Rich People Avoiding Taxes - How do you feel about this commercial?

[Gestopft]

The idea of dying being taxable is a joke too; most people in this thread just seem to enjoy that one.

You aren't taxed on dying. Your inheritors are taxed on assets and income exceeding 11.4 million dollars that they got for winning the genetic lottery.

[Huulo]

the estate "Death" tax needs to go away totally regardless if its 1.00 or 1 million or 1 billion.... Nor should it count as income to the person(s) that receive it the following year (not sure if it does). it should essentially be free money. Only exceptions would be money pulled from investments where it went in pre-tax. such as some 401ks / stocks plans.

That would effectively shift the tax burden from the wealthy citizens to the poor and middle class. Why should pay checks be taxed and inheritance be exempt? The problem with making free money available to the rich is that you'd have to take it from everyone else at the same time.

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If it is such as small number then why bother?

If you can find a way to eliminate taxes for the poor and middle class first, I'll gladly support eliminating the small tax burden on the rich. Until then, everyone should pay their fair share.

[Gestopft]

That would effectively shift the tax burden from the wealthy citizens to the poor and middle class. Why should pay checks be taxed and inheritance be exempt? The problem with making free money available to the rich is that you'd have to take it from everyone else at the same time.

And on top of that, investment portfolios and many assets tend to appreciate at a higher rate than inflation. Not taxing estates at all would only further the concentration of wealth at the top.

[Pantupino]

estate taxes are shit, why should the government take away money you inherit? taxation is theft

[Huulo]

LIAR LIAR LIAR.

Grandma's tax under every proposed estate tax is EXACTLY ZERO.

You intentionally and dishonestly left out the part where "If estate value < millions of dollars (I forget exact number of millions), estate tax does not apply."

You are smart enough to know that your post is a complete total lie

You don't know how right you are. The tax exemption for inheritance is $5.5 million at minimum. It goes up if multiple people are inheriting or if the estate belonged to a couple. Tax exemptions for large estates frequently exceed $20 million.

[Gestopft]

You don't know how right you are. The tax exemption for inheritance is $5.5 million at minimum. It goes up if multiple people are inheriting or if the estate belonged to a couple. Tax exemptions for large estates frequently exceed $20 million.

Actually due to the 2017 GoP tax bill doubling the exemption, and then factoring inflation, the federal exemption is now $11.4 million per individual.

[Jonnusthegreat]

You aren't taxed on dying. Your inheritors are taxed on assets and income exceeding 11.4 million dollars that they got for winning the genetic lottery.

Caused by death. It's a death tax.

[suprep]

Haven't watched the video but I work as an IT contractor (UK) earning in the £100-200K bracket a year and I'm doing everything in my ability to avoid as much tax as possible legally (and no, this does not include any offshore shenanigans - just everything allowed by the UK government), I pay far less tax per year than a full time employee would do earning even half my amount. I do find it weird this is perfectly legal to do so here in the UK, but that's the UK government for you.

The estate tax (inheritance tax) in the UK I believe is around 900K pounds currently (joint) if you're giving it to your children, I do find it very odd that this is such a little amount and that you're charged at 40%. In some situation you end up HAVING to sell your home so you can pay this back. The UK government does not want any negotiation on this part either.

There are loopholes such as gifting your children from time to time, putting assets in a trust, taking out life insurances and so on. Anyhow, given how incompetent our government and the harsh taxation (even when you're not "mega" rich) I don't care about avoiding as much as I can (legally, of course).

[Eldar45]

Just to be clear by "the welfare system" you mean social security and medicare.

No, Medicare is under Healthcare. Welfare system is social security, unemployment, and other forms of safety nets.

I support the death penalty for all kinds of tax fraud / evasion.

I'm sure that you do.

[cuafpr]

That would effectively shift the tax burden from the wealthy citizens to the poor and middle class. Why should pay checks be taxed and inheritance be exempt? The problem with making free money available to the rich is that you'd have to take it from everyone else at the same time.

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If you can find a way to eliminate taxes for the poor and middle class first, I'll gladly support eliminating the small tax burden on the rich. Until then, everyone should pay their fair share.

the money was already taxed when it was earned... if i walked up to you and gave 1,000 should that be taxed? what if i gave you 10,000 cash ?

[SirBeef]

I feel the problem is stupid people more than rich people of extreme wealth robbing anyone. We let it go unchecked and they get away with it because people that will never even come close defend it.

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A $100,000 isn’t the kind of wealth being inherited that is the problem.

Exactly. Which is why you should stop engaging with a bad faith poster like him.

[Huulo]

the money was already taxed when it was earned... if i walked up to you and gave 1,000 should that be taxed? what if i gave you 10,000 cash ?

Yes that's how taxes work. The company I work for gives me money and then it gets taxed.

[cuafpr]

Conservatives today: "You should work hard for what you get and earn it yourself- don't ask for handouts. Unless your parents are rich. Then you should get every penny of what you didn't earn yourself."

And under current law, you get 11.4 million dollars worth of "free money" per parent before the estate even kicks in.

the family worked hard for that money and it was taxed when earned no reason to tax it again just because the owner died. Also, my family had to pay tax on A LOT less than 11.4 mil when my grandfather died. We learned the lesson though and my other grandparents all turned over the estates to my parents so they technically own nothing now when their time comes, and in time my parents will do the same to myself and my sibling so they don't own anything either. Since doing it this way the estate isn't taxed at all.

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[QUOTE=Huulo;50992704]Yes that's how taxes work. The company I work for gives me money and then it gets taxed.[/QUOTE

you are working for that though.. not someone just giving it to you for no other reason than to give it to you.. Do you put b-day/x-mas money down as income on yoru taxes?

