Dear Clinton Supporters

[stevenash]

I am currently exposed to the following taxes:  Property tax, sales tax, Marriage License fees, Local school tax, Vehicle registration tax, Business registration& permit fees, Waste Management tax, court fees, dog license tax, drivers license fee, social security taxes, gift tax, unemployment taxes, estate tax, fishing license fees, garbage tax, gasoline tax, gun ownership fees, high toll fees, hotel tax, hunting license fees,import taxes, individual health insurance tax, inheritance tax, insect control tax, inspection fees, IRS interest & penalty charges, Library card fees, license plate fees, liquor tax, luxury tax, medicare tax, parking meter fees, passport fees, air transportation tax, biodiesel fuel tax, professional license fees, recreational vehicle tax, self employment tax, sewr & water tax, service charge taxes, sports stadium tax, state park entrance fees, tanning tax, 911 service tax, telephone federal excise & universal service fees, tires tax, and of course, FEDERAL INCOME TAX.

How is it that I am not paying my fair share?

[westend1]

You think Republicans will get rid off those?  By the way, what is the difference between inheritance tax , estate tax and gift tax?

[stevenash]

Doubtful Republicans can get rid of them but I am inclined to believe they will make a better effort not to add to them or raise the percentage on any of them.   

The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not.

Estate taxes are paid by the deceased persons estate before the money is distributed to their heirs.  Inheritance taxes are paid by the person inheriting the money or assets.

 

Yours truly,

Salesboy

[westend1]

The gift tax only applies if you go over the the maximum allowed estate tax, right?   And that is how much now?  5 million dollars?  Probably most of us will never pay either.  And, I don't believe there is a separate inheritance tax.  But, you are the financial guru, right?

[PhatMack19]

I always like when a family works all of their lives running the family business and paying taxes.  When the parents pass the govt wants half so the kids have to sell to pay the tax debt.  That's pretty cool.  

[stevenash]

1 minute ago, PhatMack19 said:

I always like when a family works all of their lives running the family business and paying taxes.  When the parents pass the govt wants half so the kids have to sell to pay the tax debt.  That's pretty cool.  

There are lots of people who believe that is one of the definitions of fairness and compassion

[stevenash]

41 minutes ago, westend1 said:

The gift tax only applies if you go over the the maximum allowed estate tax, right?   And that is how much now?  5 million dollars?  Probably most of us will never pay either.  And, I don't believe there is a separate inheritance tax.  But, you are the financial guru, right?

Keep in mind that the whole point of the original post was that we pay an awful lot of taxes already.  Some don't apply in some cases and in other cases they do.  But I understand your desire to "take me down a notch"

This is the hidden content, please

• Sign In
• or
• Sign Up

 

[stevenash]

46 minutes ago, westend1 said:

The gift tax only applies if you go over the the maximum allowed estate tax, right?   And that is how much now?  5 million dollars?  Probably most of us will never pay either.  And, I don't believe there is a separate inheritance tax.  But, you are the financial guru, right?

Financial guru?  Nah, impossible for sales boys.  

[PhatMack19]

17 minutes ago, stevenash said:

There are lots of people who believe that is one of the definitions of fairness and compassion

I like this one.  If it's illegal to sell something then it is worth nothing.  According to the IRS its worth $65mil and they want their cut of $29 mil plus a $17 mil penalty for claiming it's worth nothing.  Then when they had to donate the piece the govt wouldn't let them claim it as a charitable deduction.  Makes sense.  

 

This is the hidden content, please

• Sign In
• or
• Sign Up

[stevenash]

9 minutes ago, PhatMack19 said:

I like this one.  If it's illegal to sell something then it is worth nothing.  According to the IRS its worth $65mil and they want their cut of $29 mil plus a $17 mil penalty for claiming it's worth nothing.  Then when they had to donate the piece the govt wouldn't let them claim it as a charitable deduction.  Makes sense.  

 

This is the hidden content, please

• Sign In
• or
• Sign Up

  Classic- nobody as efficient, logical, and reasonbale as Uncle Sam. We really need him involved more in our daily lives.   Lots of people believe that would be a good thing 

[77]

1 hour ago, westend1 said:

The gift tax only applies if you go over the the maximum allowed estate tax, right?   And that is how much now?  5 million dollars?  Probably most of us will never pay either.  And, I don't believe there is a separate inheritance tax.  But, you are the financial guru, right?

last year gave a car to my son and transferred from my name to his , he paid me nothing for it and I had to pay a small fee so I dont know if you call it a gift tax or title swap fee but somebody got some $$$$!

[westend1]

So, no real response to my post, as expected.

[westend1]

10 minutes ago, 77 said:

last year gave a car to my son and transferred from my name to his , he paid me nothing for it and I had to pay a small fee so I dont know if you call it a gift tax or title swap fee but somebody got some $$$$!

It's called a registration fee.  You can give away $10,000 each year with no tax consequences.  Any fee is a tax of sorts, but it doesn't count against your 5 million or so that you can give away when you die.

[stevenash]

The limit for 2016 is $14,000.

[stevenash]

29 minutes ago, westend1 said:

So, no real response to my post, as expected.

Pray tell, why was it as expected?

[Hagar]

11 hours ago, PhatMack19 said:

I like this one.  If it's illegal to sell something then it is worth nothing.  According to the IRS its worth $65mil and they want their cut of $29 mil plus a $17 mil penalty for claiming it's worth nothing.  Then when they had to donate the piece the govt wouldn't let them claim it as a charitable deduction.  Makes sense.  

 

This is the hidden content, please

• Sign In
• or
• Sign Up

Just an honest question.  Who on this Forum thinks this would have happened to Bill & Hillary Clinton (or any number of prominent Democrat Politicians) had they owned this work of art?

[77]

23 hours ago, westend1 said:

It's called a registration fee.  You can give away $10,000 each year with no tax consequences.  Any fee is a tax of sorts, but it doesn't count against your 5 million or so that you can give away when you die.

Thank yall wasn't sure what to call it!