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Message
re: How/why do wealthy people vote Democrat.
Posted on 9/21/23 at 1:46 pm to j1897
Posted on 9/21/23 at 1:46 pm to j1897
Here are examples. I understand that we don't pay estate tax for LA.
2022-2023 Federal Estate Tax Rates
Taxable Amount Estate Tax Rate What You Pay
$1 – $10,000 18% – $0 base tax
– 18% on taxable amount
$10,001 – $20,000 20% – $1,800 base tax
– 20% on taxable amount
$20,001 – $40,000 22% – $3,800 base tax
– 22% on taxable amount
$40,001 – $60,000 24% – $8,200 base tax
– 24% on taxable amount
$60,001 – $80,000 26% – $13,000 base tax
– 26% on taxable amount
$80,001 – $100,000 28% – $18,200 base tax
– 28% on taxable amount
$100,001 – $150,000 30% – $23,800 base tax
– 30% on taxable amount
$150,001 – $250,000 32% – $38,800 base tax
– 32% on taxable amount
$250,001 – $500,000 34% – $70,800 base tax
– 34% on taxable amount
$500,001 – $750,000 37% – $155,800 base tax
– 37% on taxable amount
$750,001 – $1 million 39% – $248,300 base tax
– 39% on taxable amount
$1 million+ 40% – $345,800 base tax
– 40% on taxable amount
Cons of Death Taxes
Double taxation: You’ll have to pay taxes twice through estate tax – once when you earn the money and again when you pass along your estate. And if the estate continues to be passed along to future generations, it can continue to get taxed.
Massive loopholes: Many wealthy Americans avoid paying estate taxes, even if they hit the gross assets threshold. Zimmelman says you can reduce the size of your taxable estate by giving gifts to your beneficiaries – to as many people as you’d like, up to $16,000 per person in 2022 and $17,000 per person in 2023. Gifts to your spouse as well as to charity are tax-free no matter what the amount.
Bottom Line
While death taxes can take a bite out of an estate, they only impact very few of us. Unless you have many millions of dollars in assets, the federal estate tax won’t affect you. And only residents of certain states will need to pay these taxes at a state level.
2022-2023 Federal Estate Tax Rates
Taxable Amount Estate Tax Rate What You Pay
$1 – $10,000 18% – $0 base tax
– 18% on taxable amount
$10,001 – $20,000 20% – $1,800 base tax
– 20% on taxable amount
$20,001 – $40,000 22% – $3,800 base tax
– 22% on taxable amount
$40,001 – $60,000 24% – $8,200 base tax
– 24% on taxable amount
$60,001 – $80,000 26% – $13,000 base tax
– 26% on taxable amount
$80,001 – $100,000 28% – $18,200 base tax
– 28% on taxable amount
$100,001 – $150,000 30% – $23,800 base tax
– 30% on taxable amount
$150,001 – $250,000 32% – $38,800 base tax
– 32% on taxable amount
$250,001 – $500,000 34% – $70,800 base tax
– 34% on taxable amount
$500,001 – $750,000 37% – $155,800 base tax
– 37% on taxable amount
$750,001 – $1 million 39% – $248,300 base tax
– 39% on taxable amount
$1 million+ 40% – $345,800 base tax
– 40% on taxable amount
Cons of Death Taxes
Double taxation: You’ll have to pay taxes twice through estate tax – once when you earn the money and again when you pass along your estate. And if the estate continues to be passed along to future generations, it can continue to get taxed.
Massive loopholes: Many wealthy Americans avoid paying estate taxes, even if they hit the gross assets threshold. Zimmelman says you can reduce the size of your taxable estate by giving gifts to your beneficiaries – to as many people as you’d like, up to $16,000 per person in 2022 and $17,000 per person in 2023. Gifts to your spouse as well as to charity are tax-free no matter what the amount.
Bottom Line
While death taxes can take a bite out of an estate, they only impact very few of us. Unless you have many millions of dollars in assets, the federal estate tax won’t affect you. And only residents of certain states will need to pay these taxes at a state level.
