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(The New York Times)   Remember that $70 million estate that James Gandolfini left in his will? Maybe not so much   (nytimes.com) divider line 25
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7328 clicks; posted to Entertainment » on 20 Jul 2013 at 12:42 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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ZAZ [TotalFark]
2013-07-20 09:27:06 AM
This reminds me of the argument over top tax rates for "the rich." The top tax rates are not good revenue raising devices. Instead they subsidize lawyers who do financial planning. You pay 40% (income) to 70% (estate) if you don't hire one, 15% if you do.
 
2013-07-20 10:26:22 AM

ZAZ: 70% (estate)


wat
 
2013-07-20 11:06:12 AM
Oh boo hoo, the rich man's children who did nothing to contribute to his earnings will lose $30 million dollars of that to the government. What a crying shame, wealth will propagate downwards so that his children are only  very rich, not  filthy rich.

My heart goes out to them.
 
2013-07-20 11:23:05 AM
Thanks for the drones and the wire tapping rigs, James.
 
vpb [TotalFark]
2013-07-20 11:46:40 AM

ZAZ: This reminds me of the argument over top tax rates for "the rich." The top tax rates are not good revenue raising devices. Instead they subsidize lawyers who do financial planning. You pay 40% (income) to 70% (estate) if you don't hire one, 15% if you do.


The max rate is 40%, and that's only on the taxable portion, so I don't think I will be taking your genius financial advice any time soon.
 
2013-07-20 12:20:42 PM
But before I formed my final opinion, I decided to call Roger S. Haber, Mr. Gandolfini's lawyer, who drafted the will and is one of its executors.

archive.4plebs.org
 
2013-07-20 12:47:54 PM
Rich Dead People Problems.

Meh.
 
2013-07-20 12:55:33 PM

Rincewind53: Oh boo hoo, the rich man's children who did nothing to contribute to his earnings will lose $30 million dollars of that to the government. What a crying shame, wealth will propagate downwards so that his children are only  very rich, not  filthy rich.

My heart goes out to them.


If you had read the article you would know that was inaccurate.
 
2013-07-20 01:33:43 PM
The fact that there's an article practically celebrating that maybe, just maybe, a rich guy was able to dodge taxes makes me sad.
 
2013-07-20 01:54:48 PM

TuteTibiImperes: The fact that there's an article practically celebrating that maybe, just maybe, a rich guy was able to dodge taxes makes me sad.



why?  if someone legally does everything they can possibly do to lower their tax burden, why wouldn't they?  do you voluntarily pay more taxes just to make yourself feel good?
 
2013-07-20 01:59:59 PM
TuteTibiImperes: The fact that there's an article practically celebrating that maybe, just maybe, a rich guy was able to dodge taxes makes me sad.
=======================================================

He didn't dodge taxes. Putting money in the Caymen Islands or other offshore accounts is dodging taxes.

He used LEGAL ways of protecting his income from taxes. He's welcome to do that.
 
2013-07-20 02:02:22 PM

WhoIsPurpleGoo: TuteTibiImperes: The fact that there's an article practically celebrating that maybe, just maybe, a rich guy was able to dodge taxes makes me sad.


why?  if someone legally does everything they can possibly do to lower their tax burden, why wouldn't they?  do you voluntarily pay more taxes just to make yourself feel good?


Yeah, I didn't mean to imply any of it was illegal.  I'd just like to see fewer loopholes.
 
2013-07-20 02:04:43 PM
Rich people's problems.

I care not.
 
2013-07-20 02:12:47 PM
His children's children might need to get a job at some point in their life after having their complete childhood and education fully funded. Think of the children
 
2013-07-20 03:07:10 PM

LordOfThePings: But before I formed my final opinion, I decided to call Roger S. Haber, Mr. Gandolfini's lawyer, who drafted the will and is one of its executors.

[archive.4plebs.org image 500x368]


it's an interesting discussion over how to properly set up a will.

/but all you will leave is a bottle opener to your kids so I can understand how you wouldn't care
 
2013-07-20 03:18:07 PM

gingerjet: it's an interesting discussion over how to properly set up a will.

/but all you will leave is a bottle opener to your kids so I can understand how you wouldn't care


Ha, that's what you think. My bottle opener was repossessed during the financial crisis along with all my pieces of string.
 
2013-07-20 04:55:38 PM
So Fark is STILL fellating this guy, huh?
 
2013-07-20 04:56:46 PM
In other news, probate law is complicated and most people don't have a clue about it.
 
