Business, Economics, and Taxes: Capitalism. Yay? >=(

[ScoobyDoo]

Aren’t we taxed on any tax refunds we’re issued?

double taxation isn’t new

They tax Social Security in some states. I think Minnesota does. That's the ultimate insult. Course they're doing it cause they can't pass a wealth tax or destroy Cayman Tax Havens, because reasons.

[French Rage]

Aren’t we taxed on any tax refunds we’re issued?

double taxation isn’t new

SALT cap too. GOP didn't seem to mind that one.

[rufus]

A tenth of that number, so I'm not on the beach quite yet.

So tax my mother's already taxed money. <-- The double taxation on the same earned dollar aspect bothers me. Inherit isn't earn. What was she supposed to do with it? She had it for her expenses to end of life. She took care of herself, fiscally, to the end. (I ran it for her when she went to memory care.) She planned too well and had too much I guess in some's eyes. She didn't even need her SoSec to cover expenses. It would've been better if she was indigent?

You can claim you're taxing me (inheritor) but I'll say you're effectively taxing her for dying with money, punish her for planning for old age too well.

So, again, what was she supposed to do with it, because I've never seen a U-Haul trailer behind a hearse.

Cap gains? That's new income; tax it.

Interest and dividend income? Same; tax it.

Your inheritance isn't her income, it's yours. New income, for you.

Tax it.

What, you want something for free? Libbie freeloader. Bootstraps!!!

[Handyman]

A tenth of that number, so I'm not on the beach quite yet.

So tax my mother's already taxed money. <-- The double taxation on the same earned dollar aspect bothers me. Inherit isn't earn. What was she supposed to do with it? She had it for her expenses to end of life. She took care of herself, fiscally, to the end. (I ran it for her when she went to memory care.) She planned too well and had too much I guess in some's eyes. She didn't even need her SoSec to cover expenses. It would've been better if she was indigent?

You can claim you're taxing me (inheritor) but I'll say you're effectively taxing her for dying with money, punish her for planning for old age too well.

So, again, what was she supposed to do with it, because I've never seen a U-Haul trailer behind a hearse.

Cap gains? That's new income; tax it.

Interest and dividend income? Same; tax it.

How about this...we will let you keep that if you agree to fund every social safety net that exists without adding taxes to the middle class. You can keep yours when we don't punish the poor for being poor. Deal?

No more cutting SS, no more defunding ObamaCare or Medicare/Medicaid, no more screwing with Foodstamps or unemployment...they all get fully funded til the country shuts down for good above all else INCLUDING THE MILITARY! If any state, township, hamlet, suburb or whatever tries and cut funding then they lose all funding on all levels for anything until they fix it. If they refuse then a Draconian tax on the wealthy is instituted...somewhere near the Eisenhower levels only no loopholes. Cap gains...taxed. Inheritance...taxed. Moving money offshore...oh well I think you see where this is going! And if that isn't enough the religious exemption is dead too!

So what do you say? Is your inheritance worth making it so everyone is better off? A rising tide lifts all boats ya know...

[cF[Authentic]]

You can claim you're taxing me (inheritor) but I'll say you're effectively taxing her for dying with money, punish her for planning for old age too well.

She's not paying double taxes on the money, so how is she being taxed for dying with money?
She could choose to do a million different things with HER money after she dies that won't result in the money being taxed.

Again, you would be taxed because it's income for you.

[Handyman]

Right she wouldnt be taxed again if she left it to her church I don't believe would she? (though I am not up to date on inheritance)

[unofan]

Exactly. "Book value" ain't wealth. Book value is not a realized dollar.



Treat every realized dollar as a dollar and tax it ... but ... I'll diverge from dx here: Inheritance has already been earned and taxed. My mother worked over 40 years (librarian). She (her offspring) shouldn't be taxed again for her 40 years of paychecks and saving. (It had two commas in the number.)

Yes, she should. Because any unrealized gains she accrued have never been taxed, and they become realized upon her death.

Not to mention inheritance is simply another transaction where someone gets money, aka income.

You can't have it both ways.

[The Sicatoka]

My mother would be upset that money she already paid taxes on would be taxed again merely because she died and left it to her kids (and not the Salvation Army).

You want to cap the amount and tax over that? Sure. Number?

But that leads to "family trusts" to dodge the "number". Would those be "wealth taxed" under this plan?

[The Sicatoka]

... any unrealized gains she accrued have never been taxed ...

I've already said cap gains should be income and taxed at transaction.

[unofan]

I've already said cap gains should be income and taxed at transaction.

So you're for eliminating the stepped up basis on inheritance?

[The Sicatoka]

So you're for eliminating the stepped up basis on inheritance?

I've never dealt with it. Need more words.

[rufus]

My mother would be upset that money she already paid taxes on would be taxed again merely because she died and left it to her kids (and not the Salvation Army).

You want to cap the amount and tax over that? Sure. Number?

But that leads to "family trusts" to dodge the "number". Would those be "wealth taxed" under this plan?

Again, because apparently, you're thick.

It is not her money.

It was her money when she died. When it passed on to you, it is now your money, new income for you, that should be taxed.

She's not getting taxed on it again. She's dead. You're getting taxed on it. Because, it's income that you're getting.

And dimbulb, sweetie, it's already capped and taxed above that. Look it up.

[The Sicatoka]

She's not getting taxed on it again. She's dead. You're getting taxed on it. Because, it's income that you're getting.

It's taxed in the transaction. Call it what you will, her death tax, my income tax, I don't believe that instance, inheritance, should be taxable. And, again, I'm amenable a "number" (meaning less than, no tax).

But, let's reward people who take care of themselves to the end and have some left over by allowing them to pass it along to others to (who hopefully, knock wood) do the same.


PS - rufus, I was going to will it all to you. But I'd hate you to have to pay the tax under inheritance is income plan. All to UND Hockey scholarships I guess. :-D

[LynahFan]

Any gift between two living people above $14k(?) is treated as income and taxed. Why should her estate be able to give you millions without also treating that as income to you?

Golden rule, that’s why. Rich people stacking the deck for themselves, yet again.

[rufus]

I don't believe that instance, inheritance, should be taxable.

And, there we have it. Just like a good little Republican. Why didn't you just come right out and say that?

I don't believe that capital gains should be taxed at a lower rate than income from labor. Ain't life a b1tch?

Why do they need a reward? They're ****ing dead. Kids need to bootstrap it, baby!!!!!

You know, self-reliance, rugged individualism, the self-made man, all that sh#t that makes you Repubs all damp in the pants. Oh, you mean, that's for the other guy.