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Are we STUPID - Double Taxation: Death tax - inheritance tax

Double Taxation: Death tax - inheritance tax

I have to ask - are you stupid?
Forgive me, maybe it is congress and the pro “tax the Rich” yahoos who believe we’re stupid.?

I’ve been hearing several commenter’s on TV say that we should tax the rich more because they deserve to pay more. After all, all those greedy rich people can afford it right. Or the woman who made me laugh because she said that "the rich should be taxed more because they have so much money and are sitting home doing nothing and being unproductive".

What? Poor people hanging at home playing their $300 dollar Xbox360 collecting welfare or food stamps are more productive?????

Look, I don’t love rich people and like poor people, you have the good and the bad. But my problem with taxes is that the Government who wants to "suck up" to struggling voters by saying their going after the greedy rich people & forget to mention that those tax proposals effect the poor as well as the rich. And using the same kind of thinking to this fact is - poor people can not afford to pay more taxes.

Taxation for the rich harm the Poor

Here is a perfect example of why government is lying to our faces as they say that they will only tax the rich - much like Presidents Obama promise about you keeping your healthcare plan if you like it..

Inheritance Tax [ Death Tax ]

death tax yuthink After working hard all their lives a poor person who has paid taxes when earned [ payroll tax ] , who has paid taxes thru tolls, sales tax, real-estate tax and more is taxed again at death. Yes, even after all those taxes [ call it what you want by any other name it is a tax ] poor people are taxed even after death - called inheritance tax - better known as death tax.

Even a poor person with a value of $10,000 after death leaves a Tax burden of $1800 dollars [ a 18% tax ].

Now I want you to think about this as you listen to all those “hey tax the rich and all that” people. When government talks about taxes it basically means everyone gets taxed. Rich, middle class and poor. The only differnce is that the Rich are friends with the same congressmen who promised to raised taxes on the rich and he/she will create loopholes for the rich. Think about it:

1- the Rich can pay lobbyist to get congress to give them loopholes [ avoid taxes ].
2- they can afford to pay for smart people to find ways to protect them from excessive taxation.
3- Rich people can move their money out of the country and just passed the cost on to you [ employees, cost of purchases and more ].

Yet, we the average person does not have any of these opportunities to avoid taxation. In fact we get taxed even before we get paid. But don’t worry they wont tax the poor - those who make $250k a year, or was it $200k or like Joe Biden let slip in a speech - people under $100k.

But hey, your poor, you don’t make $250,000 dollars a year so your safe - right?

Let’s say your 80 yrs old and you have worked all your life - not rich, nor middle class - but you scrapped and struggled to buy a home save some money and all along the way the government has taxed you each step you took to move forward. You paid taxes on your earnings, you paid taxes when you bought stuff with your taxed income, you paid taxes to buy your home, pay for your loan and real estate taxes to own the home you pay for.

Then you die…. But before you die you write a will and you want everything you worked so hard for to go to your kids, who knows maybe it was your plan along - to leave money for your family so they would not have to work as hard as you have all your life..

Lets say you are estimated to be worth $250,000 dollars - What? I’m poor not rich!

Well, you have a home that is worth $125k, a car that is worth $12k, you’ve saved up to $50K and you throw in their a small 401k plan and the government says your worth $250k - which is being transferred to your heirs.

So at a small 34% tax rate [ at 2010 - may change upward ] your heirs have to pay - $70,800 dollars in taxes.

So after paying for the funeral, putting your affairs in order and the taxes needed to pay - they might be left with the house if their lucky. But hey, don’t forget - it’s only for the rich.

I know - you don’t care because your dead

I know - why should death tax bother you - your dead.

So, if it doesn’t bother you that after so much taxation - nothing improves, oh, except for the senator and representatives who get a raise every year despite the economy. The same people who get a salary for life and full health benefits that is paid by the social security fund we all pay into but may not might be able to benefit from. Oh, but don’t worry - they are only going after the rich in order to help the poor.

I guess we are stupid.

I remember several years ago when 60 minutes showed how government spending was running ramped in Washington - remember the $500 hammer or $100 Oreo cookie? But hey, they get free haircuts, free lunch, cars, have lobbyist throwing money at them and every problem they try to fix is done by blindly throwing money at it - money that they steal from the social security fund [ filled with IOU’s ]. Then they turn around and say - hey, we can pay for this - we’ll raise taxes again - but only on the rich.

No, I am not for more “Tax breaks” for the rich - I am for fiscal responsibility and cutting government waste. A bigger government does not mean better government - just more expensive government. But they don’t want you and I to talk about that - they want us to give our votes to them because they are only going to “Tax” the rich.

