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Old June 18th, 2014, 03:29 PM   #21
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Originally Posted by Jimmyb View Post
The US does have an inheritance tax.
Who doesn't know that?????????????
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Old June 19th, 2014, 03:03 AM   #22
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I disagree. They don't pay the tax now and others don't. They do think the tax is a good idea. I don't see how them thinking the tax is a good idea means they should pay it when others don't. No hypocrisy there at all.
I think it is hypocritical of them. There's talk of the wealthy in this thread but they can afford tax attorneys and they do plan a lot of this stuff out but the death tax really isn't aimed at those people. The death tax is used to seize assets from some Medicare recipients after their death. A retired, middle class guy who may not be that financially savvy and needs an operation or some other expensive form of treatment and doesn't properly set up his estate before receiving the treatment is the kind of guy who pays the death tax. The Clintons know that and they also know that as long as there is a loophole to be exploited the rich will be able to dodge the tax. They campaign for a tax knowing full well that they and their peers will never pay that tax but that retired middle class guy will pay it and will not be able to pass assets down to the next generation.

I'm not saying everyone gets caught this way but the death tax is really a tax on ignorance. I think lobbying for a tax which you have no intention of paying yourself is hypocritical, and unethical.
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Old June 19th, 2014, 03:28 AM   #23
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The threshold to pay it is $5,250,000. The IRS is knuckling down on how people transfer assets as they come up upon their own death.

BTW: what do you think the new 20,000 or so new IRS agents are used for??? Obamacare??? Nope.
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Old June 19th, 2014, 03:38 AM   #24
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Apparently a misunderstanding on my part. If this is solely about the estate tax then I was talking about a different issue.
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Old June 19th, 2014, 03:50 AM   #25
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Apparently a misunderstanding on my part. If this is solely about the estate tax then I was talking about a different issue.
Bill, it's IRS form 706...google it and see what's entailed: a PITA, for sure. You mentioned some people rearranging their assets to skip it. Tough to do...they are looking out for that. $5,250,000 threshold also means assets as things like a big family farm. Maybe four kids are going to inherit it...all married...all with kids...all working it, together. They will have to refinance it to pay it off. We're not talkin' that money sitting in a bank...it's most often the principal of some type of business that employs more than a few people. If it's worth more than the threshold...you gotta sort out coughing up the government's cut.
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Old June 19th, 2014, 04:10 AM   #26
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Bill, it's IRS form 706...google it and see what's entailed: a PITA, for sure. You mentioned some people rearranging their assets to skip it. Tough to do...they are looking out for that. $5,250,000 threshold also means assets as things like a big family farm. Maybe four kids are going to inherit it...all married...all with kids...all working it, together. They will have to refinance it to pay it off. We're not talkin' that money sitting in a bank...it's most often the principal of some type of business that employs more than a few people. If it's worth more than the threshold...you gotta sort out coughing up the government's cut.
As soon as you mentioned IRS and $5,250,000 I googled it and found the estate tax info. If this is strictly about the Estate Tax then I'm going to have to remove myself from the conversation because that's obviously not what I'm talking about.
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Old June 19th, 2014, 04:13 AM   #27
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As soon as you mentioned IRS and $5,250,000 I googled it and found the estate tax info. If this is strictly about the Estate Tax then I'm going to have to remove myself from the conversation because that's obviously not what I'm talking about.
That's cool, Bill...IRS tax talk makes my stomach churn. You would NOT believe the paperwork gymnastics I have to do in order to remain a dual national.

"Death and taxes." Ugh!

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Old June 19th, 2014, 04:49 AM   #28
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Mega corporations are not politicians who campaign to make laws FOR the death tax then avoid the law.
First of all they aren't avoiding the law. What they did was perfectly legal, and is available to every other tax paying citizen.

Had they been successful in changing the law they would be paying the additional taxes.

Please explain WHY they should NOT take every legal advantage ???

Lots of republicans campaigned and voted against the stimulus package, but that didn't stop them and the states they represented from lining up at the trough once the money was available.
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Old June 19th, 2014, 04:55 AM   #29
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Which is the reason for Bill & Hill putting their home, etc., in trusts.

I really do believe that trusts should be limited to a certain amount, to prevent the Bill Gate's, the Warren Buffett's, from leaving tens-of-billions in tax free trusts that wind up in the hands of left wing people, i.e. The Ford Foundation.
So are you saying the rich DON"T pay enough taxes !!!!!!!!!!!! How incredibly liberal of you !!!!! Better watch out they're going to take away your conservative card !!!!
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Old June 19th, 2014, 06:08 AM   #30
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Originally Posted by RNG View Post
They argue for implementation of some form of inheritance tax.
So you understand that part of the issue a little bit.

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Such a tax is not in place.
Then you fail miserably. It DOES exist.
The Clintons have been campaigning to not only close the loopholes that people use to avoid it, but lower the limits on it to collect more taxes
from more people.

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So they don't pay a tax that doesn't exist.
No.
They avoid a tax that they have been campaigning to change laws to make more strict and stop people from avoiding.
Clear cut case of hypocrisy.

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Oh, the horror.
The horror is the clear and astounding lack of intelligence and understanding of the liberals on this forum.
There is nothing y'all wouldn't say or do in support of your ideology no matter how wrong it is.
I would bet BIG money most of y'all can not walk and chew gum at the same time.
Constant monkey shines and childish games!

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The sky is blue
the kids pop up and scream

Quote:
What is blue?
That is slightly more sophisticated than "I know you are but what am I" so I'll say it is about the level of a 6 year old.

Dumbass!
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