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Family owned businesses now will give half to the gov't upon death of the founder?
DerekJohnson
Administrator, Swaye's Wigwam Posts: 68,304 
https://www.youtube.com/watch?v=qGXKkebU124Comments
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This has to be from he Life Insurance Lobby.
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I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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You think all small business owners are worth millions? Then you are brainwashed by Marxists.TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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And you're implying that if someone built up a business to be worth millions, that it's okay for the government to seize half? Think about what you're saying.TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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Love to live my life in fear and anger about hypothetical scenarios I make up in my head
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It's written in the bill.ntxduck said:Love to live my life in fear and anger about hypothetical scenarios I make up in my head
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He has though about it. His position is yes, the government is entitled to half of your work, even though you paid taxes on it already during your life once, once you die. To redistribute as they see fit. APAG, and many others like him, are 100% on board with this. So much for the American Dream.DerekJohnson said:
And you're implying that if someone built up a business to be worth millions, that it's okay for the government to seize half? Think about what you're saying.TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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It won't stop there. Went to Walmart the other day to by some DEF fluid, and 5pm on a Thursday, there was only one check stand open and everything else was self checkout. I would guess that there were maybe 5 employees total working the floor (counting the two working checkout).
People are refusing to work until they get a "fair" wage. Unfortunately, for these morons, their definition of a "fair" wage is about 30%-40% more than what the market will pay. Expect to see more and more of these businesses to find ways to do more with less staff, and these people waiting for a "fair" wage will wait themselves into welfare and homelessness. Then with fewer tax payers and more Kobe's sucking up resources, taxes will need to jump into the 50's, or the government will be forced to default, which it won't do. -
You needed this comment to know that APAG is a naive malcontent who thinks the government needs to regulate his well being?DerekJohnson said:
You think all small business owners are worth millions? Then you are brainwashed by Marxists.TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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Even if they are worth millions ... FUCK OFFTheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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Have you ever made your own money, or have you always lived off others?TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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Ironic considering the subject of the thread.greenblood said:
Have you ever made your own money, or have you always lived off others?TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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. -
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.DerekJohnson said:
You think all small business owners are worth millions? Then you are brainwashed by Marxists.TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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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.TheKobeStopper said:
Ironic considering the subject of the thread.greenblood said:
Have you ever made your own money, or have you always lived off others?TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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. -
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 afloatgreenblood said:
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.TheKobeStopper said:
Ironic considering the subject of the thread.greenblood said:
Have you ever made your own money, or have you always lived off others?TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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.
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 thatTequilla said:
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 afloatgreenblood said:
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.TheKobeStopper said:
Ironic considering the subject of the thread.greenblood said:
Have you ever made your own money, or have you always lived off others?TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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.
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 -
Your primary point is that Kobe is clueless and supports whatever gives money to those that haven’t earned itgreenblood said:
Very good point. Definitely missed thatTequilla said:
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 afloatgreenblood said:
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.TheKobeStopper said:
Ironic considering the subject of the thread.greenblood said:
Have you ever made your own money, or have you always lived off others?TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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.
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 -
When this finance board was orphaned the first time, did Creepycoug's will pay the govt?
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Except the White House has already said it’s going to exempt family owned businesses and farmers who continue to run the business.greenblood said:
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.TheKobeStopper said:
Ironic considering the subject of the thread.greenblood said:
Have you ever made your own money, or have you always lived off others?TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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. -
Trust the coaches
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That’s an interesting way to frame “discussing what a proposal proposes”. But I’ve been brainwashed by the marxists, so what do I know.RaceBannon said:Trust the coaches
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buy/sell agreement funded with Life Insurance.greenblood said:
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.TheKobeStopper said:
Ironic considering the subject of the thread.greenblood said:
Have you ever made your own money, or have you always lived off others?TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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.
Done.
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I make interesting postsTheKobeStopper said:
That’s an interesting way to frame “discussing what a proposal proposes”. But I’ve been brainwashed by the marxists, so what do I know.RaceBannon said:Trust the coaches
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How much is a $3.25 million dollar policy? Not very cheap. Especially if the dad has prior or current health issues.doogie said:
buy/sell agreement funded with Life Insurance.greenblood said:
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.TheKobeStopper said:
Ironic considering the subject of the thread.greenblood said:
Have you ever made your own money, or have you always lived off others?TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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.
Done.
We have a record percentage of the US population not paying taxes this year. Instead of getting these waste of space shitbags back to work, the government decides to double tax hardworking families. Seems like a bold strategy. -
The Kobes of the world, who want to turn everything into a commune, aside, I think most agree that this is a shitty scenario that we should structure any estate tax law to avoid.greenblood said:
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.TheKobeStopper said:
Ironic considering the subject of the thread.greenblood said:
Have you ever made your own money, or have you always lived off others?TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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.
And as far as I know most succession and estate planning lawyers are able to navigate and avoid this outcome through any number of trusts or special partnership arrangements. How often do we? actually see businesses liquidating in order to meet an estate tax burden? -
They could just saddle themselves with debt to pay the tax burden as well. Don’t see that as a great option either.GreenRiverGatorz said:
The Kobes of the world, who want to turn everything into a commune, aside, I think most agree that this is a shitty scenario that we should structure any estate tax law to avoid.greenblood said:
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.TheKobeStopper said:
Ironic considering the subject of the thread.greenblood said:
Have you ever made your own money, or have you always lived off others?TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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.
And as far as I know most succession and estate planning lawyers are able to navigate and avoid this outcome through any number of trusts or special partnership arrangements. How often do we? actually see businesses liquidating in order to meet an estate tax burden? -
I guess, but the point is that there are a lot of avenues for relief that are utilized on a wide scale, specifically to avoid the scenario you outlined. Avenues that are perfectly legitimate costs of doing business and don't involve debt.greenblood said:
They could just saddle themselves with debt to pay the tax burden as well. Don’t see that as a great option either.GreenRiverGatorz said:
The Kobes of the world, who want to turn everything into a commune, aside, I think most agree that this is a shitty scenario that we should structure any estate tax law to avoid.greenblood said:
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.TheKobeStopper said:
Ironic considering the subject of the thread.greenblood said:
Have you ever made your own money, or have you always lived off others?TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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.
And as far as I know most succession and estate planning lawyers are able to navigate and avoid this outcome through any number of trusts or special partnership arrangements. How often do we? actually see businesses liquidating in order to meet an estate tax burden?
That's why I'm questioning just how salient your scenario is. It sounds bad, but it's not in the spirit of the estate tax that people advocate for, and in practice I'm not convinced that this is actually occurring at a level we should be concerned about. -
I just want people to have healthcare, man.GreenRiverGatorz said:
The Kobes of the world, who want to turn everything into a commune, aside, I think most agree that this is a shitty scenario that we should structure any estate tax law to avoid.greenblood said:
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.TheKobeStopper said:
Ironic considering the subject of the thread.greenblood said:
Have you ever made your own money, or have you always lived off others?TheKobeStopper said:
People who own businesses, worth millions, are not middle class.DerekJohnson said:
I think it's the ongoing assault on the middle classdoogie said:This has to be from he Life Insurance Lobby.
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.
And as far as I know most succession and estate planning lawyers are able to navigate and avoid this outcome through any number of trusts or special partnership arrangements. How often do we? actually see businesses liquidating in order to meet an estate tax burden?
