You think your taxes are complicated now

[Ty Webb iu]

That’s cool but I’m not sure why you’ve got to use the word “obsessions.” How often do you see me bringing up this topic? Am I arguing or posting in an emotional way?

The emotional responses to my opposition to inter-generational wealth transfer shows why it will be nearly impossible to ever implement this idea in practice. I recognize that.

get your head out of everyone else's butt.

just keep up the lies.

that's all you've got.

if a working person deposits his check in savings instead of cashing it, that doesn't relieve him of paying taxes on his earnings because he didn't cash out.

it would be impossible to be any more selfish, self serving, and self absorbed, than the investor class.

I can only laugh through the tears I imagine you spilling as you type this response.

 

[Cthulhu85]

The idea that the next Gen doesn’t just live off the work of dad or gramps. Each gen earns it on their own.

I rag on black culture a lot. Lack of accountability. Outsized violent crime. But this an area where an entire race got screwed. For multiple generations

I came back to this because of the first part. Noone wants their parents to die. I was 21 when my dad died at 45. I got $8000 and a boat along with the 1992 FF IU game ball. That was my inheritance. I invested most of the cash and used some to buy a ring for the woman I'm still married too. I got one on the low end of crazy/hot spectrum. Sorry for your affliction mcmurtry.

I'm 38, started mowing yards when I was 12 because I wanted my own computer. Been lucky and unlucky along the way with jobs. But I was taught to work and make my own way and to save and invest so I can retire and have enough to leave behind.

Because none of us are millionaires, well one of you could be, I was taught to work and save to support my family and LEAVE something for future generations to build off of.

 

[UncleMark]

What would be the cost to government be if all elderly spent themselves broke and lived on medicare?

I don't know what the numbers might be, but many (most?) end up doing exactly that. It doesn't take long to wipe out a nest egg at $6K/month.

 

[stollcpa]

Yes, you are. Very wrong.

Don't really understand the generational hate.

I don’t hate them. I deal with them across the board most days of the week. From college educated to high school grads. College grads are the worst.

Entitlement is rampant.

I had to grow up at 25 when I quit a sure thing with Kemper CPA Group and started my own practice. Kemper has approached me numerous times to buy my practice and make me a partner.

My largest client has two twenty something nephews working for the largest firm in Evansville. They could have a lifetime opportunity to come to my firm because I am retiring. I’ve shown them how to have securities and insurance companies associative with the firm. With 3000 clients they would print money.

They gave me a simple answer. They didn’t want to work that hard.

 

[stollcpa]

I don't know what the numbers might be, but many (most?) end up doing exactly that. It doesn't take long to wipe out a nest egg at $6K/month.

There’s legal planning opportunities available to avoid that in many cases.

 

[hoosboot]

Why should Americans give all their assets to the government at death?

I'm not sure how many times I need to tell people in this thread that it's not a policy that I support, so I'm not sure why you're asking me.

What I am asking is for people to engage Brad in good faith and discuss the thoughts behind his support of the idea instead of just pumping out dumb arguments like "communist" or "it's so stupid it's not worth discussing."

Mcm and I rarely agree on anything, but somehow we were able to figure out a way to discuss different aspects of it. The inability to do so doesn't reflect badly on Brad's policy idea - it reflects badly on those who can't offer more than "it's not worth discussing".

 

[Cthulhu85]

I don't know what the numbers might be, but many (most?) end up doing exactly that. It doesn't take long to wipe out a nest egg at $6K/month.

I've always believed healthcare starts with self care. I try to take care of myself, eat healthy ect. I know stuff happens that's out of our control. But as a country we really need to figure out how to fix the American diet. The way we eat is insane.

We didn't have these health problems 30-40 years ago. I have my ideas but it would take an in person conversation or 10 pages.

I grew up playing basketball, baseball, football, and ate healthy whole foods as much as I could.

 

[mcmurtry66]

I don’t hate them. I deal with them across the board most days of the week. From college educated to high school grads. College grads are the worst.

Entitlement is rampant.

I had to grow up at 25 when I quit a sure thing with Kemper CPA Group and started my own practice. Kemper has approached me numerous times to buy my practice and make me a partner.

My largest client has two twenty something nephews working for the largest firm in Evansville. They could have a lifetime opportunity to come to my firm because I am retiring. I’ve shown them how to have securities and insurance companies associative with the firm. With 3000 clients they would print money.

They gave me a simple answer. They didn’t want to work that hard.

