Jan 1, 2011 tax hikes

#76
#76
Nov. 17 (Bloomberg) -- A deal to extend soon-to-expire Bush-era tax cuts won’t be completed until December, and some Democrats in Congress said an accord may not be reached this year.
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Clint Stretch, managing principal at the consulting firm Deloitte Tax LLP in Washington, said expiration of all of the Bush tax cuts would add $2,600 annually to the tax burden of a median-income family earning about $70,000 a year.
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Efforts to Extend Bush-Era Tax Cuts Falter as Talks Are Delayed - Bloomberg.com
 
#77
#77
It would appear that when we are taxed at a rate of 110% of our earnings then the progressives will have gained their goal. :crazy:
 
#79
#79
Other than a for-show house vote, this is going nowhere in a hurry. I still don't see anything happening befor January. Neither party is going to budge an inch.
 
#81
#81
i already have clients concerned the gift tax is going to go up and doing transactions before the end fo the year to get under the window.
 
#82
#82
droski said:
i already have clients concerned the gift tax is going to go up and doing transactions before the end fo the year to get under the window.
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As well they should, esp if they are worth more than 3.5 million. I still think the exemptions will get that high, but I still think tax rates above that are going to be ridiculous.
 
#83
#83
droski said:
i already have clients concerned the gift tax is going to go up and doing transactions before the end fo the year to get under the window.
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Can you imagine if you are a business ownr or farm owner and close to death and you die the first week of January instead of DEcember 31st?

I can see it now. Farm for auction. Father died 2 days too late and children cannot pay death tax. Must sell everything that has been in the family since 1923.
 
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#84
#84
Ihatethebuckeyes said:
Can you imagine if you are a business ownr or farm owner and close to death and you die the first week of January instead of DEcember 31st?

I can see it now. Farm for auction. Father died 2 days too late and children cannot pay death tax. Must sell everything that has been in the family since 1923.
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proponents of the death tax will tell you that those kids shouldn't be able to benefit from the hard work of their father
 
#85
#85
MG1968 said:
proponents of the death tax will tell you that those kids shouldn't be able to benefit from the hard work of their father
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after dealing with a lot of these kids i find it hard to disagree with them many times.
 
#87
#87
i meant kids who know dad is goign to give them a crapload of money when he dies.
 
#88
#88
droski said:
i meant kids who know dad is goign to give them a crapload of money when he dies.
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trust fund babies often deserve the contempt with which they are viewed (Ted Kennedy comes to mind), that doesn't mean that the gubment can just take massive piles of dear old Dad's money.

although, I do think that if there was a proposal on the table to tax accumulated wealth, the Warren Buffets of the world would immediately begin to cry foul.
 
#89
#89
on one hand buffett claims he's giving no money to his kids. on the other hand he gave them berkshire stock when they were young (now worth tens of millions) and insisted they be put on the board of the gates foundation (probably worth millions a year). funny.
 
#91
#91
droski said:
i meant kids who know dad is goign to give them a crapload of money when he dies.
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I know. I just thougt about an Austin Powers song for some reason.

Anyways, this is where we disgree. It is a persons right to be able to give their money to their children even if the children don;t deserve it and are brats. It is also their right to give it all away to charity. It is their money. They have already been taxed on it once and it is not fair that the money be taxed again. The right belongs to the person who made the money. If they want to smoke it in a pipe it's their choice.
 
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