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Making Attorneys Get Attorneys
"Winners take responsibility, losers blame others"
Megyn Kelly
The current estate tax only applies to estates larger than $5.49m in 2017.
If your estate is smaller than that, no estate tax applies.
Now my opinion:
To argue this isn't anything but a rich person's tax is simply not being honest....or your definition of rich needs a reality check.
Eff anyone who thinks differently; you are just being an accomplice of theft.
So you really don't care if a business that's handed down to heirs will go out of business? I thought you guys figured a business runs forever, like Dracula.
If the owner of the business isn't smart enough to get around the estate tax in that situation, he probably should have gone out of business earlier.
And I'm not quite sure what you mean by "you guys", but perhaps my prior sentence clears that point up.
But really, if you own a business and are concerned, you should spend really some time with a good estate planner and/or tax attorney. The estate tax is easy to get around, and frankly it's such a hot button I'm not quite sure why it's become such a big issue....except as a bargaining chip that will be sacrificed during negotiation.
And government greed is boundless.
:loudhandclap
There he is! If a business is worth x, it's passed down, the heirs can't pay the tax and have to sell it off. Employees are sent packing and nobody wins.
Greed is wanting property of others! Not yours! No touchy!
Why work hard if you can have the money of people with it?
So basically, the business owner has to spend money to avoid a tax he should not have to pay in the first place. If it is easy to avoid, why have the tax to begin with?
Former Mini Mart Magnate
I am just here for my amusement.
But, really, the estate tax isn't about handed-down businesses, it's about handed-down assets/capital.
For what it's worth, I would prefer if the estate tax is removed completely, in favor of an even more progressive income/captial gains tax.
Sent from my SM-G935V using Tapatalk
Exactly. Just ask the Joe Robbie heirs. They had to sell off the Dolphins and Stadium, The stadium was remarkable in its time as he built it with his own dollars for the most part with just a few tax credits.
“Everyone behaves badly--given the chance.”
― Ernest Hemingway
Ok, it helps 2%, I lied, so sue me... That is just one area of 'It is going to pander to the wealthy" I actually agree with Bannon... He has things right on TAX reform, or at least that the rich and cronies should not get what they want... Now, if he was only human and actually cared about OTHER people ouside his own RACE... He could be president...
What kind of assets / capital is it about?
A family farm that may be worth $10 million in today's market?
The family home that was purchased 50 years ago, but is now prime real estate?
Could you list a few of the assets/capital you are talking about?
The only change I think we need is in regards to stocks. Eliminate the estate tax and make the cost basis the original purchase price for tax purposes, not the value it was the day you inherited it.
Former Mini Mart Magnate
I am just here for my amusement.
It does help fan the flames of class warfare, however! Hate against people that you feel are smarter or privileged, in some way. It’s a sad look on leftists.
I’ve heard it can lead to naziism and communism and a bunch of deaths . But it’s for social justice so it must be ok? Right?
I agree with that part of it too. But they are LUMPING it all together, as in "His Kids" they have plenty of money to pay the tax. It should all be out in the open is such a situation, but he is looking to pass on 5B without it costing a penny to the people getting ready to be billionaires. Cant have that.... And or let's set a limit, or progressive "X" amount of value, and or "SO ON" Not all that difficult to figure out. As with anyone trying to pass something that doesnt help the 99%, he uses the "Poooo farmers kid that will lose it all" if he has to pay an estate tax.
Lots of better ways to set it up, but that isn't their GOAL. Their Goal to keep more and pass less to the lower income, period... Spin it anyway they want, bottom line is about keeping billions within the family to leverage more from the working class...