[Huulo]

[QUOTE=cuafpr;50992717]the family worked hard for that money and it was taxed when earned no reason to tax it again just because the owner died. Also, my family had to pay tax on A LOT less than 11.4 mil when my grandfather died. We learned the lesson though and my other grandparents all turned over the estates to my parents so they technically own nothing now when their time comes, and in time my parents will do the same to myself and my sibling so they don't own anything either. Since doing it this way the estate isn't taxed at all.

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Yes that's how taxes work. The company I work for gives me money and then it gets taxed.[/QUOTE

you are working for that though.. not someone just giving it to you for no other reason than to give it to you.. Do you put b-day/x-mas money down as income on yoru taxes?

Gifts are often exempt from taxes depending on how large they are. However, when money changes hands is when it gets taxed. That's just how life works. If I have to get taxed from my pay check, why should multi-millionaires be completely exempt from there taxes? Getting 5 to 20 million free isn't enough already?

[Venant]

OT: People in the US have this delusional that they'll all eventually be millionaires in their lives so, naturally, they don't think taxes should be high for the rich and so on.

People are delusional to believe that the left isn't the party of the oligarchy, and that democrats will ever push for class equality or 'making the rich pay their fair share'. The Democratic Party blatantly rigs it's nomination process, you are never going to excise the corporate cancer that infests it unless you literally start a new party. Of course, that completely ignores the reality of what seems to happy in every leftist project, which is the creation of super wealthy oligarchs ruling over a deeply impoverished population (just look at the personal fortunes of people like Fidel Castro and Hugo Chavez when they died, the only leftist leaders that actually practiced what they preached were Stalin and Pol Pot, and we all know how that turned out).

There is only one path to true equality, and that is UBI, its time to join the Yang Gang.

[cuafpr]

[QUOTE=Huulo;50992755]

the family worked hard for that money and it was taxed when earned no reason to tax it again just because the owner died. Also, my family had to pay tax on A LOT less than 11.4 mil when my grandfather died. We learned the lesson though and my other grandparents all turned over the estates to my parents so they technically own nothing now when their time comes, and in time my parents will do the same to myself and my sibling so they don't own anything either. Since doing it this way the estate isn't taxed at all.

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Gifts are often exempt from taxes depending on how large they are. However, when money changes hands is when it gets taxed. That's just how life works. If I have to get taxed from my pay check, why should multi-millionaires be completely exempt from there taxes? Getting 5 to 20 million free isn't enough already?

the rich should get taxed on their checks no argument there but when they die if they leave it to someone whats left shouldn't be taxed imo as its basically a gift in a morbid fashion

[Huulo]

[QUOTE=cuafpr;50992792]

the rich should get taxed on their checks no argument there but when they die if they leave it to someone whats left shouldn't be taxed imo as its basically a gift in a morbid fashion

That would effectively shift the tax burden from rich people to poor and middle class people. Rich people have too many tax exemptions as it is.

[roxfm]

the family worked hard for that money and it was taxed when earned no reason to tax it again just because the owner died. Also, my family had to pay tax on A LOT less than 11.4 mil when my grandfather died. We learned the lesson though and my other grandparents all turned over the estates to my parents so they technically own nothing now when their time comes, and in time my parents will do the same to myself and my sibling so they don't own anything either. Since doing it this way the estate isn't taxed at all.

you are working for that though.. not someone just giving it to you for no other reason than to give it to you.. Do you put b-day/x-mas money down as income on yoru taxes?

No, the family didn't work for it. Your grandfather did. Whether you like it or not, your grandfather and everyone else are different entities. If you had to pay estate tax recently on a "LOT less than 11.4m", that means you didn't file your taxes properly.

Furthermore, are you certain that all of the estate was in fact in your grandfather's name when you inherited it. As it stands, if it was only in your grandfather's name, and then your family inherited it in portions (assuming at least 3 individuals, your father, mother, yourself), then paying estate tax on that doesn't add up.

As for birthday money or Christmas gifts, are those gifts amount in 5 figures? If so, yes, the IRS will tax it because it is beyond what reasonable people receive in birthday or holiday gifts.

Almost everyone here is arguing against estate taxes on normal things that don't even come under that rule,..

What's funny is that most of people arguing for lower taxes on the rich or lessening their tax burden are quick to denounce welfare with the defence of "if you want to become rich, work hard and do it yourself", but when it comes to daddy's money, it is okay to be earned for doing nothing.

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[QUOTE=cuafpr;50992792]

the rich should get taxed on their checks no argument there but when they die if they leave it to someone whats left shouldn't be taxed imo as its basically a gift in a morbid fashion

No it should not. The 11m exemption is large enough for any offspring to live in great comfort as a tax free gift. They want the rest? Work just as hard as the predecessor and earn it. I'm sure that's what they tell all the other poor people.

[Xeranath]

First World Rich People Problems

[D3thray]

How? unless your accountant is a moron you would be transferring shares of the business not an estate which would be at most subject to capital gains not estate taxes. And lol @ mutli million dollar business being small.

Privately owned. Assets. That’s the building, the land, any equipment. ALL of that falls under assets and it ALL counts under the estate tax. People are acting like it’s crazy for a successful private small business to have several million or more in assets, like setting up a trust to protect said assets is gaming the system or should be expected. That it has to happen at all to give your business to your kids is nuts. And it’s all money that was already taxed multiple times from income, sales, and property taxes to name a few before the business ever got those assets. The estate tax is an outlay for any non incorporated business just waiting on the owner to die. I’m not against taxes, even progressive taxes. I support funding the government. The estate tax is immoral.