| Will the feds have to pay inheritance tax?
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Posted on 01/20/2006 4:53:38 PM PST by Cagey
FINDLAY, Ohio -- The federal government is reaping a $1.1 million windfall from the estate of an Ohio woman. But the money comes with specific instructions.
Margaret Taylor's will said the government has to use her fortune to help pay down the national debt. A spokesman for the Treasury Department said it may be their largest donation ever.
Taylor died in November at age 98. She told her family that she planned to use her money to help people, but didn't reveal her plans.
The executor of her will said he tried to talk Taylor out of giving her money to the government, but she wouldn't listen. Attorney Tom Drake said Taylor was a staunch Democrat who believed the national debt should be paid off.
Everyone is looking at it the wrong way.
The title of the thread could have easily have been "Heir leaves million for the Gov't to fight the WOT".
Perhaps her Million plus went to pay back money used to make weapons, ammo, or pay our military.
For that, I salute the dead democrat. And I wish we had more.
"More" could be dead democrats or democrats who donate money. Thats your pick.
By the time the heirs' lawyers are done appealing this, the government will have spent 2 mil to collect the 1.
I'm guessing she'll be voting posthumously too! Last I checked, Democrats poll quite well amongst the dead!
"Taylor was a staunch Democrat who believed the national debt should be paid off."
Good for her! Better than giving it to the DNC.
I say that not because she made a poor decision to waste her money on the government instead of passing it on to her family or contributing it to private charities or foundations or whatever. After all, it's her money and she can do what she wants with it, even if other people disagree with her choice.
No, the reason I disparage her mental capacity is her instructions that it only be used to pay down the national debt. Money is FUNGIBLE. What is so difficult about that concept? The federal government can happily follow her instructions to pay down the debt, because that simply frees up money which can be used for anything else. The government can then go out and borrow more and spend more, and the only effect of her bequest is that the government gets an extra million-plus dollars to squander.
The poor woman may have had good intentions but she has accomplished exactly nothing.
"She`s a certified Idiot"
No, she was a delicate genius.
It's the same thing with my wife and my paycheck. Has been ever since we were starving students.
I have learned the hard way: put money away in untouchable investments before it ever makes it into the joint checking account. I wonder if we could do something similar for the drunken sailors of Washington.
-ccm
I don't favor European methods in general, but this is one where they are DEAD-ON.
Why? Because old people are notoriously easy to swindle out of their money - and its the family that's left holding the bag after the con man/woman takes the $$$ and runs. And that just ain't right.
| Will the feds have to pay inheritance tax?
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Now that's what I was wonderin'! And then where would they pay it? To the UN?
That doesn't she can't criticized for using it stupidly.
She might just as well have cashed it out in one dollar bills and burned it.
She would have done far more to retire the national debt by allowing the money to be invested in job-creating private enterprise.
I don't know what your family life is like, but it must be miserable. What a statement.
Who will still be voting in every Ohio election.
Should of took it with her!
In truth, that's EXACTLY what she did.
the democrat party exhibits behavior characteristic of a CULT.
Another way of looking at it is she just willed $0.003666 to every American. It's better than nothing but still pretty close.
Sadly she trusted our government with her money. To quote PJ O'Rourke "That's like giving a teenager a bottle of Jack Daniels and the keys to your car."
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Only when they die.