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 BHW Resident Surgeon
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Location: Bastrop, Texas | Here's the deal. Trumps plans are just that...his plans. The popular idiom, " the proof is in the pudding" fits perfectly here. That "pudding" may look delicious, but we won't know how delicious it is until we actually taste it. We will continue to see his proposals scrutinized until there are results, one way or another. We are seeing this now with the daily deluge of critics and supporters of his potential cabinet selections. This is good.....very healthy for our country. I happen to have confidence that he is working hard to do what's best for the country. I think he probably realizes he can't satisfy everyone all the time. He's been laying low, staying on task, and working his ass off as far as I can tell.
One example where the "pudding" ended up tasting like sh!t was ObamaCare. Most people thought that pudding looked unappetizing and it turned out to be even worse....it was a vile sh!t sandwich.
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 I Prefer to Live in Fantasy Land
Posts: 64864
 
Location: In the Hills of Texas | Bear - 2016-11-25 6:59 PM Here's the deal. Trumps plans are just that...his plans. The popular idiom, " the proof is in the pudding" fits perfectly here. That "pudding" may look delicious, but we won't know how delicious it is until we actually taste it. We will continue to see his proposals scrutinized until there are results, one way or another. We are seeing this now with the daily deluge of critics and supporters of his potential cabinet selections. This is good.....very healthy for our country. I happen to have confidence that he is working hard to do what's best for the country. I think he probably realizes he can't satisfy everyone all the time. He's been laying low, staying on task, and working his ass off as far as I can tell. One example where the "pudding" ended up tasting like sh!t was ObamaCare. Most people thought that pudding looked unappetizing and it turned out to be even worse....it was a vile sh!t sandwich.
Now I have a craving for some pudding. You can keep the sh*T sandwich..LOL |
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 Owner of a ratting catting machine
Posts: 2258
| 1DSoon - 2016-11-25 5:19 PM
BS Hauler - 2016-11-25 6:15 PM I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed.
Â
that is very possibly the dumbest thing I have ever read on the interweb.
And I look at Huffington pretty regÂ
Fantastically stupid. |
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Owner of a ratting catting machine
Posts: 2258
| GLP - 2016-11-25 5:55 PM
I believe people are too greedy to not sell land they have no use for. Besides, my dad bought the family farm, but we ALL worked on it to improve it. We were just kids when we helped him put fence up- carrying water buckets because the ground was that hard, hammering the staples in the fence posts, tamping around the fence posts, etc. My kids have worked their butts off since they were little on this ranch. We shouldn't have to sell even a portion of it just because my dad died and someone else thinks it's their turn to own some land.
I agree with you 100%. My family poured their life force into the land, and so have I. If they want to give it to me, that is their right. It is my right to inherit something, especially when my family has paid the taxes on it for over a century already.
It's mine. |
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 Shelter Dog Lover
Posts: 10277
| classicpotatochip - 2016-11-25 7:47 PM 1DSoon - 2016-11-25 5:19 PM BS Hauler - 2016-11-25 6:15 PM I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed.
that is very possibly the dumbest thing I have ever read on the interweb.
And I look at Huffington pretty reg Fantastically stupid.
Edited by rodeomom3 2016-11-25 8:02 PM
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  Warmblood with Wings
Posts: 27846
Location: Florida.. | Bear - 2016-11-25 6:26 PM 1DSoon - 2016-11-25 5:19 PM BS Hauler - 2016-11-25 6:15 PM I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed.
that is very possibly the dumbest thing I have ever read on the interweb.
And I look at Huffington pretty reg That's what I thought as well. I had to read it twice.
I was thinking the same thing...  |
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Extreme Veteran
Posts: 380
| "I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed."
It might not be a bad way to look at it but there are a few things to take into consideration before jumping to conclusions. There are many people who might inherit properties but just because you inherited it does not mean it would be manageable. I know we will inherit property from my in laws, but we will have to sell it quickly because we could never afford the yearly property taxes on that property and ours without stressing us financially. So I am betting people will still be selling.
I do not think the estate tax should repealed but I would not mind lowering it a bit. I think it's 46% right now and I think it's kind of high. Now that 46% is on 5 million or more. But still I think it's kind of high and we would probably be fine lowering it.
Edited by SloRide 2016-11-25 9:42 PM
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 Total Germophobe
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Location: Montana |   |
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I Prefer to Live in Fantasy Land
Posts: 64864
Location: In the Hills of Texas | There is all kinds of ranches and land around us for sale. Many of the kids today don't want the hard work that a ranch requires so they sell when they inherit it. |
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BHW Resident Surgeon
Posts: 25351
Location: Bastrop, Texas | SloRide - 2016-11-25 8:43 PM
"I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed."
