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We All Need To Sacrifice!

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  • #16
    Re: We All Need To Sacrifice!

    Great news, Obama resurrects the DEATH TAX which was set to expire next year. I've never quite understood the idea behind taxing monies (assets) which were left over after taxing income. However, I do believe he is cutting off his nose to spite his face. It has always been a very unpopular tax and no one will have any money left to leave to their family anyways. I believe this will be a lot harder on family owned businesses, farms and ranches but it still seems unfair.

    Mark
    "Somewhere a Village is Missing Twelve Idiots!" - Casey Anthony

    I never lost a cent on the jobs I didn't get!

    Comment


    • #17
      Re: We All Need To Sacrifice!

      Originally posted by ToUtahNow View Post
      Great news, Obama resurrects the DEATH TAX which was set to expire next year. I've never quite understood the idea behind taxing monies (assets) which were left over after taxing income. However, I do believe he is cutting off his nose to spite his face. It has always been a very unpopular tax and no one will have any money left to leave to their family anyways. I believe this will be a lot harder on family owned businesses, farms and ranches but it still seems unfair.

      Mark
      Mark, it seems unfair because it is! You said it all very well, and Obama will pay for his actions. Folks may be forced to transfer property and assets prior to dying in order to avoid their intended beneficieries paying double taxes. I guess it is easier for Obama to tax than use a scalpel on the budget like he promised? I don't have any use for liars regardless of their political party!

      Comment


      • #18
        Re: We All Need To Sacrifice!

        Man... every day brings something new for me to be fired up about. I was listening to talk radio about the tax yesterday.

        I hate when responsible people get the short end of the stick. Saving money is tough. You have to make sacrifices. Maybe I should just spend everything I make like 80% of americans

        This is why I am no longer putting money into the market until some of the stupidity slows down in Washington. Even though "theoretically" its a great time to invest. If the government keeps slicing away at what I do have then whats the point.

        Josh

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        • #19
          Re: We All Need To Sacrifice!

          Josh, you are right to be frustrated with the stupidity but as a younger man with a long life ahead of you don't miss a good opportunity. I lost my small fortune that is unless those stocks come back when the economy turns around? We've beaten up on the auto industry pretty good but you know as the economy improves folks will start buying more and more new cars. How about energy stocks? My only solid advice is to separate your daily life which should be very good, from the depressing News we all see every day. Play with those kids and we'll play nice here, promise!

          Comment


          • #20
            Re: We All Need To Sacrifice!

            I watched the movie "All the Kings men" the other night, if you have never seen it you need to watch it, it is a fairly accurate interpretation of Huey P. Long and his governing of the State of Louisiana. Huey Long was way ahead of his time in the corruption department, and was ellected because he promised to stick it to the fat cat rich folks.

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            • #21
              Re: We All Need To Sacrifice!

              From Fox news;

              "President Obama's budget keeps the estate tax at its 2009 level, which means the government gets 45 percent of a dead person's estate valued over $3.5 million dollars or $7 million for a couple."

              This will in no way effect my life nor the lives of anyone I know. What percentage of you guys are sitting on $3,500,000 in assets ($7,000,000 per couple?) While I agree that this kind of tax sucks, this will effect a very small minority of individuals, and business owners, who's beneficiaries will still be happy to receive $1,925,000 from an individual or $3,850,000 per couple, after taxes. I can hear it now, WAHH, I only got $2,000,000 or WAHHH I only got $3.8 million.

              $2,000,000 is 40 years of work for someone making $50,000.

              Comment


              • #22
                Re: We All Need To Sacrifice!

                Originally posted by HebertDrainCare View Post
                From Fox news;

                "President Obama's budget keeps the estate tax at its 2009 level, which means the government gets 45 percent of a dead person's estate valued over $3.5 million dollars or $7 million for a couple."

                This will in no way effect my life nor the lives of anyone I know. What percentage of you guys are sitting on $3,500,000 in assets ($7,000,000 per couple?) While I agree that this kind of tax sucks, this will effect a very small minority of individuals, and business owners, who's beneficiaries will still be happy to receive $1,925,000 from an individual or $3,850,000 per couple, after taxes. I can hear it now, WAHH, I only got $2,000,000 or WAHHH I only got $3.8 million.

                $2,000,000 is 40 years of work for someone making $50,000.
                And that is why I said it will likely affect business owners, farmers and ranchers more than anyone else. In other words the Smith's family farm which has been in the family for 100 years will have to be sold for taxes rather than letting the family continue earning an income from it.

                Mark
                "Somewhere a Village is Missing Twelve Idiots!" - Casey Anthony

                I never lost a cent on the jobs I didn't get!

                Comment


                • #23
                  Re: We All Need To Sacrifice!

                  I havent taken a long break from investing. Just stepping back for a second. I am diversifying a bit more than I was before.

                  And yes.. 3.5 million dollar estates arent a concern for most of us. But thats how income tax started out. 95% of folks said shoot... that doesnt effect me.

                  I am waiting patiently for the frantic and wreckless push of garbage to slow down to reevaluate where we are headed in the future. Right now it looks a bit looney.

                  Josh

                  Comment


                  • #24
                    Re: We All Need To Sacrifice!

