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(Fox News)   James Gandolfini may have played a gangster on TV but his estate is about to be robbed by the biggest gangsters of all: the federal government   (foxnews.com) divider line 304
    More: Obvious, James Gandolfini, soprano  
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4438 clicks; posted to Entertainment » on 08 Jul 2013 at 9:47 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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vpb [TotalFark]
2013-07-08 08:24:04 AM
That's a a shame.  His descendants will only be able to go for a few generations without having to do anything productive for a living.
 
2013-07-08 08:28:05 AM
First, the government isn't a "gang" that stands separate from society. It is made up of people, and the laws are generally written because "we the people" have decided that's how we want our government to operate. So when you say the government is stealing from someone, what you're really saying is that we have decided, through the government that's made up of us, that this is the BEST benefit for society at large.

Second, if one has $70 million, they get to keep the first 20% or $14 million plus 45% of the next 80% or $22.5 million. That's $36 million if those numbers are accurate.

Third, some of that money can be sheltered in a trust. At least if the commercials on the radio are true, and after you get done paying the fees to set up and maintain the trust. If that's how it works (and I'm no expert so I have no idea), then shame on Gandolfini for not setting up one, if in fact he didn't.
 
2013-07-08 08:31:36 AM
OMG I have to pay taxes! Why didn't anyone tell me.
 
2013-07-08 08:32:50 AM
How dare the government demand protection money for, you know, actually protecting people.
 
2013-07-08 08:58:12 AM
And through the trust, he will also get first dibs to buy his dad's Greenwich Street condo in the West Village.

Boo farking hoo.
 
2013-07-08 09:05:55 AM

SurfaceTension: shame on Gandolfini for not setting up one, if in fact he didn't.


My wealthy Republican friend and I (the poor Democrat) both agree on this: the estate tax is a fee paid for having a bad or stupid accountant/tax attorney.
 
2013-07-08 09:08:16 AM
100% estate tax
0% income tax.

Make us all born equal.
 
2013-07-08 09:15:17 AM
Another "why should rich people have to pay taxes" thread?
 
2013-07-08 09:20:52 AM

edmo: Another "why should rich people have to pay taxes" thread?


Nah, more like the grave robbers explaining why they are entitled to a dead guy's stuff instead of his kids.
 
2013-07-08 09:21:07 AM

Angry Drunk Bureaucrat: SurfaceTension: shame on Gandolfini for not setting up one, if in fact he didn't.

My wealthy Republican friend and I (the poor Democrat) both agree on this: the estate tax is a fee paid for having a bad or stupid accountant/tax attorney.


Yup.  It's called "proper planning".  Most of us don't need to do it.  But if you got the money and you want as little as possible to go to taxes upon your death, plan properly.
 
2013-07-08 09:24:13 AM

jaylectricity: 100% estate tax
0% income tax.

Make us all born equal.


I'm in agreement about the 100% estate tax. However, that violates the golden rule.

/he who has the gold makes the rules
 
2013-07-08 09:25:05 AM
Yeah, tell that dead beat eight month old spoiled brat to get a job! And that thirteen-year-old son that found him needs to man up.  They should be rendered paupers for the good of the government.
 
2013-07-08 09:30:13 AM

Nabb1: Yeah, tell that dead beat eight month old spoiled brat to get a job! And that thirteen-year-old son that found him needs to man up.  They should be rendered paupers for the good of the government.



I guess they'll have to get by with only 40 million dollars...
 
2013-07-08 09:31:43 AM

PhiloeBedoe: Nabb1: Yeah, tell that dead beat eight month old spoiled brat to get a job! And that thirteen-year-old son that found him needs to man up.  They should be rendered paupers for the good of the government.


I guess they'll have to get by with only 40 million dollars...


Odd, that was supposed to have quoted the post about a 100% estate tax.
 
2013-07-08 09:48:45 AM

Nabb1: edmo: Another "why should rich people have to pay taxes" thread?

Nah, more like the grave robbers explaining why they are entitled to a dead guy's stuff instead of his kids.


