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Actually, here you go - it's from last year

Posted on: April 26, 2017 at 22:30:21 CT

tigerdb MU

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but was his take on the issue at the time:

https://www.forbes.com/sites/ashleaebeling/2016/11/09/will-trump-victory-yield-estate-tax-repeal/#6d805fe9528a

"The Republican hard line position--estate tax repeal coupled with continued stepped-up basis--passed on a 240-179 vote in April 2015. “Realistically, that’s not going to go through,” says Jonathan Blattmachr, an estate lawyer in New York City."

“The Trump Plan will repeal the death tax, but capital gains held until death and valued over $10 million will be subject to tax to exempt small businesses and family farms. To prevent abuse, contributions of appreciated assets into a private charity established by the decedent or the decedent’s relatives will be disallowed.”

That tracking basis in dead people's assets may be the biggest pain in the ass accounting issue ever. Hell, a lot of people don't know what they paid for something (many years ago) - let alone what their parent/grandparent paid for it.

Please explain why this message is being reported.

REPLY

MESSAGE THREAD

Raise the standard deduction - alzoo MU - 4/26 20:42:27

The whole death tax thing is almost comical on both sides(nm) - meatiger MU - 4/26 21:57:47

Eliminating the estate tax is stupid - tigerdb MU - 4/26 20:48:48

The estate tax is there to prevent American royalty - SparkyStalcup MU - 4/26 23:45:13

Lmfao. No it isn't (nm) - pickle MU

- 4/27 07:54:08

it's evil (nm) - pickle MU

- 4/26 23:02:55

eliminating estate tax will lead to largest tax increase - tiger4real MU - 4/26 21:18:48

RE: eliminating estate tax will lead to largest tax increase - tigerdb MU - 4/26 21:25:37

So elimination of estate tax would eliminate the step up? - tiger4real MU - 4/26 21:29:43

in present law - yes; as I said, unless they add a provision - tigerdb MU - 4/26 21:33:59

I see. I would be opposed to eliminating the step up - tiger4real MU - 4/26 21:40:51

Actually, here you go - it's from last year - tigerdb MU - 4/26 22:30:21

It is if your goal is to have another method of - GA Tiger MU - 4/26 20:53:53

agreed - cut spending across the board - tigerdb MU - 4/26 20:56:58

As to taxes - a rather hopeless discussion as long as - GA Tiger MU - 4/26 21:02:50

"Legit expense deductions" - meatiger MU - 4/26 21:59:12

True - El-ahrairah KC - 4/26 20:58:34

People like him have paid all taxes do on that money. Why - tman KC - 4/26 20:52:39

You really know absolutely nothing about taxes... - tigerdb MU - 4/26 20:54:36

RE: You really know absolutely nothing about taxes... - o'lineydisciple MU - 4/26 21:52:01

Assets not taxed? Never heard of capital gains?(nm) - GA Tiger MU - 4/26 21:04:09

Many ways around that(nm) - DevilsAdvocate MU - 4/27 06:42:56

there has to be a sale for their to be a taxable cap gain. - tigerdb MU - 4/26 21:10:09

You ignore that gains can become losses quickly. - RHAYWORTH MU - 4/26 21:41:59

losses offset gains(nm) - tigerdb MU - 4/26 21:43:25

In your world do we get carry over losses?(nm) - tman KC - 4/26 21:50:46

Sure, just like the current limit . 3K . - RHAYWORTH MU - 4/26 21:52:05

Wrong - there is no $ limit on loss carryforwards(nm) - tigerdb MU - 4/27 05:40:52

You're being obtuse. Still only 3K a year, dummy. - RHAYWORTH MU - 4/27 08:08:49

You are beyond stupid - tigerdb MU - 4/27 08:16:36

What taxes haven't they paid on it? They are not like - tman KC - 4/26 20:58:29

Appreciation; sheltered income - tigerdb MU - 4/26 21:00:02

So because they had deductions (usally depreciation I would - tman KC - 4/26 21:04:05

Or the appreciation should be subject to some form of - tigerdb MU - 4/26 21:11:39

The money that he bought that stock with was already - tman KC - 4/26 21:32:20

My position is that the exemption is fine where it's at - tigerdb MU - 4/26 21:38:42

so let's say someone bought land for 1000$ an acre - El-ahrairah KC - 4/26 21:03:26

what about the $7k/acre profit - are you saying that should - tigerdb MU - 4/26 21:07:20

It shouldnt. It was bought with already taxed money - tman KC - 4/26 21:34:40

that's ****ing stupid - tigerdb MU - 4/26 21:42:55

I applaud your resolve - Mo Texan MU - 4/26 21:53:44

LOL - tigerdb MU - 4/26 22:11:59

Says his liberal friend but keep,going(nm) - tman KC - 4/26 21:55:56

RE: Says his liberal friend but keep going(nm) - tman KC - 4/26 21:58:42

I just know that the $5.45M exemption is more than I need(nm) - Mo Texan MU - 4/26 22:05:14

Not more than I need if it is just a personal item - tman KC - 4/26 22:07:42

God Bless you, there are ways to do what you want through - Mo Texan MU - 4/26 22:16:17

We have. Thank you though. We are following a plan - tman KC - 4/26 22:22:26

No it isnt. You just want another cut at it - tman KC - 4/26 21:49:39

there's a difference between another and a FIRST - tigerdb MU - 4/26 22:15:14

It is another cut. It is simple concept. (nm) - tman KC - 4/26 22:17:26

It's not another cut - it's a first "cut" - tigerdb MU - 4/26 22:35:08

You are. The money to buy comes from somewhere - tman KC - 4/26 22:37:45

And the "money to buy" (I presume that you mean basis) - tigerdb MU - 4/26 22:42:44

Again. The point is it was already taxed. You just dont - tman KC - 4/26 22:58:02

No - the point is that is was NEVER taxed - are you really - tigerdb MU - 4/27 05:06:18

they actually pay more - El-ahrairah KC - 4/26 20:56:37

ok, that is even dumber than the op's inane argument - tigerdb MU - 4/26 20:58:12

Again. You appear to want an income tax without - tman KC - 4/26 23:13:01

I take it back - tigerdb MU - 4/27 05:57:40

You want a gain that hasn't been taxed to remain - SparkyStalcup MU - 4/27 00:40:48

They did. Assume you are advocating even more - tman KC - 4/26 20:43:51

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