U.S. House passes estate tax repeal

[O Really]

No effort on my part and not $18 per pound. O Really, eat your heart out.

Nor is the Colonel fresh grouper. Hypostomus plecostomus, maybe.

[Sometime Lefty]

In addition the real estate value is calculated off of the cost basis which is an entirely different set of figures. Really, ya'll should at least know what you are talking about before trying to argue this!

Not really, the property is taxed on the value of the property the day the owner dies. Not the "cost basis". Really, ya'll should at least know what you are talking about before trying to argue this!

[Roland Deschain]

In addition the real estate value is calculated off of the cost basis which is an entirely different set of figures. Really, ya'll should at least know what you are talking about before trying to argue this!

Not really, the property is taxed on the value of the property the day the owner dies. Not the "cost basis". Really, ya'll should at least know what you are talking about before trying to argue this!

Wrong answer...at least partially. The value the day the owner dies is used to determine the taxable value once the cost basis is determined....and it is not just property it is all the assets in the estate.

[O Really]

Here's what the IRS says.. http://www.irs.gov/Businesses/Small-Bus ... Estate-Tax

Of course, they could have the "wrong answer" too.

[Roland Deschain]

Here's what the IRS says.. http://www.irs.gov/Businesses/Small-Bus ... Estate-Tax

Of course, they could have the "wrong answer" too.

It consists of an accounting of everything you own or have certain interests in at the date of death (Refer to Form 706 (PDF)).

That accounting is where the cost basis is determined.

[O Really]

Here's what the IRS says.. http://www.irs.gov/Businesses/Small-Bus ... Estate-Tax

Of course, they could have the "wrong answer" too.

It consists of an accounting of everything you own or have certain interests in at the date of death (Refer to Form 706 (PDF)).

That accounting is where the cost basis is determined.

Oh. I guess they didn't know that:
"The fair market value of these items is used, not necessarily what you paid for them or what their values were when you acquired them."

But anyway, what difference does it make? Have you found a "right answer" to the percentage of taxpayers affected by the estate tax?

[Roland Deschain]

Oh. I guess they didn't know that:
"The fair market value of these items is used, not necessarily what you paid for them or what their values were when you acquired them."

But anyway, what difference does it make? Have you found a "right answer" to the percentage of taxpayers affected by the estate tax?

Look I know all you fools are interested in is arguing and you will twist and spin anything in an effort to make things look in your favor. So, let me see if I can dumb this down for you so you idiots will understand. The cost basis is determined through the 706...then the FAIR MARKET VALUE is applied and those two numbers are compared. The basis is subtracted from the MARKET VALUE (the basis is usually less) and any tax is levied on the difference. Now run off and google up another information piece to post attempting to disprove what I am being told by someone who has done this for 15 years!

[O Really]

Oh. I guess they didn't know that:
"The fair market value of these items is used, not necessarily what you paid for them or what their values were when you acquired them."

But anyway, what difference does it make? Have you found a "right answer" to the percentage of taxpayers affected by the estate tax?

Look I know all you fools are interested in is arguing and you will twist and spin anything in an effort to make things look in your favor. So, let me see if I can dumb this down for you so you idiots will understand. The cost basis is determined through the 706...then the FAIR MARKET VALUE is applied and those two numbers are compared. The basis is subtracted from the MARKET VALUE (the basis is usually less) and any tax is levied on the difference. Now run off and google up another information piece to post attempting to disprove what I am being told by someone who has done this for 15 years!

I have zero interest in arguing over tax accounting. I don't care.
I am interested in knowing if the .002 percent figure for those affected by the estate tax is correct or not. If it is incorrect, I'd be interested in knowing what percentage is affected. How they calculate the value is a hill of beans to me.

[Sometime Lefty]

In addition the real estate value is calculated off of the cost basis which is an entirely different set of figures. Really, ya'll should at least know what you are talking about before trying to argue this!

Not really, the property is taxed on the value of the property the day the owner dies. Not the "cost basis". Really, ya'll should at least know what you are talking about before trying to argue this!

Wrong answer...at least partially. The value the day the owner dies is used to determine the taxable value once the cost basis is determined....and it is not just property it is all the assets in the estate.

No, as I said real estate has no cost basis, its taxed at the value on the day you died. You need a new boyfriend. if you paid 10,000 for a piece of land and it is worth 1,000,000 the day you died or if you paid 1,000,000 and on the day you died it was worth 10000, the worth on the day you died is what your tax bill is figured upon. Real estate only not stocks and bonds and other financial vehicles. It matters not what you paid for the land or the fluctuations of price it went through while you owned it, but what it was worth the day you died.

