Estate Taxes (Steinbrenner)

[Binarycow]

Yes, our country was founded on the idea that what you are was more important that who you were. The idea that freedom was the opposite of tyranny and tyranny rose from aristocracy.

The country was built with safeguards to protect society from its evil elements. That is why there was nothing to limit speech or religious choice, or further down the path, to try and prevent an aristocracy. I guess you can call it social engineering, but that is pretty much was the Bill of Rights and the Declaration of Independence are.

Well someone needs to wake up the founders and tell them that their plan is not working out too well. Our wealth as a nation is controlled by the top 2% of the population and they are not letting go of it even with the 55% bullshit tax that's applied to them when they die.

Show me a governing body of a large population that's not controlled by a small group of people and I'll show you...well I don't know what I would show but I'm damn sure that it would be just as preposterous.

I'm not too familiar with tax laws but were I that rich I would cash it out as I grew old then would move all my assets overseas to another nation and would turn around and give the IRS a big fuckyou goodbye wave.

 

[Binarycow]

I guess hard work, pulling up oneself by your bootstraps, and personal responsibility doesn't apply to offspring of millionaires. Everyone knows when money changes hands for goods or services a tax will be paid, the wealthy know this more than anyone. Don't want to pay? Reject the inheritance and make your own way, or accept the debt get back to work.

That sounds ridiculously similar to the propaganda BS spewed by communists and their ass-backward ways of running things. Seriously, here's an example:

When the North VN communists took over South VN in 1975, they couldn't believe the amount of material wealth accumulated by individuals and private businesses so they made up this BS law that each person could only own so much wealth and started literally going from house to house (I'm not kidding here) and confiscated most privately owned assets. You have 3 people in the house and have 5 lawn chairs? well fuck you, you only need 3 to sit in so the other two chairs belong to the government. You own a car, well we will take it, learn to ride a shitty bicycle like others. Does that sound familiar? Well fuck that.

People that use twisted logic to steal the fruit of labor of others are the lowest life form on earth as far as I'm concerned. It's America, work for your piece of pie instead of stealing it from the guy next to you.

 

[IceBergSLiM]

This is why you set up trust and other intricate tax shelters right?

 

[Fear No Evil]

This is why you set up trust and other intricate tax shelters right?

My guess is that its a bit hard to put the Yankees into an 'intricate tax shelter'. Just a guess though.

 

[DaveJ]

People that use twisted logic to steal the fruit of labor of others are the lowest life form on earth as far as I'm concerned. It's America, work for your piece of pie instead of stealing it from the guy next to you.

Two questions:

1. How does inheriting a shitload of money qualify as "working for my piece of the pie"?
2. Why does the notion of a tax, especially on the uber-wealthy, equate with "stealing"?

 

[Darwin333]

Well someone needs to wake up the founders and tell them that their plan is not working out too well. Our wealth as a nation is controlled by the top 2% of the population and they are not letting go of it even with the 55% bullshit tax that's applied to them when they die.

Show me a governing body of a large population that's not controlled by a small group of people and I'll show you...well I don't know what I would show but I'm damn sure that it would be just as preposterous.

I'm not too familiar with tax laws but were I that rich I would cash it out as I grew old then would move all my assets overseas to another nation and would turn around and give the IRS a big fuckyou goodbye wave.

No you wouldn't. You would hire an estate planner who would help you avoid the vast majority of the estate tax. Like I said, its the "sorta wealthy", whose wealth is mostly in hard assets, that really get hit by the estate tax. The ubberwealthy, who have a ton of liquid assets, aren't concerned about this in the least. Who do yall think actually writes these laws (hint: it aint the poor or the middle class)?

 

[desy]

The wealthy often get wealthy on the games of breaks and incentives paid for by everyone's tax dollars over the course of time. Here, want to setup a processing plant in my state? have a 10 yr tax free holiday for you, and on and on. They got their tax breaks up front so now they pay it on the back end.
To pretend the wealthy are saints and didn't have accountants scouring every loophole they could benefit from is so completely nieve.
Even Buffet said he wasn't taxed enough, I'm hardly going to lose sleep over it. . . .

