Comments on: The estate tax is dead … or is it? http://www.vanguardblog.com/2010.01.20/death-to-taxes.html Insights and opinions from Vanguard leaders Tue, 21 Feb 2012 21:30:06 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Blog Comment ( No Author ) http://www.vanguardblog.com/2010.01.20/death-to-taxes.html/comment-page-1#comment-20856 Blog Comment ( No Author ) Tue, 25 Oct 2011 16:37:12 +0000 http://www.vanguardblog.com/?p=284#comment-20856 I feel that I have the obligation to distribute my wealth as my concience directs, If I choose to give away my money to others, ie charaties, individuals, etc. I should have the right to do so without restrictions. I should not have the government tell me who I can give my money to. I know that there are others who are in need, but then there are others who squandered their wealth on personal luxuries and then trun to the government for a handout from those of us who have worked hard, saved and invested wisely. I feel that I have the obligation to distribute my wealth as my concience directs, If I choose to give away my money to others, ie charaties, individuals, etc. I should have the right to do so without restrictions. I should not have the government tell me who I can give my money to. I know that there are others who are in need, but then there are others who squandered their wealth on personal luxuries and then trun to the government for a handout from those of us who have worked hard, saved and invested wisely.

]]> By: Blog Comment ( No Author ) http://www.vanguardblog.com/2010.01.20/death-to-taxes.html/comment-page-1#comment-14994 Blog Comment ( No Author ) Thu, 07 Apr 2011 19:15:01 +0000 http://www.vanguardblog.com/?p=284#comment-14994 not what i was looking for , say if i wanted to give 3 or 4 kids 10 to 20000 thousad each not what i was looking for , say if i wanted to give 3 or 4 kids 10 to 20000 thousad each

]]> By: Blog Comment ( No Author ) http://www.vanguardblog.com/2010.01.20/death-to-taxes.html/comment-page-1#comment-8402 Blog Comment ( No Author ) Mon, 08 Nov 2010 20:16:45 +0000 http://www.vanguardblog.com/?p=284#comment-8402 I think we should rename the estate tax as 'Society Tax'. People should enjoy more of their money which they have earned. But when they die their children and grand children should not get all of it. The person who died belongs to the society too and the people of the society who nourished the person directly or indirectly should get part of his/her left over money. It is up to the person whether s/he should give it away through his/her own choice of charity or through IRS/Govt. We live in America and not in a country of Monarch & Kings. Children and Grandchildren should not enjoy more than they contributed to nourish the person. I think we should rename the estate tax as ‘Society Tax’. People should enjoy more of their money which they have earned. But when they die their children and grand children should not get all of it. The person who died belongs to the society too and the people of the society who nourished the person directly or indirectly should get part of his/her left over money. It is up to the person whether s/he should give it away through his/her own choice of charity or through IRS/Govt. We live in America and not in a country of Monarch & Kings.
Children and Grandchildren should not enjoy more than they contributed to nourish the person.

]]> By: Blog Comment ( No Author ) http://www.vanguardblog.com/2010.01.20/death-to-taxes.html/comment-page-1#comment-7694 Blog Comment ( No Author ) Tue, 28 Sep 2010 16:30:11 +0000 http://www.vanguardblog.com/?p=284#comment-7694 When I hear the term "death tax" I am reminded that the military draft, by which our Government called me into the military, was once considered a tax on the masses. For my buddies who didn't make it back that tax was truly the "death tax." They died so that those who didn't could live in a land where they had the freedom and opportunity to build wealth. Now the Government of the People is asking the heirs of those who enjoyed the freedom to make those fortunes to give a little back. I think that is just and proper. One can quiblble about the wealth level upon which it should be imposed, and about the rate, but the concept is perfect. When I hear the term “death tax” I am reminded that the military draft, by which our Government called me into the military, was once considered a tax on the masses. For my buddies who didn’t make it back that tax was truly the “death tax.” They died so that those who didn’t could live in a land where they had the freedom and opportunity to build wealth. Now the Government of the People is asking the heirs of those who enjoyed the freedom to make those fortunes to give a little back. I think that is just and proper. One can quiblble about the wealth level upon which it should be imposed, and about the rate, but the concept is perfect.

]]> By: Blog Comment ( No Author ) http://www.vanguardblog.com/2010.01.20/death-to-taxes.html/comment-page-1#comment-7639 Blog Comment ( No Author ) Sun, 26 Sep 2010 03:08:52 +0000 http://www.vanguardblog.com/?p=284#comment-7639 There should be no estate/gift tax. It sends exactly the wrong message. That being if you do everything financially right in life such as: Save, Invest, start or grow a business, pay taxes on what you accumulate and on property you own. After doing this you or your family are punished with a punitive tax is a discrace to this country. There should be no estate/gift tax. It sends exactly the wrong message. That being if you do everything financially right in life such as: Save, Invest, start or grow a business, pay taxes on what you accumulate and on property you own. After doing this you or your family are punished with a punitive tax is a discrace to this country.

