Federal Estate Taxes Knowledge Base
Do you pay estate taxes for the deceased plus federal taxes on what the beneficieciers get as regular income? If someone dies and you pay the estate tax to the state on their assets at time of death (say 4%), do the heirs then also pay a federal tax on the amount that they get distributed from the balance of the estate?
Can I deduct real estate taxes in NY from more than one home on my federal tax return? I bought a new house and havent sold the first one yet? Can i deduct mortgage interest from both? What about real estate taxes? Both houses are in NY city.
Question about state and federal taxes? comparison/contrast between current state and federal taxes that must be considered when planning an estate (e.g., estate taxes, inheritance taxes, death taxes, gift taxes, federal/state income taxes) and any deductions and exemptions that apply to such taxes. Thanks
Are real estate classes tax deductable in the Educational deductions for Federal Income Taxes? For 2007 are real estate classes deductable?
Estate taxes pay for which federal programs? Usually, new taxes are imposed for new programs. So when the estate tax was started, which programs was it intended to fund?
How is NJ and Federal Estate and Income Tax handled for annuities and life insurance? Serving as executor - both parents passed in 2005. How is the Estate and Income Tax handled for both New Jersey and Federal returns on Annuities and Life/Term Insurance. Not sure what is taxable as Income and what is taxable to Estate. Also, not sure who pays the taxes, beneficiary or estate on the income tax - assuming there is a income tax liability.
Can I claim a loss on my taxes (federal or state) on a Real Estate Condo deal gone bad? I put down 10k on a new construction condo. Before we could close the place flooded and we decided to back out. The builder would only give us back 5k or half the deposit. Is there any way to claim the other 5k I lost when I do my taxes?
Real Estate Federal Tax Deductions? Do real estate tax decutions fall in the year of payment or the year of billing on the Federal Tax Return. I purchased my house in 8/2006 but paid the 2006 taxes in April of 2007. I paid the 2007 taxes in January of 2008. On my 2007 tax return do I deduct the 2006 taxes which were paid in 2007 or the 2007 taxes which were paid in 2008? So if I pay my 2008 taxes before the year ends. I will be able to deduct my 2007 taxes (paid on January 8, 2008) and my 2008 taxes (paid before December 31, 2008)?
What would be the Federal and FL state tax liabilities for a 200k estate in Florida? I am to be named sole beneficiary to a small, approximately 200,000 dollar estate, mainly a condominium, in the state of Florida. As sole beneficiary, what can I expect approximately in estate taxes both for the State of Florida and for the Federal Government? Please do not respond by saying "check with a lawyer,accountant,estate planner" or any other answer like that. Just looking for an EDUCATED answer based on current tax laws. Thanks in advance for your help.
What forms to file for Maryland Inheritance Tax? I paid estate taxes on inherited property. What forms do I need to file in conjunction with my Maryland (or Federal) tax return? Thank you.
Low taxes, best real estate prices, and maximum benefits for retirees would decide the place to settle. Advise Being a new resident in the US, a retiree who has decided to live here, I shall appreciate it a lot if I could be advised on he subject enabling me to decide the matter. The most important issues are medical coverage and assistance, prices of real estate, taxes, benefits for the retired persons that are being offered, and general social conditions prevailing at a location. Then, it shall be best suited to my requirements if the location is in the east US, extending to Midwest/ Chicago as all my kids are residing in that locale. I have to decide this matter quickly as I am keen to start sinking my roots here and be a productive member of the society, at the latest, by 2010 end. I am an Asian - from Pakistan, and have been a federal government employee for over 35 years, starting as an officer ending up in senior executive position. My wife and myself hold master in English literature degrees from the Punjab University, granted in 1964.
Who needs to file a 706 federal estate tax return? can i use any appraiser
Federal Estate/Death/Gift Taxes Question? I have two questions 1. For a grandfather that wishes to pass all of his property to his granddaughter, would it be cheaper for him to make the transfer by gift or at the time of death? 2. For two recently married people, the man would like to pass all of his wealth to his wife when he dies. Would the man avoid transfer taxes or would he still have to pay taxes even if all of the wealth passes to a spouse?
