To all families containing rich old people, I would like to offer my condolences.
To rich old people, enjoy your final moments. On Monday, December 20th, 2010, the decision has been made.
You have 11 days to live.
That’s right. In 264 hours many of you will be forced to leave this planet.
This has nothing to do with Sarah Palin or her accurate prediction about death panels. Barack Obama has so many destructive policies that it is hard to distinguish them. The health care law he rammed down our throats will eventually ruin lives until it is repealed. Yet the tax deal just signed by the president should speed up the euthanasia process.
You may feel reasonably healthy. Too bad.
George W. Bush eliminated the death tax. Barack Obama with the stroke of his pen brought it back.
For those of you who had the nerve to want to work hard and leave an estate for your children, forget it. Despite paying taxes your whole lives to subsidize various groups of liberal beggars (redundant, I know), now upon your death 35% of your estate will be redistributed to the “left” kind of people.
The left is angry (there’s a surprise) because they wanted it back to 55%. They would prefer confiscating 100%, and given enough time, they may get there.
Liberals point out that Warren Buffett and Bill Gates are fine with estate taxes, that they are too low. Both of those men are Democrats, and they will not be the ones hurt. Also, nobody is stopping them from paying more.
I love it when Democrats “volunteer” with other people’s money.
So the choices for rich old people are simple.
They can follow George Steinbrenner’s example and die a winner. Otherwise, if they insist on living to New Year’s Day of 2011, they will leave behind massive tax headaches for their heirs.
I predict that many more “accidents” are going to happen around America.
After all, the slogan “Where there’s a will, there’s a way” is not accurate. The real slogan is:
“Where there’s a will, there’s a greedy relative.”
With Andy Griffith now a (possibly unwitting) shill for the Obama administration, don’t expect Matlock to help matters. Like him and the great Angela Lansbury alter ego Jessica Fletcher of Murder, She Wrote, help only comes after the victim is dead.
My parents had the best estate planning technique with regards to keeping their heirs in line. They don’t have anything.
(If they do, they certainly fooled me. My allowance could have been higher, but that is for another time.)
Not all families are so “lucky.” Well that luck is about to run out.
Why would Barack Obama care about Nebraska farmers? They did not vote for him, and he remains perplexed why they grown corn instead of arugula.
Also, older people tend to be more conservative. Mr. Obama will not lose sleep if they reach their final sleep.
So for all of you old people out there not ready to take the dirt nap, I suggest you hide from your “loved ones,” especially if they are liberals with a lifelong sense of entitlement.
First the tax man cameth and robbed you beyond belief to fund precious few legitimate services and plenty of garbage.
Now they will come for more, as your gold plated casket may be replaced with an actual garbage bag.
All I ask is that these liberal families wait until after Christmas to get rid of their obstacles. After all, these people did bring you into the world.
As for elderly rich Republicans, I really hope your estate planning affairs are in order. I hope you have used every tax shelter allowed under the law. Let the liberals fume. It is not their money.
For those liberals with rich elderly parents (yes, you Martha’s Vineyard parasites), I hope your parents are alive on January 1st of 2011. Then when they are gone, I hope they left things just perfectly so the next Republican president can confiscate every penny. After all, fair is fair.
Good luck old rich people. Your government is prepared to take the shirt off your back, even if you wear it in your coffin.
11 days to go until financial Armageddon.
Now we will see which children love their rich relatives in the truest, genuine sense.
eric
Oh my God! People who inherit millions and millions of dollars just because they were lucky enough to be born to multi-millionaires and billionaires will have to pay a tax on their inheritance! AAAAAAAAAAAAAAAA!!!!!!!!!!!!
JMJ
Whos money is it Jersey ?
Maybe they should tax my son for everyything hes gotte from me since day one ?
income thats already been taxed once before ?
Micky, a massive inheritance is like winning the lottery, or getting lucky on a stock, or winning big at the track or in Vegas. It’s pure lucky unearned income. We’ve a tax on that for over a hundred years now because we as a society believe that people who are lucky enough to be born into wealth should pay their fair share like the rest of us who actually have to work for a living. It’s about how we Americans will not oblige the rise an old-European-style aristocratic class without at least asking them to give back for what this great nation has endowed them. The inheritance tax is a correct, ethical, moral, smart, American ideal. Why you guys are against it is completely beyond me.
JMJ
” because we as a society believe that people who are lucky enough to be born into wealth should pay their fair share like the rest of us who actually have to work for a living. ”
That money was already earned and taxed massively once before.
