And the top priority is....

[RIJIMMY]

Biden explains top targets for 2012
By: CNN's Gabriella Schwarz


WASHINGTON (CNN) - Vice President Joe Biden revealed Sunday that tax cuts and the estate tax for those with higher incomes will be the administration's top priorities in 2012.Biden played an essential role in negotiating the tax compromise recently passed through Congress that included a two-year extension of the Bush-era tax cuts for all income levels, a revival of the estate tax at a lower level, and the continuation of unemployment benefits for an additional 13 months. He said Democrats scaled back what they wanted to reach the compromise, but predicted that won't happen the next time around.


thats right! Not to lower government spending, not to eliminate waste, not to stimulate business...... The top priority is to take more money from those millionaires making over 200k and 250K. And once your dead, even though you've paid taxes on every penny you earned - they want to F you even more. Talk about double taxation! Yup, thats the big and bold plan for the CHANGE adminstration. So cheer up liberals, your dream of punishing the wealthy and succesful can still come true.
Maybe Johnny D will start a thread - Why are Democrats viewed as tax and spend? Hmmmm, I wonder.
Scum of the Earth!

[scottw]

Sowell has another great article today...in part:

Thomas Sowell
Archive | Latest | Log In
December 21, 2010 12:00 A.M.

Fiscal Tomfoolery
Most of us are not half as smart as we may sometimes think we are.
Random thoughts on the passing scene:

Let’s face it: Most of us are not half as smart as we may sometimes think we are — and for intellectuals, not one-tenth as smart.

I'd add..for pseudo-intellectuals not 1/20th and for Joe Biden not 1/50th

- -
One of the biggest obstacles to economic recovery is that politicians and the media are both focused on how government can make the economy recover, rather than on how it can let the economy recover. One of the biggest deterrents to investments — and the jobs they could create — is uncertainty over what new bright ideas will come out of Washington to change the rules in midstream.
Fiscal Tomfoolery - Thomas Sowell - National Review Online
................

Jimmy, did you happen to catch Barney Frank's recent comments? insisting that the estate tax is not a double dip tax/punishment because the heirs didn't do anything to "deserve it"(their inheritance)...Frank is no Jefferson but he does a great Karl Marx impersonation

in times of great stress, the cloak comes off and you get to see people for who they truly are for better or for worse...we're seeing alot of it

"It seemed to me ... that the people with the greatest reputations [for wisdom] were almost entirely deficient, while others who were supposed to be their inferiors were much better qualified in practical intelligence." Socrates

[justplugit]

Originally Posted by RIJIMMY

Biden explains top targets for 2012
By: CNN's Gabriella Schwarz


WASHINGTON (CNN) - Vice President Joe Biden revealed Sunday that tax cuts and the estate tax for those with higher incomes will be the administration's top priorities in 2012.

Figures, they still don't get it, jobs the economy and reducing the defecit should have been
the #1 priority in Jan 08 and still should be, not HC then, and and taxing the rich now.

[RIJIMMY]

Originally Posted by scottw

Jimmy, did you happen to catch Barney Frank's recent comments? insisting that the estate tax is not a double dip tax/punishment because the heirs didn't do anything to "deserve it"(their inheritance)...Frank is no Jefferson but he does a great Karl Marx impersonation

in

having had the unfortunate opportunity to be an executor of an estate, most people dont realize the impact of this and how this all works. You all have a hollywood version of the reading of a will where everyone comes into a room and told what they inhereited. Thats all crap. In most states, nothing can be distributed to inheritors until a 1 year debtors period.
Lets say great uncle Benny leaves you his house worth 10 million on Marthas Vineyard. This house was the family gatherin place for generations. It means everything to your family and was the result of Benny's lifes ambition, Maybe the rest of Benny's riches were in an IRA with beneficiaries. Maybe Benny had very little assets other than the house. BAsed on TODAYS tax code ( that the Dems hate), the estate would owe 3,500,000 estate tax on that house, payable in one year after Benny dies. Well, the estate has squat for $$ , Benny's assets are all in an IRA and the beneficiaries take presendence over the will. The estate will HAVE to sell ole Benny's house on the vineyard. Have to in order to pay the taxes! So Benny's lifelong prize possesion will get sold to somebody else, you'll get the $$ once the estate is settled. Thats how it works TODAY. And yet the Dems want MORE. They want the tax to be even higher! Making it even harder to pay the tax from the proceeds of the estate. Selling off more of the property someone worked all their life for. These are the details no one knows! FACTS.

[UserRemoved1]

FEED AFRICA



speeeend speeeeend speeeeeeeeeeennnnnnnddddd

Famine: 'Hundreds of thousands of kids could die' - Yahoo! News

At some point this has to stop. I realize what's going on here. But it means we spend more money. More debt. WTF never ending circle jerk

[Jackbass]

More than likely most of the super wealthy have living trusts set up that will not be exposed to the estate taxes.

I am not 100% clear on the details of how it works but instead of "Uncle Benny" owning the house on the vineyard it would be the property of the trust once uncle Benny dies the executor of the estate would handle the management of the trust for the estate. Something to that affect. Maybe the Jiggin Lepin lawyer can shed some light on it, lol

[JohnnyD]

Originally Posted by Jackbass

More than likely most of the super wealthy have living trusts set up that will not be exposed to the estate taxes.

I am not 100% clear on the details of how it works but instead of "Uncle Benny" owning the house on the vineyard it would be the property of the trust once uncle Benny dies the executor of the estate would handle the management of the trust for the estate. Something to that affect. Maybe the Jiggin Lepin lawyer can shed some light on it, lol

My girlfriend's parents retired to Truro 2 years ago and built the house they currently live in. Technically, they don't even own the house. It was immediately put into a trust with the benefits being split between their 4 kids equally. I don't believe any taxes will ever be paid on it when (hopefully many many years from now) her parents pass away.

[Jackbass]

Exactly what I am talking about.

[Chesapeake Bill]

Yes, I have a trust to protect my waterfront home that my wife and I sold our two houses to purchase. What's wrong with that? Should my children be forced to sell it to pay the estate tax or should I use the tax system to ensure that my wife can continue living with a sufficient (read earned) income if I pass?

I am in no way "super wealthy" but have to protect myself just like everyone else lest I be forced to move into a smaller condo with Dr. Zhivago and friends...

Want to know about living trusts, I can explain. My wife has first trust...kids have second., protects them from paying 12% tax on estate above other taxes...at least that's what it does in Maryland. We are not as bad as Mass yet but getting close. I'll trade anyone a Hoyer for your Frank...

[JohnnyD]

Originally Posted by Jackbass

Exactly what I am talking about.

However, I still think estate taxes are a joke. The money made to earn their retirement home was already taxed a number of times when you factor in income tax, capital gains tax and all the other burdens Uncle Scam dishes out.

[JohnR]

But clearly they did it on the backs of the poor and therefore must be punished.

[UserRemoved1]

The top Priority today is VACATION

Michelle Obama Takes Secret Vacation to Oregon | The Blog on Obama: White House Dossier

Another trip we paid for.