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

[Super Kami Dende]

I find most people that cry about Rich People are just envious People that just want shit for free.

Get a Job and pay some Tax yourselves.

[D3thray]

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.

- - - Updated - - -

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.

Apply the estate tax to everyone regardless o the value of the estate. Heck make it progressive like the income tax brackets. See how long it lasts.

[oplawlz]

That money has already been taxed. Taking something from someone because you think they have too much is theft no matter how it's sliced. Now if you want to talk about removing all the loopholes the mega rich and corporate america use to avoid paying their taxes I'm all ears.

Our current tax rates are perfectly reasonable, we just can't get politicians voted in who will actually enforce them against the doners that got them into office.

[bigbleach]

I find most people that cry about Rich People are just envious People that just want shit for free.

Get a Job and pay some Tax yourselves.

Really? Did you read what you wrote? Honestly?

How about the rich get the fuck over it and pay they're god damn taxes. Every one else isn't asking for shit free, the rich are. The ones who literally do not need it. Then morons like you come in lol.

[roxfm]

- - - Updated - - -



Apply the estate tax to everyone regardless o the value of the estate. Heck make it progressive like the income tax brackets. See how long it lasts.

See, that's not exactly how that works... Estates are generally accumulated over a very large period of time. And a large part of the population, it doesn't change hands very often between family. That's part of the reasoning of having a very generous exemption per family member so that the government doesn't see most, if any, of the estate as taxes for ~ 95% or more of the population.

For the other 5%, they already have plenty of loopholes in their businesses to escape taxes.

- - - Updated - - -

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.

Again, misguided approach. If you want to run a private company and keep its assets in your personal name, you open up a Proprietorship. A privately owned LLC/limited company/incorporated company/corporation are all treated differently than Proprietorships.

If the private company is an LLC or Inc, or generally speaking, a non-Proprietorship, then the assets should have been booked in the name of the company and not personal. People game the tax system first by buying stuff from company assets in personal names, and then want to escape estate tax when ownership changes. That's immoral too.

You can consult a tax attorney and they will tell you the difference between different types of companies and how their intend to operate differs. Part of that difference is the allocation of assets and various taxes applied.

[firstywirsty]

Rich people make me mad

[God Save The King]

My opinion is if you are a member of a society that wants to tax you, and you attempt to avoid it, you should leave that society. Taxes benefit all, if you're a businessperson you benefit from regulations on your competitors, government organizations stating that your product is safe and trustworthy, the benefit of educated workers, access to roads for transportation/reception of customers, and the list goes on and on.

It's totally fine to not want to pay taxes. There are countries that have little to no taxes, or you can do something that generates no taxable income. But if you wish to live in society, benefit from all the things provided by tax money, then you should pay your full tax bill. I'm personally fine with shutting down businesses or revoking citizenship from those players in society who attempt to reap all the benefits without fulfilling their obligations.

An alternative to leaving that society, is to attempt to affect change from within. If you hate your 40% tax rate, attempt to fund and campaign for candidates who will lower that to a number you find acceptable. But to not pay your tax bill? Nothing short of undermining society and theft from the public.

[Ripster42]

For estate taxes, the first $5.5 million per person is completely exempt. That amount goes up if multiple people are inheriting the estate and if the estate is owned by a couple. Most inherited farms are completely tax exempt for the first $10 to $20 million dollars, then any amount above that is taxed at 40%. If you are in the absolute worst case scenario where only one person is inheriting and only one person owns the estate, and you have no other exemptions, you would owe:

Nothing on a $5 million farm

$200,000 on a $6 million farm

$600,000 on an $7 million farm

I don't know your whole story, but it's likely someone is lying to you if they say you're going to be forced to sell the farm when your grandmom dies. If you really are in the worst-case scenario of a farm worth tens of millions owned by a single person with no other major assists leaving it to a single person, then your family will still get tens of millions when the time comes.

- - - Updated - - -



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

These are old numbers. I'll repeat: the new numbers for exemptions are 11.2m for a single person, 22.4 for a married couple. That's with 0 estate planning, where you can pass additional millions on with zero taxes as I also explained earlier.

- - - Updated - - -

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 ?

The inheritors didn't earn it. That's why it's taxed when they receive it as income. If you don't think the transfer of 10k gets taxed to non-exempt parties, I don't know what to tell you except that I hope you get audited.