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You don't know anything about the tax code, so best stay out of this discussion. SLF isn't an attorney. He is just putting up a persona on the internet. Now he has an attorney wife. Ha. Have you noticed that every time he is asked to look up a law or a court decision, he always says he has no desire to? An actual lawyer would jump at that request.
I'm waiting on you SLF. How does your FIT increase by $ 18,000 under the Trump plan?
I should have put a smiley on that. Sorry. Was just going for a cheap punchline.
In truth, claiming to understand the tax code is as wise as claiming to understand females. Without question there are elements of it you understand better than me. Without question there are elements of it I understand better than you. One thing amazing about lawyers is how sure they can be about matters of opinion. There's a lot less factuality than there ought to be.
Just waiting for the numbers SLF. Just waiting for the numbers.
I know you are a Kos-Huffpo troll. And the idea that you would give advice to Ent even though you don't have a clue what you are talking about pissed me off. There is no federal inheritance tax. No? Ask your "wife". Maybe she got a better education that you did.
If the Republican plan winds up removing deductions for state tax, mortgage interest, and 401k contributions then a lot of middle/upper middle families will wind up with a substantially higher bottom line tax bill despite the lower percentage and higher standard deduction. Mine would. But they'll get rid on that darn $5million up inheritance tax! [emoji849]
I should have put a smiley on that. Sorry. Was just going for a cheap punchline.
In truth, claiming to understand the tax code is as wise as claiming to understand females. Without question there are elements of it you understand better than me. Without question there are elements of it I understand better than you. One thing amazing about lawyers is how sure they can be about matters of opinion. There's a lot less factuality than there ought to be.
I thought you were serious. Sorry.
I have no doubt you know more about the tax code as it relates to overseas contracts and exchange rates. We all have certain areas that pertain particularly to us in which we have to become expert. I happen to be an expert on the AMT and on the Estate Tax. Talent is an expert on intellectual property, and I'll bet he can tell you all the permutations that are involved in the sale of a trademark or a patent. He has had that experience.
What I don't like is some troll giving advice where he has no knowledge whatsoever about which he speaks.
Just waiting for the numbers SLF. Just waiting for the numbers.
I know you are a Kos-Huffpo troll. And the idea that you would give advice to Ent even though you don't have a clue what you are talking about pissed me off. There is no federal inheritance tax. No? Ask your "wife". Maybe she got a better education that you did.
God. You are a fucking dickhead.
I feel like I am watching the destruction of our democracy while my neighbors and friends cheer it on
If the Republican plan winds up removing deductions for state tax, mortgage interest, and 401k contributions then a lot of middle/upper middle families will wind up with a substantially higher bottom line tax bill despite the lower percentage and higher standard deduction. Mine would. But they'll get rid on that darn $5million up inheritance tax!
The Rep plan does not do away with the mortgage interest deduction or the tax-free nature of money paid to 401(k)s. If your state taxes paid is less than $ 12,000, then chances are you will pay less total tax (fed and state/local).
That being said, I've predicted for at least 6 years that the feds are going to target IRA/401(k) plans. That is where the money is. There is $2.5T in student debt that they are going to have to come up with a way to pay off. The two major Dem proposals are "Medicare for all" (single payer health care) and free college (which means forgiveness of college debt). Those two things are absolutely going to happen.
As I've said, I expect the government will issue bonds that must be purchased by IRAs or 401(k)s. That is why the individual mandate in Obamacare was such an important issue. The government can require you to buy their debt. And if (when) they cannot pay, that $10-15T pot of money is going to bear the brunt of a default.
Obviously, I can't know when this will happen, but think about it. It has been declared constitutional for the government to require you to buy a product. Why wouldn't they require tax-advantaged retirement accounts to buy US Bonds?
I've said several times that the federal government has an Estate Tax (which has a unified credit with the Gift tax) What in that link says anything different. The term "inheritance tax" is used for a state/local death tax.
whodean, I think you may be using "inheritance tax" and "estate tax" as synonyms. If you read about death taxes, the federal tax is always referred to as the Estate Tax which has a "unified credit" allowing giving/leaving up to $5.5 million tax-free. Michigan had an inheritance tax that they did away with about the same time GA did.
If you want to see why death taxes are despised by liberals such as myself, google "the 1100 Charter of Rights".
Last edited by Da Geezer; September 30, 2017, 07:56 PM.
Not a lot of coverage in US media but appears to be a rising amount of violence in the 'Catalan independence vote' over in Spain. I'm not sure why Madrid felt the best way to squelch the independence movement was to send in thousands of riot police to drag old ladies down the street and forcibly remove vote boxes from polling places.
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