How do I budget for taxes other than Federal, State, Local? What about Medicare, SS, real estate and others? I'm trying to sculpt my budget and am totally confused about the tax portion which is the starting point. I kind of understand and can estimate the Fed/State and Local taxes but do I need to pay medicare and SS taxes on freelance work done as well? Am I missing any other taxes? Any good tips on proper estimating? I am a PA resident with 3 kids. My wife and I file together... THANKS for your time! :o)
What is my tax liability for receiving a share of the proceeds of real estate sale of an estate? In Texas parents died in 2005. Sibling and I equally to share in real estate previously held by parents. Neither wanted so property was sold. At sale proceeds distributed by title company, half to each of us. What is my federal tax liablity? Entire estate was well below Federal Estate Tax limit.
I want to know how an estate with 3 heirs is taxed? Assuming I have 3 heirs with equal shares of my estate and my estate is worth 3 million, each heir would receive 1 million. This years estate federal tax exemption is 2 million so my question is that since each heir receives 1 million, would they owe estate tax ? Based on what I have read, I believe there would be no tax on my estate but want to verify. Thanks in advance for help.
How do I file 1099-R, Estate Situation? My mom passed away in 2006, and in 2007 her 401K and her Pension was paid to her estate account. On the 401K federal income taxes were not taken but on the pension federal taxes were taken. Both have issued 1099-R. I do not know what to do. Do I report this on my personal income tax? or do I need to file a 1041 for the estate? Or do I need to do nothing?
If I sell real estate I must pay a federal capital gains tax. Is there a California capital gains tax? If there is a California capital gains (real estate) tax, what is the rate?
How to amend Fed & State 2007 return to add real estate taxes? I neglected to include about $2000 in real estate taxes on 2007 return. We have someone prepare our taxes but will they charge a hefty fee to amend the 2007 return. How difficult is it for someone with no tax preparation experience to do a Fed and State amendment. Thanks.
What is the best way to protect a real estate purchase from a Federal tax attachment? I read that the overall tax consequences of holding real property in an S-Corp is prohibitive. I'm not sure if an LLC protects against Federal tax liability.
Real Estate Investment and Taxes? Hi! If I want to invest in the US by buying a multifamily house and renting it out but I don't live in the US, do I still have to pay Federal Taxes on my profits? Thanks!
Hillary and Obama want a Federal Real Estate tax for homes over 2,400sf, plus tax on retirement accounts, how? do you protect yourself? Do you rent, and put your money offshore?
Do I pay federal income tax on an inherited sum and its gain? We lost our mother last year and she left us some money invested in mutual funds. State estate taxes were paid. The funds were transfered within the brokerage and invested in the same and similar funds under our individual names. They have appreciated about 4% this year. What do we pay taxes on; the original amount AND the gains, or just the gains?
Are Federal and State inheritance tax the same in Wisconsin.? Is the Federal Estate Tax 3 million? Is it the same for Wisconsin? Will it change in 2011?
taxes................................? Lets see what taxes Americans pay. Accounts Receivable Tax , Building Permit Tax , Capital Gains Tax , CDL license Tax , Cigarette Tax , Corporate Income Tax , Court Fines (indirect taxes) , Dog License Tax , Federal Income Tax , Federal Unemployment Tax (FUTA) , Fishing License Tax , Food License Tax , Fuel permit tax , Gasoline Tax (42 cents per gallon) , Hunting License Tax , Inheritance Tax Interest expense (tax on the money) , Inventory tax IRS Interest Charges (tax on top of tax) , IRS Penalties (tax on top of tax) , Liquor Tax , Local Income Tax , Luxury Taxes , Marriage License Tax , Medicare Tax , Property Tax , Real Estate Tax , Septic Permit Tax , Service Charge Taxes , Social Security Tax , Road Usage Taxes (Truckers) , Sales Taxes , Recreational Vehicle Tax , Road Toll Booth Taxes , School Tax , State Income Tax , State Unemployment Tax (SUTA) , Telephone federal excise tax , Telephone federal universal service fee tax , Telephone federal, state and local surcharge taxes , Telephone minimum usage surcharge tax , Telephone recurring and non-recurring charges tax , Telephone state and local tax , Telephone usage charge tax , Toll Bridge Taxes , Toll Tunnel Taxes , Traffic Fines (indirect taxation) , Trailer registration tax , Utility Taxes , Vehicle License Registration Tax , Vehicle Sales Tax , Watercraft registration Tax , Well Permit Tax , and Workers Compensation Tax. Not one of these taxes existed 100 years ago and America was the most prosperous nation in the world, had absolutely no national debt, had the largest middle class in the world and Mom stayed home to raise the kids. , , What the hell happened?
