Death, but no taxes!

[YoUDeeMan]

If you have a wealthy relative, it is time for you to show them a hasty way to the pearly gates so that you can get more money!

http://www.msnbc.msn.com/id/37588278/ns ... ?GT1=43001" onclick="window.open(this.href);return false;

A Texas pipeline tycoon who died two months ago may become the first American billionaire allowed to pass his fortune to his children and grandchildren tax-free.

Dan L. Duncan, a soft-spoken farm boy who started with $10,000 and two propane trucks, and built a network of natural gas processing plants and pipelines that made him the richest person in Houston, died in late March of a brain hemorrhage at 77.

Had his life ended three months earlier, Mr. Duncan’s riches — Forbes magazine estimated his worth at $9 billion, ranking him as the 74th wealthiest in the world — would have been subject to a federal tax of at least 45 percent. If he had lived past Jan. 1, 2011, the rate would be even higher — 55 percent.

Instead, because Congress allowed the tax to lapse for one year and gave all estates a free pass in 2010, Mr. Duncan’s four children and four grandchildren stand to collect billions that in any other year would have gone to the Treasury.

Donks and Conks...don't bother thinking either one of them works for the little guy.

[Skjellyfetti]

Just another fuckup under Bush that Obama and his Congress are having to try to fix.

The one-year lapse in the estate tax was signed into law by President George W. Bush in 2001, an accounting quirk in his package of tax cuts. Although Democrats pledged to close that gap and reinstate a tax for 2010 when they took control of Congress, they failed to reach an agreement last December.

[travelinman67]

Just another fuckup under Bush that Obama and his Congress are having to try to fix.

The one-year lapse in the estate tax was signed into law by President George W. Bush in 2001, an accounting quirk in his package of tax cuts. Although Democrats pledged to close that gap and reinstate a tax for 2010 when they took control of Congress, they failed to reach an agreement last December.

Just when I think you can't get any dumber...

[YoUDeeMan]

Just another **** under Bush that Obama and his Congress are having to try to fix.

The one-year lapse in the estate tax was signed into law by President George W. Bush in 2001, an accounting quirk in his package of tax cuts. Although Democrats pledged to close that gap and reinstate a tax for 2010 when they took control of Congress, they failed to reach an agreement last December.

"...having to try to fix"?

Sure Bush signed it...and the Dems, who have controlled Congress for how many years, and have had the White House for 1.5 years, have sat on their collective asses and done NOTHING about it.

Dems: "Yeah, that Bush was so bad...stunk to high heaven. Get away from that Bush...that Bush is only for rich people."

CHANGE...

[GSUhooligan]

I don't see the problem. 2010 should be the rule, not the exception.

[danefan]

I don't see the problem. 2010 should be the rule, not the exception.

I agree with you.

Estate tax = double tax on the same money (once when its earned and once when its passed on in death).

Too bad it will never happen though. Lets hope that when it does come back it at least comes back with a $5 million exemption. If Congress doesn't act, the estate tax will be back next year and with a vengence. The exemption in 2011 is scheduled to only be $1 million.

[dgreco]

I don't see the problem. 2010 should be the rule, not the exception.

I agree with you.

Estate tax = double tax on the same money (once when its earned and once when its passed on in death).

Too bad it will never happen though. Lets hope that when it does come back it at least comes back with a $5 million exemption. If Congress doesn't act, the estate tax will be back next year and with a vengence. The exemption in 2011 is scheduled to only be $1 million.

Don't forget with certain states having an inheritance tax adding even more burden on to the heirs of the estate. I never bought that it keeps too much money at the top and an estate tax is necessary form of redistribution. Let me also add I think having GST and QTIPs is even more ridiculous and unnecessarily confusing.

$1mil is horribly low and people will begin to catch on to tax avoidance practices and start moving the money around a lot earlier and the federal government will receive even less taxes by lowering the threshold. Or at least in my opinion.

[danefan]

I agree with you.

Estate tax = double tax on the same money (once when its earned and once when its passed on in death).

Too bad it will never happen though. Lets hope that when it does come back it at least comes back with a $5 million exemption. If Congress doesn't act, the estate tax will be back next year and with a vengence. The exemption in 2011 is scheduled to only be $1 million.

Don't forget with certain states having an inheritance tax adding even more burden on to the heirs of the estate. I never bought that it keeps too much money at the top and an estate tax is necessary form of redistribution. Let me also add I think having GST and QTIPs is even more ridiculous and unnecessarily confusing.

$1mil is horribly low and people will begin to catch on to tax avoidance practices and start moving the money around a lot earlier and the federal government will receive even less taxes by lowering the threshold. Or at least in my opinion.

The whole system is flawed. NJ is one of the worst states.

Only a $675,000 estate tax exemption plus a death tax to the beneficiaries as well for anyone other than immediate family (ranges from 10-25% depending on familial relationship to the decedent).

[Ivytalk]

I'm taking as much income this year as I can, and am taking advantage of the Roth conversion option. Suck it, Obama! You ain't gettin' my money!!

[danefan]

I'm taking as much income this year as I can, and am taking advantage of the Roth conversion option. Suck it, Obama! You ain't gettin' my money!!

DId you buy an extra freezer to store all your cash in the basement like my father-in-law did too? Or are you just an under-the-mattress kind of guy?

[bluehenbillk]

Estate (death) taxes are maybe one of the stupidest ideas ever. I agree make it the rule, not the exception.

