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Thread: Tax Cut Increases Taxes

  1. #21
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    Quote Originally Posted by depittydawg View Post
    As I understand it, since the congress didn't get their business done, there was a free period within the estate tax. The most notable Tycoon who died during that period was George Steinbrenner, owner of the Yankees and a hell of a lot more. His estate passed without any taxation.

    My understanding of the current rules, created by President Obama and Congressional Republicans behind closed doors, with bi-partisan support, is the cap was set at 10 million for a family Tax Fee "Gifts" within an estate. Under that figure, no tax. Above it 35%.
    So what you are saying is that they INCREASED taxes on estates. WhetherSara Palin knew this or not, I have no idea. Maybe a follow up question would have been in order but none asked. But the FACT is that estate taxes are increased by the bill.

  2. #22
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    Quote Originally Posted by caryalsobrook View Post
    So what you are saying is that they INCREASED taxes on estates. WhetherSara Palin knew this or not, I have no idea. Maybe a follow up question would have been in order but none asked. But the FACT is that estate taxes are increased by the bill.
    I don't believe that is the case. It sounds to me like the increased the maximum amount an estate can be worth prior to tax. That is a decrease. It used to be 2 million, now it's 10 million. The 35% rate may have been an increase, I don't know what it was before. Not really on my radar, since my estate will never be worth anything close to 10 million dollars. Unless I win a lottery or something

  3. #23
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    Quote Originally Posted by depittydawg View Post
    I don't believe that is the case. It sounds to me like the increased the maximum amount an estate can be worth prior to tax. That is a decrease. It used to be 2 million, now it's 10 million. The 35% rate may have been an increase, I don't know what it was before. Not really on my radar, since my estate will never be worth anything close to 10 million dollars. Unless I win a lottery or something
    Good Lord, can't you even read your own post??? And i quote "george Steinbrenner's children paid no estate tax (2010). Don't you think they would have paid an estate tax if the exemption had been 10 mill?? THATS CALLED A TAX INCREASE FOR 2011!!!

  4. #24
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    Quote Originally Posted by Roger Perry View Post
    Another one of Sarah Palins one liners

    In a rare interview with ABC's "Good Morning America," former vice presidential nominee Sarah Palin on Friday criticized the $858 billion tax cut bill that passed through Congress early this morning, calling the legislation "a lousy deal" that "creates a temporary economy with even more uncertainty for businesses and it does increase taxes."

    http://www.cbsnews.com/8301-503544_1...69-503544.html
    FACT- the 858 billion tax bid DOES INCREASE TAXES. It increases the tax on estates. As I stated in a prior post and deppydog(I probably misspelled his handle again, not on purpose) also stated, if you had died in 2010, you would not have paid as estate tax. If you die in 2011, you will pay an estate tax on all assets above a certain amount. I have no idea if Sara Palin was refering to thiswhen she made, the statement; maybe a follow up uestion would have been appropriate. Howeveer she was factually correct when she made the statement. The silence of you and all the others that called her an idiot based on that particular statement has been deafening. I'm not surprised.

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    Quote Originally Posted by caryalsobrook View Post
    FACT- the 858 billion tax bid DOES INCREASE TAXES. It increases the tax on estates. As I stated in a prior post and deppydog(I probably misspelled his handle again, not on purpose) also stated, if you had died in 2010, you would not have paid as estate tax. If you die in 2011, you will pay an estate tax on all assets above a certain amount. I have no idea if Sara Palin was refering to thiswhen she made, the statement; maybe a follow up uestion would have been appropriate. Howeveer she was factually correct when she made the statement. The silence of you and all the others that called her an idiot based on that particular statement has been deafening. I'm not surprised.
    Roger, Buz, dnf777, mjh345, and Sambo, you used Sara Palin's statment claiming the 858 tax bill raised taxes as proof that she is stupid and an idiot. The fact is that she was correct, it raised the tax on estates. The fact that you were wrong in my opinion proves nothing about your intelligence- it only shows some lack of knowledge of the total effects of the bill. Your reluctance to just say "Hey, she was right and I was wrong" is something one can only speculate.

    I have never forgotten an incident ina basketball game where I felt that the ref missed a call. I was furious and started to voice my outrage at "the totally stupid call". The ref looked at me and said "I MISSED IT" Nothing for me to say. I walked away with the healthiest of respect for that ref for a number of reasons.

