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The Library => Haley Center Basement => Topic started by: Saniflush on July 25, 2012, 07:45:27 AM

Title: Estate tax
Post by: Saniflush on July 25, 2012, 07:45:27 AM: OK. You fuckers that are in tax law, start making with the free advice.
What are these dipshits in Washington going to do this year. Leave the limits where they are 3.5 million or are they going to drop them further down?
Title: Re: Estate tax
Post by: GH2001 on July 25, 2012, 09:00:04 AM: Estate Tax should always be 0 in my opinion since it has already had taxes paid on it once. Didn't Bush drop the rates pretty low?
Title: Re: Estate tax
Post by: wesfau2 on July 25, 2012, 09:42:13 AM: Quote from: GH2001 on July 25, 2012, 09:00:04 AM
Estate Tax should always be 0 in my opinion since it has already had taxes paid on it once. Didn't Bush drop the rates pretty low?

Bush exempted the first $5M, I think.
Title: Re: Estate tax
Post by: Saniflush on July 25, 2012, 09:43:16 AM: Quote from: GH2001 on July 25, 2012, 09:00:04 AM
Estate Tax should always be 0 in my opinion since it has already had taxes paid on it once. Didn't Bush drop the rates pretty low?

I'm not sure about the rates but I am talking about the cumulative amount that can be gifted. It used to be 5 mil. Then the dingdongs dropped it a year and a half ago. And in December it is up for more discussion.
Title: Re: Estate tax
Post by: chinook on July 25, 2012, 09:46:07 AM: Quote from: wesfau2 on July 25, 2012, 09:42:13 AM
Bush exempted the first $5M, I think.

correct and continues in 2012.
Title: Re: Estate tax
Post by: GH2001 on July 25, 2012, 10:16:24 AM: Quote from: wesfau2 on July 25, 2012, 09:42:13 AM
Bush exempted the first $5M, I think.

Got it. I knew it was pretty generous.
Title: Re: Estate tax
Post by: Vandy Vol on July 25, 2012, 07:08:07 PM: 2012 is the last year that the $5.12 million exemption will be in place. If it's not extended or otherwise changed, it will go back to the default of $1 million in 2013.
Title: Re: Estate tax
Post by: Saniflush on July 25, 2012, 07:25:37 PM: Quote from: Vandy Vol on July 25, 2012, 07:08:07 PM
2012 is the last year that the $5.12 million exemption will be in place. If it's not extended or otherwise changed, it will go back to the default of $1 million in 2013.

Yeah. What's the word around your ilk about what is gonna happen. Surely ya'll belong to some association where your dues go toward some fucking lobbyist.
Title: Re: Estate tax
Post by: Vandy Vol on July 25, 2012, 07:34:13 PM: Quote from: Saniflush on July 25, 2012, 07:25:37 PM
Yeah. What's the word around your ilk about what is gonna happen. Surely ya'll belong to some association where your dues go toward some fucking lobbyist.

None of my ilk are members of Congress, so I have no idea what their plans are other than what has been in the news. The Senate recently passed a plan backed by Obama to extend most tax cuts from Bush, but the proposed legislation does not address the 2013 expiration of the $5.12 million estate tax exemption.