WalMart Heirs Have Same Net Worth As the Bottom 30 Percent Of Americans

[dreamdancer 0]

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For example, assume an estate of $3.5 million in 2006. There are two beneficiaries who will each receive equal shares of the estate. The maximum allowable credit is $2 million for that year, so the taxable value is therefore $1.5 million. Since it is 2006, the tax rate on that $1.5 million is 46%, so the total taxes paid would be $690,000. Each beneficiary will receive $1,000,000 of untaxed inheritance and $405,000 from the taxable portion of their inheritance for a total of $1,405,000. This means that they would have paid (or, more precisely, the estate would have paid) a taxable rate of 19.7%.

http://en.wikipedia.org/wiki/Estate_tax_in_the_United_States

Basic economics 101. They NEED cash on hand to pay the tax or sell. Damned few farmers or ranchers have that kind of money in the bank. Too many farms and ranches have mortgages already. To buy more cattle or farm machinery.


Chuck

they NEED to get another loan then - they've already got a huge chunk of free land. surely they can invest in their own farm and future?

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[masterrig 1]

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Disagree.

Go start a company on your own and accept the risk of success.

exactly what i've done...

next

...and you don't have a clue about the realities of farming and ranching in the U.S.A. I work for ranchers and they tell me 'how it really is'. They want their ranch to stay in the family but the tax situation, the way it is, makes that hope very bleak. They know the reality of things.


Chuck

[dreamdancer 0]

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Disagree.

Go start a company on your own and accept the risk of success.

exactly what i've done...

next

...and you don't have a clue about the realities of farming and ranching in the U.S.A. I work for ranchers and they tell me 'how it really is'. They want their ranch to stay in the family but the tax situation, the way it is, makes that hope very bleak. They know the reality of things.


Chuck

working a farm is working a farm. you seem to be saying it is not possible to work a farm unless you get it for free...

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[winsor 187]

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*yawn*

Another post by DD that whines about people having more money than him.

Your posts used to be entertaining. Now you're just boring.

Really? When?

I thought the posts were from a bot, with the intent of generating a groundswell clamoring for killfile capability.

I make a point of skipping over them, and only pick up the odd quote in a reply.

[dreamdancer 0]

pop by anytime...

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[lawrocket 3]

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rubbish - the kids have to sell because they want to divide it and maximise their inheritance...

not one will want to work the farm to keep it going by themselves...

then they blame 'taxes' instead of their greed.

This is where your perceptions don't meet reality. I happen to be working on a case. $4 million dollars in estate taxes are owed for a farming operation that mainly does olives and olive oil, as well as plums, apricots, grapes and nectarines on different properties. To pay off the taxes, those kids have to sell some of the properties. Which will it be?

They'll sell anything but the olive oil ranch because that was the main business they grew up with and helped the dad run for the last forty years.

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not one will want to work the farm to keep it going by themselves

These kids are hard working. They have helped to be a part of this their entire lives. It just so happens, they are the opposing party in a case I'm working on. But rest assured, they are STILL managing and working that farm.

Yours is the attitude of OWS. "I wouldn't work a farming business. Therefore, nobody else would. This means it should be taken by the government to pay for stuff I want."

Yours is the flippant, ill-considered logic that so many find abhorrent.

My wife is hotter than your wife.

[dreamdancer 0]

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rubbish - the kids have to sell because they want to divide it and maximise their inheritance...

not one will want to work the farm to keep it going by themselves...

then they blame 'taxes' instead of their greed.

This is where your perceptions don't meet reality. I happen to be working on a case. $4 million dollars in estate taxes are owed for a farming operation that mainly does olives and olive oil, as well as plums, apricots, grapes and nectarines on different properties.

which makes the inheritance worth $20 million? not bad...

my cousins are wrangling at the moment over a 400 acre estate. they're not whining they're poor...

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[dreamdancer 0]

...they have mentioned the rip-off prices of their lawyers though.

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[masterrig 1]

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For example, assume an estate of $3.5 million in 2006. There are two beneficiaries who will each receive equal shares of the estate. The maximum allowable credit is $2 million for that year, so the taxable value is therefore $1.5 million. Since it is 2006, the tax rate on that $1.5 million is 46%, so the total taxes paid would be $690,000. Each beneficiary will receive $1,000,000 of untaxed inheritance and $405,000 from the taxable portion of their inheritance for a total of $1,405,000. This means that they would have paid (or, more precisely, the estate would have paid) a taxable rate of 19.7%.

http://en.wikipedia.org/wiki/Estate_tax_in_the_United_States

Basic economics 101. They NEED cash on hand to pay the tax or sell. Damned few farmers or ranchers have that kind of money in the bank. Too many farms and ranches have mortgages already. To buy more cattle or farm machinery.


