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(TaxProf)   Map: where not to die in 2013   (taxprof.typepad.com) divider line 81
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11766 clicks; posted to Main » on 05 Feb 2013 at 10:29 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-02-05 10:34:39 AM
Map: where not to die not understand what in hell a trust fund is in 2013

FIFTY.
 
2013-02-05 10:35:57 AM
My personal map of where not to die in 2013 is just a globe.
 
2013-02-05 10:39:35 AM
Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.
 
2013-02-05 10:39:46 AM
Good thing I don't have to pack up my mummified mother again this year.
 
2013-02-05 10:40:29 AM
Paul L. Caron has the worst beard ever
 
2013-02-05 10:40:50 AM

corn-bread: Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.


I know I want the State of Maryland to get 75% of what I have already been taxed on.
 
2013-02-05 10:41:44 AM

SkunkWerks: Map: where not to die not understand what in hell a trust fund is in 2013

FIFTY.


50? Don't you mean "fiddy"?
 
2013-02-05 10:42:22 AM

drongozone: Paul L. Caron has the worst beard ever


She's not that bad.
 
2013-02-05 10:42:53 AM

corn-bread: Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.


Yeah, because you want everything you worked so hard for to just go to the state, right?
 
2013-02-05 10:43:10 AM
Oh thank you subby I was worried that my poor loved ones would have to pay taxes on anything I had over $5,000,000.  I know that's something that keeps me up at night.
 
2013-02-05 10:43:10 AM
How many people are even taxed this way? The original intent of estate taxes was to prevent wealthy families from creating a dynasty. You know, where children are born on third base and think they hit a triple.
 
2013-02-05 10:45:41 AM

Your blog sucks


Link to the actual article/

 
2013-02-05 10:48:19 AM
Map fails without East Cleveland.
 
2013-02-05 10:48:32 AM
The state wants to control where my stuff goes? Pffffft I want to have a say which thrift store gets my iPod, 90's Coach bag, and food processor. Assholes.
 
2013-02-05 10:49:54 AM
Sell all possessions before you die to your relatives for $1.00.  Done.  It's what my grandparents did.
 
2013-02-05 10:50:06 AM

ramblinwreck: How many people are even taxed this way? The original intent of estate taxes was to prevent wealthy families from creating a dynasty. You know, where children are born on third base and think they hit a triple.


Not only that it's max is 40% after the 1st 5 mil.  So 10 mil = 8 mil after taxes.  My heart just bleeds at the injustice.
 
2013-02-05 10:53:23 AM

corn-bread: Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.


It's ironic, as that is the entire point of the estate tax, to keep the dead dead and let the living handle shiat.  It's to keep one rich guy from letting his loser decendents sponge off of him forever.  You want this big estate?  Fine, but you have to do something to keep it up or else it will shrivel away.  Same principle as property taxes.  It's not enough to own something, you need to be doing something with it!
 
2013-02-05 10:54:41 AM

megarian: The state wants to control where my stuff goes? Pffffft I want to have a say which thrift store gets my iPod, 90's Coach bag, and food processor. Assholes.


You do... the store you donate those things to get them.
 
2013-02-05 10:54:55 AM
Yes, we know why Democrats are dying to give them amnesty and eventually get them on the voter roles. You didn't need to remind us.
 
2013-02-05 10:59:15 AM
1.bp.blogspot.com

"I used to think if I died in an evil place, then my soul wouldn't make it to heaven. But now, fark. I don't care where it goes as long it ain't here. "
 
2013-02-05 11:00:37 AM

Chinchillazilla: My personal map of where not to die in 2013 is just a globe.


Outer space zero g implosion it is.
 
2013-02-05 11:01:36 AM
I'm fairly certain none of my family members want anything I own when I die.  I mean, a '93 rusted out Sentra is pretty sweet, but still.
 
2013-02-05 11:07:15 AM

randomjsa: Yes, we know why Democrats are dying to give them amnesty and eventually get them on the voter roles. You didn't need to remind us.


Threadshiatting in the wrong place again. It's like explosive diarrhea, stuff goes everywhere.
 
