What's new
By:
USCHO Fan Forum

This is a sample guest message. Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

  • The USCHO Fan Forum has migrated to a new plaform, xenForo. Most of the function of the forum should work in familiar ways. Please note that you can switch between light and dark modes by clicking on the gear icon in the upper right of the main menu bar. We are hoping that this new platform will prove to be faster and more reliable. Please feel free to explore its features.

The States: At Least Michigan is Better Than Indiana

Status
Not open for further replies.
Re: The States: At Least Michigan is Better Than Indiana

FadeToBlack&Gold said:
IIRC, most of Buffet's money will go to charitable causes, such as the Gates Foundation. There are small trusts of a few million each for the kids and grandkids - enough to give themselves every advantage towards what they want to do with the rest of their lives, but not enough to do nothing.
Click to expand...

Gotcha, thanks. I swear I heard one of the ultra-rich basically say "you be productive in society, or you get nothing." I like that.
 
Re: The States: At Least Michigan is Better Than Indiana

Brenthoven said:
I swear I heard one of the ultra-rich basically say "you be productive in society, or you get nothing." I like that.
Click to expand...

Brent, Brent, Brent. Setting children aside who are terribly unproductive; what about someone that has a serious handicap, is blind, has down syndrome, or has some other sort of medical catastrophy hit them. Are we really so heartless?

What about the impact of such a pov on the rest of us and the economy? Those who are knocked out of the job market because of someone like W...get no assistance to get them training or back into the job market. 1) The unemployed suddenly pay no taxes - zero. Guess what happens. Government tax revenue gets decimated and we lose more than we gain by choosing to not help them. 2) Those that could be in jobs with assistance now can't afford a buffer and now end up on the streets. Causing strain in other services and lowering the quality of life for everyone. 3) Then without any government funding those on the streets may literally die. This may not seem like a big deal to some, but even to the heartless, the dead don't pay taxes either.

So as with nearly every other conservative solution, the above thought is heartless, totally stupid, and would torch the finances of this country rather than help. But nothing like the above will happen because (just as with immigration) the conservative top priority is to generate fear and anger in the base. And as conservatives are so easily manipulated, the status quo gets conservatives riled up.
 
Re: The States: At Least Michigan is Better Than Indiana

5mn_Major said:
Brent, Brent, Brent. Setting children aside who are terribly unproductive; what about someone that has a serious handicap, is blind, has down syndrome, or has some other sort of medical catastrophy hit them. Are we really so heartless?

What about the impact of such a pov on the rest of us and the economy? Those who are knocked out of the job market because of someone like W...get no assistance to get them training or back into the job market. 1) The unemployed suddenly pay no taxes - zero. Guess what happens. Government tax revenue gets decimated and we lose more than we gain by choosing to not help them. 2) Those that could be in jobs with assistance now can't afford a buffer and now end up on the streets. Causing strain in other services and lowering the quality of life for everyone. 3) Then without any government funding those on the streets may literally die. This may not seem like a big deal to some, but even to the heartless, the dead don't pay taxes either.

So as with nearly every other conservative solution, the above thought is heartless, totally stupid, and would torch the finances of this country rather than help. But nothing like the above will happen because (just as with immigration) the conservative top priority is to generate fear and anger in the base. And as conservatives are so easily manipulated, the status quo gets conservatives riled up.
Click to expand...

Dafuq? I am talking about inheritance only. A rich parent handing down their earnings to their children, specifically. That's it. Making their children earn it. Jesus.
 
Re: The States: At Least Michigan is Better Than Indiana

Brenthoven said:
Dafuq? I am talking about inheritance only. A rich parent handing down their earnings to their children, specifically. That's it. Making their children earn it. Jesus.
Click to expand...

Then I jumped the gun - and that's on me. Even so, that's not a rare perspective on the right.

Edit: I still disagree with that broadbrush statement on inheritance. Each inheritance situation requires independent assessment of all the facts.
 
Last edited:
Re: The States: At Least Michigan is Better Than Indiana

FadeToBlack&Gold said:
IIRC, most of Buffet's money will go to charitable causes, such as the Gates Foundation. There are small trusts of a few million each for the kids and grandkids - enough to give themselves every advantage towards what they want to do with the rest of their lives, but not enough to do nothing.
Click to expand...

Yeah, that's allegedly Buffett's famous quote, that his children will be left with enough to do anything but not enough to do nothing. But in the CNBC article that I saw where that statement was quoted, they also quoted him as saying that each child would be left with "$2 Billion." Pretty sure that's enough to do nothing.

You'll have to pardon me if I'm skeptical of the supposed altruistic statements of Gates, Buffett, Zuckerberg, etc... Yeah, I think it's great that they'll give the vast majority of their fortunes to charitable foundations that will probably do great things around the world. But the alternative is to just turn over $30-40 billion on their death to the government, something I can't imagine they're very excited about. Why not give it to charity, keep most of it from the government, and build a monument to yourself in the form of a charitable foundation?
 
