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An Intelligent Tax Article

February 28th, 2012 at 06:24 pm

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

Text is http://www.nytimes.com/2005/07/10/politics/10tax.html and Link is
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!

4 Responses to “An Intelligent Tax Article”

  1. Joan.of.the.Arch Says:
    1330453832

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

  2. MonkeyMama Says:
    1330454088

    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. Wink

  3. MonkeyMama Says:
    1330455277

    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:

    Text is http://www.keytlaw.com/nevada/nevadascams.htm and Link is
    http://www.keytlaw.com/nevada/nevadascams.htm

  4. frugaltexan75 Says:
    1330458981

    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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