2013-02-05 11:07:37 AM

stonicus: megarian: The state wants to control where my stuff goes? Pffffft I want to have a say which thrift store gets my iPod, 90's Coach bag, and food processor. Assholes.

You do... the store you donate those things to get them.


The food processor is coming with me.
 
2013-02-05 11:08:14 AM

blatz514: I'm fairly certain none of my family members want anything I own when I die.  I mean, a '93 rusted out Sentra is pretty sweet, but still.


I think that I am going to let them fight over my stack of bills
 
2013-02-05 11:08:46 AM
No one is taxed for dying. whoever gets it is taxed because it is income for them.

The same as if my employer gives me a paycheck.
 
2013-02-05 11:09:26 AM

ramblinwreck: How many people are even taxed this way? The original intent of estate taxes was to prevent wealthy families from creating a dynasty. You know, where children are born on third base and think they hit a triple.


That was the intent. It also crippled a lot of family farms, who tended to have a net value greater than the threshold, but almost none of it liquid.

Monsanto thanks you for eliminating family farms.
 
2013-02-05 11:10:10 AM

corronchilejano: Chinchillazilla: My personal map of where not to die in 2013 is just a globe.

Outer space zero g implosion it is.


I want to die doing what I love: screaming soundlessly into the endless abyss.
 
2013-02-05 11:14:17 AM
People think about the inheritance/estate taxes too simply.  They just think it deals with fat cats with huge liquidity in bank accounts.  They forget about assets.

The biggest issue with estate taxes is farmland (a topic in which I'm sure all Farkers are knowledgeable experts).  Some prime farmland in Nebraska can be valued at $7,000 per acre.  There are 640 acres in a square mile.  That's $4.5 million dollars right there.  And many farmers have much more than 1 square mile of land.

Now, just because you have $4.5 million in land doesn't mean that you happen to be earning tens of millions per year as a farmer.  That's not how it works.

Your dad passes down 10 square miles of farm to you after his death.  If you have 10 square miles of land, (and a $5 million allowance before inheritance tax), that means 9 of your 10 square miles could be subject to a huge inheritance tax.  Suppose the land is taxed at 40%.  You now owe Uncle Sam $16.2 million in taxes.  Uncle Sam now owns 36% of your farm, unless you've got a gigantic pile of cash sitting around.

In addition, selling can be taxed heavily.  Often, this land has been passed down through generations.  It may have been in your family since the land was valued at $200,000 in the 1940's.  Now you sell it at current value.  You have to pay capital gains tax on a $4.3 million "profit".
 
2013-02-05 11:14:28 AM
30 some years ago (maybe a little more) my parents took a huge risk and bought a horse farm in central Jersey.  I think at the time it was 250k, an exorbitant amount at the time. For years we all worked the farm, grooming the horses, plowing the snow cutting grass.  At age 10 or 12 I had 30 hours of mowing that had to get done per week in the spring and summer.  We all worked, and hard. 

A few years ago my folks had a mortgage burning party, they paid the farm off.  And we paid our fair share of taxes.  Property, state and federal income, sales tax on the farm equipment.  We all did, as a family, just like we worked.  6am feeding 25 horses in the dead of winter sucks.

My sister and I went off to school (Navy for me) and we started our own careers and families.  Still all the while paying taxes.      

The farm is worth about 8mm now.  Due to the hard work and sacrifices of my family.  My parents still have a lot of life in them and aren't' going anywhere soon, but do we really have to pay those taxes again?  We paid them once.  I love the analogy of being born on third base, but I wasn't, and if my parents opt to just go nuts, sell the farm and blow the money, they earned it.  The State of NJ didn't.
 
2013-02-05 11:19:35 AM

Brett.M: The farm is worth about 8mm now. Due to the hard work and sacrifices of my family... but do we really have to pay those taxes again? We paid them once. ..blow the money, they earned it. The State of NJ didn't.


But... but...  It's not fair that your family bought a farm and worked hard!  We need to help other people that didn't work hard!  It's not fair that someone could inherit that farm!  We should spread the wealth to everyone!
 