Whats the “WE” crap ?
“WE” dont all agree with you, as was obviously shown in the last election…and still, still, you morons dont get it. Dont cry if that money ends up overseas, dont you dare cry at all.
Maybe I want to leave it all to cancer research, or my church,or an orphanage, or…my son and daughter after paying 45% on it once already.
I didnt work my whole life to give my money to the government or a bunch of strangers when I die.
Besides, the other logical argument is that money performs more prosperity in the hands of the free market and the individual than it does the government.
Cant you guys ever come with some other means of defeating deficits and debts besides taking ?
Is there anything out their being wasted, a program that should be eliminated ?
Once again… whos money is it ?
Micky, you don’t tax money, you tax transactions. You need to understand this fundamental of tax law. Money is not taxed. There’s no tax on cash. There are taxes on transactions.
In this case, the TRANSACTION is between an estate, a legal construct, and an inheritor, a person inheriting from that estate.
You get that, right?
Understand that most large estates, especially those involving business ownership, are already distributed long before the original estate holder expires. Very, very few large estates are subject to very much tax at all.
Also understand that with business holdings the family or other inheritors already own a stake in that business through their own work, and that is NOT taxed.
The ONLY thing that is TAXED here is the TRANSACTION between a LARGE ESTATE and an INHERITOR.
You do get all this, right?
And finally, to that stunningly vacuous question, “whos money is it?,” it is the good word and faith of the American people. Just remember that.
JMJ
“Micky, you don’t tax money, you tax transactions. You need to understand this fundamental of tax law. Money is not taxed. There’s no tax on cash. There are taxes on transactions.”
Bullsht (excuse me Eric) but thats about as stupid as it gets.
We are taxed progressivly on our level of income.
If there is no tax on cash transfers you’re a F***ing idiot and pushing the lamest arguement in the world.
If its only “the transaction” thats being taxed then why is the level of taxation on the rich so much higher than that of the 50% of Americans who only pay 3% of those “transactions”.
The top 1% earners of the countys wealthy already pay 40% of our bills.
“And finally, to that stunningly vacuous question, “whos money is it?,” it is the good word and faith of the American people. Just remember that.”
Where does it say that ?
Whos money is it ?
Micky, you proved my point. Is not money itself that is taxed, it is money that is paid as the tax for certain transactions.
OUR MONEY. THE MONEY OF THE UNITED STATES OF AMERICA. IT IS WORTHLESS WITHOUT THE UNITED STATES OF AMERICA.
JMJ
“The ONLY thing that is TAXED here is the TRANSACTION between a LARGE ESTATE and an INHERITOR. ”
Soooo…I’m not paying property taxes right now on the house I plan to leave my kids ?
I’m not paying income tax on my salary that pays that property tax ?.
You answer none of my questions with anything other than your own drummed up sense morality.
The morality is this, the fairness is this.
Everyone should be taxed the same, period.
Buy redistributing wealth you take away the incentive for the less afluent to strive.
I’m well aware that I’m not in the category the prposition applies to. But the morality is the same.
I started my business with a 250.00 one horsepower bench grinder converted to a polishing lathe.
Borrowed my in lawsgarage for 2 weeks customizing Harley parts and polishing aluminum wheels.
The word spread like wildfire and I had my own shop. After a year the bank saw my tax returns and decided I was worthy of an expansion loan.
After two years I employed six guys and had five professional polishing lathes at 1600.00 a piece.
I busted my a$$ getting to that point, made the company what it was woeth and payed taxes on that worth the whole time.
Now, if I gift it to my son when I die he’ll have take a loan out against the business itself in order to keep it up and running as the IRS will of depleated 35% of its worth. Which will go to the government deciding how to spend what was created and earned by myself alone.
theres no doubt there must be contributions to sustain a civil infrastructure.
But who gave you the right to determine how much of another mans property gets distribiuted based solely on his level of income ?
Whats the point in making ten bucks if you’re gonna take 4 when I can make 5 and only pay you one ?
And then you moonbats have the nerve, the insanity, the audacity to b*tch about people hiding money, shipping businesses and jobs overseas.
Here, its lengthy, Erics blog wouldnt take it
http://micky2.wordpress.com/2010/09/08/hope-and-change-and-yeswe-can-has-become-are-you-fucking-kidding-me/#comment-536
I can see a burglar trying to weasel his way out with Jerseys logic
“Your honor, it was just a transaction”