They just don’t make ‘em like you anymore stoll. Simple as that. I recently watched the doc on Sylvester Stallone. Same cut. Arnold too. Dying breed

 

[Cthulhu85]

Unless I missed it somewhere in this fast moving thread Brad hasn't clearly laid out why he supports this idea. I'm open to his reasons.

 

[hoosboot]

I don’t hate them. I deal with them across the board most days of the week. From college educated to high school grads. College grads are the worst.

Entitlement is rampant.

I had to grow up at 25 when I quit a sure thing with Kemper CPA Group and started my own practice. Kemper has approached me numerous times to buy my practice and make me a partner.

My largest client has two twenty something nephews working for the largest firm in Evansville. They could have a lifetime opportunity to come to my firm because I am retiring. I’ve shown them how to have securities and insurance companies associative with the firm. With 3000 clients they would print money.

They gave me a simple answer. They didn’t want to work that hard.

You might start with understanding what Gen X is if you thing those two twentysomething nephews are part of it.

And then you might consider that they may have a different life in mind than the one that you offer. I could certainly understand their having reservations if you present the same sunshine and optimism IRL that you do here.

 

[ribbont]

Because I'm theoretically in favor of a 100% death tax.

I'm all in favor of creating tax policy that helps the living earn wealth and keep it. I'm not in generational wealth transfer.

Windfalls aren't receiving large amounts of money by taking a risk. They are receiving large amounts of money by not earning it and not putting anything at risk, by the way.

Yes, yes, I know, I know: I'm a communist, I hate the rich, "oh, the farmers!"

You are not any of those things but I do disagree with you totally. By allowing wealth transfer at death will only increase it during life.

I can easily transfer my wealth into an irrevocable trust and name my son as trustee. Now, he doesn't have to do as I say but likely will. The trust us an entity and can exist in perpetuity. So the wealth will go on forever.

Want to ban Irrevocable Trusts? Then I will convert to cash and give cash. Or bitcoin. Or move my assets to an estate friendly country. There will always be a way.

 

[Cortez88]

I don’t hate them. I deal with them across the board most days of the week. From college educated to high school grads. College grads are the worst.

Entitlement is rampant.

I had to grow up at 25 when I quit a sure thing with Kemper CPA Group and started my own practice. Kemper has approached me numerous times to buy my practice and make me a partner.

My largest client has two twenty something nephews working for the largest firm in Evansville. They could have a lifetime opportunity to come to my firm because I am retiring. I’ve shown them how to have securities and insurance companies associative with the firm. With 3000 clients they would print money.

They gave me a simple answer. They didn’t want to work that hard.

I don’t understand all the boot strappers (I’m one) who hate on the poor who don’t get there but defend the wealthy’s right to pass on their largesse to their kids. Let’s just be consistent. The best way to accumulate wealth is to be born I to wealth. My kids have had and will always have a better life than me. But that’s the goal. It could have also went completely different.

 

[Cthulhu85]

They just don’t make ‘em like you anymore stoll. Simple as that. I recently watched the doc on Sylvester Stallone. Same cut. Arnold too. Dying breed

I'm quoting you because I saw it first and you quoted @stollcpa

I went to college and got a BS in Biology and have done work in chemistry, microbiology. My last job was at a Pharma company in Bloomington in a Scientist position. Among other things this company produced the libs precious covid vaccine. When the .gov money ran out I was laid off in June because I lacked seniority. I'd only been on the team 2 years.

Now, I'm working repair at Jasper Engines welding and fixing heads and engine blocks.

Why? Because I'm good at stuff like this and I am willing to do whatever it takes.

Sometimes you need to grow some balls and get it done.

 

[stollcpa]

I'm quoting you because I saw it first and you quoted @stollcpa

I went to college and got a BS in Biology and have done work in chemistry, microbiology. My last job was at a Phatma company in Bloomington in a Scientist position. Among other things this company produced the libs precious covid vaccine. When the .gov money ran out I was laid off in June because I lacked seniority. I'd only been on the team 2 years.

Now, I'm working repair at Jasper Engines welding and fixing heads and engine blocks.

Why? Because I'm good at stuff like this and I am willing to do whatever it takes.

Sometimes you need to grow some balls and get it done.

💯

 

[Cthulhu85]

You are not any of those things but I do disagree with you totally. By allowing wealth transfer at death will only increase it during life.

I can easily transfer my wealth into an irrevocable trust and name my son as trustee. Now, he doesn't have to do as I say but likely will. The trust us an entity and can exist in perpetuity. So the wealth will go on forever.

Want to ban Irrevocable Trusts? Then I will convert to cash and give cash. Or bitcoin. Or move my assets to an estate friendly country. There will always be a way.

If you raise your kids well there shouldn't be a problem with leaving an inheritance.