The kids are being taxed, due to them receiving a large influx of income.

Not sure why people think that some forms of income should be tax-free and others should not be.
 
2013-07-08 09:50:53 AM

Nabb1: edmo: Another "why should rich people have to pay taxes" thread?

Nah, more like the grave robbers explaining why they are entitled to a dead guy's stuff instead of his kids.


If that's how you want to spin this, he could always donate his estate to charity and pay zero death tax.
 
2013-07-08 09:54:29 AM

Nabb1: edmo: Another "why should rich people have to pay taxes" thread?

Nah, more like the grave robbers explaining why they are entitled to a dead guy's stuff instead of his kids.


Eh. Move to a monarchy with nobles if you're so hot for dynastic wealth.
 
2013-07-08 09:55:32 AM

Lando Lincoln: Not sure why people think that some forms of income should be tax-free and others should not be.


Because gubmint bad
 
2013-07-08 09:56:04 AM
He should have taken it with him.
 
2013-07-08 09:56:14 AM
He had $70 million dollars. If he couldn't bother to hire a proper attorney to set up the testamentary substitutes to avoid taxes, then that's on him.
 
2013-07-08 09:57:07 AM

Nabb1: edmo: Another "why should rich people have to pay taxes" thread?

Nah, more like the grave robbers explaining why they are entitled to a dead guy's stuff instead of his kids.


It's called the "Estate Tax".  Wealthy people plan around it all the time.
 
2013-07-08 09:57:14 AM

vpb: That's a a shame.  His descendants will only be able to go for a few generations without having to do anything productive for a living.


The grandchildren of actors should be recognized as our betters. They deserve to own the land our grandchildren live on.
 
2013-07-08 09:58:09 AM
Oh my god, we'll never be able to maintain wealth inequality if the government has its way.
 
2013-07-08 09:58:27 AM

johnryan51: OMG I have to pay taxes! Why didn't anyone tell me.


That's a good point. I"m really sure he paid absolutely no taxes on anything until he died.

So, in death, you are being taxed on monies that you were already taxed on.
 
2013-07-08 09:58:41 AM
img.photobucket.com
 
2013-07-08 10:01:05 AM

You Are All Sheep: So, in death, you are being taxed on monies that you were already taxed on.


No you aren't, you're dead.
 
2013-07-08 10:01:47 AM

You Are All Sheep: johnryan51: OMG I have to pay taxes! Why didn't anyone tell me.

That's a good point. I"m really sure he paid absolutely no taxes on anything until he died.

So, in death, you are being taxed on monies that you were already taxed on.


Nope. His kids are paying taxes on their income. I know it's terrible when rich people have to play by the rules but I think they will survive somehow. Maybe you could make a donation to ease their burden?
 
2013-07-08 10:04:29 AM

You Are All Sheep: So, in death, you are being taxed on monies that you were already taxed on.


Well, except you're dead and don't exist any more. Beneficiaries are being taxed for a huge annual income. Also, TFA said he did in fact have a large trust set up for his son. No specifics but it appears he did plan for his estate's tax burden to some degree.
 
2013-07-08 10:04:59 AM

Lando Lincoln: Not sure why people think that some forms of income should be tax-free and others should not be.


Here is my issue, he already paid taxes when he earned it, so it is double taxation.
 
2013-07-08 10:06:52 AM
Extreme taxes like this are a disincentive to creativity.

Truly talented people, like Gandolfini, realize that there is no point in creating, like Gandolfini did, because the government will just take it all, like they did with Gandolfini. So society doesn't benefit, like it did with Gandolfini, because people like Gandolfini refuse to work for the government instead of themselves, like Gandolfini did.
 
2013-07-08 10:07:33 AM

Tom_Slick: Here is my issue, he already paid taxes when he earned it, so it is double taxation.


See the 3 comments above yours
 
2013-07-08 10:07:36 AM

Tom_Slick: Lando Lincoln: Not sure why people think that some forms of income should be tax-free and others should not be.