2013-07-20 06:21:53 PM

TuteTibiImperes: WhoIsPurpleGoo: TuteTibiImperes: The fact that there's an article practically celebrating that maybe, just maybe, a rich guy was able to dodge taxes makes me sad.


why?  if someone legally does everything they can possibly do to lower their tax burden, why wouldn't they?  do you voluntarily pay more taxes just to make yourself feel good?

Yeah, I didn't mean to imply any of it was illegal.   I'd just like to see fewer loopholes.


I'm in total agreement with you, they should start by getting rid of the death tax loophole that allows the farking government to tax the same money twice.
 
2013-07-20 06:37:41 PM

WhoIsPurpleGoo: TuteTibiImperes: The fact that there's an article practically celebrating that maybe, just maybe, a rich guy was able to dodge taxes makes me sad.


why?  if someone legally does everything they can possibly do to lower their tax burden, why wouldn't they?  do you voluntarily pay more taxes just to make yourself feel good?


I hate that argument. You got to take care of your kids legally, well why not do the bare minimum required by law? Because it's wrong. Just like trying to get out of paying your share, granted this system is a joke but even if it was simplified and leveled you still have this same farking ridiculous sentiment. Personally, they can take 90% of my money if I get proper benefits in return. Not saying that is likely nor even feasible but your sentiment is so utterly wretched I can't even.
 
2013-07-20 09:44:04 PM

ReapTheChaos: TuteTibiImperes: WhoIsPurpleGoo: TuteTibiImperes: The fact that there's an article practically celebrating that maybe, just maybe, a rich guy was able to dodge taxes makes me sad.


why?  if someone legally does everything they can possibly do to lower their tax burden, why wouldn't they?  do you voluntarily pay more taxes just to make yourself feel good?

Yeah, I didn't mean to imply any of it was illegal.   I'd just like to see fewer loopholes.

I'm in total agreement with you, they should start by getting rid of the death tax loophole that allows the farking government to tax the same money twice.


^^^ That right there. I'm economically pretty liberal, but the estate/death tax is horseshiat.
 
2013-07-20 10:08:53 PM

Wayne 985: ReapTheChaos: TuteTibiImperes: WhoIsPurpleGoo: TuteTibiImperes: The fact that there's an article practically celebrating that maybe, just maybe, a rich guy was able to dodge taxes makes me sad.


why?  if someone legally does everything they can possibly do to lower their tax burden, why wouldn't they?  do you voluntarily pay more taxes just to make yourself feel good?

Yeah, I didn't mean to imply any of it was illegal.   I'd just like to see fewer loopholes.

I'm in total agreement with you, they should start by getting rid of the death tax loophole that allows the farking government to tax the same money twice.

^^^ That right there. I'm economically pretty liberal, but the estate/death tax is horseshiat.


Why? The people receiving the money should have to pay tax on it like any other income. Why should the offspring of rich people have zero tax liability on money receive but didn't earn?
 
2013-07-21 01:37:00 PM

ReapTheChaos: I'm in total agreement with you, they should start by getting rid of the death tax loophole that allows the farking government to tax the same money twice.


Ah, that old chestnut.
You know that's just something rich people tell you to avoid paying taxes, right?
Gandolfini was taxed on that money when it came into his possession. Gandolfini's children were taxed on that money when it came into their possession. The money was never taxed twice, and two separate entities were taxed once, just like the majority of transactions between entities.
 
2013-07-21 03:04:11 PM

Sergeant Grumbles: ReapTheChaos: I'm in total agreement with you, they should start by getting rid of the death tax loophole that allows the farking government to tax the same money twice.

Ah, that old chestnut.
You know that's just something rich people tell you to avoid paying taxes, right?
Gandolfini was taxed on that money when it came into his possession. Gandolfini's children were taxed on that money when it came into their possession. The money was never taxed twice, and two separate entities were taxed once, just like the majority of transactions between entities.


It's not just rich people saying it, I said it and I'm certainly not rich. If they taxed every estate that way poor people would be pissed off about it too. And it is taxing it twice, leaving your assets to your family is the same as a gift, it would be like buying your kid a car and the government making them pay income tax on its value. Pay your daughters college tuition? fark her that's income, pay the taxes!

I'm all for people paying their fair share of taxes, but the death tax is just bullshiat, it only effects the rich so people think they somehow deserve it.
 
2013-07-21 10:26:53 PM

ReapTheChaos: And it is taxing it twice, leaving your assets to your family is the same as a gift


http://en.wikipedia.org/wiki/Gift_tax_in_the_United_States

It's not taxed twice, not any more than any other transaction between separate entities. It would be more strange if it wasn't taxed at all.
By all means, be against the estate tax, lower it, fight it, and eliminate it, just get your facts straight before you do.
 
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