It might not be a bad way to look at it but there are a few things to take into consideration before jumping to conclusions. There are many people who might inherit properties but just because you inherited it does not mean it would be manageable. I know we will inherit property from my in laws, but we will have to sell it quickly because we could never afford the yearly property taxes on that property and ours without stressing us financially. So I am betting people will still be selling.
I do not think the estate tax should repealed but I would not mind lowering it a bit. I think it's 46% right now and I think it's kind of high. Now that 46% is on 5 million or more. But still I think it's kind of high and we would probably be fine lowering it.
This is even more stupid, because you actually try to make government confiscation of family wealth sound rational and justifiable.
On the one hand you claim that the government should impose devastating taxes on inherited family farms, because to not do so would lead to an increasingly powerful, ever shrinking aristocracy, while on the other hand you claim that people will be forced to sell off their inherited property because they won't be able to pay the property tax.
Whiskey Tango Foxtrot. |
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Shelter Dog Lover
Posts: 10277
| Nevertooold - 2016-11-25 9:48 PM There is all kinds of ranches and land around us for sale. Many of the kids today don't want the hard work that a ranch requires so they sell when they inherit it. 3 years ago we bought our place that was an inheritance that they did not want. The fact that someone thinks inheritances should be taxed at a rate to make it unaffordable for those inheriting it to keep it so others can benefit from the death of someone instead of the family that did all the work is another example of the hair brain, looney thinking that was trying to take over this country. I am tired of the life is not fair mantra so we have a right to take what we want yet they consider that fair.
Edited by rodeomom3 2016-11-26 6:03 AM
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Nut Case Expert
Posts: 9305
Location: Tulsa, Ok | BS Hauler - 2016-11-25 5:15 PM I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed.
I wonder if how many on this forum would benefit from abolishing the death tax. Currently the exemption for 2016 stands at 5.45 million and is projected to raise to 5.5 million for 2017. There also exists an annual gift tax exemption of $14,000 which can convert to a decent way of transferring wealth pre-death. Then of course there is the doubling of these numbers in the case of married couples.
I have yet to see much in Trump's plan the benefits anyone but his mega-rich pals, It looks like tax cuts for them individually as well as bigger CEO bonuses as a result of corporate tax cuts. I will not hold my breath waiting for it to trickle down to my pocket.
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BHW Resident Surgeon
Posts: 25351
Location: Bastrop, Texas | SC Wrangler - 2016-11-26 10:29 AM
BS Hauler - 2016-11-25 5:15 PM I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed.
Â
I wonder if how many on this forum would benefit from abolishing the death tax. Â Currently the exemption for 2016 stands at 5.45 million and is projected to raise to 5.5 million for 2017. Â There also exists an annual gift tax exemption of $14,000 which can convert to a decent way of transferring wealth pre-death. Â Then of course there is the doubling of these numbers in the case of married couples. Â
I have yet to see much in Trump's plan the benefits anyone but his mega-rich pals, Â It looks like tax cuts for them individually as well as bigger CEO bonuses as a result of corporate tax cuts. Â I will not hold my breath waiting for it to trickle down to my pocket.Â
What, in your opinion, should be done to benefit middle class citizens?
Let's see YOUR list. |
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I just read the headlines
Posts: 4483
| SC Wrangler - 2016-11-26 10:29 AM
BS Hauler - 2016-11-25 5:15 PM I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed.
Â
I wonder if how many on this forum would benefit from abolishing the death tax. Â Currently the exemption for 2016 stands at 5.45 million and is projected to raise to 5.5 million for 2017. Â There also exists an annual gift tax exemption of $14,000 which can convert to a decent way of transferring wealth pre-death. Â Then of course there is the doubling of these numbers in the case of married couples. Â
I have yet to see much in Trump's plan the benefits anyone but his mega-rich pals, Â It looks like tax cuts for them individually as well as bigger CEO bonuses as a result of corporate tax cuts. Â I will not hold my breath waiting for it to trickle down to my pocket.Â
I don't believe there should be a death tax. If some one busts their butt and amasses a fortune, they should be able to leave it to their kids if they want. I have rodeoed with rich kids and my kids showed cattle with a VERY wealthy family. Let me tell you, those kids DO pay a price for their parents wealth. |
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BHW Resident Surgeon
Posts: 25351
Location: Bastrop, Texas | Also, $5 million sounds like a huge amount of money, and yes it is, however, in Iowa, for example, $5 million will buy you about 500 acres of cropland. That's not huge, if you plan on farming it, particularly when you consider the costs of farming. |
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 Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | Bear - 2016-11-26 11:38 AM
Also, $5 million sounds like a huge amount of money, and yes it is, however, in Iowa, for example, $5 million will buy you about 500 acres of cropland. That's not huge, if you plan on farming it, particularly when you consider the costs of farming.