 

[Fear No Evil]

The wealthy often get wealthy on the games of breaks and incentives paid for by everyone's tax dollars over the course of time. Here, want to setup a processing plant in my state? have a 10 yr tax free holiday for you, and on and on. They got their tax breaks up front so now they pay it on the back end.
To pretend the wealthy are saints and didn't have accountants scouring every loophole they could benefit from is so completely nieve.
Even Buffet said he wasn't taxed enough, I'm hardly going to lose sleep over it. . . .

Then why do the wealthy pay damn near all the taxes in this country as well? Its not like Johnny Sixpack with 5 kids making $50k a year is paying any - Although he is probably using a hell of a lot more resources than Mr. Richy Rich who has 1-2 kids whom he sent to private school.

Want to increase the inheritance tax? Fine.. lets eliminate the per child tax credit as well which punishes people like me who have no children costing the government money in schools, parks, etc.. Make parents, who DO burden society with their children, pay THEIR far share as well.

 

[Attic]

I'm interested to know how many liberals have ever worked consistent 50-60 hour work weeks in their lives. Its hard work that builds wealthy estates, not luck or chance as the libtards claim. Why should the government have a right to take money from whom they please to give to others while ignoring an individuals right to do the same?

The consistent argument of the libtards that the government has a right to take as much as they please suggests that libtards are not the ones working hard enough or as long hours as those who have been able to create wealth for themselves.

Again, how many of you libtards can look at yourselves and claim you have worked a 50-60 hour work week for years on end? If you worked harder and made more, would you be so willing to take your hard earned money away and filter it through a grossly inefficient government trap?

 

[ChunkiMunki]

yeah, millionaire offspring yachting and sipping mint juleps exhorting the working class to "pull themselves up by their bootstraps".....while living off the hard work of their ancestors.

"Gosh Buffy, no ivory backscratcher for us this year, the death tax you know."

 

[desy]

I've also known single mom waitreses working 50-60 hrs a week too or fathers working two jobs. All kinds of scenarios are out there I've also known people who didn't work at all and fell ass backward into money
Parents don't burden society with children its what build soceity and perpetuates it.

Taxes can be argued to death and how and who should do it. However I'm still of the opinion the ultra rich are still the ones who can bear it the easiest and they are the most likely to have figured out manipulating the system to the greater advantage

 

[Binarycow]

The wealthy often get wealthy on the games of breaks and incentives paid for by everyone's tax dollars over the course of time. Here, want to setup a processing plant in my state? have a 10 yr tax free holiday for you, and on and on. They got their tax breaks up front so now they pay it on the back end.
To pretend the wealthy are saints and didn't have accountants scouring every loophole they could benefit from is so completely nieve.
Even Buffet said he wasn't taxed enough, I'm hardly going to lose sleep over it. . . .

Watching Seinfeld is the only reason I knew who Steinbrenner was. At the risk of sounding like a you-know-what when talking about someone who just died, I care little about Steinbrenner or his family. They are rich beyond imagination compared to what my family has. However, just because I don't have something someone else has it doesn't mean I would promote/approve my government to go in and rob them and their family of that something.

In my eye that 55% estate tax is nothing short of highway robbery perpetuated in a land that glorifies the individual liberty. Robbing someone's assets after his death hardly seems liberty to me. It was his money, he earned it. If it was earned by illegal means then by all means take him to court, I'm sure we have all kinds of laws for that. If his money was earned legitimately then its his to do as he would wish.

It doesn't matter if it only applies to 1 family or 10 families or it doesn't ever apply to my family. That's besides the point.

About the tax-free business setup you mentioned, different states only allow that or even encourage that because that business brings jobs to that area, it means there would be more tax money (paid by all parties involve) in the long run for the government to waste. It's not like there's a clause in the setup contract that says "I'll tax you and your estate to get back my money when you die" so I cannot even see the connection between the estate tax and setting up a "tax free over the first few years" business.

BTW, who's stopping anyone of any wealth stratum from hiring accountants to find tax loopholes for them when it comes to tax time? it's not like that option is only available to the rich.

 

[Binarycow]

I've also known single mom waitreses working 50-60 hrs a week too or fathers working two jobs. All kinds of scenarios are out there I've also known people who didn't work at all and fell ass backward into money
Parents don't burden society with children its what build soceity and perpetuates it.