AS federal income taxes & cap gain taxes are cut at federal level, do local taxes eventually rise? and how would you describe this shift in taxation? Who wins and who loses out from the shift? Have stale sales taxes gone up and county and or real estate taxes? Are municipal employees still getting laid off? Are there more pot holes on your local streets today than before?
My mom passed away & left me her house. I owe Federal taxes, can I get a mortgage? Can I get a mortgage and cash out and pay back taxes from proceeds? I am afraid to start estate proceedings until I can figure out what my options are.
Where to buy Real estate, IRS and federal tax lien certificates in Michigan? Hello, I've done research a bit and I am interested to buy tax liens in Michigan, what place do you suggest me to start asking?
Is this true or false;If you are reading this you are not and will not be effected by the Federal Estate tax? http://www.irs.gov/businesses/small/article/0,,id=98968,00.html
If I buy life insurance with my sister as beneficary, when I die could IRS take that if I owe IRS taxes? I owe back taxes which I am paying on installment plan. If I suddenly die, and my estate still owes federal taxes and there are no assets that can cover the taxes in probate process, could IRS lay any claim to a term policy that shows my sister as sole beneficiary. I help my sister financially and want her to have this if I die before she does.
What are the general State & Federal tax rates on property/real estate in Southern California? & When are these taxes due? If the rate varies - what are ballpark figures?
How do you know if a tax is federal, state, or local? What kind are each of these? How do you know? I need to identify each one for school. corporate income tax dog license tax estate tax federal unemployment tax fishing license tax fuel permit tax hunting license tax food license tax liquor tax medicare tax social security tax school tax utility tax well permit tax vehicle sales tax workers compensation tax septic permit tax service charge tax individual income taxes sales tax marriage license tax property tax automobile registration tax building permit tax cigarette tax
why did i have to get a federal tax # when i put my fathers 130,000. estate in probate? will it cost me ? what is it for is it a good thing?when i put his last SSI ck in the estate account the lawyer said i needed after being bonded, so now i got a fed tax # explain please
Where & how do I enter property Ad Valorem tax when completing my federal or state return? I'm attempting to complete my taxes for 2006. I received a property ad valorem tax in 2006 from the county I live in. Do I add this tax amount to my federal real estate taxes or is this tax filed with the state return only? Where and how do I enter the tax amount for the county ad valorem tax assessed for my house?
Real Estate Tax-what is it and how does it work? I am buying a new home in Florida.The purchase price is $1.2 million and real estate taxes for 2006 were $12,506.This will be my first home in the U.S.A and I dont know how real estate taxes work.Is this the amount I have to pay every year ?Can i reclaim the total tax payment on my federal tax return?And when during the year do I have to pay this tax payment and to whom?Hope somone can help THANKS
What are the federal income tax consequences of selling real estate to a relative? We built a house which we plan to sell to our son. We just want to break even on the sale.
How would proceeds from real estate, reported on 1099S, be reported on Federal Income Tax Return? My sister and I aquired a liability in the form of a Deed of Trust in May 2005 from a parent in ill health. In Dec. 2005, we started forclosure proceedings. Early 2006, a Quit Claim Deed (In Lieu of Foreclosure) was conveyed to myself and my sister, making us full owners. We sold property under market because of deteriorating physical condition. We split proceeds. How should these proceeds be reported on Federal Income Tax Return?
What do Social Security taxes pay for? A. benefits to federal workers and military personnel B. benefits to those who are unemployed C. transportation and training expenses for low-income people D. benefits to older citizens, surviving family members of wage earners, and people with certain disabilities Which of the following is one reason the federal government collects income taxes as a person earns? A. so that people do not realize exactly how much they are paying B. so that the money can be put aside until it is needed C. so that the government can pay bills as they come due D. so that taxpayers can qualify for refunds of excess tax All of the following are constitutional limits on the power to tax EXCEPT that A. tax money must not go to individual interests. B. federal taxes must be the same in every state. C. imports must not be taxed. D. exports must not be taxed. Your department store receipt says that you paid a 5% sales tax on sports equipment. This sales tax is an example of a A. proportional tax. B. progressive tax. C. regressive tax. D. income tax. Suppose your total taxable income this year is $75,000. You are taxed at a rate of 10% on the first $25,000, 20% on the next $25,000, and 30% on the final $25,000. What is your total income tax? A. $2,500 B. $7,500 C. $15,000 D. $25,00 The demand for cable television is relatively elastic, since if the price gets too high, people will rent DVDs or videos instead of watching cable. Who is likely to bear the incidence of a 10 percent tax on cable television? A. the consumer B. the producer C. the consumer and producer equally D. the government When you drive away from the gas pump, you have just paid a(n) A. import fee. B. excise tax. C. corporate income tax. D. estate tax.
