FlyerTalk Forums - The Penalty Box

Much of the current tax situation is tied to the 2001 tax act that sunsets after 2010. Dividends and capital gain tax rates will go back to their pre-2002 levels after this year if Congress doesn't act. The estate tax, which does not exist in 2010, will return at the pre-2002 level in 2011.

Yikes!:eek:;)

Anglo Large Clawed Otter

Apr 20, 2010 9:37 am

Quote:

Originally Posted by Trustguy (Post 13808359)

In 2011, the tax will be levied against estates in excess of $1 million with a 55% top rate.

Did not realize the threshold had been reduced. Regardless, I'd rather any upward adjustments in tax policy be derived from such a system than by tax increases on couples making less than 250K and individuals making less than 200K. Those with higher incomes are in the best position to shoulder higher tax burdens, as basic necessities (food/shelter/clothing) make up a significantly smaller percentage of their earnings.

Also, I don't think this will dissuade people from accumulating wealth or being entrepreneurial during their lifetimes. Sucks that your kids may not get as much of a free ride once you are gone, but the estate tax doesn't disincentivize your own success. It may spur the children of wealthy people to be a bit more entrepreneurial themselves, rather than Paris Hilton wannabe trustafarians.

Flyer_70

Apr 20, 2010 9:38 am

Quote:

Originally Posted by msv (Post 13808381)

Sure won't affect anyone in my family:rolleyes:

I think Cheepneezy was planning to win the Lottery. Someone ought to let her know.

bdjohns1

Apr 20, 2010 9:38 am

Quote:

Originally Posted by Anglo Large Clawed Otter (Post 13808292)

The current administration is responsible for the statistic. Only individuals making more than 200K per year, and couples making more than 250K will see any tax hike.

I blame the current administration for the fact that I'm not in one of those brackets. :D

sbm12

Apr 20, 2010 9:40 am

Quote:

Originally Posted by colpuck (Post 13808300)

CO has a flickr group now. Shall I upload all the pics of people in overheads to it?

I just added mine. :cool:

I don't have many photos on flickr so I didn't have all that many to add to the collection. Me with Chavon and Ally is a good one, though. :D

Mackieman

Apr 20, 2010 9:40 am

http://n5dux.com/macros/hijack-thread-ford.jpg

belynch

Apr 20, 2010 9:40 am

Quote:

Originally Posted by Anglo Large Clawed Otter (Post 13808352)

Yes. The replacement even came with drink certs. :eek:^

:mad::mad::rolleyes::mad:

I guess I'm relegated to being only a General Member this year. I'm getting no love.

colpuck

Apr 20, 2010 9:40 am

Quote:

Originally Posted by Flyer_70 (Post 13808424)

I think Cheepneezy was planning to win the Lottery. Someone ought to let her know.

She can't that's MY plan...

sbm12

Apr 20, 2010 9:42 am

Quote:

Originally Posted by jrzyshawn (Post 13808164)

On this edition of WWTBD? jrzyshawn is looking for a Starwood hotel recommendation from the collective wisdom of the Box.

Sheraton Hong Kong Hotel & Towers in Kowloon for $2,000 HKD or Le Méridien Cyberport on Hong Kong Island for $1,300 HKD

I am arriving in HKG at 10:30 PM. From what I remember the Sheraton is just a few blocks from the MTR, but I could be wrong.

Definitely not Cyberport. WAY out of the way unless you are doing business out there.

Anglo Large Clawed Otter

Apr 20, 2010 9:42 am

Quote:

Originally Posted by Hartmann (Post 13808383)

I thought the tax credits were the creation of W *oh my* and the Obama administration simply allowed the two highest bracket cuts to expire, but leaving the rest.

Some are indeed holdovers from the Bush years, and some are new credits created by the American Recovery and Reinvestment Act (Stimulus).

Trustguy

Apr 20, 2010 9:42 am

Quote:

Originally Posted by Anglo Large Clawed Otter (Post 13808423)

Also, I don't think this will dissuade people from accumulating wealth or being entrepreneurial during their lifetimes. Sucks that your kids may not get as much of a free ride once you are gone, but the estate tax doesn't disincentivize your own success. It may spur the children of wealthy people to be a bit more entrepreneurial themselves, rather than Paris Hilton wannabe trustafarians.

Trustafarians existed even when the estate tax threshold was $600k. The lower limit will just make the planning vehicles more creative in order to postpone or avoid the tax. Attorneys and accountants rejoice!

Mackieman

Apr 20, 2010 9:43 am

Quote:

Originally Posted by Trustguy (Post 13808463)

Ah, the joys of being poor. :D

Anglo Large Clawed Otter

Apr 20, 2010 9:44 am

Quote:

Originally Posted by Trustguy (Post 13808463)

Trustafarians existed even when the estate tax threshold was $600k. The lower limit will just make the planning vehicles more creative in order to postpone or avoid the tax. Attorneys and accountants rejoice!

:D^

msv	Apr 20, 2010 9:45 am

Quote:

Originally Posted by Flyer_70 (Post 13808424)

I think Cheepneezy was planning to win the Lottery. Someone ought to let her know.

Cheepneezy - I bought a megamillions and powerball ticket this week. Will try and only win one so we can share:D

Hartmann

Apr 20, 2010 9:47 am

Quote:

Originally Posted by Anglo Large Clawed Otter (Post 13808461)

Some are indeed holdovers from the Bush years, and some are new credits created by the American Recovery and Reinvestment Act (Stimulus).

While I enjoy the tax cuts, the current budget is unsustainable beyond 3-5 years according to most economics folks, even if the economy in general improves. The talk of a VAT has been fairly rampant and I'm still not sure how I feel about it. If they do decide to go through with a VAT, I'd like to see a simplified tax code, something like Paul Ryan is suggesting.

My theory is, if we are paying taxes, we deserve to know how they are being collected and a simplified system is one way to do it, plus it makes it harder to create loopholes.

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