Republican proposal to get rid of estate tax on estates over $10.6 million does nothing for me.
They only support the rich.
13 replies (most recent on top)
You can pass $10.9M tax free at death under present law with a simple trust if married. Plus if you have 10 kids and grand kids, you can give each $14k a year and your wife can give each $14K a year. That 10 kids2$14K = $280K a year in gifts.
There are other things you can do, but with planning,gifts,etc, you don't pay any estate tax until you hit millions above the $10.0M estate tax exemption.
1dgw: If you can afford to have kids, saying you can't afford estate planning is a lousy excuse. If your kids need medical or dental care, you find the money. Estate planning is in the same category. Most people who truly can't afford to pay for professional estate planning either will never need it, or can get what they need through other means.
@FhuJrPb-1zrd. So basicslly, instead of making it easy for everyone to pass on their wealth to their kids (even you which might not be wealthy now, but will be after you die with a life insurance policy) by eliminating estate taxes, we should continue to entertain the current system in which people with money who can afford to hire the best estate planners can be enabled to pay the least amount of taxes, whileas people like you who probably cannot afford the same level of estate planning end up being less capble of sheltering money.
And BTW, I do pay for estate planning and shelter my money just fine. I am just thinking about some of you folks that probably don't have the means to get the same level of help as others.
@FhuJrPb-1dkc. Who said $2m per year? Apparently you have a reading comprehension problem.
When did $2M a year in earnings become middle class? How does that help middle class?
So if you all don't want to pay estate taxes--or a lot of other taxes, spend a couple of thousand bucks now, sit down with an estate planning attorney, and fix it. You cheap bstrds would rather whine than do something.
Oh, and Nancy pelosi lives in a really nice multimillion dollar home in San Francisco. I guess she's flat broke too.
We aren't rich. We are as flat broke as Hillary days she is.
Typical libertard OP that expects everyone more successful to pay more so he/she can get a free ride and doesn't have to work as hard.
I bet OP's finances are a complete mess and have debt up the hill, including several thousand in credit card debt with that bend over 22% Apr. And over course, its always someone else's fault.
How's that hopey and dopey change working out for you?
And this is related to Qualcomm layoffs how?
@FhuJrPb-zfk. Actually, that's why this estate tax eliminations us really more for the middle class. Middle class ends up footing most of the tax bill. $2million these days is nothing
I wish they were successful in eliminating this. Its ridiculous money you make in your lifetime should be ditributed to others. And BTW $2million is not rich. Its middle class. Take out a $1million life insurance policy, which if you are a responsible parent. You would do.
If push comes to shove, and someone needs to financially eat shit, better your kid versus mine. If you were in the same boat, you would make the same decision. And don't lie and tell me you wouldnt. Because you would.
The goofy thing is that the vast majority of rich people don't need an estate tax. They either shelter the money so it doesn't pass on death, or put it in trust.