Are there federal tax benefits to having a living trust when selling real estate? In a living trust, is the equity subject to federal tax upon the sale of a primary residence?
How do you calculate real estate tax savings? My goal is to find the impact of my real estate interest deduction against my federal income tax return in real dollars?
Where can i find a table or calculator to figure out the maryland estate tax liability? I am trying to figure out how much state estate tax would be due for a maryland couple with a 7,500,000 estate. The federal side is easy but I cannot seem to find a Maryland table. In case anyone is wondering they already have an A/B trust
Estate Planning: My 73 year old uncle has $1 million dollars in his IRA (lucky dog).? We're trying to figure out how to make the IRA money get taxed the least. If he took all of it out now, what would his tax rate be? He has an annuity of $80,000 per year. When he dies, it would be taxed at least twice, right? Federal taxes, state taxes (he lives in NJ) and also an estate tax unless he dies in 2011 when the estate tax is repealed. Just trying to figure out the smartest way for him to manage his money. Thanks so much!
How does the underpayment of IRS federal income tax work? Say for instance that my 2006 taxes are fully paid. Yet for 2007 after I file for my return next year in april that it turns out I underpaid by 2000 dollars. Will I owe the IRS a penalty for this? Second senario. Say that for 2006 my taxes are fully paid. But for 2007 I am also getting a tax return of around 100 dollars because of all my deductions such as charity, real estate tax and interest etc. Even though I technically underpaid the IRS before the deductions, after the deductions are accounted for I still have a return. Will I owe any penalty for underpaying before the deductions are accounted for? Please let me know what my consequences are for both senarios. I want to clarify Senario 1. I mean that if I am fully paid for tax year 2006 but when I am filing for 2007 it shows I underpaid for 2007 not 2006. Again 2006 is fully paid. I'm just speaking of 2007 is underpaid. I heard if you are fully paid for the prevoius year then it doesn't matter if you underpaid for the current year when you file.
Question about estate taxes.? I inherited about $75,000 from my father when he died. Will I have to pay any estate taxes on that to the federal government. This is all cash...nothing in stocks, bonds, property etc.
the largest source of federal income from taxes comes from? a. income taxes b. excise taxes c. estate taxes d. custom duties
Estate tax in New York question? I am so confused by this one thing. My mother passed away a couple of weeks ago. She had 1.3M in regular accounts and another 230K in retirement accounts. So everything all together is about 1.5M I know there is no inheritance tax and no federal inheritance ot estate tax (it is under 3.5M), but I cannot figure out if there is a New York Estate Tax. I keep reading different things, from there is none, to that there is a tax over 1M. Does anyone know?
How much tax should I be paying? Supposing someone makes $100K a year and has about $25K in qualifying deductions (mortage interest and real estate taxes), how much total federal taxes should be taken out per year? Married individual with one child, spouse doesn't work. Thanks!
Do I have to pay estate or inheritance tax? I'm confused as to the difference. I've heard there is no tax on assets passed on that are less then 2 million dollars. Is that true? My brother and sisters and I inherited property in 2006 and sold it in 2007. We devided up the money and my share was $50,000. Do I have to pay federal tax on it? I'd also like to know about New York state tax too.