Re: The States: At Least Michigan is Better Than Indiana

Deutsche Gopher Fan said:
Do you get taxed for your previous years refund too? That one seems weird to me
Click to expand...

Your state taxes paid had historically been deducted from your Federal AGI. When you receive a state income tax refund, it raises your Federal AGI because you didn't actually pay that money into the state, in the end.
 
Re: The States: At Least Michigan is Better Than Indiana

SJHovey said:
You'll have to pardon me if I'm skeptical of the supposed altruistic statements of Gates, Buffett, Zuckerberg, etc... Yeah, I think it's great that they'll give the vast majority of their fortunes to charitable foundations that will probably do great things around the world. But the alternative is to just turn over $30-40 billion on their death to the government, something I can't imagine they're very excited about. Why not give it to charity, keep most of it from the government, and build a monument to yourself in the form of a charitable foundation?
Click to expand...

There's some merit in your position. Having said that, one could definitely make the argument that government is a better beneficiary than most private citizens who would just throw it in a bank account or worse.

Although most on the right wouldn't think that way if they pointed their arsenals to their collective heads. But in reality, most of what local government does is actually in the best interest of the people. Roads, police, schools, etc. The dicier topic is national government. The real problem is national government when Rs are in office. They can't seem to do anything but funnel the money to the rich or fund the military and ache to use it.
 
Brenthoven said:
Our culture is generally: we earn to make our kids' lives a bit easier. It's not the kids' faults that their parents were successful. Why should that next generation be taxed for their parent's success?
Click to expand...

Because all financial transactions are taxed. We covered this already. Taxation isn't punishment, it's the price of a functioning society.
 
Re: The States: At Least Michigan is Better Than Indiana

unofan said:
Because all financial transactions are taxed. We covered this already. Taxation isn't punishment, it's the price of a functioning society.
Click to expand...

What I've earned (and taxed on) is now mine. What I do with it should not be taxed again. *shrug* Just how I feel.
 
Brenthoven said:
And again, spending it is up to me. Receiving it on inheritance is not (necessarily).
Click to expand...

But it is to the person bequeathing it to you.

When you buy something from a store, that's not up to the store, either. We still tax their income.
 
unofan said:
But it is to the person bequeathing it to you.

When you buy something from a store, that's not up to the store, either. We still tax their income.
Click to expand...

We get it. He’s ok with massive income inequality continuing
 
Re: The States: At Least Michigan is Better Than Indiana

unofan said:
But it is to the person bequeathing it to you.

When you buy something from a store, that's not up to the store, either. We still tax their income.
Click to expand...

And I chose to buy it. My parents bequeath what they have to me. Well, it's (to put it bluntly) shoved in my face, and I have to accept it.
 
Re: The States: At Least Michigan is Better Than Indiana

Brenthoven said:
My parents bequeath what they have to me. Well, it's (to put it bluntly) shoved in my face, and I have to accept it.
Click to expand...

To paraphrase Priceless from back in the day, "Fine, since it's so awful, then give me your estate, and I'll pay the taxes on it." ;)
 
Re: The States: At Least Michigan is Better Than Indiana

Brenthoven said:
... My parents bequeath what they have to me. Well, it's (to put it bluntly) shoved in my face, and I have to accept it.
Click to expand...

Uhh, no you don't. You can decline the inheritance.

Also, there are certain dollar amounts that can be passed along that are exempt from taxes. Once you cross that threshold, then the taxes will be levied.

Or... just set up a trust fund as that minimizes the tax burden on the receiver (it's taxed as an income like a paycheck or 1099 yearly instead of all at once).

But... what do I know, I'm not a lawyer, nor did I stay at a Holiday Inn last night.
 
Re: The States: At Least Michigan is Better Than Indiana

SJHovey said:
Yeah, that's allegedly Buffett's famous quote, that his children will be left with enough to do anything but not enough to do nothing. But in the CNBC article that I saw where that statement was quoted, they also quoted him as saying that each child would be left with "$2 Billion." Pretty sure that's enough to do nothing.

You'll have to pardon me if I'm skeptical of the supposed altruistic statements of Gates, Buffett, Zuckerberg, etc... Yeah, I think it's great that they'll give the vast majority of their fortunes to charitable foundations that will probably do great things around the world. But the alternative is to just turn over $30-40 billion on their death to the government, something I can't imagine they're very excited about. Why not give it to charity, keep most of it from the government, and build a monument to yourself in the form of a charitable foundation?
Click to expand...

This is why they have their own "foundations", charities in name only, keeping nearly all of the "donations" for themselves.
 
Status
Not open for further replies.
Back
Top