You can't make a living farming 500 acres...that's hobby farm size. |
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Nut Case Expert
Posts: 9305
Location: Tulsa, Ok | Bear - 2016-11-26 11:30 AM SC Wrangler - 2016-11-26 10:29 AM BS Hauler - 2016-11-25 5:15 PM I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed.
I wonder if how many on this forum would benefit from abolishing the death tax. Currently the exemption for 2016 stands at 5.45 million and is projected to raise to 5.5 million for 2017. There also exists an annual gift tax exemption of $14,000 which can convert to a decent way of transferring wealth pre-death. Then of course there is the doubling of these numbers in the case of married couples.
I have yet to see much in Trump's plan the benefits anyone but his mega-rich pals, It looks like tax cuts for them individually as well as bigger CEO bonuses as a result of corporate tax cuts. I will not hold my breath waiting for it to trickle down to my pocket.
What, in your opinion, should be done to benefit middle class citizens? Let's see YOUR list.
What I would like to see in individual taxes is a simpler code based on gross income modified by the number of dependents. Cut out deductions and loopholes that all to often bring the "effective tax rate" for the wealthy down to the single digits while the middle class continues to bear double digit rates.
As for corporate rates I agree with cutting them. But a hard look needs to be takens at deductible "business expenses" that end up effectively being another set of untaxed benefits for executives.
I am on the fence about death taxes, mostly because of the gazillion estate planning maneuvers that can (and do) greatly mitigate the effect of the current code. I think the exemption needs to continue to escalate and the rate on the taxable portion reduced but not totally eliminated. |
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Shelter Dog Lover
Posts: 10277
| SC Wrangler - 2016-11-26 12:16 PM Bear - 2016-11-26 11:30 AM SC Wrangler - 2016-11-26 10:29 AM BS Hauler - 2016-11-25 5:15 PM I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed.
I wonder if how many on this forum would benefit from abolishing the death tax. Currently the exemption for 2016 stands at 5.45 million and is projected to raise to 5.5 million for 2017. There also exists an annual gift tax exemption of $14,000 which can convert to a decent way of transferring wealth pre-death. Then of course there is the doubling of these numbers in the case of married couples.
I have yet to see much in Trump's plan the benefits anyone but his mega-rich pals, It looks like tax cuts for them individually as well as bigger CEO bonuses as a result of corporate tax cuts. I will not hold my breath waiting for it to trickle down to my pocket.
What, in your opinion, should be done to benefit middle class citizens? Let's see YOUR list.
As for corporate rates I agree with cutting them. But a hard look needs to be takens at deductible "business expenses" that end up effectively being another set of untaxed benefits for executives.
I am on the fence about death taxes, mostly because of the gazillion estate planning maneuvers that can (and do) greatly mitigate the effect of the current code. I think the exemption needs to continue to escalate and the rate on the taxable portion reduced but not totally eliminated.
Not true that on personal income tax the wealthy are able to loophole down to single digits propaganda fed by the media. On capital gains they do pay a lower percentage as an incentive to invest in the economy they were investing money that they have already paid taxes on so they get a break on the second time they are taxed on that money. Below is from the pew research Center from 2014:
In 2014, people with adjusted gross income, or AGI, above $250,000 paid just over half (51.6%) of all individual income taxes, though they accounted for only 2.7% of all returns filed, according to our analysis of preliminary IRS data. Their average tax rate (total taxes paid divided by cumulative AGI) was 25.7%. By contrast, people with incomes of less than $50,000 accounted for 62.3% of all individual returns filed, but they paid just 5.7% of total taxes. Their average tax rate was 4.3%. |
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Owner of a ratting catting machine
Posts: 2258
| rodeomom3 - 2016-11-26 1:17 PM
SC Wrangler - 2016-11-26 12:16 PM Bear - 2016-11-26 11:30 AM SC Wrangler - 2016-11-26 10:29 AM BS Hauler - 2016-11-25 5:15 PM I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed.