Here is my issue, he already paid taxes when he earned it, so it is double taxation.


No, his heirs are being taxed on it. I pay taxes on my income even though my employer also pays taxes, too.
 
2013-07-08 10:09:43 AM

You Are All Sheep: johnryan51: OMG I have to pay taxes! Why didn't anyone tell me.

That's a good point. I"m really sure he paid absolutely no taxes on anything until he died.

So, in death, you are being taxed on monies that you were already taxed on.


So you oppose sales taxes then? After all your being taxed on money you already paid taxes on
 
2013-07-08 10:11:34 AM

SurfaceTension: First, the government isn't a "gang" that stands separate from society. It is made up of people, and the laws are generally written because "we the people" have decided that's how we want our government to operate. So when you say the government is stealing from someone, what you're really saying is that we have decided, through the government that's made up of us, that this is the BEST benefit for society at large.

Second, if one has $70 million, they get to keep the first 20% or $14 million plus 45% of the next 80% or $22.5 million. That's $36 million if those numbers are accurate.

Third, some of that money can be sheltered in a trust. At least if the commercials on the radio are true, and after you get done paying the fees to set up and maintain the trust. If that's how it works (and I'm no expert so I have no idea), then shame on Gandolfini for not setting up one, if in fact he didn't.


Fourth: That money has been taxed, re-taxed, and taxed again already. Regardless of who ends up with it, income taxes have been paid, taxes on interest earned have been paid, and property taxes have been paid. Estate taxes, inheritance taxes, death taxes, whatever you want to call them, they have no justification. All of the money and property has been taxed already, there is no justification for taxing something 2 or 3 times. It's one thing is the person in question died owing taxes, but if everything's already square, the government can fark off...

And I think it's adorable that you think "we" get to vote on any of this shiat.
 
2013-07-08 10:12:02 AM

Tom_Slick: Lando Lincoln: Not sure why people think that some forms of income should be tax-free and others should not be.

Here is my issue, he already paid taxes when he earned it, so it is double taxation.


He isn't being taxed again.  The recipients of his estate are being taxed.  That's kind of like claiming personal income tax is double taxation because your company already paid taxes on their income which was used to pay you.
 
2013-07-08 10:12:17 AM

Lando Lincoln: Not sure why people think that some forms of income should be tax-free and others should not be.


That income has already been taxed. What justifies taxing it twice?
 
2013-07-08 10:12:43 AM
Heirs should get income free of any taxation! It's in the constitution!
 
2013-07-08 10:13:30 AM

Mikey1969: Lando Lincoln: Not sure why people think that some forms of income should be tax-free and others should not be.

That income has already been taxed. What justifies taxing it twice?


The heirs receiving $70 have already paid taxes on this money? That would be quite shocking, if they had already paid income or inheritance tax on money they had no yet recieved as income. Can you show some evidence of this?
 
2013-07-08 10:13:51 AM
Has anyone explained how estate taxes are not double taxation yet?
 
2013-07-08 10:14:14 AM
Mikey1969:
And I think it's adorable that you think "we" get to vote on any of this shiat.

That's why I only vote for DR. RON PAUL.  He doesn't kowtow to the Republicrats or the Democans.  One day, I'll just GO GALT and there will be one-less patriot blogger to speak the truth.  What will you do then, libs?  What will you do without THE TRUTH?
 
2013-07-08 10:14:37 AM

Tom_Slick: Lando Lincoln: Not sure why people think that some forms of income should be tax-free and others should not be.

Here is my issue, he already paid taxes when he earned it, so it is double taxation.



No, it's not.  Income for purposes of taxation depends on the possessor.  So it was taxed once when Gandolfini received the money since that was income to him.  Now that the money passes to another individual it is taxed again because that money is now, once again, income to another (the beneficiaries of his estate).  It is not double taxation for the same reason that sales tax you pay at point of sale isn't double taxation (retailer pays sales tax to purchase from wholesaler, wholesaler pays sales tax to purchase from manufacturer, manufacturer pays sales tax on individual inputs, etc).
 
