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(Americans for Tax Reform)   If you have any plans on dying anytime soon, you better hurry up and do it. You'll save your family a LOT of money by doing so   (atr.org) divider line 592
    More: Obvious, Americans for Tax Reform, estate taxes, Tax Foundation  
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3560 clicks; posted to Politics » on 20 Jul 2012 at 10:10 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-07-20 09:42:25 AM
Okee dokee Grover.
 
2012-07-20 09:45:22 AM
Literally dozens of people will be affected by this. Dozens.
 
2012-07-20 09:48:26 AM
Anyone who has enough money to be affected by this will have already taken measures and found every single loophole there is.
 
2012-07-20 09:58:07 AM
Tell my kids to go out and earn their own damn money.
 
2012-07-20 10:04:57 AM
I'm going to take mine with me.
 
2012-07-20 10:06:25 AM
Old rich people: If this is such a concern to you, kill yourselves now.
 
2012-07-20 10:12:58 AM
Don't worry subtard, nobody posting on Fark will ever need to pay that tax.
 
2012-07-20 10:13:48 AM
Seems there is an incredibly easy way to avoid these lame death taxes. Just give all your shiat away when you're alive, sign over ownership of everything to your next of kin. Zero (death) taxes.
 
2012-07-20 10:13:54 AM
No man should receive a dollar unless that dollar has been fairly earned. Every dollar received should represent a dollar's worth of service rendered - not gambling in stocks, but service rendered. The really big fortune, the swollen fortune, by the mere fact of its size acquires qualities which differentiate it in kind as well as in degree from what is possessed by men of relatively small means. Therefore, I believe in a graduated income tax on big fortunes, and in another tax which is far more easily collected and far more effective - a graduated inheritance tax on big fortunes, properly safeguarded against evasion and increasing rapidly in amount with the size of the estate.
- Theodore Roosevelt, speech at Osawatomie, Kansas, "The New Nationalism" (August 31, 1910)
 
2012-07-20 10:14:16 AM
oooh, this thread again.

The cuts should be extended.
Thread over.
 
2012-07-20 10:14:16 AM
Only if you're rich as fark. So on this website, MAYBE Drew, and that's about it.
 
2012-07-20 10:14:43 AM
The applicable exclusion amount will plummet to $1,000,000, and the top marginal rate will leap twenty points to 55%. A 5% surtax will also return, to be levied on estates between $10 million and $17 million. This raises the top effective rate of the death tax to 60%.


How will their heirs ever survive?
 
2012-07-20 10:14:48 AM
I'll have to ask some of the local farmers and ranchers how they approach this situation. I know of no "corporate" farms out here, they are still all (afaik) family owned. I know that some of the older ranch concerns, The Lambshead as an example, are in pretty tight trusts but there are still quite a few privately held concerns that could be impacted.
 
2012-07-20 10:15:24 AM

skullkrusher: The cuts should be extended.


Why?
 
2012-07-20 10:16:15 AM

Headso: Don't worry subtard, nobody posting on Fark will ever need to pay that tax.


That is not necessarily true. The people who pay the tax are the inheritors. That means that only their parents ever had to amount to anything.
 
2012-07-20 10:16:26 AM

TheSelphie: Only if you're rich as fark. So on this website, MAYBE Drew, and that's about it.


you certainly don't have to be "rich as fark" to have an estate in excess of $1,000,000. Keep the exemption at $5,000,000 and you'll still have your chance to get your hands on the rich folks' money.
 
2012-07-20 10:16:44 AM

Philip Francis Queeg: No man should receive a dollar unless that dollar has been fairly earned. Every dollar received should represent a dollar's worth of service rendered - not gambling in stocks, but service rendered. The really big fortune, the swollen fortune, by the mere fact of its size acquires qualities which differentiate it in kind as well as in degree from what is possessed by men of relatively small means. Therefore, I believe in a graduated income tax on big fortunes, and in another tax which is far more easily collected and far more effective - a graduated inheritance tax on big fortunes, properly safeguarded against evasion and increasing rapidly in amount with the size of the estate.
- Theodore "Obama" Roosevelt, Socialist, Time-Traveler and Debutante, speech at Osawatomie, Kansas, "The New Nationalism" (August 31, 1910)


ftfy
 
2012-07-20 10:16:50 AM
List of Sites That Spew Derp and Are Therefore Hurting America (LOSTSDAATHA)

-WorldNetDaily
-AmericanThinker
-TheDailyCaller
-Breitbart
-NationalReviewOnline
-Newsmax
-Townhall
-TheWashingtonTimes
-Redstate
-DrudgeReport
-FoxNews
-FreeRepublic
-StormFront

-AmericansForTaxReform
 
2012-07-20 10:17:15 AM
Are we going to hear from liars now who'll say they have to sell the farm that's been in the family since they faught against the British for American freedom to pay the Obama Tax?
 
