad in the generation-skipping tax here as well. it is not a "punishment", it is designed to put money to use, growing the economy and jobs. the gift tax and inheritance tax are related. you can give $15,000 to one person each year, no consequence, but if you give, say, $16,000, that extra thousand subtracts from the $11.4 million you can shield from tax when you die.. so unless you draw that excess via gifting below the $11.4 million, no tax is due from anybody. the right-leaning Media wants to sell ads, so they print a bogus MarketWatch story, like that I linked. in reality, 1/10 of 1% of people will be affected by the points in the article.

[Danielle Silver]

I for one hate the IRS..

Let's all play nice with each other.

[R.M.]

Originally Posted by gnadfly

Two words: Clinton Foundation.

Thank you. My dyslexia and Attention Deficit could not handle all this.

[Tiny]

Originally Posted by Chung Tran

FUCK!

The local newspapers published the names of the accused and some joker was selling T shirts with all 60 names emblazoned on the front. Marriages and careers were destroyed. The main lesson from this experience is never, ever give a provider or her pimp your personal info. The massage parlor kept a list of clients doing outcalls and local law enforcement got hold of it.

Originally Posted by Chung Tran

I'll try to be as brief as possible.. the 40% is a marginal rate, the last few dollars, not an average rate.

True but very misleading. If a person has a billion dollar estate, then close to 99% of it (the amount over $11 million) is taxed at 40%.

Originally Posted by Chung Tran

the purpose of the gift and inheritance tax is to prevent hoarding of un-taxed cash simply passed from one wealthy generation to the next. ad in the generation-skipping tax here as well.

It's not hoarded. It's invested in companies, farms, and bonds and savings that are loaned out to government, businesses and individuals. Furthermore, in the majority of cases the money was already taxed as income. There are some instances where you've got a point. For example, if Jeff Bezos dies tomorrow, the income tax (but not the sales and property taxes) paid by Amazon would be inconsequential during his lifetime compared to the value of his stock. And if his heirs sold the stock the day after he died, they'd pay no capital gains tax because the cost basis of the shares is stepped up to market value on the date of his death. Recent proposals by Republicans to do away with the estate tax would handle this by not stepping up cost basis for larger estates.

Originally Posted by Chung Tran

it is not a "punishment", it is designed to put money to use, growing the economy and jobs.

This statement is ass backwards. Again, see the Tax Foundation link. The economy and jobs benefit more from leaving the "money" invested in businesses and savings rather than turning it over to the government. It absolutely is punishment. Why else would you impose a tax that doesn't raise net revenues? The Tax Foundation's research indicates, in the long term, the government loses revenues because of the estate tax. No reasonable person who's looked at this closely would argue that it raises significant revenue.

Originally Posted by Chung Tran

the gift tax and inheritance tax are related. you can give $15,000 to one person each year, no consequence, but if you give, say, $16,000, that extra thousand subtracts from the $11.4 million you can shield from tax when you die.. so unless you draw that excess via gifting below the $11.4 million, no tax is due from anybody.

All true but I still don't understand what you're getting at.

Originally Posted by Chung Tran

the right-leaning Media wants to sell ads, so they print a bogus MarketWatch story, like that I linked. in reality, 1/10 of 1% of people will be affected by the points in the article.

So say somebody in some town goes out with a gun and robs 1/10 of 1% of the population, then takes the cash he got and burns it and gets thrown in jail for a couple of weeks. That's what's happening. The effect on the economy, and, with dynamic scoring on government revenues, is negative.

Yeah, there's a problem with inequality in America. How about implementing policies that would grow the pie for everyone, more for the poor and middle class than the wealthy. That beats making everyone worse off by shrinking the size of the pie, in a way where everyone receives less. This is what the estate tax does.