Posted on 9/21/23 at 2:05 pm to j1897
quote:
his is poli board shite, but you should have to pay an inheritance tax. Sorry.
Why?
Not trying to make this political, I would honestly like to hear a personal opinion different from my own to get a different perspective.
In my view, Grandma is alive today with her already taxed money sitting in an account. When Grandma passes tomorrow, why does her already taxed money need to be taxed again to go to her children and grandchildren?
Posted on 9/21/23 at 2:08 pm to Lightning
quote:
Why?
1. We're broke
2. Generational wealth is barely taxed, if at all.
3. We're broke.
For a couple, isn't like the first 20 million exempt?
Posted on 9/21/23 at 2:11 pm to j1897
quote:
We're broke
B/c of the tax and spend policies most favored by the left.
Posted on 9/21/23 at 2:25 pm to Clint Torres
quote:
B/c of the tax and spend policies most favored by the left.
The highest deficit on record was recorded by Donald Trump. You can blame the democrats, but the republicans are just as bad.
Posted on 9/21/23 at 2:38 pm to j1897
quote:
The highest deficit on record was recorded by Donald Trump.
Geee, I wonder what fricking happened....
Posted on 9/21/23 at 3:00 pm to Mariner
They get virtue points for voting against their own interests. They also hate the working class because they don’t like people who must work and don’t have trust fund money.
Posted on 9/21/23 at 4:24 pm to Weagle25
quote:
Well the idea that Democrats tax the rich and Republicans don’t is wrong in the first place.
The democrats want to tax the poor too, thats the diff.
While trumps tax cuts helped the middle and lower earners the most.
Posted on 9/21/23 at 4:24 pm to Mariner
For the same reason poor people do... stupid.
Posted on 9/21/23 at 5:24 pm to LNCHBOX
quote:
Geee, I wonder what fricking happened....
Veto the bill, tell people covid isn't a big deal and to go back to work.
Oh wait, that's what someone with balls would have done.
Posted on 9/21/23 at 8:47 pm to Mariner
quote:Unfortunately the government has decided you don't need Option 1.
Option 1: donate money to the charities of your choice. Cancer research, woke social programs, the church, etc.
Option 2: let the government tax you so that they can send the money to Iran and Ukraine
Posted on 9/22/23 at 8:58 am to j1897
And you think that giving those idiots in DC more of money will make us not broke?
Posted on 9/22/23 at 9:07 am to southside
quote:
And you think that giving those idiots in DC more of money will make us not broke?
Duh, the $33T debt came from not taxing inheritance, not completely reckless spending.
Posted on 9/22/23 at 9:23 am to LNCHBOX
quote:
Duh, the $33T debt came from not taxing inheritance,
Inheritance had already been taxed once.
I'm missing the logic.
Posted on 9/22/23 at 9:23 am to Mariner
There's a famous saying:
Vote like a democrat, live like a republican.
Vote like a democrat, live like a republican.
Posted on 9/22/23 at 10:56 am to Mariner
quote:
How/why do wealthy people vote Democrat.
A better question is how/why did you start a political thread on the Money board.
Posted on 9/22/23 at 11:54 am to Mariner
Once people's basic needs are met they are able to evaluate surrounding factors. Once they far exceed those needs they start to feel guilty.
Plus they are often far removed from living amongst poor people so they have no idea how these polices actually affect people. See NY right now.
Plus they are often far removed from living amongst poor people so they have no idea how these polices actually affect people. See NY right now.
Posted on 9/22/23 at 12:34 pm to Mariner
A lot of people with wealth have lots of degrees in higher education.
Posted on 9/22/23 at 1:17 pm to j1897
quote:
For a couple, isn't like the first 20 million exempt?
Sounds like you've got a pretty good handle on your estate tax knowledge.
Posted on 9/22/23 at 1:34 pm to LNCHBOX
quote:
Geee, I wonder what fricking happened....
The highest deficit on record was recorded by Bush. Then Obama. Then Trump. And were it not for the vid it would definitely be Biden (certainly the 4 year number will be).
To act like it isn't both parties is sticking your head in the sand. This is 23 years.
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