2013-07-08 10:15:31 AM

Mikey1969: That income has already been taxed. What justifies taxing it twice?


farm1.staticflickr.com

Fun fact - "double taxation" is a republican talking point that ignores reality.  But i repeat myself.
 
2013-07-08 10:16:02 AM
From the NY Daily News:

"It's a nightmare from a tax standpoint," said William Zabel, who reviewed the document at The News' request.
The 51-year-old's "big mistake" was leaving 80% of his estate to his sisters and his 9-month-old daughter, Zabel said.
That made 80% of the estate subject to "death taxes" of about 55%, and the bill is due in nine months, Zabel said.


In my head, the conversation that's playing out in my head is this:

Lawyer: "Hey, I understand that you want to leave something for your daughter and your sisters, but you do realize that you will incur estate taxes if you do so this way? If you leave it to your wife, then that amount will be shielded from estate taxes. Are you sure you want to proceed in this way?"

Gandolfini: "Yeah, I want my sisters and daughter to be taken care of if I die."
 
2013-07-08 10:16:48 AM
Poor heirs of multimillionaires, they are truly the world's most downtrodden.  I feel like we should as a society all chip in and cover their taxes.
 
2013-07-08 10:16:50 AM

RexTalionis: From the NY Daily News:

"It's a nightmare from a tax standpoint," said William Zabel, who reviewed the document at The News' request.
The 51-year-old's "big mistake" was leaving 80% of his estate to his sisters and his 9-month-old daughter, Zabel said.
That made 80% of the estate subject to "death taxes" of about 55%, and the bill is due in nine months, Zabel said.

In my head, the conversation that's playing out in my head is this:

Lawyer: "Hey, I understand that you want to leave something for your daughter and your sisters, but you do realize that you will incur estate taxes if you do so this way? If you leave it to your wife, then that amount will be shielded from estate taxes. Are you sure you want to proceed in this way?"

Gandolfini: "Yeah, I want my sisters and daughter to be taken care of if I die."


Ha, William Zabel is my boss. I'm an attorney at Schulte Roth & Zabel. Hell of a nice guy. Wears a bow-tie every day.
 
2013-07-08 10:17:46 AM

It wasn't the kids money while he was alive. He could have just went to Vegas and blown it all in a weekend bender.  He died, money is handed to various people through a will and they get taxed on income accordingly.

Plan properly if you're rich, there's all sorts of sneaky ways to hide it but I guess he thought he was going to live a while longer and never gave it a second thought.

 
2013-07-08 10:18:07 AM
He could have avoided this by becoming an Italian citizen.
 
2013-07-08 10:18:37 AM

DamnYankees: RexTalionis: From the NY Daily News:

"It's a nightmare from a tax standpoint," said William Zabel, who reviewed the document at The News' request.
The 51-year-old's "big mistake" was leaving 80% of his estate to his sisters and his 9-month-old daughter, Zabel said.
That made 80% of the estate subject to "death taxes" of about 55%, and the bill is due in nine months, Zabel said.

In my head, the conversation that's playing out in my head is this:

Lawyer: "Hey, I understand that you want to leave something for your daughter and your sisters, but you do realize that you will incur estate taxes if you do so this way? If you leave it to your wife, then that amount will be shielded from estate taxes. Are you sure you want to proceed in this way?"

Gandolfini: "Yeah, I want my sisters and daughter to be taken care of if I die."

Ha, William Zabel is my boss. I'm an attorney at Schulte Roth & Zabel. Hell of a nice guy. Wears a bow-tie every day.


Oh, nice, you're in NYC, then?
 
2013-07-08 10:18:51 AM
Yeah, it was totally the government's fault that Gandolfini was advised of estate taxes and still left it the way he did.
 
2013-07-08 10:19:12 AM
If it is going to be considered "income" to the beneficiaries, it should be taxed at ordinary income rates.  Not 55%.  That's robbery.
 
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