[Roland Deschain]

OK...I owe everyone here an apology. The cost basis is used to determine the INCOME tax amount of the estate not the estates taxable value. I had two different issues combined in my head. However, not using cost basis to determine estate value makes it even more susceptible to taxation.
O'really I'm not sure if accurate data on the .02% percetage figure can be found. However that is two out of every thousand and she CURRENTLY has two open here in Henderson county that will be taxed. Those are currently open, not counting those she recently closed. It seems that logic would dictate that if Henderson County NC's rate is higher then the nations is as well.

[O Really]

Good man - You probably still know more about taxes than I.
But I still say that the tax affects only a small minority of people. Whether it's 2 out of thousand or 2 out of a hundred, it's low. So if the top 1% of people in the US earn at least $380K, it's still fewer than that affected, because it's total value of stuff, less exemptions. I wouldn't doubt there are people in WNC that could be affected. There are a lot of wealthy people around here - some really really majorly wealthy. But that was my original point - the Republicans have proposed eliminating a tax that affects only the very wealthy.

[GoCubsGo]

OK...I owe everyone here an apology. The cost basis is used to determine the INCOME tax amount of the estate not the estates taxable value. I had two different issues combined in my head. However, not using cost basis to determine estate value makes it even more susceptible to taxation.
O'really I'm not sure if accurate data on the .02% percetage figure can be found. However that is two out of every thousand and she CURRENTLY has two open here in Henderson county that will be taxed. Those are currently open, not counting those she recently closed. It seems that logic would dictate that if Henderson County NC's rate is higher then the nations is as well.

Thank you, here is an article I found that helps explain the taxation in terms most people can understand. It does confirm O Really's assertion. Also, with a little planning, which is not prohibitively expensive, family farms etc. can work around it. I think I even read somewhere that if the farm stays in the family and is continuously farmed for 10 years it is not subject to estate tax.

http://www.cbpp.org/research/ten-facts- ... ew&id=2655

[bannination]

OK...I owe everyone here an apology.

[bannination]

The sad thing is, they only pay taxes on that amount that's above 5.4 million dollars.

[O Really]

The sad thing is, they only pay taxes on that amount that's above 5.4 million dollars.

$5.4 mill per person - after exclusions.

[GoCubsGo]

The sad thing is, they only pay taxes on that amount that's above 5.4 million dollars.

$5.4 mill per person - after exclusions.

Hence the .02%

[Mr.B]

"OK...I owe everyone here an apology."

*************** That Was Easy!

[Roland Deschain]

The sad thing is, they only pay taxes on that amount that's above 5.4 million dollars.

$5.4 mill per person - after exclusions.

Hence the .02%

Based on what happens here locally that number is far from accurate. As I stated earlier I know that there are currently two estates open that will owe tax. That's two at the same time in the Henderson County area. Not to mention the myriad of others that have closed out and are complete. I'm not saying it is some huge percentage but I am sure it is more than .02%. I read somewhere that .02% would equate approximately TWENTY of all the estates filed. That means that this area hold 10% of the NATION'S total estate tax burden. Just doesn't make sense.

[GoCubsGo]

The sad thing is, they only pay taxes on that amount that's above 5.4 million dollars.

$5.4 mill per person - after exclusions.

Hence the .02%

Based on what happens here locally that number is far from accurate. As I stated earlier I know that there are currently two estates open that will owe tax. That's two at the same time in the Henderson County area. Not to mention the myriad of others that have closed out and are complete. I'm not saying it is some huge percentage but I am sure it is more than .02%. I read somewhere that .02% would equate approximately TWENTY of all the estates filed. That means that this area hold 10% of the NATION'S total estate tax burden. Just doesn't make sense.

See figure 1. Read the article.

Also, Henderson County is the first or second wealthiest county in WNC. No big surprise.
http://www.cbpp.org/research/ten-facts- ... ew&id=2655

[Vrede too]

http://www.reuters.com/article/2015/04/ ... mesticNews

Republicans and balanced budget, two words that never belong together.

FTA:

Repealing the tax would boost the federal deficit by about $269 billion over 10 years, according to Congress' Joint Committee on Taxation.

FTA:

Few Americans pay the 40 percent tax on assets above the $5.4 million exclusion amount. About 5,400 estates, equal to 0.2 percent of taxpayers, will owe such taxes in 2015, according to the JCT.

Conclusion:
Republicans work for the .2 percent richest taxpayers. That's a tea party victory I suppose.


EDIT: Roll call link: http://clerk.house.gov/evs/2015/roll161.xml

Since you brought this up:

Tax Ben & Jerry

Petition by Ben & Jerry

To be delivered to Senate Democrats

If Senate and House Republicans have their way, they will eliminate the estate tax, which affects only the wealthiest 0.2% of taxpayers. Repealing the estate tax would hurt our economy and be fundamentally unfair. Senate Democrats: Stand with us—and stay united against the repeal.