The rich get richer and richerer

[LotusBud]

As Republicans bellyache about Democrats not balancing the budget, a new report reveals that a massive Trump administration estate tax giveaway that particularly served the ultra-rich sparked a

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from the taxes.

Estate tax payments dropped from $20 billion to just over $9 billion last year, Bloomberg reported, based on its

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.

American billionaires, meanwhile, have doubled their collective net worth to more than $5 trillion in just over five years.

The “dramatic decline” in estate tax revenue is largely the result of the Republicans’ 2017 tax overhaul, which doubled the amount the wealthy can pass to heirs without paying any estate tax, Bloomberg noted.

Married couples can now transfer $23.4 million over their lifetimes tax-free.

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[Lily]

They only get away with it because they've convinced right leaning individuals that they're not worthy of a just economic system.

 

[The Prowler]

Instead of constantly whining about other people making money, why do you fuckwits never seem to be happy about how easy it is to live a nice, comfortable, and fulfilling life?

You seem to only care about money. Mostly other people's money.

BTW, my wife and I track our investments in a spreadsheet. Nothing very elaborate - basically just broken down to each form of investment with each financial institution.

Last month our investments increased by $40,792. That was a great month for us.

Now that is CAD; in USD that is about $32,245.

Also, like I said, that was a great month for us, and might be a little misleading. In the last year our investments only increased $149,726. But that is net, after moving some investment assets into our bank account so we can pay living expenses, etc..

Given that we are in the period of our lives that we are prepared to see our net worth decrease, this is very good news.

I hope you two whiny assholes can share in my joy!!!!

 

[Dove]

Why shouldn't Republicans belly ache about that? The government already takes TONS of tax and they fucking WASTE it, Lotus.

Their spending is ghoulish. And it shouldnt be allowed. There is reason why people more taxing and its NOT because they are "greedy".

Its doesnt matter how rich the rich are. The REAL problem is wasteful government spending and over regulation that kills jobs.

Why should they take MORE when they dont even do right with what they already take? You are just arguing for more rich people getting richer and the rest of us getting less. Why dont we demand where our money goes, stop the grotesque waste and see how we are doing before continuing to tax everything? You say Republicans are belly aching over the budget as if it's not a real problem. It IS.

I swear dems/progs are like high maintenance girlfriends who are gold digging the working/middle class, throwing the money you already get down the drain and whining for more.

 

[DDT]

Not sure where I stand on this... Canada doesn't have an estate tax. You can transfer your assets to whoever you want tax free. There is no upper limit.

 

[The Prowler]

Not sure where I stand on this... Canada doesn't have an estate tax. You can transfer your assets to whoever you want tax free. There is no upper limit.

Once any income tax is paid. This can be significant since any capital gains, RRSP and RRIF amounts, etc. could drive the tax bracket up there.

But that is fair.

 

[DDT]

Once any income tax is paid. This can be significant since any capital gains, RRSP and RRIF amounts, etc. could drive the tax bracket up there.

But that is fair.

That's true, but understandable that capital gains are taxed, as well as RRSP's, since that was a tax deferral to begin with.

Otherwise, Canada is pretty favourable when it comes to wealth transfer.

 

[The Prowler]

Once any income tax is paid. This can be significant since any capital gains, RRSP and RRIF amounts, etc. could drive the tax bracket up there.

But that is fair.

That's true, but understandable that capital gains are taxed, as well as RRSP's, since that was a tax deferral to begin with.

Otherwise, Canada is pretty favourable when it comes to wealth transfer.

I agree.

I think this is the preferable system (versus high estate taxes) for a number of reasons.

Not the least of which is concern for the environment. High estate taxes encourages people to spend their money before they die.

"Might as well use it up instead of giving it to the government."

That promotes buying unnecessary "things", all of which will carry a carbon footprint. It would also encourage other unnecessary spending like going on trips, for instance. I am not against spending money for entertainment, but when it is done simply to avoid taxes, that encourages excess spending which inevitably increases pollution.

 

[DDT]

Yup. When I executed my Mothers will, the one thing they got me on was the house, since it was in her name when I sold it. Probate tax got me for $10,000 on the house value, which sold for $800,000.