  6. #26
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    Quote Originally Posted by caryalsobrook View Post
    Roger, Buz, dnf777, mjh345, and Sambo, you used Sara Palin's statment claiming the 858 tax bill raised taxes as proof that she is stupid and an idiot. The fact is that she was correct, it raised the tax on estates. The fact that you were wrong in my opinion proves nothing about your intelligence- it only shows some lack of knowledge of the total effects of the bill. Your reluctance to just say "Hey, she was right and I was wrong" is something one can only speculate.

    I have never forgotten an incident ina basketball game where I felt that the ref missed a call. I was furious and started to voice my outrage at "the totally stupid call". The ref looked at me and said "I MISSED IT" Nothing for me to say. I walked away with the healthiest of respect for that ref for a number of reasons.

    I have insulted Sara Palin's intelligence in the past, but I don't believe you can find an incident of me supporting that assertion based on her statements about the tax bill. I realize that the estate tax was zero this year and it will not be next year. Hell, I knew that was going to happen back when they passed the original bill that zero'd it out for 2010.

    Here are some details about what the estate tax was "scheduled" to do by law.

    http://www.npr.org/templates/story/s...ryId=129756032

    You'll note that for 2011 by law passed during the Bush years, the exemption was to be $1 million dollars and the top rate on estates was to be a whopping 60%. So if you want to talk about what the estate tax will do in 2011 compared to what it was scheduled to do, then depittydawg is correct, the estate tax was cut. If you want to argue about what it will do in 2011 compared to 2010, then you're right, they are going up.

    The problem with these "discussions" is agreeing what we are arguing about in the first place. That's what I hate about politics and politicians. They are purposely vague about the details that their statements are based on so they can be lying and telling the truth all at the same time.

    I have no clue how intelligent Sara Palin is. There are plenty of people who have lots of potential (basic God given ability), but they waste that potential through laziness and a general lack of interest and curiosity about the world they live in.


    yours truly,
    Dave Buzz
    Last edited by Buzz; 12-30-2010 at 09:06 AM.
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    Quote Originally Posted by Buzz View Post
    Kind of lends credibility to the recent study that showed that listening to Faux News makes you stupid.
    Sorry I was wrong in including you about Sara Palin. That must have been an interesting study about Faux News(Fox News?). I wonder what the study would have been had they studied those who listen to Fox, MSNBC and CNN?

    I love that spin about "scheduled tax increase. So If the raise the price of a truck by $5000.00 and then discount it $1000 then that is a price cut I guess that if a car company can do it then polititions can do it too

  8. #28
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    Quote Originally Posted by caryalsobrook View Post
    I love that spin about "scheduled tax increase. So If the raise the price of a truck by $5000.00 and then discount it $1000 then that is a price cut I guess that if a car company can do it then polititions can do it too

    Wasn't trying to spin it. Just pointing out that who's right and who's wrong depends on the frame of reference you choose.
    "For everyone to whom much is given, of him shall much be required." -- Luke 12:48

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  9. #29
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    Quote Originally Posted by Buzz View Post
    Wasn't trying to spin it. Just pointing out that who's right and who's wrong depends on the frame of reference you choose.
    You spin pretty good without trying

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    Quote Originally Posted by caryalsobrook View Post
    Roger, Buz, dnf777, mjh345, and Sambo, you used Sara Palin's statment claiming the 858 tax bill raised taxes as proof that she is stupid and an idiot. The fact is that she was correct, it raised the tax on estates. The fact that you were wrong in my opinion proves nothing about your intelligence- it only shows some lack of knowledge of the total effects of the bill. Your reluctance to just say "Hey, she was right and I was wrong" is something one can only speculate.

    .
    Please show me where I said her stance on the tax bill proves that she is stupid and an idiot.

    I never commented on the tax bill. But it seems as though you fancy yourself an expert on tax bill 858.

    So would you be so kind as to lend me your expertise on this issue and explain to me the effect 858 will have on estate taxes in 2011; as opposed to what those estate taxes would have been had they tax bill 858 not been passed?

    I don't presently plan on dying in 2011, but it never hurts to be as informed as possible

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