2012-07-20 10:17:23 AM

Dancin_In_Anson: I know of no "corporate" farms out here, they are still all (afaik) family owned.


lol
 
2012-07-20 10:17:52 AM

Mentat: Tell my kids to go out and earn their own damn money.


funny. I told my parents the same thing. Stop saving and do whatever the hell you want during retirement. I'll bury you with your extra cash.

The cottage and the '52 MG? (yeah its a kit car with a 70's VW engine, but it is still !@#$@#$ sweet) Well, I can duke it out with my brother for that stuff.
 
2012-07-20 10:18:11 AM

qorkfiend: skullkrusher: The cuts should be extended.

Why?


Why, because Socialism, of course!
 
2012-07-20 10:18:12 AM
Wow, a return of something that hasn't really stopped the development of an aristocracy. How ever will we survive this horrible penalty on dying?

Poutrage to the max.
 
2012-07-20 10:18:15 AM

qorkfiend: skullkrusher: The cuts should be extended.

Why?


Because why!
 
2012-07-20 10:18:38 AM

qorkfiend: skullkrusher: The cuts should be extended.

Why?


$1,000,000 is far too low of an exemption. My wife and I have $1,000,000 each in life insurance. God forbid we kick it at the same time, our 1 year old son loses a significant portion of that money which is intended to see for his care of education through adulthood.
 
2012-07-20 10:19:01 AM
10 Year Cost to Taxpayers

Congressional Budget Office: $516 billion


I bet these guys refer to their salaries as a "cost to their employer".
 
2012-07-20 10:19:24 AM

cubic_spleen: qorkfiend: skullkrusher: The cuts should be extended.

Why?

Why, because Socialism, of course!


no, it has nothing to do with Socialism but your attempt at hackneyed, tired and cliched lulz is duly noted
 
2012-07-20 10:20:02 AM
FTA: While those 52,500 taxpayers only represent 2% of those who die each year, no one should be fooled into thinking that the effects of this tax fall only on the proverbial "one percent."

Leonard Johnson is right! It falls on the proverbial "two percent".
 
2012-07-20 10:20:12 AM
I'm pretty sure the Founding Fathers were OK with estate taxes because they feared the rise of a new aristocratic class in America.

Gosh, I wonder why they thought that would happen?
 
2012-07-20 10:20:29 AM

Dancin_In_Anson: I'll have to ask some of the local farmers and ranchers how they approach this situation. I know of no "corporate" farms out here, they are still all (afaik) family owned. I know that some of the older ranch concerns, The Lambshead as an example, are in pretty tight trusts but there are still quite a few privately held concerns that could be impacted.


I'm sure they will easily be found. I mean, George W. Bush and his team found thousands of farms that would benefit from his changes to the estate tax, right? What? You mean he found none? Well, smack my ass and call me a biatch!
 
2012-07-20 10:21:11 AM
I can certainly understand an increase in the limit to correspond with the increase in costs and such since the law was originally envisioned, however large scale generational money transfer does nothing for society in the long term.
 
2012-07-20 10:21:28 AM

coeyagi: List of Sites That Spew Derp and Are Therefore Hurting America (LOSTSDAATHA)

-WorldNetDaily
-AmericanThinker
-TheDailyCaller
-Breitbart
-NationalReviewOnline
-Newsmax
-Townhall
-TheWashingtonTimes
-Redstate
-DrudgeReport
-FoxNews
-FreeRepublic
-StormFront

-AmericansForTaxReform


You forgot FoxNation.
 
2012-07-20 10:22:26 AM

skullkrusher: $1,000,000 is far too low of an exemption. My wife and I have $1,000,000 each in life insurance. God forbid we kick it at the same time, our 1 year old son loses a significant portion of that money which is intended to see for his care of education through adulthood.


Transfer the policy to each other. Problem solved.
 
2012-07-20 10:22:40 AM

mat catastrophe: I'm pretty sure the Founding Fathers were OK with estate taxes because they feared the rise of a new aristocratic class in America.

Gosh, I wonder why they thought that would happen?


yet they didn't institute one. Weird.
 
2012-07-20 10:22:42 AM
Man, when I die I am really going to be pissed off about this.
 
2012-07-20 10:22:43 AM

skullkrusher: TheSelphie: Only if you're rich as fark. So on this website, MAYBE Drew, and that's about it.

you certainly don't have to be "rich as fark" to have an estate in excess of $1,000,000. Keep the exemption at $5,000,000 and you'll still have your chance to get your hands on the rich folks' money.


Meh, it will be pushed back up to $5 million or maybe only $3 million. Either way its only going to $1 million because the old laws are sunsetting and congress is too much of a mess to get anything done. This will get fixed in December or possibly January/February. It'll probably be retroactive if passed after February, if not, don't die early 2013.
 
2012-07-20 10:22:53 AM

skullkrusher: qorkfiend: skullkrusher: The cuts should be extended.

Why?

$1,000,000 is far too low of an exemption. My wife and I have $1,000,000 each in life insurance. God forbid we kick it at the same time, our 1 year old son loses a significant portion of that money which is intended to see for his care of education through adulthood.