]]> By: Blog Comment ( No Author ) http://www.vanguardblog.com/2010.01.20/death-to-taxes.html/comment-page-1#comment-7425 Blog Comment ( No Author ) Mon, 06 Sep 2010 05:33:44 +0000 http://www.vanguardblog.com/?p=284#comment-7425 It is September 5th and our Congress & President are playing politics with us...as usual. This is so very apparent in that they have done nothing to clarify to American families what will happen on Jan. 1 to our estate tax laws. We can't plan, because THEY refuse to plan. This is not leadership or responsibility. This avoidance, cowardice, discord & frustrating politics! Returning to a $1 million exemption for a lifetime of working, saving & paying all kinds of taxes, ignoring 10 years of inflation...seriously?! If this country re-elects this kind of leadership, we'll all be broke in a broken nation in another 10 years. It is September 5th and our Congress & President are playing politics with us…as usual. This is so very apparent in that they have done nothing to clarify to American families what will happen on Jan. 1 to our estate tax laws. We can’t plan, because THEY refuse to plan. This is not leadership or responsibility. This avoidance, cowardice, discord & frustrating politics!
Returning to a $1 million exemption for a lifetime of working, saving & paying all kinds of taxes, ignoring 10 years of inflation…seriously?! If this country re-elects this kind of leadership, we’ll all be broke in a broken nation in another 10 years.

]]> By: Blog Comment ( No Author ) http://www.vanguardblog.com/2010.01.20/death-to-taxes.html/comment-page-1#comment-7286 Blog Comment ( No Author ) Tue, 17 Aug 2010 13:59:39 +0000 http://www.vanguardblog.com/?p=284#comment-7286 WHAT IS THE CURRENT AMOUNT YOU CAN RECEIVE WITHOUT GETTING TAXED ON. I WORKED HARD FOR MY MONEY AND WORK LIKE TO MAKE SURE WHAT IS LEFT IS GIVEN TO MY CHILDREN AND GRANDCHILDREN AND NOT HAVE THEN TAXED TO DEATH. WHAT IS THE CURRENT AMOUNT YOU CAN RECEIVE WITHOUT GETTING TAXED ON. I WORKED HARD FOR MY MONEY AND WORK LIKE TO MAKE SURE WHAT IS LEFT IS GIVEN TO MY CHILDREN AND GRANDCHILDREN AND NOT HAVE THEN TAXED TO DEATH.

]]> By: Blog Comment ( No Author ) http://www.vanguardblog.com/2010.01.20/death-to-taxes.html/comment-page-1#comment-7247 Blog Comment ( No Author ) Thu, 12 Aug 2010 06:06:30 +0000 http://www.vanguardblog.com/?p=284#comment-7247 There shouldn't be an estate tax. If I earn and save money, pay taxes on money, and build wealth on money, then my heirs shouldn't have to pay taxes on it when I die. Taxes have already been paid for. It is a double dip by IRS on it as far as I'm concerned, and that shouldn't be allowed by my representation. It is wrong. There shouldn’t be an estate tax. If I earn and save money, pay taxes on money, and build wealth on money, then my heirs shouldn’t have to pay taxes on it when I die. Taxes have already been paid for. It is a double dip by IRS on it as far as I’m concerned, and that shouldn’t be allowed by my representation. It is wrong.

]]> By: Blog Comment ( No Author ) http://www.vanguardblog.com/2010.01.20/death-to-taxes.html/comment-page-1#comment-7223 Blog Comment ( No Author ) Mon, 09 Aug 2010 17:11:02 +0000 http://www.vanguardblog.com/?p=284#comment-7223 I am all for the estate tax. Give me more money when I live by taxing those born with a silver spoon. People who earn their money should keep more of it, and those who inherit it should pay up to the IRS. I am all for the estate tax. Give me more money when I live by taxing those born with a silver spoon. People who earn their money should keep more of it, and those who inherit it should pay up to the IRS.

]]> By: Blog Comment ( No Author ) http://www.vanguardblog.com/2010.01.20/death-to-taxes.html/comment-page-1#comment-6986 Blog Comment ( No Author ) Tue, 13 Jul 2010 04:33:20 +0000 http://www.vanguardblog.com/?p=284#comment-6986 The Estate/Gift Tax should both be terminated permenantly. They are both immoral. Dying and Gifting should not be taxabe events. The current law allows for 1.3 million inheirited capital GAINS to be untaxed. Thats a lot of gains. If inheirited assets are sold that generate gains above 1.3 million or 4.3 million to a spouse then they would owe capital gains taxes at 15-20 percent. That seems fair. It is estimated that 60,000 individuals would be affected this year by the new law. It is conceivable that it could bring in more revenue than the Estate/Gift taxes did. The Estate/Gift Tax should both be terminated permenantly. They are both immoral. Dying and Gifting should not be taxabe events. The current law allows for 1.3 million inheirited capital GAINS to be untaxed. Thats a lot of gains. If inheirited assets are sold that generate gains above 1.3 million or 4.3 million to a spouse then they would owe capital gains taxes at 15-20 percent. That seems fair.
It is estimated that 60,000 individuals would be affected this year by the new law. It is conceivable that it could bring in more revenue than the Estate/Gift taxes did.