Taxes can be argued to death and how and who should do it. However I'm still of the opinion the ultra rich are still the ones who can bear it the easiest and they are the most likely to have figured out manipulating the system to the greater advantage

So who's stopping those parents from accumulate wealth themselves to pass on to their children? it's always the mediocres who bitch about what others have that they don't. The current trend of our society as a whole regressing towards mediocrity is killing us and yet too many people are too happy about it. It's mind boggling.

About poor parents don't burden the government with their numerous children, tell that to the state of California and their welfare program.

 

[sandorski]

I'm interested to know how many liberals have ever worked consistent 50-60 hour work weeks in their lives. Its hard work that builds wealthy estates, not luck or chance as the libtards claim. Why should the government have a right to take money from whom they please to give to others while ignoring an individuals right to do the same?

The consistent argument of the libtards that the government has a right to take as much as they please suggests that libtards are not the ones working hard enough or as long hours as those who have been able to create wealth for themselves.

Again, how many of you libtards can look at yourselves and claim you have worked a 50-60 hour work week for years on end? If you worked harder and made more, would you be so willing to take your hard earned money away and filter it through a grossly inefficient government trap?

The Dude is Dead!

 

[sandorski]

Watching Seinfeld is the only reason I knew who Steinbrenner was. At the risk of sounding like a you-know-what when talking about someone who just died, I care little about Steinbrenner or his family. They are rich beyond imagination compared to what my family has. However, just because I don't have something someone else has it doesn't mean I would promote/approve my government to go in and rob them and their family of that something.

In my eye that 55% estate tax is nothing short of highway robbery perpetuated in a land that glorifies the individual liberty. Robbing someone's assets after his death hardly seems liberty to me. It was his money, he earned it. If it was earned by illegal means then by all means take him to court, I'm sure we have all kinds of laws for that. If his money was earned legitimately then its his to do as he would wish.

It doesn't matter if it only applies to 1 family or 10 families or it doesn't ever apply to my family. That's besides the point.

About the tax-free business setup you mentioned, different states only allow that or even encourage that because that business brings jobs to that area, it means there would be more tax money (paid by all parties involve) in the long run for the government to waste. It's not like there's a clause in the setup contract that says "I'll tax you and your estate to get back my money when you die" so I cannot even see the connection between the estate tax and setting up a "tax free over the first few years" business.

BTW, who's stopping anyone of any wealth stratum from hiring accountants to find tax loopholes for them when it comes to tax time? it's not like that option is only available to the rich.

The Dude is Dead.

 

[Jhhnn]

Then why do the wealthy pay damn near all the taxes in this country as well? Its not like Johnny Sixpack with 5 kids making $50k a year is paying any - Although he is probably using a hell of a lot more resources than Mr. Richy Rich who has 1-2 kids whom he sent to private school.

Want to increase the inheritance tax? Fine.. lets eliminate the per child tax credit as well which punishes people like me who have no children costing the government money in schools, parks, etc.. Make parents, who DO burden society with their children, pay THEIR far share as well.

Gotta luv it how Righties try to represent federal income tax as the only tax when it's not. In terms of total taxes as a % of income, there's little difference between the middle and the top-

http://www.ctj.org/pdf/fsl2004.pdf

From 2004- I doubt things have changed in the meanwhile, other than taxes going up at the state and local level...

I've posted this link many, many times, yet tax myths persist, and are continuously promulgated in right wing propaganda, because right wing wannabees believe what they want to believe independent of reality...

Funny how that works...

 

[Howard]

Well the ones facing that tax will still be unbelievably wealthy so it shouldn't be much of a burden to them.

Why not just set an arbitrary income maximum? Any dollar above x amount goes to a charity of our choice.

 

[Binarycow]

The Dude is Dead.

So to you that means it's OK for the government to come in to your family once you have died to take a portion of your hard earned wealth from your children as a tax, assuming you had anything worthwhile for them to do so? or does that only apply to the rich because they are rich and are filthy by default in your eye?

 

[PeshakJang]

So to you that means it's OK for the government to come in to your family once you have died to take a portion of your hard earned wealth from your children as a tax, assuming you had anything worthwhile for them to do so? or does that only apply to the rich because they are rich and are filthy by default in your eye?