Chuck

they NEED to get another loan then - they've already got a huge chunk of free land. surely they can invest in their own farm and future?

Yeah, sure! Just get another loan! Most of them are in hock up to their ears as it it. You need to take some serious time away from the computer and get out into the real world, instead of looking to google for the answers to the mysteries of the universe. Like I said... you don't have a clue!


Chuck

[dreamdancer 0]

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For example, assume an estate of $3.5 million in 2006. There are two beneficiaries who will each receive equal shares of the estate. The maximum allowable credit is $2 million for that year, so the taxable value is therefore $1.5 million. Since it is 2006, the tax rate on that $1.5 million is 46%, so the total taxes paid would be $690,000. Each beneficiary will receive $1,000,000 of untaxed inheritance and $405,000 from the taxable portion of their inheritance for a total of $1,405,000. This means that they would have paid (or, more precisely, the estate would have paid) a taxable rate of 19.7%.

http://en.wikipedia.org/wiki/Estate_tax_in_the_United_States

Basic economics 101. They NEED cash on hand to pay the tax or sell. Damned few farmers or ranchers have that kind of money in the bank. Too many farms and ranches have mortgages already. To buy more cattle or farm machinery.


Chuck

they NEED to get another loan then - they've already got a huge chunk of free land. surely they can invest in their own farm and future?

Yeah, sure! Just get another loan! Most of them are in hock up to their ears as it it. You need to take some serious time away from the computer and get out into the real world, instead of looking to google for the answers to the mysteries of the universe. Like I said... you don't have a clue!


Chuck

and you're whining on behalf of kids who are inheriting millions of dollars - get real man...

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[masterrig 1]

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Disagree.

Go start a company on your own and accept the risk of success.

exactly what i've done...

next

...and you don't have a clue about the realities of farming and ranching in the U.S.A. I work for ranchers and they tell me 'how it really is'. They want their ranch to stay in the family but the tax situation, the way it is, makes that hope very bleak. They know the reality of things.


Chuck

working a farm is working a farm. you seem to be saying it is not possible to work a farm unless you get it for free...

I'm not saying that or insuating that at all! You do have a wild imagination.


Chuck

[lawrocket 3]

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they NEED to get another loan then - they've already got a huge chunk of free land. surely they can invest in their own farm and future?

Yeah? From whom? They've got land that is already mortgaged in most cases. They have equipment with payments due. Let's not talk about seed, feed, vermin control, water, electric, utilities, etc. All the expenses necessary to get a farm running. Not to mention the constant costs of keeping "Occupy Farmland" fleabaggers from stealing the crops from the 1% of people who farm and setting up tenements in the middle of the alfalfa fields.

Then they get hit with a big bill like that? "Hey, can I refinance the farm?" No. the farm already OWES money. Add to that a tax bill that lowers credit. Then let's discuss the practicality of giving ANYONE a loan right now, much less to a farm that has a new owner.

Yeah, a bank is going to look at that and say, "Why yes. We'll go ahead and refinance this. We'll wait last in line in case this doesn't work."

Yes. They can invest in their future. They did when they learned the business from mom and dad and decided against going to shit in parks to protest how unfair it all is.

My wife is hotter than your wife.

[masterrig 1]

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For example, assume an estate of $3.5 million in 2006. There are two beneficiaries who will each receive equal shares of the estate. The maximum allowable credit is $2 million for that year, so the taxable value is therefore $1.5 million. Since it is 2006, the tax rate on that $1.5 million is 46%, so the total taxes paid would be $690,000. Each beneficiary will receive $1,000,000 of untaxed inheritance and $405,000 from the taxable portion of their inheritance for a total of $1,405,000. This means that they would have paid (or, more precisely, the estate would have paid) a taxable rate of 19.7%.

http://en.wikipedia.org/wiki/Estate_tax_in_the_United_States

Basic economics 101. They NEED cash on hand to pay the tax or sell. Damned few farmers or ranchers have that kind of money in the bank. Too many farms and ranches have mortgages already. To buy more cattle or farm machinery.


Chuck

they NEED to get another loan then - they've already got a huge chunk of free land. surely they can invest in their own farm and future?

Yeah, sure! Just get another loan! Most of them are in hock up to their ears as it it. You need to take some serious time away from the computer and get out into the real world, instead of looking to google for the answers to the mysteries of the universe. Like I said... you don't have a clue!


Chuck

and you're whining on behalf of kids who are inheriting millions of dollars - get real man...

Bwa-hahahahahahahaha...