]]> By: Blog Comment ( No Author ) http://www.vanguardblog.com/2010.01.20/death-to-taxes.html/comment-page-1#comment-6938 Blog Comment ( No Author ) Sun, 04 Jul 2010 22:57:15 +0000 http://www.vanguardblog.com/?p=284#comment-6938 I personally believe there should be no estate taxes since we all pay taxes throughout our working lives, but never 45 to 55%, which makes us worth more to the government dead than alive. No estate taxes will probably never happen, so as a compromise I would propose the following: 1. Reinstate the 3.5M tax exemption, but adjust it for inflation each year, and make it permanent. Leave whichever party is in power out of the mix. 2. Any balance over and above the 3.5M exemption, adjusted for inflation, would be taxed at the current capital gains tax rate in effect at the time, with a cap at 49%. The government should never get more than the beneficiaries in my opinion. 3. If the assets over 3.5M exemption are non-income producing such as land, then estate taxes would be deferred until sold. Income producing assets would be taxed on the income produced, and then capital gains tax when sold. 4. To be fair, tax deferred assets such as retirement accounts would still be taxed as ordinary income when distributed, or continue to be allowed to grow tax deferred, the same as the deceased owner would have paid. The RMD would die with the owner. My father left me with some words of wisdom that I have designed my personal estate plan after. I quote "Always leave the next generation of family better off than the last". Handing over 55% of my estate to the IRS makes living up to this quote very difficult. I sincerely hope a fair estate tax plan is adopted soon... I personally believe there should be no estate taxes since we all pay taxes throughout our working lives, but never 45 to 55%, which makes us worth more to the government dead than alive. No estate taxes will probably never happen, so as a compromise I would propose the following:

1. Reinstate the 3.5M tax exemption, but adjust it for inflation each year, and make it permanent. Leave whichever party is in power out of the mix.

2. Any balance over and above the 3.5M exemption, adjusted for inflation, would be taxed at the current capital gains tax rate in effect at the time, with a cap at 49%. The government should never get more than the beneficiaries in my opinion.

3. If the assets over 3.5M exemption are non-income producing such as land, then estate taxes would be deferred until sold. Income producing assets would be taxed on the income produced, and then capital gains tax when sold.

4. To be fair, tax deferred assets such as retirement accounts would still be taxed as ordinary income when distributed, or continue to be allowed to grow tax deferred, the same as the deceased owner would have paid. The RMD would die with the owner.

My father left me with some words of wisdom that I have designed my personal estate plan after. I quote “Always leave the next generation of family better off than the last”. Handing over 55% of my estate to the IRS makes living up to this quote very difficult.

I sincerely hope a fair estate tax plan is adopted soon…

]]> By: Blog Comment ( No Author ) http://www.vanguardblog.com/2010.01.20/death-to-taxes.html/comment-page-1#comment-6805 Blog Comment ( No Author ) Mon, 21 Jun 2010 16:25:49 +0000 http://www.vanguardblog.com/?p=284#comment-6805 The estate tax boils down to two distinct political party views. If you believe that the government should tax and take money from those individuals that have worked hard to accumulate some wealth and then redistribute that money as the "government powerful" descides, who the winners are and who the loosers are, then vote for democrats. If you believe that individuals who have worked hard and have accumulated wealth should have the right to determine who should receive their money ie charity, family or whomever, then vote for republicans. You will get what you vote for. Liberty on the republican side or equality of wealth on the democrat side...which do you want? The estate tax boils down to two distinct political party views. If you believe that the government should tax and take money from those individuals that have worked hard to accumulate some wealth and then redistribute that money as the “government powerful” descides, who the winners are and who the loosers are, then vote for democrats. If you believe that individuals who have worked hard and have accumulated wealth should have the right to determine who should receive their money ie charity, family or whomever, then vote for republicans. You will get what you vote for. Liberty on the republican side or equality of wealth on the democrat side…which do you want?

]]> By: Blog Comment ( No Author ) http://www.vanguardblog.com/2010.01.20/death-to-taxes.html/comment-page-1#comment-6735 Blog Comment ( No Author ) Sat, 12 Jun 2010 14:11:41 +0000 http://www.vanguardblog.com/?p=284#comment-6735 The estate tax situation shows us that our Congress is negligent and derelict in its duty to this country by not passing an estate tax plan for this year. Clearly, fiscal responsibility is foreign to our government! The estate tax situation shows us that our Congress is negligent and derelict in its duty to this country by not passing an estate tax plan for this year. Clearly, fiscal responsibility is foreign to our government!

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