2013-02-05 11:20:48 AM

corn-bread: Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.


Because what I worked so hard for my whole life shouldn't go to my family, but yours, right?
 
2013-02-05 11:21:50 AM

This text is now purple: ramblinwreck: How many people are even taxed this way? The original intent of estate taxes was to prevent wealthy families from creating a dynasty. You know, where children are born on third base and think they hit a triple.

That was the intent. It also crippled a lot of family farms, who tended to have a net value greater than the threshold, but almost none of it liquid.

Monsanto thanks you for eliminating family farms.


I hear this argument a lot. Almost like "we need bankruptcy reform because people abuse it." When, in fact, less than 3% of filers could be considered abusers. (Multiple filings).

Also just read that 96% of farms are still family owned and only about 40 farms total would be subject to the tax. This seems like a distraction to get people to support something that mainly benefits the extremely wealthy.
 
2013-02-05 11:25:25 AM

Brett.M: The farm is worth about 8mm now. Due to the hard work and sacrifices of my family. My parents still have a lot of life in them and aren't' going anywhere soon, but do we really have to pay those taxes again? We paid them once. I love the analogy of being born on third base, but I wasn't, and if my parents opt to just go nuts, sell the farm and blow the money, they earned it. The State of NJ didn't.


...If they do that, then wouldn't they be paying capital gains tax on it?
 
2013-02-05 11:25:36 AM
Reverse the colors and it's a map of where not to LIVE!

right, subby? right??

/wonders if Monsanto and Ford build the roads and schools in subby's Brave New World
 
2013-02-05 11:26:26 AM

Spanky_McFarksalot: No one is taxed for dying. whoever gets it is taxed because it is income for them.

The same as if my employer gives me a paycheck.


Why do they need to tax it again? It's been taxed on. What has the state done to deserve or lay claim to a third or half of your family wealth? I have to side with angry tea baggers on this one.
 
2013-02-05 11:26:45 AM
4.bp.blogspot.com
 
2013-02-05 11:27:39 AM

RminusQ: Brett.M: The farm is worth about 8mm now. Due to the hard work and sacrifices of my family. My parents still have a lot of life in them and aren't' going anywhere soon, but do we really have to pay those taxes again? We paid them once. I love the analogy of being born on third base, but I wasn't, and if my parents opt to just go nuts, sell the farm and blow the money, they earned it. The State of NJ didn't.

...If they do that, then wouldn't they be paying capital gains tax on it?



That's what Capital gains taxes are purposed.  It's not a death tax.
 
2013-02-05 11:31:16 AM

Brett.M: 30 some years ago (maybe a little more) my parents took a huge risk and bought a horse farm in central Jersey.  I think at the time it was 250k, an exorbitant amount at the time. For years we all worked the farm, grooming the horses, plowing the snow cutting grass.  At age 10 or 12 I had 30 hours of mowing that had to get done per week in the spring and summer.  We all worked, and hard. 

A few years ago my folks had a mortgage burning party, they paid the farm off.  And we paid our fair share of taxes.  Property, state and federal income, sales tax on the farm equipment.  We all did, as a family, just like we worked.  6am feeding 25 horses in the dead of winter sucks.

My sister and I went off to school (Navy for me) and we started our own careers and families.  Still all the while paying taxes.      

The farm is worth about 8mm now.  Due to the hard work and sacrifices of my family.  My parents still have a lot of life in them and aren't' going anywhere soon, but do we really have to pay those taxes again?  We paid them once.  I love the analogy of being born on third base, but I wasn't, and if my parents opt to just go nuts, sell the farm and blow the money, they earned it.  The State of NJ didn't.


I would argue that the analogy doesn't apply in your case. Now, if you took over the farm and hired people to run it for you, including the financial management and your children and their children received a check every so often without lifting a finger after everything is in place, then I think the analogy applies. A lot well to do families start that way. The hard work was done by the first couple of generations and then that work is taken for granted by subsequent generations.
 
