The coming tax mess

LOL, like I said, Democrats and TAXES go hand in hand...yet the stupid people still vote for them...
 
lol, hey you spelled trailer right this time...
I don't take any of you lefties name calling to heart, it is what you all do when you don't get your way or see your PARTY falling down into the sewer with the American people..cause as we know it's only the PARTY that means anything to a lefty..
 
meme said:
lol, hey you spelled trailer right this time...
I don't take any of you lefties name calling to heart, it is what you all do when you don't get your way or see your PARTY falling down into the sewer with the American people..cause as we know it's only the PARTY that means anything to a lefty..
Click to expand...

The american people answered and they will again. And you uneducated right wing conservitards will be pissed for 7 more years.


Genisis 1:29:good4u:
 
evince said:
http://www.property-casualty.com/Ne...erwriter+Property+and+Casualty+Breaking+News)
Click to expand...

Thanks for the correct link... so do you support putting this Bush tax cut back into place?

Also... as a side note... there is NO urgency for this to be done. None... at least not from the individuals point of view. 2010 is currently going to be estate tax free... so individuals who happen to die in 2010 will pass along their estates without the double taxation of the estate tax.

From the government point of view... they stand to lose revenues from their double taxing of estates.
 
evince said:
Republicans ate up so much time trying to siderail healthcare for the American people that the inheritance tax is about to expire and thus creating a big tax mess for the coming year.

QUOTE]

That's some pretty good spin Desh. With that type of ability there is a job waiting somewhere for you in D.C. if you are interested.

Considering the Democrats didn't need a single Republican vote it's amazing how much power you associate the Republicans with having. It's also good to know with the government taking over almost 20% of our economy with this reform that it should have passed immediately with almost no debate.

You've argued before that we need a strong opposition party. That was just rhetoric huh?

And considering the Deomcrats controll the Congressional agenda it doesn't seem like you have a lot of faith in their ability to be able to do more than one thing at a time. I mean they did have time to call hearings on the BCS but that's more important than the estate tax right?
Click to expand...
 
A strong oposition party that is interested in the best for all the American people NOT just their lobbiest pals.
 
evince said:
A strong oposition party that is interested in the best for all the American people NOT just their lobbiest pals.
Click to expand...

A strong opposition party that goes along with what the Democrats want. Fair enough.

Good response on all the rest as well.
 
evince said:
A party that cares about the American people is not a bad thing you fool
Click to expand...

Yes, thank you for that insight Desh. I know you equate the Democrats with caring about the American people and the Republicans with not. I'm aware of that.

You still didn't respond to how the Republicans can hold up the Democrats when they have no power and how the Democrats can't do two things at once. Or how the BCS is more important to hold hearings on than the estate tax.
 
Superfreak said:
Thanks for the correct link... so do you support putting this Bush tax cut back into place?

Also... as a side note... there is NO urgency for this to be done. None... at least not from the individuals point of view. 2010 is currently going to be estate tax free... so individuals who happen to die in 2010 will pass along their estates without the double taxation of the estate tax.

From the government point of view... they stand to lose revenues from their double taxing of estates.
Click to expand...


Be careful what you wish for. What the government loses in estate tax revenue it will likely more than recoup in capital gains taxes on property inherited in 2010.
 
NigelTufnel said:
Be careful what you wish for. What the government loses in estate tax revenue it will likely more than recoup in capital gains taxes on property inherited in 2010.
Click to expand...

How so? Cap gains taxes in 2010 are far less than the current estate tax rates (even with the exclusions included)
 
I would not be adverse to letting the rich pass on more than a million per person without taxes.

I do think the capital gains like Ted mentioned may be a big problem and any patch put on after the new year could cause some court cases saying they are retroactive taxes.
 
Superfreak said:
How so? Cap gains taxes in 2010 are far less than the current estate tax rates (even with the exclusions included)
Click to expand...


I'm no tax law specialist or accountant but I recall that it has something to do with "stepped up basis (I may be totally butchering the term of art). My understanding is that under the estate tax when you inherit property you take it at its value when you receive it. Without the estate tax you take the property at the value at which it was first obtained.

So, for example, say you inherit an investment property purchased in 1970 for $25,000 with a current market value of $300,000 and you sell it next year at $310,000. Under the estate tax, you would only have capital gains of $10,000, the difference between the value when you took it and the value when you sell it. Without the estate tax your capital gains amount to $285,000m the difference between the value when purchased and the amount at sale.
 
NigelTufnel said:
I'm no tax law specialist or accountant but I recall that it has something to do with "stepped up basis (I may be totally butchering the term of art). My understanding is that under the estate tax when you inherit property you take it at its value when you receive it. Without the estate tax you take the property at the value at which it was first obtained.

So, for example, say you inherit an investment property purchased in 1970 for $25,000 with a current market value of $300,000 and you sell it next year at $310,000. Under the estate tax, you would only have capital gains of $10,000, the difference between the value when you took it and the value when you sell it. Without the estate tax your capital gains amount to $285,000m the difference between the value when purchased and the amount at sale.
Click to expand...

you are correct. The step up in value does occur. Not sure if that goes away with the estate tax though. Let's assume it does for arguments sake.

In your example it would certainly hit those with estates under the $3.5mm (or even the $1mm if we revert) harder than it would have. That is a valid point (again assuming step up goes away with the estate tax)
 
You must log in or register to reply here.
Back
Top