Posted on 06/09/2006 6:30:26 PM PDT by wjersey
You haven't read anything I posted here have you? You ARE delusional. Do you have any kids? Never mind...don't answer that. Have a nice evening.
That is 4.5 million by 2009.
2010 may see it all go away and back to something old like 600k.
Really? How does inheritance of aliens in the US work? I didn't know this. I wonder why Bush hasn't thrown all his heart into changing this. If Vicente wants to live in the US, surely he can leave his feudalistic fortune to his kids?
I don't understand what you're talking about here....
(Denny Crane: "Every one should carry a gun strapped to their waist. We need more - not less guns.")
I guess you need to read the thread, then. Kudlow wants to cry about his kids not getting to inherit all his money while he wants to see the kids of Joe Sixpack cheated out of their American heritage.
Well I attended some family wealth preservation classes.
Some of the people in the class are children of non US citizens who are only legal residents.
If you do not become a citizen in the United States, your assets cannot benefit with the deductions like it does with Americans.
This year there is a 2 million dollar deduction.
Last year it was 1.5 million.
There are spouses of Americans who never got their citizenship and when they die they think they will get the estate deduction, but instead they will pay high taxes right from the first few thousands.
Well I attended some family wealth preservation classes.
Some of the people in the class are children of non US citizens who are only legal residents.
If you do not become a citizen in the United States, your assets cannot benefit with the deductions like it does with Americans.
This year there is a 2 million dollar deduction.
Last year it was 1.5 million.
There are spouses of Americans who never got their citizenship and when they die they think they will get the estate deduction, but instead they will pay high taxes right from the first few thousands.
I read it .....and I still don't know what you're talking about. How is Kudlow talking about cheating Joe Sixpack's kids of their American heritage when talking about the Estate Tax?
It may come as a shock to you, but this article is about the ESTATE TAXES and the Congress' failure to eliminate it. This thread is NOT about immigration.
I've read what you posted to me, the only thing I haven't answered is regarding what someone does with a second or more houses.
The simple answer is create passive income.
It wasn't cuts in spending that balanced the budget. I would hazard a guess that the budget in the 1920's was greater than before World War I. In 1920 the nation had the largest debt at that time and was in recession. Using your logic we would of maintained taxes or increased them. The Republicans cut them sharply and caused the economy to grow. The key to reducing the debt is to help the economy.
The Estate Tax only brings in 1.4% of government revenues. It is something like 60 Billion dollars a year which is pocket change in Washington. On the other hand by moving money from estate lawyers and trusts and the Federal Government to more productive economic uses such as reinvestment into the farms and businesses would cause increase business activity which would mean more government taxes. There is a good chance that eliminating the estate tax would bring in at least double the estate tax revenue in other taxes.
"I keep most of the specifics private."
==
A smart philosophy, that I subsribe to as well.
Anything people don't know about you, can't use against you.
In a forum like FR, the discussion should focus on opinions, discussions, facts supporting points of view, political or business philosophies, NOT personal information, which is irrelevant.
People shouldn't be asking for it, and especially shouldn't be insistent, after you politely declined to provide it. It's none of anyone's business.
Not to mention that people can claim to be anything anyway.
I think we have a very large range of people in education, income, various professions, age, etc. that's what makes discussions interesting and valuable, not someone revealing some particular personal info, even their profession.
FINALLY.....You need to direct your post to A CA GUY....he needs help...as does Mamzelle
"We all die, and when I die, what I can't pass in the estate I do hope goes when taxed toward the national debt so we leave a clean slate for the next generation."
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You have way too much faith in the government.
The government already taxed that money, it's not fair to tax it again, and certainly not at such heavy percentages.
Eliminating the estate tax would actually result in more tax revenue, just as every time income tax rates are cut, the government ends up with more revenue, as a result of economic growth.
"non-citizens don't get the deductions Americans get."
I didn't know that. I guess you mean non-resident citizens or even permanent residents? I thought permanent resident get the same benefits as citizens, except they can't vote.
The government taxed the money once, but they never collected for the national debt and I think we should be good conservatives and not pass on our debt to the next generation.
The tough part as you say would be in seeing to it politicians don't go spending the incredible rise in income that will come to the treasury as lots of people become old now and die.
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