100% positive transactions with SurfinxHI, bigole, 1madman, collectorcoins, proofmorgan, Luke Marshall, silver pop, golden egg, point five zero,coin22lover, alohagary, blaircountycoin,joebb21
The biggest thing I can recommend for anyone with a considerable estate is to find a competent estate planner, tax accountant and lawyer who can help you navigate the changes and plan accordingly before your death. Spending a small amount of money now can save you hundreds of thousands in taxes later on.
Might be time to invest in life insurance companies as this will increase demand for policies to pay the estate taxes. As for requiring 60 votes - if it is part of the budget reconciliation package then it will require a simple majority.
@RYK said:
I am a participant of a couple of personal finance-related forums, and they have a rule that you are not allowed to discuss proposed legislation. It makes a lot of sense because all kinds of wacky things get proposed that never come to pass, and discussing it and arguing about it does not add much to the espirit du corps of the community.
I will concern myself with the particular proposal when it passes. In its current form, I give it a 0.01% chance of passing, and a 99.99% chance of being overturned when the administration changes sides. (I just have to stay alive between the two points in time.)
or you can use your now gained advance knowledge of it to let your elected officials know that you do not like the implications this has of passing your coin collection to your heirs.
"When the rule of law collapses, civilization can no longer survive." - Martin Armstrong
Pay your taxes while you're alive, or pay them while you're dead.
That's my point. There are no income taxes due on my coin collection while I'm alive. But now there will be income taxes on it when I pass it to my kid's who will again pay income taxes when they pass it to their kids. . . and on an on until their is no coin collection left. It will become the government's way to long term bleed it's citizens of their possessions.
The government is saying "'we want a piece of every inherited asset, regardless of the heir's wealth or income, even if it means selling the asset to pay us our cut."
Put the assets you want to give to your kids in an irrevocable trust before you die. Problem solved.
the legislation would subject certain transfers into trusts to immediate unrealized capital gains taxes.
Woe, you have to pay taxes on profits.
The proposal requires you to pay taxes without taking any profits. It's taxing the value, not a sale.
"When the rule of law collapses, civilization can no longer survive." - Martin Armstrong
@BillJones said:
I'll say this once because it might be deemed political.
This will make it hard for those who wish to pass their family farms on to their children. A million dollars isn't really that much any more when you are talking about real estate. This will be more true if inflation really gets going with the increases in the money supply.
Personally, I don't think that is fair to future generations who have worked the land within a family for a long time.
im skeptical of any limit that doesnt automatically adjust with changes in inflation.
@Cameonut said:
I firmly believe we have a spending problem, not a revenue problem. The half of the population that does pay income tax is taxed enough already.
You all should be happy that america has a spending problem, since spending on coins squarely falls into the "not need" category of spending.
Not a joke. This is going to devastate the middle class and family farms and businesses. The rich will always find a way to shelter assets. The rest of us, not so much.
The unified credit is a federal tax credit applicable to federal estate and gift taxes. Under the current law, you can pass on $11.5 million in assets free from estate and gift tax. The rate, by the way is 40%. Biden wants to lower the credit to allow just $1 million to pass tax free and increase the rate to 45%. That's right. The federal government would size nearly have of your assets over $1 million at your death. If you own a nice house or property in NY, CA, HI, and other states, you are probably well over $1,000,000 in assets.
With continued devaluation of the dollar, In 10 years, a million will be the average yearly family income. Everything I have was already taxed once by the Feds (and by the State, and yearly in property tax, and every time I buy something as sales tax). Why do they need yet another swing at it?
As proposed, it would devastate small Ag, small business, and as was stated above, there's not much sense in discussing it before the very rich people we put in Congress agree to something that will hurt their own families badly.
@BryceM said:
With continued devaluation of the dollar, In 10 years, a million will be the average yearly family income. Everything I have was already taxed once by the Feds (and by the State, and yearly in property tax, and every time I buy something as sales tax). Why do they need yet another swing at it?