Do the liberals that defend increasing taxes and socialism know EXACTLY what taxes we pay now when they say? "someone has to pay for this and that"? Heres a "short" list.... Accounts recievable tax Automobile registration tax Building permit tax Capital gains tax CDL license tax Cigarette tax Corporate income tax Court fines (indirect tax) Dog license tax Estate tax Federal income tax Federal unemployment tax (FUTA) Food license tax Fuel permit tax Gasoline tax (42 cents per gallon) Inheritance tax Interest expense (tax on the money) Inventory tax IRS interest charges (tax on top of tax) IRS penalities (tax on top of tax) Liquor tax Local income tax Luxury taxes Marriage license tax Medicare tax Parking meters Property tax Real estate tax Septic permit tax Service charge taxes Social security tax Road usage taxes (truckers) Sales tax Recreational vehicle tax Road toll booth tax School tax State income tax State unemployment tax (SUTA) Telephone federal excise tax Telephone federal, state and local surcharge tax Telephone minimum usage surcharge tax Telephone recurring and non-recurring charges tax Telephone state and local tax Telephone charge tax Toll bridges taxes Toll tunnel taxes Traffic fines Trailer registration tax Utility tax Vehicle license registration tax Vehicle sales tax Watercraft registration tax Well permit tax Workers compensation tax and do they think about all these when they bash republicans for wanting lower taxes? and yes, this is a small partial list Federal or state, they're Government taxes and in alot of cases, waste And no Comrade, you have NO Clue but thanks for trying! ROFL
As personal repersintive of an estate in michigan.What tax forms need to be filed? Also my brothers estate value was $119.000. No Federal or state tax is do ?And What form do i need to send in giveing me proof of this for probate court.
The state of NY holds deed to my house for back taxes, can the fed govt take the deed from the State? I am the executor for an estate where the deceadent owed property taxes and federal income taxes. The state of New York took the deed to the real estate associated with the estate while we are making payments to them for what we owe. My question is that the estate also owes money on back Federal Income Tax. Can the Federal Government take the deed from the state in this instance?
Real Estate Investment Short Sale Tax question? Selling an investment property on a short sales but am required to sign a promisary note for the difference, approx $50k, am I amble to claim as a deduction on my federal taxes?
Doesnt our government, now infected with the Pelosi/reid regime have enough taxes without wanting more? Accounts Receivable Tax Building Permit Tax CDL license Tax Cigarette Tax Corporate Income Tax Dog License Tax Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax, Fuel permit tax Gasoline Tax (42 cents + per gallon) Hunting License Tax Inheritance Tax Interest expense Inventory tax IRS Interest Charges IRS Penalties (tax on top oftax) Liquor Tax Luxury Taxes Marriage License Tax Medicare Tax Property Tax Real Estate Tax Service charge tax Social Security Tax Road usage taxes Sales Tax Recreational Vehicle Tax School Tax State Income Tax State Unemployment Tax (SUTA) Telephone federal excise tax Telephone federal universal service fee tax Telephone federal, state and local surcharge taxes Telephone minimum usage surcharge tax Telephone recurring and non-recurring charges tax Telephone state and local tax Telephone usage charge tax Utility Tax Local to Fed. Isnt it enough? This is only a partial list. None of these taxes existed a hundred years ago. We, at that time, were the most prosperous nation on earth. It's obvious where the liberal welfare and tax and spend schemes have taken us. Look no farther than cut and run and the massive massive pork attached by Ms. Pelosi to protecting our soliders. Simple question here really: When is enough enough, and how can we get the liberal extremists to wake up? I suppose even god loves a liberal for some reason, I just cant figure out why? Let's get it right people OK? John Edwards, pre flip flop, Hillary and other extremists VOTED FOR IRAQ, so its not Bushs war. Next, the only thing Clinton did was to take unjustified credit for the Reagan tax cuts and welfare reform(after four successive vetoes) from the Contract With America. What we "got" from Clinton was an indicted and impeached president and white house character to an all time low. Character is not built through poltical correctness, polls and confiscatory taxes. The pelosi/reid regime, through cut and run should show you that. I think it was said along time ago best, those who dont lean from history are condemned to repeat it. Obvouisly the liberals here are vieing to be first in line. Yes, Im well aware taxes pay for things. The problem is. DO WE REALLY NEED GOVERNMENT INVOLVEMENT IN ALL THE THINGS THEY PAY FOR??? THE SOLUTION WAS SELF REALIANCE LONG AGO, WHY NOT NOW???
Can I claim a loss on my taxes (federal or state) on a Real Estate Condo deal gone bad? I put down 10k on a new construction condo. Before we could close the place flooded and we decided to back out. The builder would only give us back 5k or half the deposit. Is there any way to claim the other 5k I lost when I do my taxes?