 

[The Prowler]

Yup. When I executed my Mothers will, the one thing they got me on was the house, since it was in her name when I sold it. Probate tax got me for $10,000 on the house value, which sold for $800,000.

Do you know how it works if she would have sold the house before she died?

I mean, if it was her primary residence, then she would not have to pay capital gains. So the money could just go into a bank account. And then say she rented for a period of time before she died.

Then would you have avoided that probate tax?

I just Googled it. It sounds like probate fees are applied on almost all assets, with a few exceptions. So my answer is "No, you could not avoid those probate fees if she still had the money in a bank account."

 

[DDT]

Do you know how it works if she would have sold the house before she died?

I mean, if it was her primary residence, then she would not have to pay capital gains. So the money could just go into a bank account. And then say she rented for a period of time before she died.

Then would you have avoided that probate tax?

I just Googled it. It sounds like probate fees are applied on almost all assets, with a few exceptions. So my answer is "No, you could not avoid those probate fees if she still had the money in a bank account."

How it works is, is that financial assets that have a designated beneficiary (in this case me) are exempt from probate tax.

I put up the house for sale while she was still alive, and even though the house sold fairly quickly, she unfortunately passed before the sale was completed.

Had it sold while she was still alive, I could've just put those funds in either her account or mine (I had full power of attorney), probate tax free. At the time she was in hospice care, so not living at the house, but it was her primary residence.

So property is one thing that may be wise to sell or transfer while the owner is still alive...

 

[The Prowler]

Do you know how it works if she would have sold the house before she died?

I mean, if it was her primary residence, then she would not have to pay capital gains. So the money could just go into a bank account. And then say she rented for a period of time before she died.

Then would you have avoided that probate tax?

I just Googled it. It sounds like probate fees are applied on almost all assets, with a few exceptions. So my answer is "No, you could not avoid those probate fees if she still had the money in a bank account."

How it works is, is that financial assets that have a designated beneficiary (in this case me) are exempt from probate tax.

I put up the house for sale while she was still alive, and even though the house sold fairly quickly, she unfortunately passed before the sale was completed.

Had it sold while she was still alive, I could've just put those funds in either her account or mine (I had full power of attorney), probate tax free. At the time she was in hospice care, so not living at the house, but it was her primary residence.

So property is one thing that may be wise to sell or transfer while the owner is still alive...

Ahhh. I read here something different:

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"The amount of the fee is based on the total value of the property in your estate when you die."

"It also includes personal property, such as jewellery, furniture, investments, and bank accounts."

That is in Ontario. And it might be wrong for all I know.

 

[DDT]

Ahhh. I read here something different:

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"The amount of the fee is based on the total value of the property in your estate when you die."

"It also includes personal property, such as jewellery, furniture, investments, and bank accounts."

That is in Ontario. And it might be wrong for all I know.

BC is the same, except the probate fees may be different. The important thing to know, is that all accounts with a designated beneficiary don't go through probate. That's why you must make sure every bank account you hold funds in has a designated beneficiary attached to it, otherwise it will go through the estate and thus probate taxed.

 

[DDT]

And if you have a regular chequing account, you can turn that into a joint account to avoid probate also. I simply transferred all the funds to my account before my Mother died, which I could do with full power of attorney, to avoid probate.

 

[The Prowler]

And if you have a regular chequing account, you can turn that into a joint account to avoid probate also. I simply transferred all the funds to my account before my Mother died, which I could do with full power of attorney, to avoid probate.

That is a good idea.

One concern I have is that if I let people know who are my beneficiaries, those people have incentive to have me killed.

That throws a bit of a wrench into estate planning...

 

[DDT]

That is a good idea.

One concern I have is that if I let people know who are my beneficiaries, those people have incentive to have me killed.

That throws a bit of a wrench into estate planning...

You don't have to let anyone know who the beneficiary is. Your TFSA, RRSP's, Life Insurance Policies, etc. You can name the local SPCA animal shelter if you want as a beneficiary (although in some Provinces your family could contest you giving everything away to the SPCA). Nobody has to know.

The beneficiary would only ever be found out by the person you designate to execute your will, when that time comes... And his/her job would be to distribute those funds directly to said beneficiary, thus avoiding it becoming part of the estate, so no probate tax.