As proposed, it would devastate small Ag, small business, and as was stated above, there's not much sense in discussing it before the very rich people we put in Congress agree to something that will hurt their own families badly.
So true.
Reading about this monstrosity I see the usual talk of "the rich" (frequently absurdly defined) as well as the standard conflating of "millionaires and billionaires" . It's so pathetic and preposterous.
Comments
In before poof
100% positive transactions with SurfinxHI, bigole, 1madman, collectorcoins, proofmorgan, Luke Marshall, silver pop, golden egg, point five zero,coin22lover, alohagary, blaircountycoin,joebb21
The biggest thing I can recommend for anyone with a considerable estate is to find a competent estate planner, tax accountant and lawyer who can help you navigate the changes and plan accordingly before your death. Spending a small amount of money now can save you hundreds of thousands in taxes later on.
Might be time to invest in life insurance companies as this will increase demand for policies to pay the estate taxes. As for requiring 60 votes - if it is part of the budget reconciliation package then it will require a simple majority.
or you can use your now gained advance knowledge of it to let your elected officials know that you do not like the implications this has of passing your coin collection to your heirs.
"When the rule of law collapses, civilization can no longer survive." - Martin Armstrong
Pirate chest, shovel, One Eyed Willy map...what will/estate under .gov scrutiny when it comes to coins/bullion??
The rest of it I feel is horrible.
The proposal requires you to pay taxes without taking any profits. It's taxing the value, not a sale.
"When the rule of law collapses, civilization can no longer survive." - Martin Armstrong
It be very real.
"When the rule of law collapses, civilization can no longer survive." - Martin Armstrong
Yes, but probably not going to pass in that or any form. Let's see what makes it into a bill as a first step before we panic.
im skeptical of any limit that doesnt automatically adjust with changes in inflation.
Minor Variety Trade dollar's with chop marks set:
More Than It's Chopped Up To Be
It'll have less of a chance if the people opposed to it let their reps know how they feel before it's voted on.
Just sayin'.
I firmly believe we have a spending problem, not a revenue problem. The half of the population that does pay income tax is taxed enough already.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
You all should be happy that america has a spending problem, since spending on coins squarely falls into the "not need" category of spending.
Minor Variety Trade dollar's with chop marks set:
More Than It's Chopped Up To Be
Not a joke. This is going to devastate the middle class and family farms and businesses. The rich will always find a way to shelter assets. The rest of us, not so much.
The unified credit is a federal tax credit applicable to federal estate and gift taxes. Under the current law, you can pass on $11.5 million in assets free from estate and gift tax. The rate, by the way is 40%. Biden wants to lower the credit to allow just $1 million to pass tax free and increase the rate to 45%. That's right. The federal government would size nearly have of your assets over $1 million at your death. If you own a nice house or property in NY, CA, HI, and other states, you are probably well over $1,000,000 in assets.
currently....
That is under discussion.
I love the absurd name given to this legislation that simply confiscates one's wealth.
Unfortunately It was All lost in a tragic boating accident
BHNC #248 … 121 and counting.
With continued devaluation of the dollar, In 10 years, a million will be the average yearly family income. Everything I have was already taxed once by the Feds (and by the State, and yearly in property tax, and every time I buy something as sales tax). Why do they need yet another swing at it?
As proposed, it would devastate small Ag, small business, and as was stated above, there's not much sense in discussing it before the very rich people we put in Congress agree to something that will hurt their own families badly.
So true.
Reading about this monstrosity I see the usual talk of "the rich" (frequently absurdly defined) as well as the standard conflating of "millionaires and billionaires" . It's so pathetic and preposterous.
Even if they did away with the filibuster, you couldn’t get 20 Democratic Senators to vote for passage. Schumer wouldn’t even bring it to a vote...
IF...You wanted to turn Blue New York and Blue California to Red...That’s a recipe...