And what if you and your wife each had $3m in life insurance?
 
2012-07-20 10:23:08 AM

skullkrusher: qorkfiend: skullkrusher: The cuts should be extended.

Why?

$1,000,000 is far too low of an exemption. My wife and I have $1,000,000 each in life insurance. God forbid we kick it at the same time, our 1 year old son loses a significant portion of that money which is intended to see for his care of education through adulthood.


He'd have to get buy on a mere $1,450,000? My God how terrible.
 
2012-07-20 10:23:33 AM

skullkrusher: qorkfiend: skullkrusher: The cuts should be extended.

Why?

$1,000,000 is far too low of an exemption. My wife and I have $1,000,000 each in life insurance. God forbid we kick it at the same time, our 1 year old son loses a significant portion of that money which is intended to see for his care of education through adulthood.


Ah geez.
 
2012-07-20 10:23:46 AM

sprawl15: skullkrusher: $1,000,000 is far too low of an exemption. My wife and I have $1,000,000 each in life insurance. God forbid we kick it at the same time, our 1 year old son loses a significant portion of that money which is intended to see for his care of education through adulthood.

Transfer the policy to each other. Problem solved.


that doesn't solve the problem.
 
2012-07-20 10:25:26 AM

skullkrusher: qorkfiend: skullkrusher: The cuts should be extended.

Why?

$1,000,000 is far too low of an exemption. My wife and I have $1,000,000 each in life insurance. God forbid we kick it at the same time, our 1 year old son loses a significant portion of that money which is intended to see for his care of education through adulthood.


Life insurance is not taxable. Any other baseless concerns?
 
2012-07-20 10:25:26 AM

The All-Powerful Atheismo: lol


Care to point the corporate owned farms in Jones County Texas? Yes, I will wait.

Serious Black: I'm sure they will easily be found. I mean, George W. Bush and his team found thousands of farms that would benefit from his changes to the estate tax, right? What? You mean he found none? Well, smack my ass and call me a biatch!


You can help find them too.
 
2012-07-20 10:25:31 AM
"I plan to my children enough money so that they would feel they could do anything, but not so much that they could do nothing.''

- Warren Buffet
 
2012-07-20 10:26:04 AM

Aarontology: Anyone who has enough money to be affected by this will have already taken measures and found every single loophole there is.


Including a certain Willard Mitt Romney who has managed to set up a $100 million dollar estate-tax-avoiding trust fund for his kids, even though the formal limit has been 1-5 million.

Honestly, it's so gamed that you might as well just drop the charade.
 
2012-07-20 10:26:57 AM

The All-Powerful Atheismo: Philip Francis Queeg: No man should receive a dollar unless that dollar has been fairly earned. Every dollar received should represent a dollar's worth of service rendered - not gambling in stocks, but service rendered. The really big fortune, the swollen fortune, by the mere fact of its size acquires qualities which differentiate it in kind as well as in degree from what is possessed by men of relatively small means. Therefore, I believe in a graduated income tax on big fortunes, and in another tax which is far more easily collected and far more effective - a graduated inheritance tax on big fortunes, properly safeguarded against evasion and increasing rapidly in amount with the size of the estate.
- Theodore "Obama" Roosevelt, Socialist, Time-Traveler and Debutante, speech at Osawatomie, Kansas, "The New Nationalism" (August 31, 1910)

ftfy


LOL Debutante? Now I'm picturing President Teddy in a poofy white dress and big hair....
 
2012-07-20 10:27:04 AM

skullkrusher: sprawl15: skullkrusher: $1,000,000 is far too low of an exemption. My wife and I have $1,000,000 each in life insurance. God forbid we kick it at the same time, our 1 year old son loses a significant portion of that money which is intended to see for his care of education through adulthood.

Transfer the policy to each other. Problem solved.

that doesn't solve the problem.


Yes, it does. You have insurance on her, she has insurance on you, with the beneficiary listed as the son. If you die, she doesn't make the money, your son makes the money, and the money never enters your estate to be taxable under estate law.

If you take out life insurance on someone else, and they die, you don't pay estate taxes on that. Same principle.
 
2012-07-20 10:27:09 AM

skullkrusher: you certainly don't have to be "rich as fark" to have an estate in excess of $1,000,000.


We've got farmers in western KS with +$1 Million tied up in real estate, irrigation systems and equipment, but with less than $5k in cash to their name. These estates are of the type that stand to be proper farked.
 
2012-07-20 10:27:39 AM
I liked this tax by its old name: the estate tax. And I'll never have to worry about this.
 
2012-07-20 10:27:46 AM

SacriliciousBeerSwiller: Life insurance is not taxable. Any other baseless concerns?


It's not taxable as income, but it's taxable under estate taxes.

hurrdrururherurrrrrr
 
2012-07-20 10:27:48 AM
Estates over 1 million dollars? So anyone who owns a house in a major metro area?
 
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