Just telling it like it is! I'm sorry that you're not getting your share of the fatted calf.


Chuck

[lawrocket 3]

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which makes the inheritance worth $20 million? not bad...

Nope. Try less. And split between six kids.

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my cousins are wrangling at the moment over a 400 acre estate. they're not whining they're poor...

Nope. Because I take it your cousins are among the misanthropic types who, like the OWS protesters, just can't wait to get shit handed to them. No, they aren't interested in working the 400 acres. They'll liquidate, right?

I'm discussing the ones who aren't like your cousins. I 'm talking about the ones who want to keep the legacy going but can't find a way to do it with a huge tax bill. So they'll have to sell half of the what they get at 2/3 the value so they can pay Uncle Sam.

Of course, you also realize that you are leaving it to yourself to determine who gets what. How's life on the throne?

My wife is hotter than your wife.

[dreamdancer 0]

economics 101 - a farm is a business. if you can't make money from it (incompetent maybe) then sell it and do something else. don't whine how poor you are...

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[masterrig 1]

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they NEED to get another loan then - they've already got a huge chunk of free land. surely they can invest in their own farm and future?

Yeah? From whom? They've got land that is already mortgaged in most cases. They have equipment with payments due. Let's not talk about seed, feed, vermin control, water, electric, utilities, etc. All the expenses necessary to get a farm running. Not to mention the constant costs of keeping "Occupy Farmland" fleabaggers from stealing the crops from the 1% of people who farm and setting up tenements in the middle of the alfalfa fields.

Then they get hit with a big bill like that? "Hey, can I refinance the farm?" No. the farm already OWES money. Add to that a tax bill that lowers credit. Then let's discuss the practicality of giving ANYONE a loan right now, much less to a farm that has a new owner.

Yeah, a bank is going to look at that and say, "Why yes. We'll go ahead and refinance this. We'll wait last in line in case this doesn't work."

Yes. They can invest in their future. They did when they learned the business from mom and dad and decided against going to shit in parks to protest how unfair it all is.

#1


Chuck

[dreamdancer 0]

no - they're trying to stop the stepmother from liquidating because they do want to work it. if they and their (overpaid) lawyers win the estate then we get to open a nice new dz. fingers crossed...

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[kelpdiver 2]

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and you're whining on behalf of kids who are inheriting millions of dollars - get real man...

sheesh - anyone want to take a stab at educated our marxist on the concepts of illiquid assets, or cash flow, or really really basic math?

DD - you'd have done much better if you just asserted that farms are few and far between, not the big picture. But trying to say these 'kids' just inherited millions and can live like a rock star while keeping their 'hugely profitable' agricultural business going shows a lack of something - be it intelligence, honesty, or respect. I'm going with the latter two.

Fortunately for the world, your advocacy is amazingly not compelling, just like the shit flinging monkeys in the occupy camps. I'd be much more concerned if you were selling your philosophy with a single iota of tact.

[masterrig 1]

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economics 101 - a farm is a business. if you can't make money from it (incompetent maybe) then sell it and do something else. don't whine how poor you are...

Those folks don't whine! They keep working and they do their best. If, every farmer or rancher that had a big mortgage or loan, quit... where do you thin people are going to get their food? Do you have any idea how much of the grains and produce, beef and etc., is shipped to foreign countries besides the U.S.? Our government and their laws don't help. You're the one who is whining!!! Pobre cito! Hows that OWS thing going for you???????????

I'm done with you!

Chuck

[dreamdancer 0]

i didn't say they could have both. either work the farm for the longterm wealth - or go for the sell and the quick buck. either way the kids have not a lot to whine about. you do a disservice to them by trying to use them as rhetorical 'shields'. i'm sure they'd be annoyed at your whining on their behalf...

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[dreamdancer 0]

those folks don't whine - you do it on their behalf in silly attempts to say how bad they have it...

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[lawrocket 3]

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economics 101 - a farm is a business. if you can't make money from it (incompetent maybe) then sell it and do something else. don't whine how poor you are...

So you advocate taking profitable businesses and making them unprofitable. Gee, what wondrous things you plan to do for the world.

The business WAS profitable, which is why it is worth something. That's when the government steps in and makes it unprofitable. You like this thought?

My wife is hotter than your wife.

[masterrig 1]

Refer to my last statement in my last post to you! Savvy?


Chuck

[rushmc 18]

they NEED to get another loan then - they've already got a huge chunk of free land. surely they can invest in their own farm and future?

[dreamdancer 0]

all i propose is to raise inheritance tax to a decent rate. now you do your usual and dance at the far far right end of the political scale where we can hardly see you...

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding