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Family owned businesses now will give half to the gov't upon death of the founder?

24

Comments

  • PostGameOrangeSlices
    PostGameOrangeSlices Member Posts: 27,910
    DerekJohnson said:

    TheKobeStopper said:

    DerekJohnson said:

    doogie said:

    This has to be from he Life Insurance Lobby.

    I think it's the ongoing assault on the middle class
    People who own businesses, worth millions, are not middle class.
    You think all small business owners are worth millions? Then you are brainwashed by Marxists.
    You needed this comment to know that APAG is a naive malcontent who thinks the government needs to regulate his well being?
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  • Tequilla
    Tequilla Member Posts: 20,257
    TheKobeStopper said:

    DerekJohnson said:

    doogie said:

    This has to be from he Life Insurance Lobby.

    I think it's the ongoing assault on the middle class
    People who own businesses, worth millions, are not middle class.
    Even if they are worth millions ... FUCK OFF

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  • greenblood
    greenblood Member Posts: 14,573
    TheKobeStopper said:

    DerekJohnson said:

    doogie said:

    This has to be from he Life Insurance Lobby.

    I think it's the ongoing assault on the middle class
    People who own businesses, worth millions, are not middle class.
    Have you ever made your own money, or have you always lived off others?
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  • TheKobeStopper
    TheKobeStopper Member Posts: 5,959
    greenblood said:

    TheKobeStopper said:

    DerekJohnson said:

    doogie said:

    This has to be from he Life Insurance Lobby.

    I think it's the ongoing assault on the middle class
    People who own businesses, worth millions, are not middle class.
    Have you ever made your own money, or have you always lived off others?
    Ironic considering the subject of the thread.

    Who cares? That clearly has no value. If it did, you guys wouldn’t be sobbing over exactly how much the children of millionaires should inherit.
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  • TheKobeStopper
    TheKobeStopper Member Posts: 5,959
    DerekJohnson said:

    TheKobeStopper said:

    DerekJohnson said:

    doogie said:

    This has to be from he Life Insurance Lobby.

    I think it's the ongoing assault on the middle class
    People who own businesses, worth millions, are not middle class.
    You think all small business owners are worth millions? Then you are brainwashed by Marxists.
    I can’t tell if you’re being intentionally dishonest or you’re just misinformed here but, yes, everyone subject to the estate tax is worth millions.
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  • Tequilla
    Tequilla Member Posts: 20,257
    greenblood said:

    TheKobeStopper said:

    greenblood said:

    TheKobeStopper said:

    DerekJohnson said:

    doogie said:

    This has to be from he Life Insurance Lobby.

    I think it's the ongoing assault on the middle class
    People who own businesses, worth millions, are not middle class.
    Have you ever made your own money, or have you always lived off others?
    Ironic considering the subject of the thread.

    Who cares? That clearly has no value. If it did, you guys wouldn’t be sobbing over exactly how much the children of millionaires should inherit.
    Obviously you failed economics, because you lack little to no understanding of how a business operates. Say Dad passes away from his manufacturing company, and said company is now valued minus liabilities at roughly $6.5 million dollars. If dad founded said company, then you are looking at a capital return of $6.5 million in value. If you tax 50%, that creates a tax bill of $3.25 million. Do you think the business has reserves in place for that kind of bill? So what can the kid's do? Sell the business, or liquidate a large portion of the company's assets (machines, supplies, inventory) to cover the cost. In essence, the government takes a soundly ran family owned business, and turns it into a shell of it's former self. More often enough liquidating the business into bankruptcy or forcing a quick sell to a conglomerate. Which then restricts competitions, and helps create an oligopoly in even more segments of the economy. Great thought process genius. Now I can see why you hate standardized testing so much.
    The one thing you’re missing in this is that a business like this is one that likely is operating on a working line of credit at most but to satisfy the tax burden would either need to leverage either the business with debt or themselves with debt to keep the business afloat

    People like Kobe don’t understand that small family owned businesses (particularly ones that pass from generation to generation) are foundational elements of this country
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  • greenblood
    greenblood Member Posts: 14,573
    Tequilla said:

    greenblood said:

    TheKobeStopper said:

    greenblood said:

    TheKobeStopper said:

    DerekJohnson said:

    doogie said:

    This has to be from he Life Insurance Lobby.