                    Twenty-five years ago a partner of mine told me if he had a million dollars he would retire. At the time we were both in our thirties and I told him a million dollars wouldn't mean too much in 25-years. Well it's still means you have a lot of assets but In Southern California where a half-million dollar home is average a million dollars will not take you too far.

                    Over the years I have been fortunate to work real hard and buy some property I have paid on for a long time. When you add up the properties, a note or two from people I have helped, life insurance, investments, vehicles, jewelry, guns, art, furniture and all of the other things included in our gross Estate, Brenda will still not be taxed when I die. However if the economy improves when Brenda dies my family might have to pay taxes to inherit the proceeds from our hard work.

                    Mark
                    "Somewhere a Village is Missing Twelve Idiots!" - Casey Anthony

                    I never lost a cent on the jobs I didn't get!

                    Comment


                    • #25
                      Re: We All Need To Sacrifice!

                      Originally posted by ToUtahNow View Post
                      Over the years I have been fortunate to work real hard and buy some property I have paid on for a long time. When you add up the properties, a note or two from people I have helped, life insurance, investments, vehicles, jewelry, guns, art, furniture and all of the other things included in our gross Estate, Brenda will still not be taxed when I die. However if the economy improves when Brenda dies my family might have to pay taxes to inherit the proceeds from our hard work.

                      Mark
                      Dad, I am fine taking the guns and all when you go, but please set some money aside to pay your own death tax.
                      Believe Newton

                      "For every action there is an equal and opposite reaction."

                      When in doubt go with Murphy

                      "Anything that can go wrong will go wrong."

                      Comment


                      • #26
                        Re: We All Need To Sacrifice!

                        Given the mess that the Banks have created for us and the rate at which money has been given to these banks (and some foreign banks), all the "sacrifice" in the world ain't gonna matter.

                        Keep your eye on the ball. Look at the money we've distributed to (insolvent??) financial institutions in the past year. We're worried about the inheritance tax? Folks, we got bigger problems than that.

                        We've got to start seeing past this trivial crap and start seeing what is really going on.

                        Comment


                        • #27
                          Re: We All Need To Sacrifice!

                          Originally posted by lmpg View Post
                          Given the mess that the Banks have created for us and the rate at which money has been given to these banks (and some foreign banks), all the "sacrifice" in the world ain't gonna matter.

                          Keep your eye on the ball. Look at the money we've distributed to (insolvent??) financial institutions in the past year. We're worried about the inheritance tax? Folks, we got bigger problems than that.

                          We've got to start seeing past this trivial crap and start seeing what is really going on.
                          Great post! I'm all for putting aside the less critical issues at a time like this and focusing on what needs the most fixing! We have local and state officials working to cut budgets and reduce spending which is all well and good if they stopped the main cause(s) of our economic meltdown. While we are upset about our own personal problems, (such as my complaints about the cost of heating oil) Americans are losing their jobs and homes. Tent cities are a sure sign we have bigger problems to be concerned and we had better get moving fast. I still don't think our government will make a difference by bailouts and stimulus packages. What exactly needs to happen and in what order? I don't have the answers, but if I was in charge I'd stop throwing money around as a fix. Where are the jobs? Not saving jobs that already exist, but new jobs? How much longer can we support the third world and failed corporations?

                          Comment


                          • #28
                            Re: We All Need To Sacrifice!

                            The problem is rather than cutting programs we are growing programs and adding new programs. Earlier this year our Government signed a $410,000,000,000 Bill with over 8,000 earmarks in it. Now we are looking at a $3,500,000,000,000 budget which doesn't include another $250,000,000,000 expected to be sent to the banks and another amount which is expected to exceed $634,000,000,000 for the second part of the Health Care plan.

                            In addition to the above, the $400 tax cut for the working class has disappeared, charitable deductions for those making over $250,000 is being eliminated and they want to tax Health Care for those who are receiving Health Care. My understanding is many charities are really worried about funding from those who contribute the most if there is no deduction for contributions. My Health Care costs me $19,200 per year. Now if I receive that from my company as a benefit my taxable income goes up. It is unclear whether I will be able to count it as a deduction if I pay it as an individual or not.

                            How many of us on this forum could spend wildly if our business was struggling? How can our elected official not see the additional burden they are putting on our economy with their wild spending? Now is not the time to add new programs it is the time to dig in and fix the old ones.

                            Mark
                            "Somewhere a Village is Missing Twelve Idiots!" - Casey Anthony

                            I never lost a cent on the jobs I didn't get!

                            Comment


                            • #29
                              Re: We All Need To Sacrifice!

                              Mark. I've said it a million times. Unfortunately, the majority of time people do not care until it directly affects them.

                              Until it does, you'll see little results.

                              J.C.

                              Comment


                              • #30
                                Re: We All Need To Sacrifice!

                                Originally posted by JonnyLaw View Post
                                Dad, I am fine taking the guns and all when you go, but please set some money aside to pay your own death tax.
                                LOL- I missed this post. You and the boys really need to start talking about who gets what so I can put it to pen. As for paying my own death tax I will have to get back to you on that one.

                                Dad (Mark)
                                "Somewhere a Village is Missing Twelve Idiots!" - Casey Anthony

                                I never lost a cent on the jobs I didn't get!

                                Comment

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