Only One in 1,300 Pay Estate Tax
- Thread starter hawkdave007
- Start date
I want an upper class that earns it, not just was born into it. People born into wealth is feudalism minus the titles.
I'm not for estate tax, and I hate libs, really anyone, who is, because it stems from jealousy more than anything. I like to protect family wealth. I love rental real estate.
That said, looking at rental real estate, one can essentially purchase a rental property wholly with unearned income, a "loan".
They can then use other people's money "rent" to help pay back the loan, and often times rent can cover most of the landlord's other expenses plus kick off a little cash flow, if landlord buys right and manages well.
The interest on the "loan" is tax deductible. The property goes up in value, but actually "depreciates" on paper which also lowers your taxable income.
So essentially, if a savvy landlord keeps his properties until he dies, let's say he acquired and amassed $15M in rental property, paid off, at time of death.
He likely got to receive himself millions upon millions upon millions in interest and depreciation tax lowering expenses, freeing up his other money to be invested elsewhere, not in Uncle Sam's pocket.
When he dies, his heirs get the property, they get a step up in basis ($15M), meaning they'd only pay capital gains on anything over $15M if they sold down the road.
But here's the most wonderful kicker, the depreciation schedule starts over at $15M which will substantially help continue to lower the annual taxable gain that $15M in paid off rental real estate would likely provide.
It's almost too good to be true and why rental real estate is such a great wealth builder and generational wealth preserver.
Say it with me libs, Generational Wealth, Generational Wealth, Generational Wealth!
By this logic, you should never have been taxed in the first place because someone up the chain had already been taxed.
Seems more like faith in an ideal rather than an opinion on tax policy.
There are obviously many things in our tax system that don't make a lot of sense.
But, it wasn't that long ago the estate exemption was only $600,000. You paid an estate tax on unrealized gains (and all wealth) and got a step up. It made some sense.
Now the exemptions is, what, $12 million? And you get a step-up? That doesn't make much sense to me.
The estate tax should be much more harsh. Late stage capitalism shows how inherently evil extreme wealth is and especially passed down wealth.
✅ Communist
Next time, consider using more of these trusty GOP buzzwords to ensure you are effectively owning the Libs:
- Libtard
- Leftist
- Globalist
- Marxist
- Socialist
- Woke
- DEI
- Trans
- Liberal tears
- Antifa
- Soros
- Deep State
- Illegals
- Open borders
- Migrant caravans
That giant sucking sound is the aristocracy putting in place their final measures to ensure the complete transfer of all assets now owned by the lower 90%. Once completed, we will be forced to sell what remains just to survive the new consumption economy. Everything we worked for sucked up by the endless greed of the super wealthy. Home ownership will become a distant memory for most eventually.
Why do those on the left want to penalize success? I'm not saying that we shouldn't have a progressive tax system, but when does it become counter productive? I believe every citizen should have to pay something in federal income tax. We have created a system where some believe they are owed other people's money, and we have politicians running on redistribution of wealth. Out country was not founded on the principle of wealth redistribution.
High-Income Taxpayers Paid the Majority of Federal Income Taxes. In 2022, the bottom half of taxpayers earned 11.5 percent of total AGI and paid 3 percent of all federal individual income taxes. The top 1 percent earned 22.4 percent of total AGI and paid 40.4 percent of all federal income taxes.
High-Income Taxpayers Paid the Majority of Federal Income Taxes. In 2022, the bottom half of taxpayers earned 11.5 percent of total AGI and paid 3 percent of all federal individual income taxes. The top 1 percent earned 22.4 percent of total AGI and paid 40.4 percent of all federal income taxes.
Life wealth should not be “tax free” for anyone. As wealth increases through one’s life, there needs to be an event that triggers a tax collection upon this “personal/familial wealth”…it should never be allowed to flow tax free between generations.
The top 1% owns 30% of all wealth. The bottom 50% items 2.5% of wealth.
We are not reaching the wealthy enough. The top three wealthiest Americans added hundred of billions of dollars of wealth in the last few weeks. The system is broke and money is only moving over direction, up.
Why should the government be able to say what you can leave to your heirs and how much? We pay taxes to run the government, not to allow the government to control the citizenry. Taxing money that has already been taxed, is called corruption. If the government needs to tax the same money over and over, then we have a spending problem NOT a taxing problem.
One cannot confuse wealth and money. Much the wealth you reference is found is one's stock holdings and is unrealized wealth. A stock that has gone from $10.00 to $1,000.00 can go to zero tomorrow. Unless one cashes out their stock, it is just a number on a spread sheet.