2013-02-05 11:33:08 AM

Mitch Taylor's Bro: SkunkWerks: Map: where not to die not understand what in hell a trust fund is in 2013

FIFTY.

50? Don't you mean "TREEFIDDY"?


TREEFIDDY
 
2013-02-05 11:34:00 AM

Whole Wheat: Spanky_McFarksalot: No one is taxed for dying. whoever gets it is taxed because it is income for them.

The same as if my employer gives me a paycheck.

Why do they need to tax it again? It's been taxed on. What has the state done to deserve or lay claim to a third or half of your family wealth? I have to side with angry tea baggers on this one.


Other than provide military and law enforcement (to name a few services) to defend your land, I guess nothing? The state owns the land, you're just leasing it from them.
 
2013-02-05 11:34:13 AM

Chinchillazilla: My personal map of where not to die in 2013 is just a globe.


So, dying in space is still on?
 
2013-02-05 11:34:51 AM

Broktun: corn-bread: Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.

I know I want the State of Maryland to get 75% of what I have already been taxed on.



What is the Maryland estate tax? What is the tax rate?
The Maryland estate tax is a transfer tax imposed on the transfer of assets from an estate. The tax rate is limited to 16 percent of the amount that the estate value exceeds $1,000,000.


Inheritance Tax rates for decedents who died on or after July 1, 2000:
Property passing to a child or other lineal descendant, spouse of a child or other lineal descendant, spouse, parent, grandparent, stepchild or stepparent, siblings or a corporation having only certain of these persons as stockholders is exempt from taxation.10 percent on property passing to other individuals. For more information about the inheritance tax, contact the Register of Wills in the appropriate county.


Help me understand how this adds up to 75%
 
2013-02-05 11:35:09 AM

Broktun: corn-bread: Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.

I know I want the State of Maryland to get 75% of what I have already been taxed on.


You're dead, the property changes ownership.
 
2013-02-05 11:37:37 AM

bluefox3681: corn-bread: Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.

Yeah, because you want everything you worked so hard for to just go to the state, right?



As opposed to those who didn't "earn it"?

Besides you cease to own it when you're dead.
 
2013-02-05 11:41:18 AM

Whole Wheat: corn-bread: Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.

Because what I worked so hard for my whole life shouldn't go to my family, but yours, right?



So instead of giving a truly pricess gift and spending time with this alleged beloved family when alive, you prefer to "work so hard" and shower them with
mere money after you're gone.
 
2013-02-05 11:43:13 AM
To those against the death tax:
If a stranger gives you a farm, it is income.
If your father gives you a farm, it isn't income.

Explain why who gives it to you should matter one bit?
 
2013-02-05 11:43:26 AM

corn-bread: Whole Wheat: corn-bread:


Where's Fark Rye for Many Whores when you need him?
 
2013-02-05 11:44:22 AM

ramblinwreck: This text is now purple: ramblinwreck: How many people are even taxed this way? The original intent of estate taxes was to prevent wealthy families from creating a dynasty. You know, where children are born on third base and think they hit a triple.

That was the intent. It also crippled a lot of family farms, who tended to have a net value greater than the threshold, but almost none of it liquid.

Monsanto thanks you for eliminating family farms.

I hear this argument a lot. Almost like "we need bankruptcy reform because people abuse it." When, in fact, less than 3% of filers could be considered abusers. (Multiple filings).

Also just read that 96% of farms are still family owned and only about 40 farms total would be subject to the tax. This seems like a distraction to get people to support something that mainly benefits the extremely wealthy.


Just because someone filed for bankruptcy 1 time only doesn't mean they aren't abusers of the system.  Taking on a ton of personal debt with the intention of filing is abusive, even if you only do it once.

Regarding estate and inheritance taxes, it does seem to be double-dipping.  That income or property from income was at some point taxed.  When you pass it on to your heirs why should they pay additional taxes?  While it is new to them, it's certainly not new to the tax system.  I don't have $5 Mil waiting for me in either investments or property so no skin off my nose, just seems unfair.
 
2013-02-05 11:46:31 AM
Where not to die in 2013? I'm going with "anywhere".
 
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