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| Re: Bidens major threat of retailiation to Iran (1980793) | |||
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Re: Bidens major threat of retailiation to Iran |
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Posted by Stephen Bauman on Sat Apr 20 08:04:57 2024, in response to Re: Bidens major threat of retailiation to Iran, posted by BILLBKLYN on Sat Apr 20 01:10:23 2024. When myself and my wife die, I want my money and assets split evenly amongst my children, NOT to Uncle Sam.The major part of large estate values come from unrealized capital gains. Many with wealth have the option of taking their compensation in the form of salary (subject to ordinary income tax rates) or capital assets (taxed when sold at lower capital gains rates). Those who elect compensation in the form of capital assets can borrow against them to effectively receive tax free cash compensation. BTW, this tax dodge was created by comedian Jack Benny. The inheritance tax, based on wealth, is one way for the state to recover revenue lost by this capital gains loophole. It's been around as long as the income tax. It's a lot easier to administer than trying to plug up every loophole the rich use to prevent paying their taxes. The government gave up trying to close loopholes during one's lifetime and postponed the day of reckoning until after death. As a practical matter, have you done a rough calculation as to what Uncle Sam's split will be? There's an exclusion that is not subject to US inheritance tax. That exclusion is $13.61 million in 2024. Should one assume your anxiety of having Uncle Sam share part of your estate, stem for it's being valued at more than $13,610,000.00? If so, I have no sympathy for your plight. OTOH, if the exclusion means your estate will not be subject to the US inheritance tax, then your anxiety should be ascribed to either ignorance or your desire to champion the "plight" of those whose estate will be in excess of $13 million. Which is it? As a practical matter, there are also state inheritance taxes. The exclusion is not as generous. Here's a list of the exclusions and top rates for states that do have inheritance taxes.  If you want to avoid inheritance taxes, over which Biden has no control, I suggest you move to a state that does not have an inheritance tax. |
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