 I wonder if how many on this forum would benefit from abolishing the death tax.  Currently the exemption for 2016 stands at 5.45 million and is projected to raise to 5.5 million for 2017.  There also exists an annual gift tax exemption of $14,000 which can convert to a decent way of transferring wealth pre-death.  Then of course there is the doubling of these numbers in the case of married couples. Â
I have yet to see much in Trump's plan the benefits anyone but his mega-rich pals, Â It looks like tax cuts for them individually as well as bigger CEO bonuses as a result of corporate tax cuts. Â I will not hold my breath waiting for it to trickle down to my pocket.
 What, in your opinion, should be done to benefit middle class citizens? Let's see YOUR list.
As for corporate rates I agree with cutting them. Â But a hard look needs to be takens at deductible "business expenses" Â that end up effectively being another set of untaxed benefits for executives.
I am on the fence about death taxes, mostly because of the gazillion estate planning maneuvers that can (and do) greatly mitigate the effect of the current code. I think the exemption needs to continue to escalate and the rate on the taxable portion reduced but not totally eliminated. Â Â Â
Yep. Filing single with no dependents, I got hit for the last 8 years at 27.5%. Getting married definitely helped that, but it's still very high at 25% of my income getting kept by the government.
It's sad when I can get a job on salary, making less, working less, and so called dragging my feet, and take home the same amount of money because I would be in a lesser tax bracket. |
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BHW Resident Surgeon
Posts: 25351
Location: Bastrop, Texas | SC Wrangler - 2016-11-26 12:16 PM
Bear - 2016-11-26 11:30 AM SC Wrangler - 2016-11-26 10:29 AM BS Hauler - 2016-11-25 5:15 PM I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed.
 I wonder if how many on this forum would benefit from abolishing the death tax.  Currently the exemption for 2016 stands at 5.45 million and is projected to raise to 5.5 million for 2017.  There also exists an annual gift tax exemption of $14,000 which can convert to a decent way of transferring wealth pre-death.  Then of course there is the doubling of these numbers in the case of married couples. Â
I have yet to see much in Trump's plan the benefits anyone but his mega-rich pals, Â It looks like tax cuts for them individually as well as bigger CEO bonuses as a result of corporate tax cuts. Â I will not hold my breath waiting for it to trickle down to my pocket.
 What, in your opinion, should be done to benefit middle class citizens? Let's see YOUR list.
As for corporate rates I agree with cutting them. Â But a hard look needs to be takens at deductible "business expenses" Â that end up effectively being another set of untaxed benefits for executives.
I am on the fence about death taxes, mostly because of the gazillion estate planning maneuvers that can (and do) greatly mitigate the effect of the current code. I think the exemption needs to continue to escalate and the rate on the taxable portion reduced but not totally eliminated. Â Â Â
You said, "I've yet to see much in Trump's plan that benefits anyone but his mega rich pals...."
Obviously, you are either blind, or you haven't even looked at his plan more than a cursory glance, so I will point out a few examples in his agenda which I believe will ultimately benefit the middle class:
1.) Getting rid of ObamaCare and implementing the changes he has laid out as a replacement.
2.) Child care tax credits PLUS dependent care savings accounts (two different things) for working people. The Child Care Credit will be available to people earning below a certain amount. This INCENTIVIZES work, rather than welfare. I think it will nudge people off welfare rolls back into productive society. The dependent care savings accounts are similar to FLEX spending accounts offered by employers, except you can set these up yourself and it doesn't have to be through an employer. It also is not limited to certain income levels. The contributions are tax deductible.
3.) Incentivizing re-patriation of up to $2 Trillion in offshore corporate capital by offering a tax amnesty or a markedly reduced one time tax rate of 10%. That is basically a huge stimulus, except those are REAL dollars, not borrowed. If you don't think that will have a positive effect on jobs and incomes, then you don't have a brain. Right now if companies like Pfizer, Apple, and Microsoft decided to bring those dollars back into the U.S., they would be facing a 40% tax hit. They will never do it under current circumstances.
4.) Lowering personal income taxes across the board.
5.) Lowering corporate taxes from 35% to 15% - this will also apply to small and medium businesses.
6.) Elimnating most of the crippling regulations. Again, it doesn't take a genius to see how this negatively effects incomes.
7.) Promoting energy independence......paving the way for things like the Keystone pipeline, etc...
8.) Eliminating the death tax, for God's sakes.
So, you can see, you have either not done much reading, or you failed to see the benefits of these aspects of his plan. Now, this is his PLAN, not his edict. He has to get things through congress. He may have to pussify some things, so fewer people's feelings are hurt. |
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