Clearly they should be confused together. The system has essentially created a way for them to escape paying enough to create terrible income inequality. If they can't be taxed on their holdings on speculated stock prices they also shouldn't be able to take out loans against their speculated untaxed wealth to get money which they will in turn use to procure stuff that they will leverage as a tax deduction. The system is rigged horribly.
At this rate people that put CEO next to their names will remove that in fear. It seems to be the natural order of things because their greed knows no bounds.
I have no issue with forbidding one to take out loans against stock values just so the uber wealthy can avoid taxes. Just say anyone who is worth more than a billion dollars will have to pay income tax on any loans he/she takes out. See, problem solved.
That makes no sense. I've already paid taxes on the money I earned. I make a million dollars, what ever the percentage the state took there %, IRS took there %, social security took it's %. Why should I have to then pay taxes on it again when I die? It's my money, I earned it and paid the appropriate people.
What I'm saying is that by your logic you should never had to have paid the taxes in the first place, because who or whatever entity paid you presumably already had been taxed. Which seems idealistic and untenable, IMO.
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No it's not at all what I'm saying. I'm happy to pay my taxes and do so. I already paid my taxes, by your logic you think I should have to pay them twice. Which is insane. It's my money I should have the freedom to do what I want with it when I die with out paying additional taxes.
Yep...thanks to your generous overspending Libs, $600,000 just ain't what it used to be...
Well if they own the 600 acres in decent Iowa farmland location, they're easily sitting on $6-$9M in farmland. They're multimillionaires.
Very, very few of them own all 600 acres but share it with siblings and rent out the ground from the remainder. There are not very many boomers that grew up on a farm as an only child.
The wealthiest farmers I know seem to be the only child, who inherited a substantial amount of ground and married another only child with the same. What's the current exemption or amount? $13 million??
Holy shit!,.. Great way squelch all business development in this country.
I want people who earn it, or maintain it, to be able to decide what to do with it. Not uncle sam.
It's not already been taxed. Taxes get paid on the transfer of money. When it's being transferred from parent to child, the only tax on that transfer is the estate tax.
If the gains are unrealized, then they shouldn't be taxed by anyone until they are realized. Problem solved.
How many millions ya talking? A whole bunch of them would be exempt. If you are doing estate planning and using trusts and other tools a bunch more are are not going to get taxed.
Are you leaving each of your kids over $14 mil each? I hope you have a good attorney/CPA/Wealth advisor team.
Well you have to have a good team in place but you shouldn't have to. That's what's f**ked up.
I think you are confused. If you die you are not paying taxes twice. Your beneficiaries will have to pay taxes on it as they didn’t earn it, you did. As someone else has said money itself is constantly re-taxed. If you own a company and pay your employees, they still have to pay income taxes on money you paid them with that you have already paid taxes on. When I buy a service from you and/or your business you at some point you will pay some tax on the money I already paid taxes on. Your beneficiaries will only have to pay taxes on money they didn’t earn over 13 million.
Exhibit 1 of 1,000,000 why I want heirs keeping and deciding what they will do with their money rather than Uncle Sam.
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Cutting off the head of dem corruption
So much winning! Public unions scams and doe next👍
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No your confused. I'll try to make this simple.
It's my money, I earned it legally. I should be able to give it to anyone I ****ing want to with out having them pay the government a damn thing. It doesn't matter what gains may come out of it in future years. If I earn $100 and give it to my son tomorrow no one says a word. But when the amount gets very high people are very interested to get their hands in to get some of it. They shouldn't be allowed to just because the amount is higher.
And if the money that you earned consists of unrealized capital gains of an asset, you would - in most cases - owe taxes on that untaxed gain when you sold the asset. That you dropped dead prior to selling does not erase that requirement. Your heirs should owe the taxes if THEY sold that same asset. How you can argue otherwise is...puzzling.
In a large estate, tracking the original value of myriad assets to determine what taxes were owed was cumbersome and expensive at best so THOSE WEALTHY FAMILIES supported a transition to a flat tax on their estates coupled with a step-up in basis that delivered those assets to their heirs at their current value.
Now those same wealthy families are back at the table telling you they shouldn’t owe any taxes regardless of the appreciation in their assets AND their children should receive them at their current value and moronic Ioway rubes, idiotic NC rednecks and others of your same stripe across the country have swallowed it hook, line, sinker, fishing pole, and tackle box. It's a gobsmackingly stupid take and listening to trailer-bound cretins who struggle to reach a room-temp IQ and who will never sniff the kind of wealth that triggers the estate tax argue that "IT'S MY MONEY. I EARNED IT LEGALLY!!!" never fails to amuse.
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