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An Intelligent Tax Article

February 28th, 2012 at 10:24 am

As promised. I read something stupid so I will pass along something with some facts in it.

Few Wealthy Farmers Owe Estate Taxes, Report Says
http://www.nytimes.com/2005/07/10/politics/10tax.html

It's an old article, but it's the best I can find right now.

For reference, when I was about 25 and had an income of about $50,000, we implemented estate planning in our house. Life insurance, and living trusts. The cost? Dirt cheap.

If you have a million dollars + in net worth, you generally have the sense to do the most basic of estate planning.

I will give you that if the estate tax reverts to $1 million exemption again, this could become more of a problem in the *long run.* But it seems extremely unlikely that things will go back that way. There are a lot more important things regarding taxes to address and worry about in the here and now.

& why the masses are worried about a tax that only affects 1% (at most) of the population, I will never know. It reads: "Those poor rich millionaires." Yeah, my heart is bleeding...

To be honest, the estate tax doesn't collect that much to begin with. So, if the obliterated it tomorrow or not, I could tell you I really couldn't give a flip. But the misinformation out there just makes me roll my eyes. I'd be pleased if I saw an article that said, "The estate tax does not bring in any real revenue for the government - it just makes lawyers and accountants rich." Now that is a statement I can agree with! So, no, I am not in love with the estate tax. But, I just don't see that it's really hurting anyone. So, meh.

Anyway, this is one myth that just won't die!

3 Responses to “An Intelligent Tax Article”

  1. Joan.of.the.Arch Says:

    I bet you just saw the new thread (???) in the forums about this.

  2. MonkeyMama Says:

    Yes, but there have been several the past week or two.

    Heck, there always is. I just didn't have the hours in the day to debate in those threads - would be a full-time job.

    Actually, the article that spurred me to pass along more intelligent articles was about "Hiding Assets in Nevada." Rolleyes What a bunch of serious misinformation in that one. That one hurt my brain because it made so little sense.

    The truth about Nevada - Tax shelter? Hide Assets? Reality - Illegal scams:

    http://www.keytlaw.com/nevada/nevadascams.htm

  3. frugaltexan75 Says:

    Erch! My dad almost got caught up in the Nevada "hiding assets" thing. Some kind of entrepreneur deal he was tempted with. So glad he ended up not doing it!

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