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

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The Sicatoka said:
If I may, what bracket would you be in?

Add up the "wealth" I have under your definition (house book value, 401k current book value, other cash accounts, personal property, cars, yadda-yadda) and I'm in your $2M bracket.

At 6% my tax would be roughly my present gross annual salary.

Edit: No, wait, at over $2M "wealth" I'm in the 9% bracket. I'd be well, well over my gross annual salary. Or did you mean 3% on the $750k (from 250k to 1M), and then 6% on the 1M from 1-2M, and then 9% on the 1M from 2-3M, etc, a graduated approach? Even then, we're over 75% of my present gross annual salary.


You may 'rectally insert' your plan.
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You do not understand tax brackets. Read up and come back. The first 60-75 grand would be free.
 
jerphisch said:
It's kinda funny that the same group who is all about the bootstraps gets super whiny about a bunch of money they didn't earn.
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Well duh...like they would wear boots with straps!

These people are the tiny player on the team that always starts crap and then runs behind the enforcer when someone challenges them. If they didn't have their trust funds they wouldn't be able to survive. They are Louis in Trading Places...
 
The Sicatoka said:
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.)
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except it hasn't been earned and taxed by the person inheriting. It was earned by the dead person and taxed when he or she earned it.

This is no different than giving someone a dollar for services rendered. In this case, the dollar is the estate and the services rendered are being an heir.

So, no. There is no claim to that money by anyone other than the individual who earned it or their joint filer.
 
The Sicatoka said:
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.)
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She leave an estate worth $10 million?

Guess her offspring won't have to worry about it then.

At aty rate, she was taxed on that income when she earned it. Inheritance taxes tax it when her offspring "earn"(inherit) it.
 
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rufus said:
She leave an estate worth $10 million?
...
At aty rate, she was taxed on that income when she earned it. Inheritance taxes tax it when her offspring "earn"(inherit) it.
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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.
 
Aren’t we taxed on any tax refunds we’re issued?

double taxation isn’t new
 
The Sicatoka said:
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.
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Your inheritance isn't her income, it's yours. New income, for you.

Tax it.

What, you want something for free? Libbie freeloader. Bootstraps!!!
 
The Sicatoka said:
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.
Click to expand...

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...
 
The Sicatoka said:
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.
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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.
 
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)
 
The Sicatoka said:
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.)
Click to expand...

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.
 
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?
 
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