Sure, if the money is given to you, or are you making an assinine argument that your services that you are paid for should be included? We are talking death tax, not transaction for services Major....come on ... We're not talking transactions for services. If I give you money while I'm alive, it's going to be taxed, regardless of if it was for services or just a gift. Why should it be different if I'm dead?
Definition of Income Here For individuals, money earned through employment and investments. Explain to me how this definition equates to inheritance? Anyone...Buehler...andyone? DD
WRONG !! You are allowed to gift monies while you are alive and not be taxed on it at all. In addition you can set up a trust fund and list members on the trust and when people die, they are just removed from the trust and no inheritance occurs. There are ways around the estate tax...and rightfully so. I have been an executor on a will that had $600,000 in assets and we dispersed those assets to 2 people, both got roughly half, and neither had to pay a penny in tax. And....that is the way it should be. DD
You can't gift unlimited amounts of money and deduct all of it from your income tax burden. You can't receive unlimted amounts of gifts and not pay income taxes on them. I think it's IRS form 4797 that you have to file...
My question has yet to be answered. Is the death/estate tax incurred BEFORE or AFTER distribution? Simple example: I earn 2 billion over the course of my life. I pay 1 billion in taxes during my life which leaves me with 1 billion. The day before I die, I could give $50 to each of 20,000,000 children. Perfectly O.K., no taxes on anyone. The day after I die, can my estate still give $50 to each of 200,000,000 children or is it less? If it is less, how can that be justified?
Sorry, DD, We decided early in the last century that we were going to progressively tax income and wealth. Since then, the real taxation rate for the bottom 90% has stayed flat while the top 10% have seen their rate cut by over 2/3. This is because of the influence that they can buy and the tax law changes they bribe their elected officials to give them. The movement to repeal the inheritance tax is yet one more way for the rich to get out of paying their share and that is wrong. You can continue with your "double taxation" myth all you want, but inheritance should remain taxable if the estate is big enough.
Yes, I do, I was about to make fun of you for citing "investorwords.com" as the source on the definition of income Last time I checked, my 1040 didn't go to "Investorwords.com" it went to the Internal Revenue Service, which generally treats income as "anything of value" , in accordance wtih Section 61 of the tax code. See this letter, e.g. http://www.irs.gov/pub/irs-wd/00-0220.pdf The rest of your deficient logic has been explained (by me, before you even posted it, and after by others) so I 'm not going to bother.
You can give a gift of up to $10,000. If you die and it is distributed it will be taxed. If you set it up in a trust and named the trust members prior to death...no taxes. DD
Good, then I guess we can expect you to go away and not post innane pictures and waste server space since you feel you have clearly made your point. Even though a lot of us don't agree with them. Bully for you...see you in the next thread. DD
Actually, the income tax was a temporary measure and was supposed to go away at some point. Of course the IRS doesn't want that. Heck...IMHO we should just go to a straight consumption tax and be done with it. No loop holes, nothing...everyone pays by what they consume. Food and essentials would be non taxable of course. DD
Bobreck: I suggest you call 1-800-MADMAX as soon as possible. Your estate will pay tax on the $1b if you die. Your 20,000,000 kids will be out some of their rightful inheritance.
You can not agree all you want. But if you say stupid things that are easily discredited,you'll get called out on them.
Well I guess you guys can all go to a corner and continue your back massaging of each other. Bottom line is that I don't believe the inheritance tax is necessary, and you guys do.....guess we should all move on. DD
Nothing has been discredited, it is just a different opinion. And rather than attempt to discuss it you post silly pictures and take up server space. Every penny has 2 sides Sammyboy.... And you want the government to get half....... DD
Yes, lots has been discredited, notably your logically untenable idea of "double taxation", your definition of income, inter alia. Please provide some factual support as to how the income tax was intended to be temporary as you asserted above, btw.