TAXES this is sad but true? (long but worth the read)? Willys cynical thought for the fugging day; People who love sausage and respect the law should never watch either of them being made! TAXES What Happened? At first I thought this was funny...then I realized the awful truth of it. Be sure to read all the way to the end! Tax his land, Tax his bed, Tax the table At which he's fed. Tax his tractor, Tax his mule, Teach him taxes Are the rule. Tax his cow, Tax his goat, (See Devo & RR you ain't immune! LMAO) Tax his pants, Tax his coat. Tax his ties, Tax his shirt, Tax his work, Tax his dirt. Tax his tobacco, Tax his drink, Tax him if he Tries to think. Tax his cigars, Tax his beers, If he cries, then Tax his tears. Tax his car, Tax his gas, Find other ways To tax his ass Tax all he has Then let him know That you won't be done Till he has no dough. When he screams and hollers, Then tax him some more, Tax him till He's good and sore. Then tax his coffin, Tax his grave, Tax the sod in Which he's laid. Put these words upon his tomb, "Taxes drove me to my doom..." When he's gone, Do not relax, Its time to apply The inheritance tax. Accounts Receivable Tax Building Permit Tax CDL license Tax Cigarette Tax (99% of price of cigarettes is tax! I remember they sold for 25 cents!) Corporate Income Tax Dog License Tax Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax, Fuel permit tax Gasoline Tax - 42 cents per gallon (I remember 1972 a fawking gallon cost 39.9 cents!) Hunting License Tax Inheritance Tax Interest expense Inventory tax IRS Interest Charges IRS Penalties (tax on top of tax) Liquor Tax Luxury Taxes Marriage License Tax Medicare Tax Property Tax Real Estate Tax Service charge taxes Social Security Tax Road usage taxes Sales Tax Recreational Vehicle Tax School Tax State Income Tax State Unemployment Tax (SUTA) Telephone federal excise tax Telephone federal universal service fee tax Telephone federal, state and local surcharge taxes Telephone minimum usage surcharge tax (WTF is this? You mean if nobody uses the phone I get taxed? Am I the only 1 that's weird to?) Telephone recurring and nonrecurring charges tax Telephone State and local tax Telephone usage charge tax Utility Taxes Vehicle License Registration Tax Vehicle Sales Tax Watercraft registration Tax Well Permit Tax Workers Compensation Tax COMMENTS: Not one of these taxes existed 100 years ago, and our nation was the most prosperous in the world. We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids. What happened??? And I still have to "press 1" for English I hope this goes around the world 10 times....... http://www.willyblues.com/
Do we pay enough taxes? Accounts Receivable Tax Building Permit Tax CDL license Tax Cigarette Tax Corporate Income Tax Dog License Tax Excise Taxes Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax Fuel Permit Tax Gasoline Tax (42 cents per gallon) Gross Receipts Tax Hunting License Tax Inheritance Tax Inventory Tax IRS Interest Charges IRS Penalties (tax on top of tax) Liquor Tax Luxury Taxes Marriage License Tax Medicare Tax Personal Property Tax Property Tax Real Estate Tax Service Charge Tax Social Security Tax Road Usage Tax Sales Tax Recreational Vehicle Tax School Tax State Income Tax State Unemployment Tax (SUTA) Telephone Federal Excise Tax Telephone Federal Universal Service Fee Tax Telephone Federal, State and Local Surcharge Taxes Telephone Minimum Usage Surcharge Tax Telephone Recurring and Non-recurring Charges Tax Telephone State and Local Tax Telephone Usage Charge Tax Utility Taxes Vehicle License Registration Tax Vehicle Sales Tax Watercraft Registration Tax Well Permit Tax Workers Compensation Tax
If federal income tax revenues were further slashed by 30% what would happen? if starting next year, the federal income tax was slashed by 30%, and all federal social programs from education to medicare to roads and highways, etc, were cut to make up the shortage....if state income taxes stayed the same, but state real estate taxes were slashed by 30% as well, and state and city services were cut to make the shortage, what would life be like in the United States? Please try to look at things from the point of view of society as a whole, anot just your personal vantage point.
