Conrads Burns on firefighters

[PapaG]

spew forth...

what are your favorite political and practical follies...papa g...

if you would like me to expound say so...

go cats...fifi is an athletic black lab who is a great buddy and field trial guy...although not much field trial lately...

Was I wrong in saying the you accept pork so long as you agree with where it is allocated? Because if that wasn't your intent, I suggest you edit your post.

As for my views, they are closer to a Joe Lieberman or a Rudy Guiliani than they are to a George Bush, a John Kerry, a Howard Dean, or a John McCain.

Sadly, there is no room for a strong-security AND socially-conscious candidate in the current climate. So we are all treated to the daily ping-ponging of ad hominem attacks between the far left Dems and far right GOP.

[ChiOCat]

i object to any tax cut to the "wealthy" that forces the lower classes to pick up the difference...example...the so called death tax...it is a subsidy to the wealthy...

i object to any program that unnecessarily diverts disposable income from the middle class to any other class...the middle class should be targeted for future so the middle class can stimulate the economy...

I'm sure those "wealthy" farm and ranch owners struggling to keep the family farm together and pay their death tax owed would beg to differ with you.

[BR GRIZ]

i object to any tax cut to the "wealthy" that forces the lower classes to pick up the difference...example...the so called death tax...it is a subsidy to the wealthy...

i object to any program that unnecessarily diverts disposable income from the middle class to any other class...the middle class should be targeted for future so the middle class can stimulate the economy...

I'm sure those "wealthy" farm and ranch owners struggling to keep the family farm together and pay their death tax owed would beg to differ with you.

The repeal of the "death tax" will not be beneficial to eveyone. I met with a gentleman the other day who has a $1.8m estate consisting primarily of real estate with a basis of $500,000. He is leaving his estate to his son and daughter, and anticipates they will sell the real estate upon his death. He was quite surprised to learn that if he dies this year while we have an estate tax, there will be no tax due, but if he dies after the estate tax has been eliminated, the tax under the above scenario will be in excess of $100,000. Of course the $100,000 due won't be a "death tax," it will be a "capital gains tax" that will then be in effect to help pay for the loss of revenue from the repeal of the estate tax.

[SonomaCat]

i object to any tax cut to the "wealthy" that forces the lower classes to pick up the difference...example...the so called death tax...it is a subsidy to the wealthy...

i object to any program that unnecessarily diverts disposable income from the middle class to any other class...the middle class should be targeted for future so the middle class can stimulate the economy...

I'm sure those "wealthy" farm and ranch owners struggling to keep the family farm together and pay their death tax owed would beg to differ with you.

The repeal of the "death tax" will not be beneficial to eveyone. I met with a gentleman the other day who has a $1.8m estate consisting primarily of real estate with a basis of $500,000. He is leaving his estate to his son and daughter, and anticipates they will sell the real estate upon his death. He was quite surprised to learn that if he dies this year while we have an estate tax, there will be no tax due, but if he dies after the estate tax has been eliminated, the tax under the above scenario will be in excess of $100,000. Of course the $100,000 due won't be a "death tax," it will be a "capital gains tax" that will then be in effect to help pay for the loss of revenue from the repeal of the estate tax.

I haven't dealt with this area of tax law for a long time, so I don't even know the rules anymore ... but latter scenario actually makes more sense to me. It seems like it would be easiest if they just did away entirely with stepping-up the basis upon inheritence and instead have all property retain the same basis in the hands of the children as it did in the hands of the parents. That way, the triggering event is a cash transaction as opposed to a death (which gives it the cute tagline), and the actual gain that was realized by the family would be taxed.

Am I oversimplifying things? Again ... it's been a long time.

[couloir41]

papa g...a admire your political awareness and posture...

that is correct i am in favor of some pork expenditures...for example i am in favor of total funding of the st. mary's aqueduct...i am totally in favor of a long term rebuild of the going to the sun road...i am totally in favor of updating almost any public owned infrastructure that needs it...university campuses...bridges...rural hospitals...almost any public education improvements...etc...in other words projects that potentially benefit all...including the wealthy...the less fortunate...

notice i did not include such things as outright corporate welfare...although some of the above projects could be construed as such...

if i were in seattle i would not support the building of a new professional baseball facility with taxpayers footing the bill...for example...

[BR GRIZ]

i object to any tax cut to the "wealthy" that forces the lower classes to pick up the difference...example...the so called death tax...it is a subsidy to the wealthy...

i object to any program that unnecessarily diverts disposable income from the middle class to any other class...the middle class should be targeted for future so the middle class can stimulate the economy...

I'm sure those "wealthy" farm and ranch owners struggling to keep the family farm together and pay their death tax owed would beg to differ with you.

The repeal of the "death tax" will not be beneficial to eveyone. I met with a gentleman the other day who has a $1.8m estate consisting primarily of real estate with a basis of $500,000. He is leaving his estate to his son and daughter, and anticipates they will sell the real estate upon his death. He was quite surprised to learn that if he dies this year while we have an estate tax, there will be no tax due, but if he dies after the estate tax has been eliminated, the tax under the above scenario will be in excess of $100,000. Of course the $100,000 due won't be a "death tax," it will be a "capital gains tax" that will then be in effect to help pay for the loss of revenue from the repeal of the estate tax.

I haven't dealt with this area of tax law for a long time, so I don't even know the rules anymore ... but latter scenario actually makes more sense to me. It seems like it would be easiest if they just did away entirely with stepping-up the basis upon inheritence and instead have all property retain the same basis in the hands of the children as it did in the hands of the parents. That way, the triggering event is a cash transaction as opposed to a death (which gives it the cute tagline), and the actual gain that was realized by the family would be taxed.

Am I oversimplifying things? Again ... it's been a long time.

My example above should actually have had a $50,000 current basis rather than $500,000, but in any event what I was trying to point out is the repeal of the estate tax will cause some people to pay tax who are not currently required to do so.

Currently the triggering event is a transfer, regardless of the form. A lot of people share your view that the triggering event should only be a transfer for consideration, so I don't think you are oversimplifying.

As you note, current law provides transfers from a decedent get a stepped up basis. For deaths beginning in 2010, however, transfers from a decedent will generally take a carry-over basis, with a basis increase of up to $1.3m for nonspouses. The problem I see with a carry-over basis is one of administration. For example, many, if not most, farmers have no idea what their basis is. It is my understanding that "the plan" is that once repeal of the estate tax is permanent, changing the law back to a stepped up basis will be next on the agenda because administering a carry over basis will not be feasible. My only concern then will be where is the revenue going to come from, or what services are we going to cut.