 

[Dove]

And if you have a regular chequing account, you can turn that into a joint account to avoid probate also. I simply transferred all the funds to my account before my Mother died, which I could do with full power of attorney, to avoid probate.

That is a good idea.

One concern I have is that if I let people know who are my beneficiaries, those people have incentive to have me killed.

That throws a bit of a wrench into estate planning...

You could leave it all to my cats.

They cant drive to Canada to kill you. You dont have to...I'm just offering :D

 

[The Prowler]

You don't have to let anyone know who the beneficiary is. Your TFSA, RRSP's, Life Insurance Policies, etc. You can name the local SPCA animal shelter if you want as a beneficiary (although in some Provinces your family could contest you giving everything away to the SPCA). Nobody has to know.

The beneficiary would only ever be found out by the person you designate to execute your will, when that time comes... And his/her job would be to distribute those funds directly to said beneficiary, thus avoiding it becoming part of the estate, so no probate tax.

Thanks for the info.

 

[The Prowler]

You could leave it all to my cats.

They cant drive to Canada to kill you. You dont have to...I'm just offering :D

My dad used to say to me "Do not spend all your money on pussy."

Probably not what he meant...

 

[Dove]

You could leave it all to my cats.

They cant drive to Canada to kill you. You dont have to...I'm just offering :D

My dad used to say to me "Do not spend all your money on pussy."

Probably not what he meant...

I got some of the best pussy you would ever see.

Worth every penny.

Always fluffy - never stuffy ♡


(Still talking about the cats....just for clarity )

 

[DDT]

Thanks for the info.

No problem. There's a reason the bank asks you who the beneficiary will be when you set up accounts with them. If you say nobody, it'll go into your estate if you die. If you name a person, it goes directly to them, bypassing the estate.

While my Mother was still well enough, we went to the bank to ensure I was the beneficiary of all accounts. It was a hectic time.

She also gave me full enduring power of attorney at the end also, so I could work some more magic, but you have to be careful who you give that to, since they can sell your house and empty your bank accounts if they want to also...

Make sure your will is up to date also. If you don't have a will, get one!

 

[LotusBud]

Anyway, the point of THIS thread is that the US continues giving money away to multi-millionaires and billionaires, while working people struggle to make ends meet.

 

[Dove]

Anyway, the point of THIS thread is that the US continues giving money away to multi-millionaires and billionaires, while working people struggle to make ends meet.

So not taking it from people is giving it to the rich.

K.

Are we gonna talk about wasteful GovCo spending or nah?

 

[Lokmar]

As Republicans bellyache about Democrats not balancing the budget, a new report reveals that a massive Trump administration estate tax giveaway that particularly served the ultra-rich sparked a

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from the taxes.

Estate tax payments dropped from $20 billion to just over $9 billion last year, Bloomberg reported, based on its

Please, Log in or Register to view URLs content!

.

American billionaires, meanwhile, have doubled their collective net worth to more than $5 trillion in just over five years.

The “dramatic decline” in estate tax revenue is largely the result of the Republicans’ 2017 tax overhaul, which doubled the amount the wealthy can pass to heirs without paying any estate tax, Bloomberg noted.

Married couples can now transfer $23.4 million over their lifetimes tax-free.

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You cunts shouldnt get to re-tax, already taxed income, cunt.

 

[Lokmar]

Anyway, the point of THIS thread is that the US continues giving money away to multi-millionaires and billionaires, while working people struggle to make ends meet.

So not taking it from people is giving it to the rich.

K.

Are we gonna talk about wasteful GovCo spending or nah?

This filthy cunt would have my families farm taxed from underneath us so a corporate farm would have to buy it once my in-laws died.

 

[The Prowler]

Are we gonna talk about wasteful GovCo spending or nah?

Certainly not when Democrats are in power.

 

[Oerdin]

Nancy Pelosi got filthy rich peddling lies she obviously does not believe herself.

 

[Lokmar]

Maybe the stupid cunt is building a submarine base!!!!

 

[Lily]

Nancy Pelosi got filthy rich peddling lies she obviously does not believe herself.

You are aware that's probably a property she'll flip before too long, right?

 

[Lokmar]

Nancy Pelosi got filthy rich peddling lies she obviously does not believe herself.

You are aware that's probably a property she'll flip before too long, right?

Yea, thats what she is, a property flipper! LOLZ!