With any luck I'll save enough to offset the titanic bitch that is my health insurance premium increase.
Sure, but that's not how it works in reality. Most estates over the threshold, to the extent any taxes were paid, weren't any higher than the capital gains rate. Again, that's if taxes were paid at all. It's almost impossible to understand the myriad ways to avoid paying taxes altogether, or at a much lower rate, through trusts and corporations. It really is a huge "gimme" for the very wealthy who are able to pay accountants and attorneys to set it up. I'm not knocking them for making it, but it's untrue to say it was "fair and square" vis a vis the rest of us.
It's not an issue at all about the rich paying more - it's about them paying their share like the rest of us.
With regard to farms, it's not difficult to put in a modicum of preparation to avoid huge estate taxes - it's much more simple than doing the same with improved properties, stocks, bonds, and cash.
Last edited by sundance435; 12-07-17 at 12:50.
Typically every transaction/transfer is taxed so I understand the reason why an estate tax exists. That said, I personally dont agree with it.
"I'm not saying I invented the turtleneck. But I was the first person to realize its potential as a tactical garment. The tactical turtleneck! The... tactleneck! - Sterling Archer"
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
"Courage is not the absence of fear, but rather the judgment that something else is more important
than one's fear. The timid presume it is lack of fear that allows the brave to act when the timid do not."
Yep, definitely understand that the "event" is that I, formally, have not paid MY tax on this money. My point, is that the inheritance is often accumulated while the recipients are still under the familial umbrella, and the tax event is occurring and affecting me at the time the money was originally made, and taxed. Taxing a familial inheritor AGAIN, is BS. If the money is going to dad's best friend Timmy, then Timmy should have a taxable event. Sorry Timmy....
"I'm not saying I invented the turtleneck. But I was the first person to realize its potential as a tactical garment. The tactical turtleneck! The... tactleneck! - Sterling Archer"
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
"Courage is not the absence of fear, but rather the judgment that something else is more important
than one's fear. The timid presume it is lack of fear that allows the brave to act when the timid do not."
"I don't collect guns anymore, I stockpile weapons for ****ing war." Chuck P.
"Some days you eat the bacon, and other days the bacon eats you." SeriousStudent
"Don't complain when after killing scores of women and children in a mall, a group of well armed men who train to shoot people like you in the face show up to say hello." WillBrink
Supposedly here's what's in the tax bill:
http://www.zerohedge.com/news/2017-1...-market-shrugs
My take: WINNING (at least for moi.)Corporate Tax Rate
Current law: 35 percent
Proposed: 21 percent, beginning in 2018.
Individual State and Local Tax Deductions
Current law: Individuals can deduct the state and local taxes they pay, but the value is subject to certain limits for high earners.
Proposed: Individuals can deduct no more than $10,000 worth of the deductions, which could include a combination of property taxes and either sales or income taxes.
Obamacare Individual Mandate
Current law: An individual who fails to buy health insurance must pay penalties of $695 (higher for families) or 2.5 percent of their household income -- whichever is higher, but capped at the national average cost of the most basic, low-premium, high-deductible plan.
Proposed: Repeal the penalties.
Mortgage Interest Deduction
Current law: Deductible mortgage interest is capped at loans of $1 million.
Proposed: Deductible mortgage interest for new purchases of homes would be capped at loans of $750,000.
Medical Expense Deduction
Current law: Qualified medical expenses that exceed 10 percent of the taxpayer’s adjusted gross income are deductible.
Proposed: Reduce the threshold to 7.5 percent of AGI for the tax years 2017 and 2018.
Child Tax Credit
Current law: A $1,000 credit for each child under 17. The credit begins phasing out for couples earning more than $110,000. The credit is at least partially refundable to qualified taxpayers who earned more than $3,000.
Proposed: Double the credit to $2,000 and provide it for each child under 18 through 2024. Raise the phase-out amount to $500,000, and cap the refundable portion at $1,400 in 2018.
Estate Tax
Current law: Applies a 40 percent levy on estates worth more than $5.49 million for individuals and $10.98 million for couples.
Proposed: Double the thresholds so the levy applies to fewer estates. The higher thresholds would sunset in 2026.
Last edited by Doc Safari; 12-15-17 at 17:32.
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