    I think it's the ongoing assault on the middle class
    People who own businesses, worth millions, are not middle class.
    Have you ever made your own money, or have you always lived off others?
    Ironic considering the subject of the thread.

    Who cares? That clearly has no value. If it did, you guys wouldn’t be sobbing over exactly how much the children of millionaires should inherit.
    Obviously you failed economics, because you lack little to no understanding of how a business operates. Say Dad passes away from his manufacturing company, and said company is now valued minus liabilities at roughly $6.5 million dollars. If dad founded said company, then you are looking at a capital return of $6.5 million in value. If you tax 50%, that creates a tax bill of $3.25 million. Do you think the business has reserves in place for that kind of bill? So what can the kid's do? Sell the business, or liquidate a large portion of the company's assets (machines, supplies, inventory) to cover the cost. In essence, the government takes a soundly ran family owned business, and turns it into a shell of it's former self. More often enough liquidating the business into bankruptcy or forcing a quick sell to a conglomerate. Which then restricts competitions, and helps create an oligopoly in even more segments of the economy. Great thought process genius. Now I can see why you hate standardized testing so much.
    The one thing you’re missing in this is that a business like this is one that likely is operating on a working line of credit at most but to satisfy the tax burden would either need to leverage either the business with debt or themselves with debt to keep the business afloat

    People like Kobe don’t understand that small family owned businesses (particularly ones that pass from generation to generation) are foundational elements of this country
    Very good point. Definitely missed that
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  • Tequilla
    Tequilla Member Posts: 20,257
    greenblood said:

    Tequilla said:

    greenblood said:

    TheKobeStopper said:

    greenblood said:

    TheKobeStopper said:

    DerekJohnson said:

    doogie said:

    This has to be from he Life Insurance Lobby.

    I think it's the ongoing assault on the middle class
    People who own businesses, worth millions, are not middle class.
    Have you ever made your own money, or have you always lived off others?
    Ironic considering the subject of the thread.

    Who cares? That clearly has no value. If it did, you guys wouldn’t be sobbing over exactly how much the children of millionaires should inherit.
    Obviously you failed economics, because you lack little to no understanding of how a business operates. Say Dad passes away from his manufacturing company, and said company is now valued minus liabilities at roughly $6.5 million dollars. If dad founded said company, then you are looking at a capital return of $6.5 million in value. If you tax 50%, that creates a tax bill of $3.25 million. Do you think the business has reserves in place for that kind of bill? So what can the kid's do? Sell the business, or liquidate a large portion of the company's assets (machines, supplies, inventory) to cover the cost. In essence, the government takes a soundly ran family owned business, and turns it into a shell of it's former self. More often enough liquidating the business into bankruptcy or forcing a quick sell to a conglomerate. Which then restricts competitions, and helps create an oligopoly in even more segments of the economy. Great thought process genius. Now I can see why you hate standardized testing so much.
    The one thing you’re missing in this is that a business like this is one that likely is operating on a working line of credit at most but to satisfy the tax burden would either need to leverage either the business with debt or themselves with debt to keep the business afloat

    People like Kobe don’t understand that small family owned businesses (particularly ones that pass from generation to generation) are foundational elements of this country
    Very good point. Definitely missed that
    Your primary point is that Kobe is clueless and supports whatever gives money to those that haven’t earned it
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  • whatshouldicareabout
    whatshouldicareabout Member Posts: 13,018
    edited August 2021
    When this finance board was orphaned the first time, did Creepycoug's will pay the govt?
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