 

[stollcpa]

I don’t understand all the boot strappers (I’m one) who hate on the poor who don’t get there but defend the wealthy’s right to pass on their largesse to their kids. Let’s just be consistent. The best way to accumulate wealth is to be born I to wealth. My kids have had and will always have a better life than me. But that’s the goal. It could have also went completely different.

My parents had no wealth. My mom may make it to the end of her life in an assisted living facility and maybe not. I am not bitter at all. My parents taught us work and responsibility when it would have been easy to suck on the government tit.

 

[Cthulhu85]

💯

I took welding classes in high school. My junior year spring break I dry docked my grandpa John's boat. Took it over to my uncle David's shop. Sandblasted, mig welded the broken parts, rewired and replaced all the hardware, reprinted, and gave my grandpa John Prewett a refurbished boat for his 73rd birthday.

That's the kind of guy I am.

 

[mcmurtry66]

I took welding classes in high school. My junior year spring break I dry docked my grandpa John's boat. Took it over to my uncle David's shop. Sandblasted, mig welded the broken parts, rewired and replaced all the hardware, reprinted, and gave my grandpa John Prewett a refurbished boat for his 73rd birthday.

That's the kind of guy I am.

A Dream Teamer in other words. A man who can use his brain and his hands. A perfect combination of intellectual and practical

 

[stollcpa]

I took welding classes in high school. My junior year spring break I dry docked my grandpa John's boat. Took it over to my uncle David's shop. Sandblasted, mig welded the broken parts, rewired and replaced all the hardware, reprinted, and gave my grandpa John Prewett a refurbished boat for his 73rd birthday.

That's the kind of guy I am.

High Schools need to be showing kids the careers available in trades.

My brother could have attended college and done anything he chose. He hated it. Went to work for a glove factory and kept numerous Korean sewing/knitting machines running 24/7. No parts available. Had to use his smarts and ingenuity to keep them running. Genius smart and all the employees love him. Great woodworker too. Everyone doesn’t have to get worthless college degrees.

 

[NPT]

Because I'm theoretically in favor of a 100% death tax.

I'm all in favor of creating tax policy that helps the living earn wealth and keep it. I'm not in generational wealth transfer.

Windfalls aren't receiving large amounts of money by taking a risk. They are receiving large amounts of money by not earning it and not putting anything at risk, by the way.

Yes, yes, I know, I know: I'm a communist, I hate the rich, "oh, the farmers!"

Hey, I haven't got nasty with you... didn't say you were a communist. I don't agree with your opinion but you have the right to have that opinion without being attacked. I was just trying to figure out where you were coming from.

 

[ribbont]

I don’t understand all the boot strappers (I’m one) who hate on the poor who don’t get there but defend the wealthy’s right to pass on their largesse to their kids. Let’s just be consistent. The best way to accumulate wealth is to be born I to wealth. My kids have had and will always have a better life than me. But that’s the goal. It could have also went completely different.

Boot strappers don't hate the poor. Where do you get that data? Is there a study out there?

I defend the right to do whatever you want with your money. Want to live like a pauper so your kids can live like a prince? Go for it. Want to waste your money on a highly depreciable asset like an $80k car? Go for it.

But I don't want a government telling me how to spend my money.

If you want to help the poor, there are plenty of ways to do it without taking someone else's money. It is possible to make the pie bigger for all.

 

[Cthulhu85]

A Dream Teamer in other words. A man who can use his brain and his hands. A perfect combination of intellectual and practical

Absolutely. When I was 15 the starter went out on my first truck. Ever since then I've been my own mechanic. I still have the 155 peice Craftsman tool set i got for Christmas in 2000.

I've lost, broke, and replaced some peices along the way.

 

[ribbont]

I took welding classes in high school. My junior year spring break I dry docked my grandpa John's boat. Took it over to my uncle David's shop. Sandblasted, mig welded the broken parts, rewired and replaced all the hardware, reprinted, and gave my grandpa John Prewett a refurbished boat for his 73rd birthday.

That's the kind of guy I am.

You sound like a mean-spirited Republican.

 

[NPT]

That’s a larger argument against capital gains tax. I’m just saying treat all stock the same. Keeping the cost basis regardless of transfer does that.

What do you do about other things...a house, a car, etc. ?

There was nothing in my original reply to him that required the insult.

Because you didn't reply to my post... your standard answer is "The right likes to cut taxes for the wealthy" (paraphrasing). Why didn't you reply to my post. Most on the left will always say (concerning taxing the rich) that they should pay MORE and never define what RICH or MORE is and most have no idea what the rich do pay. If you want to say they need to pay MORE then define MORE for me. Surely you have something in mind.... if it's a 90% rate then don't be ashamed to say you think they should be taxed at 90%.