[GSUhooligan]

I love how the party-line toting posters here turned it into a Bush/Obama pissing match instead of looking at the damn issue...

[YoUDeeMan]

I love how the party-line toting posters here turned it into a Bush/Obama pissing match instead of looking at the damn issue...

I think you missed the whole point...it should not be a pisssing match between the two parties (or individuals - Bush/Obusha)...it should be yet another wake up call to everyone that NO ONE - not the Donks, not the Conks - are for the little guy.

Party line toting posters? How many posts toted a party line besides jellybean's? If you include mine, then you didn't read carefully enough. The line in my first post: "Donks and Conks...don't bother thinking either one of them works for the little guy" should clue anyone in about me not being a party person. In fact, I am a certified party pooper.

The Dems keep touting change...and yet they change nothing. In this case the party for the little people helped out a billionaire. The hypocrisy of those congressmen/women could not be clearer.

The Repubs keep talking about limiting government spending, yet they love to find ways to spend billions to help out their friends.

Vote them all out. ALL OF THEM. Then bring some of those rugged Montana folks with their guns down to Washington, D.C. and declare open season on the lobbyists.

[kalm]

I love how the party-line toting posters here turned it into a Bush/Obama pissing match instead of looking at the damn issue...

I think you missed the whole point...it should not be a pisssing match between the two parties (or individuals - Bush/Obusha)...it should be yet another wake up call to everyone that NO ONE - not the Donks, not the Conks - are for the little guy.

Party line toting posters? How many posts toted a party line besides jellybean's? If you include mine, then you didn't read carefully enough. The line in my first post: "Donks and Conks...don't bother thinking either one of them works for the little guy" should clue anyone in about me not being a party person. In fact, I am a certified party pooper.

The Dems keep touting change...and yet they change nothing. In this case the party for the little people helped out a billionaire. The hypocrisy of those congressmen/women could not be clearer.

The Repubs keep talking about limiting government spending, yet they love to find ways to spend billions to help out their friends.

Vote them all out. ALL OF THEM. Then bring some of those rugged Montana folks with their guns down to Washington, D.C. and declare open season on the lobbyists.

Good post Cluck!

[Ivytalk]

I'm taking as much income this year as I can, and am taking advantage of the Roth conversion option. Suck it, Obama! You ain't gettin' my money!!

DId you buy an extra freezer to store all your cash in the basement like my father-in-law did too? Or are you just an under-the-mattress kind of guy?

No, danefan, I have no extra freezers or offshore accounts. All on the up-and-up. I'm just trying not to defer any '10 income into '11 if I can possibly avoid it. The only other tax avoidance mechanism I can think of is to die this year, before the Obama estate tax kicks in at 55%. Ol' Ivytalk ain't ready to do that!

[Baldy]

DId you buy an extra freezer to store all your cash in the basement like my father-in-law did too? Or are you just an under-the-mattress kind of guy?

No, danefan, I have no extra freezers or offshore accounts. All on the up-and-up. I'm just trying not to defer any '10 income into '11 if I can possibly avoid it. The only other tax avoidance mechanism I can think of is to die this year, before the Obama estate tax kicks in at 55%. Ol' Ivytalk ain't ready to do that!

We'll see what happens at the Appy game, brotha.

[Ivytalk]

No, danefan, I have no extra freezers or offshore accounts. All on the up-and-up. I'm just trying not to defer any '10 income into '11 if I can possibly avoid it. The only other tax avoidance mechanism I can think of is to die this year, before the Obama estate tax kicks in at 55%. Ol' Ivytalk ain't ready to do that!

We'll see what happens at the Appy game, brotha.

I'll be tailgated to death!

[dgreco]

create a small business and take 25% for a SEP and use the rest with writeoffs to have no taxable income

[Ibanez]

Just another fuckup under Bush that Obama and his Congress are having to try to fix.

The one-year lapse in the estate tax was signed into law by President George W. Bush in 2001, an accounting quirk in his package of tax cuts. Although Democrats pledged to close that gap and reinstate a tax for 2010 when they took control of Congress, they failed to reach an agreement last December.

So your quote tells me Bush created it and Obama FAILED TO END IT. Thanks for showing us that.

[ASUG8]

Wow 55% tax on money that was already taxed once before? That'll show those capitalist bastards making an honest living and employing a ton of people. Way to go Dems!

[kalm]

Since we know neither party would be willing to make these tax cuts revenue neutral by simultaneously cutting spending, which would you deficit hawks rather have: an increase in the deficit or the Duncan heirs somehow finding a way to survive off of measily $4 billion?

[bobbythekidd]

Since we know neither party would be willing to make these tax cuts revenue neutral by simultaneously cutting spending, which would you deficit hawks rather have: an increase in the deficit or the Duncan heirs somehow finding a way to survive off of measily $4 billion?

um, how about cutting some spending?

[kalm]

Since we know neither party would be willing to make these tax cuts revenue neutral by simultaneously cutting spending, which would you deficit hawks rather have: an increase in the deficit or the Duncan heirs somehow finding a way to survive off of measily $4 billion?

um, how about cutting some spending?

It's my hypothetical, that idea was dismissed based on prior performance.

[dgreco]

um, how about cutting some spending?

It's my hypothetical, that idea was dismissed based on prior performance.

with hypotheticals, but in a way I sort of can dig your hypo