Somebody has something that he doesn't, so he wants to take it. Just like all the other children here and in congress.

 

[Jhhnn]

So to you that means it's OK for the government to come in to your family once you have died to take a portion of your hard earned wealth from your children as a tax, assuming you had anything worthwhile for them to do so? or does that only apply to the rich because they are rich and are filthy by default in your eye?

Magnificent bit of projection and false attribution- Bravo!

Nowhere is the sense of entitlement stronger than among the wealthiest, who see unlimited inheritance as their birthright, just as it was among europe's nobles for the last 1000 years or so. Back then, they had titles, swore fealty to their monarch and the Church. Today, they just worship at the altar of greed.

 

[Craig234]

So it looks like the Steinbrenner family will not have to pay estate taxes.
http://www.nbcnewyork.com/news/local-beat/Steinbrenner-Family-Exempt-From-Estate-Tax-98418909.html

Had he died next year the family would have to pay 55% meaning they would most likely have to sell the team Steinbrenner worked so hard to build to pay off uncle sam.

Thanks Republicans for screwing this up this year.

So.....
Should the estate tax be abolished?

No.

Should the estate tax be allowed to reset to 55% forcing families to sell off their small businesses?

Yes, and way to beg the question dishonestly. I don't see the Gates and Buffets (who as far as I know support the tax) and J.P. Morgans and Rockefellers and Waltons mentioned.

If your mother saved her entire life to give her children and grand children a better life should the government force you (upon her death) to sell the family house and give the lions share to them?

This shows your level of dishonest ideology.

Only 'your mother', not a word about the few dynasties who not only dominate society in a very undemocratic manner and control not only well over half of all wealth, but have controlled a greatly increasing percent ongoing since Reagan, not a word about the 'mother who is STILL trying to raise her family on low wages' who has to pay MORE taxes to make up for the tycoon's heirs not paying this tax.

The estate tax taxes those who need the money least, and has huge benefits in the productivity, opportunity and fairness in our society by some reduction on the dynasty.

You obviously prefer a banana republic where some thousands of families own the vast majority of everything and the masses are poor serving the rich.

 

[Binarycow]

Magnificent bit of projection and false attribution- Bravo!

Nowhere is the sense of entitlement stronger than among the wealthiest, who see unlimited inheritance as their birthright, just as it was among europe's nobles for the last 1000 years or so. Back then, they had titles, swore fealty to their monarch and the Church. Today, they just worship at the altar of greed.

What have you against the rich? they came pillage your place, ravage your spouse, and ate your first child or what? or is it your mediocrity that's holding you back from doing anything of any worth so you project your inadequacy as hatred onto them? (god, I start to sound like moonbeam)

 

[Jhhnn]

What have you against the rich? they came pillage your place, ravage your spouse, and ate your first child or what? or is it your mediocrity that's holding you back from doing anything of any worth so you project your inadequacy as hatred onto them? (god, I start to sound like moonbeam)

I take it that means you've got nothing, right?

The only problem I really have with "the rich", as you put it, is the sense of entitlement to something unearned by their offspring, and the hypocrisy attendant to it. Not to mention the manipulation of public opinion that enabled the greatest looting spree in the history of finance, the aftermath of which threatens to engulf the rest of us...

 

[hal2kilo]

Then why do the wealthy pay damn near all the taxes in this country as well? Its not like Johnny Sixpack with 5 kids making $50k a year is paying any - Although he is probably using a hell of a lot more resources than Mr. Richy Rich who has 1-2 kids whom he sent to private school.

Want to increase the inheritance tax? Fine.. lets eliminate the per child tax credit as well which punishes people like me who have no children costing the government money in schools, parks, etc.. Make parents, who DO burden society with their children, pay THEIR far share as well.

This from Mr. Anti-abortion. Logic not found

 

[Fear No Evil]

I take it that means you've got nothing, right?

The only problem I really have with "the rich", as you put it, is the sense of entitlement to something unearned by their offspring, and the hypocrisy attendant to it. Not to mention the manipulation of public opinion that enabled the greatest looting spree in the history of finance, the aftermath of which threatens to engulf the rest of us...

What if their offspring HAVE earned it?