 

[Cthulhu85]

High Schools need to be showing kids the careers available in trades.

My brother could have attended college and done anything he chose. He hated it. Went to work for a glove factory and kept numerous Korean sewing/knitting machines running 24/7. No parts available. Had to use his smarts and ingenuity to keep them running. Genius smart and all the employees love him. Great woodworker too. Everyone doesn’t have to get worthless college degrees.

I was pushed in to going to college. I understand because I was the first to graduate from university on my dad's side. A couple cousins on my mom's side did and they're about 10-12 years older.

In retrospect my abilities lay in the trades. Don't get me wrong I loved my microbiology jobs and I was good at it.

Schools and school counseling pushes everyone to college in a generic way. They don't really get to know kids mostly.

I did have a good one though he wasn't my counselor, I knew him from playing football because he was an assistant. Joe Purichia.

 

[Cthulhu85]

You sound like a mean-spirited Republican.

Nope. Just self reliant.

 

[NPT]

It doesn't take long to wipe out a nest egg at $6K/month.

Darn Mark.... those trailer park nursing homes are a lot cheaper than the nursing homes around here. 🤣

 

[IU_Hickory]

What do you do about other things...a house, a car, etc. ?


Because you didn't reply to my post... your standard answer is "The right likes to cut taxes for the wealthy" (paraphrasing). Why didn't you reply to my post. Most on the left will always say (concerning taxing the rich) that they should pay MORE and never define what RICH or MORE is and most have no idea what the rich do pay. If you want to say they need to pay MORE then define MORE for me. Surely you have something in mind.... if it's a 90% rate then don't be ashamed to say you think they should be taxed at 90%.

Not any different than your liberals just want to raise taxes on the wealthy post. Lots of thought there.

Let's not pretend your drive by partisan pot shots are well thought out

 

[ribbont]

Not any different than your liberals just want to raise taxes on the wealthy post. Lots of thought there.

Let's not pretend your drive by partisan pot shots are well thought out

I have asked you questions specifically about tax policy and you have yet to answer. So, what are your thoughts on taxing unrealized capital gains?

 

[Joe_Hoopsier]

If we are forced to devoid upon death all assets, due to dc over spending and total fvcking debochiery due to over spending other people’s money (our fvcking money which is actually the time, breaths, our fvcking penitence paid) just and only because we are FORCED to live under a certain chosen set of humans rule, while they are exempted from the same rule…..
NOPE! Followed by many 7.62mm.
Nope nope nope

 

[Cthulhu85]

High Schools need to be showing kids the careers available in trades.

My brother could have attended college and done anything he chose. He hated it. Went to work for a glove factory and kept numerous Korean sewing/knitting machines running 24/7. No parts available. Had to use his smarts and ingenuity to keep them running. Genius smart and all the employees love him. Great woodworker too. Everyone doesn’t have to get worthless college degrees.

Nasco?

 

[Cortez88]

What do you do about other things...a house, a car, etc. ?


Because you didn't reply to my post... your standard answer is "The right likes to cut taxes for the wealthy" (paraphrasing). Why didn't you reply to my post. Most on the left will always say (concerning taxing the rich) that they should pay MORE and never define what RICH or MORE is and most have no idea what the rich do pay. If you want to say they need to pay MORE then define MORE for me. Surely you have something in mind.... if it's a 90% rate then don't be ashamed to say you think they should be taxed at 90%.

I don’t understand your question. Are there capital gains rates on houses and cars?

 

[Indianaftw]

This thread sickens me...

 

[stollcpa]

Nasco?

No, Star Glove in Odon and then they changed locations to Plainville. He died 12/10/97. Was hit head on by a semi. Miss him.

 

[Joe_Hoopsier]

This thread sickens me...

Whoa, but to finish bat boy ( with the boy bun) Taxes are for the price we pay for DC funding shit we can't pay for, but DC gets bonus increases (bribes) for volunteering us to pay for their bribes.
Does that clear it up?
33TRILLION in debit.
33 TRILLION

 

[JamieDimonsBalls]

Florida and Texas have been notorious havens for debtors for a long time. It's hard to collect debts in those states. No wonder their populations are rising.

There’s zero chance you actually believe that

 

[mcmurtry66]

There’s zero chance you actually believe that

He’s a lost cause with his absurd partisanship. There’s zero chance he doesn’t believe that. And no matter how many times you explain creditor debtor law it doesn’t sink in