Tentative tax
The tentative tax is based on the tentative tax base, which is the sum of the taxable estate and the "adjusted taxable gifts" (i.e., taxable gifts made after 1976). The federal estate tax is repealed for one year in 2010 and will return to 2001 rates and rules in 2011. For decedents dying after December 31, 2010, the tentative tax will be calculated by applying the following tax rates:
For amounts not greater than $10,000, the tax liability is 18% of the amount.
For amounts over $10,000 but not over $20,000, the tentative tax is $1,800 plus 20% of the excess over $10,000.
For amounts over $20,000 but not over $40,000, the tentative tax is $3,800 plus 22% of the excess over $20,000.
For amounts over $40,000 but not over $60,000, the tentative tax is $8,200 plus 24% of the excess over $40,000.
For amounts over $60,000 but not over $80,000, the tentative tax is $13,000 plus 26% of the excess over $60,000.
For amounts over $80,000 but not over $100,000, the tentative tax is $18,200 plus 28% of the excess over $80,000.
For amounts over $100,000 but not over $150,000, the tentative tax is $23,800 plus 30% of the excess over $100,000.
For amounts over $150,000 but not over $250,000, the tentative tax is $38,800 plus 32% of the excess over $150,000.

How do you know your getting old?

How do you know your getting old?

Here is a good question: How do you know your getting old?

I have been noticing that beside the fact that my age is showing - you know, grey hair, wrinkles, tiring easily and the hair thing….. I have also notice the not so subtle things that scream “old” to those around me.

Take for instance:

funny old age jokes
1- A new fashion craze seems oddly similar to an old fashion when you were a kid.

2- You like new hip music because unknowing to you it sampled an old favorite song of yours.

3- New tv shows, movies and so forth annoys you because it doesn’t do justice to the original series.

4- When you try to help your kids with their homework you find out that “NO” you are not smarter than a fifth grader.

I guess the biggest clue I had in realizing how age is creeping up on me is this one obvious clue -

I was sitting at work, I got up and realized I had some how sprained my ankle. I figure I’d walk it off - not good. I figured that I would bounce back and tomorrow I would be back to normal, my old self…. I woke up the next day and I found I could not walk. As I sit here missing work hoping that my ankle gets better if I just stay off of it for a while, I realized this one thing: Old age sucks!

How cheap is your Boss

How cheap is your Boss?

So, everyone knows that times are tough, that the economy is hemorrhaging and things are tight. But I was wondering:

How cheap is your Boss?

I ask because I realized that my boss is extremely cheap. I mean really cheap.
Now I’m not saying this because I am some disgruntled employed who wants a raise or is unhappy at his job. I like my job, I enjoy it….. Even with the bad days and some crazy customers. But I believe that my boss may be the cheapest B@stard in the entire world.

Let me explain:

Four months ago, one of the only two staplers in my office disappeared. Just disappeared… poof, gone. So I emailed my supplies department and asked for a new stapler. I was told that they would see what they could do for me ????

yuthinkSee what they could do? That should have been my first clue.
One month later I had nothing and called again, again the same response. Two months later I called, sent my fifth email and still… they will see what they can do????

Three months and I was pissed, mad and angry. So I called and sent several not so light hearted emails and the response I got was… “Well let me ask the big boss if it’s ok to order you a new stapler?”

What the hell? Ask the big boss. Why would they bother the big guy about a simple stapler? One more moth passes and it’s now 4 month later no stapler. I called again and ask half heartedly: can I please get a stapler….. This time I was asked: “why do you need two staplers?” I bit flustered I explained that there are three people working here and we share two samplers when we have customers…. We have been getting by with one stapler but it’s hard when we each have a customer and I have to walk over to the other desk to borrow a stapler [ not professional you now ].

Two days later a brander new but very cheap stapler arrive at my office. I couldn’t believe how cheap they were, but that wasn’t even the worst of it. When my manager showed up I told him how hard it was for me to get a stupid stapler, he said “your lucky, the other office had to buy their own stapler”….. What, the employee had to pay for their own supplies? I know, a stapler is not that expensive but Geez….. Give me a break, is that why they took so long to get me a stapler - were they hoping that I would break down and use what little they pay me [ my own money ] to buy a stapler so I could do my job?

I wonder, is your boss cheaper than mine?

Did “Internet” really change the world?

Did the “Internet” really change the world?

I remember when I first realize the potential of the internet - it turns out that I was totally wrong.
It’s amazing, the internet was suppose to change the world. People were talking about how we would live in a better world because the internet would allow us to be a paperless society - save the planet. Or it would make the sharing of information faster so education would grow…. Not.

In the end, the internet brought out one thing - the worst in us.

What brought this all on. I was here at home on my day off. I figure I would take some time to be productive. You know get something’s done. Soon I found myself in front of my laptop - you know to do some bill paying, banking, investing, something productive… nope.

I pulled my eyes away from my laptop screen long enough for slowly focus my eyes to check what time it was… can you believe I spent four [ 4 ] hours online. Want to know what I did….? Nothing productive I can tell you that much. The highlight of my time online was this:

Funny isn’t it. Made me laugh.

But I guess now that I’ve spent another thirty minutes playing on my blog I will buckle down and do some productive work online…. I hope.
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