Something all bills fans should be paying attention to!!

[mackey789]

http://story.news.yahoo.com/news?tmpl=story&cid=514&e=3&u=/ap/20030618/ap_on_go_co/estate_tax_11

Today the House of Represenatives voted to permanately end the estate tax. This is a very important issue due to the fact that if Ralph Wilson dies, and the estate tax is still in place, his family will have a difficult time paying it. If the estate tax is taken away, his family will have a MUCH MUCH easier time keeping this team in their name. Lets hope is it abolished! It's a very important issue that we should all be paying attention to.

[Doc]

I heard the Senate isn't likely to pass it.

[imbondz]

not to worry. I'm going to buy it. I'll have plenty of zbs by then.

[Stewie]

The estate tax needs to be repealed.. If I remember correct (I wrote about this in an economics class), estate taxes kick in for value of all your goods over $600,000. That means if you toil your whole life, own a $200,000 house, and have $400,000 saved up/life insurance when you die you're considered rich and the government takes half. The $600,000 hasn't increased since 1976. $600,000 was a lot more then than it is now...

[SoCalBillsFan]

its double taxation...you pay tax on what you earn, and then when you die your family has to pay taxes on what you still have. Its terrible.

[venis2k1]

:spanku:

[WG]

People :spanku: U.S. Senate/Gov't.

[Jan Reimers]

The so called "death tax" is one of the most unfair burdens ever imposed by our government. Each year, many small, family owned businesses must be sold - rather than passed on to the next generation - because the owner dies and the heirs cannot pay the rapacious estate taxes.

If not repealed, the death tax will make it very difficult for the Wilson family to retain the team when Ralph passes.

[Turf]

The problem is if it passes, I don't think it will be available for several years.

[Jan Reimers]

I agree. There probably are not enough conservative votes in the Senate to repeal it.

[Earthquake Enyart]

Ralph will be kept alive by computers until the law takes effect.

Then one of his handsome daughters will take over.

[Ebenezer]

Originally posted by Earthquake Enyart
Then one of his handsome daughters will take over.

what?? are you drunk already?? handsome?? isn't that a trait that describes a man??...oh, now I get it...nevermind


seriously, the threshold needs to be increased...the tax was enacted to prevent the development of an aristocracy...Bill Gates kids don't need $40 Billion...even he says that. A good threshold would be $25 million.

[Jan Reimers]

Maybe the family will do an ongoing Weekend At Bernies kind of thing with him.

[Stewie]

I dont think you can put a flat number value on it.. Thats what got us to this spot in the first place...

They need to start at a reasonable number (Like 5 million) and then index it to inflation.

[lordofgun]

How about just eliminating it? There's a novel concept. :rolleyes:

[Ebenezer]

Originally posted by paulB
They need to start at a reasonable number (Like 5 million) and then index it to inflation.

See above...I said $25mil...you don't need to index it to anything...if 600,000 had been indexed to inflation it still would not have been $5 mil...$25 mil will cover the next 100 years or more.

[Jan Reimers]

Yes. The death tax needs to be completely eliminated. It is the worst form of double taxation, causing families to have to sell homes and businesses which were built with hard work and sacrifice over many years.

The government is the biggest criminal enterprise in this country.

[lordofgun]

Property taxes are just as bad. :D

[Novacane]

Originally posted by SoCalBillsFan
Its terrible.



Yes it is. The goevernment are a bunch of crooks!

[Stewie]

Originally posted by Ebenezer


See above...I said $25mil...you don't need to index it to anything...if 600,000 had been indexed to inflation it still would not have been $5 mil...$25 mil will cover the next 100 years or more.

We hope :)

[Crinoline]

> Property taxes are just as bad.

Amen to that. I pay more in property tax than I do on my mortgage. That is just criminal.

[Stewie]

My girlfriends parents are moving to north carolina in 3 years when he qualifies for retirement from UPS.. they already have a plot of land purchased, and he says that if he builds the same size house, at current rates, he'll pay the same amount of property tax in 4 years down there as he pays in 1 year here.. now THATS criminal...

[Ebenezer]

Originally posted by paulB
My girlfriends parents are moving to north carolina in 3 years when he qualifies for retirement from UPS.. they already have a plot of land purchased, and he says that if he builds the same size house, at current rates, he'll pay the same amount of property tax in 4 years down there as he pays in 1 year here.. now THATS criminal...


He'll also get very little in the amount or quality of services.

...I'll use Hillsborough County (tampa) and Jacksonville, Florida (where we have families) as examples...

Their local municipal employees make less...this includes all the little grunts as well as the politicians (hence, the little blue collar man makes very little money)...they do not need snowplowing or road reconstruction (major money in WNY)...fire stations will be farther away...there is less police (response time is horrible)...the teachers there make far less...the schools are weaker...

say what you want about local politicians but in the end you get what you pay for...


...these areas also have county governments unlike NY, thus there is no duplication of services...however, kids as young as 5 get bused across the county to school...NYS constitution does not allow for cities to suck up suburbs into larger metro areas so we cannot compare...also, I don't see people in WNY flocking to support a county gov't...all I hear is how they don't want to give a penny to the city...

[Lone Stranger]

Ebenezer has a good handle on this. The estate exemption should be increased to at least 25 million; this, however would not help the Bills. Repeal of the estate tax will not take place unless and until the Republicans take firmer control of Congress.This might happen in 2004 if the economy improves and the Iraq situation improves as well. Otherwise, the Democrats have enough influence currently to prevent repeal of the estate tax......in my opinion.

[Ebenezer]

Originally posted by fmr60
This might happen in 2004 if the economy improves and the Iraq situation improves as well. Otherwise, the Democrats have enough influence currently to prevent repeal of the estate tax......in my opinion.


Economy and Iraq are tall orders...is weakening the US dollar a long term benefit?? do the Iraqi's even want us there?? If the Dems can get anybody but Hillary in 2004 they could make it a real race. Not only that, but any law that is enacted can be repealled in a heart beat...just one election can reverse everything...the ceiling debate is one thing...it should be increased...the full repeal is another...it will never happen permenently.

[Lone Stranger]

I believe the Republicans will do better than you imply in 2004. However, I also agree that repeal of the estate tax is a very tough sell.

[Ebenezer]

Originally posted by fmr60
I believe the Republicans will do better than you imply in 2004. However, I also agree that repeal of the estate tax is a very tough sell.

There is no real way of knowing...however, should the market stick around 8,000 (or less), we fail to "find" Saddam or WMD and problems in Iraq (or other parts of the Middle East) get testy he could be a one-termer.