What are you thoughts about Same-Gender Couples lack of access to 1049 Federal rights and responsibilities? There are at least 1,049 protections, benefits & responsibilities extended to married couples under Federal law, according to a 1997 study by the General Accounting Office. Gay & lesbian couples pay higher taxes and are denied basic protections under the law. They receive no Social Security survivor benefits upon the death of a partner, despite paying payroll taxes. They must pay Federal income taxes on their employer’s contributions toward their domestic partner’s health insurance (married employees do not have to pay such taxes for their spouses). They must pay all estate taxes when a partner dies. They often pay significant tax penalties when they inherit a 401(k) from their partner. They are denied family leave under the Family and Medical Leave Act. CIVIL UNIONS DO NOT PROVIDE ANY OF THESE RIGHTS. And under current Federal law, neither will state-permitted same-gender marriages. Isn't this Heterosexual Privilege? How is Gay Marriage a "special right"? I have provided information so that people can respond to the QUESTION with some intelligence and information. It was clear from my earlier question that people were ill informed. This IS a question, and is meant to be so. The reason I have posted this question in the R&S section is because the largest majority of people who oppose gay marriage do so on religious grounds. They pretend there is no cost to this opposition. Religion is costing American same-gender couples millions of dollars each year, money that straight couples never have to pay.
Hows bushes tax plan favors the rich...with facts....... not rants? It is necessary to review the facts and figures on the class inequality of the Bush tax cut plan, since the White House and the Republican congressional leadership have launched a campaign of lies and distortions, relying on the acquiescence of an uncritical and reactionary media. The most basic distortion is that Bush will cut taxes “across the board.” The White House plan actually ignores those taxes that place the greatest burden on the working class, such as the payroll tax and excise taxes. Bush's plan targets those taxes, including the estate tax and the federal income tax, where the wealthy pay the largest share. This selectivity insures that the tax cut automatically favors the richest taxpayers. Three quarters of all US households pay more in federal payroll taxes, which fund Social Security and Medicare, than they pay in federal income taxes. But there has been no proposal from Bush for any cut in this tax, which is by far the most regressive tax imposed by the federal government. Unlike the income tax, which is graduated, the payroll tax is calculated as a flat percentage of income. Moreover, the payroll tax is levied only on the first $70,000 or so in income. This ceiling means that for high income taxpayers, the payroll tax is a much lower proportion of their income than for middle and lower income families—barely 1 percent for a millionaire, compared to 15.3 percent for the average worker. By maintaining unchanged the tax which weighs most heavily on working people and cutting those taxes which affect the rich, the Bush plan amounts to a redistribution of income from the bottom to the top. According to an analysis by the Center on Budget and Policy Priorities (CBPP), the top 1 percent of income earners would get a bigger tax cut than the bottom 80 percent of all taxpayers combined. These upper income families currently pay 20 percent of all federal taxes, but they would get 36 percent of the Bush tax cut. This is under conditions where the top 1 percent has seen their incomes grow by 40.4 percent over the past decade, compared to a 5.2 percent increase for the bottom 90 percent. Bush is targeting his tax cut so that these wealthy families—with an average pretax income of over $800,000 in 1998, and an average after-tax income of nearly $600,000—would receive tax cuts of more than $60,000 apiece. In effect, the federal government will send a check to every member of the top 1 percent which is larger than the annual pretax income of the average American family. Meanwhile, the average family will get a cut of about $720. For the bottom 60 percent of taxpayers, the average reduction would be only $256. Many low-income working families will receive nothing. According to CBPP figures, over 12 million families with 24 million children, one of every three children in the US, will receive no tax cut at all, including more than half of black and Hispanic children. George W. and Laura Bush will be more fortunate. Based on their income tax records released during the presidential campaign, the president and first lady stand to gain $100,000 a year once the tax cut plan is fully phased in—a nice piece of change added to their family income of over $3 million a year. Bush claims that his plan would eliminate the income tax burden for millions of lower-income working class families. This is another piece of sophistry. As the CBPP explained: “a two-parent family of four with income of $26,000 would indeed have its income taxes eliminated under the Bush plan, which is being portrayed as a 100 percent reduction in taxes. The family, however, owes only $20 in income taxes under current law.” The legislation adopted by the House of Representatives March 8 is an illustration of the class logic of Bush's program. It compresses the current five-bracket rate structure into four and reduces the rates gradually over the next five years. When the full cut is phased in completely in 2006, the top income tax rate will fall from 39.6 percent to 33 percent. The lowest rate will fall from 15 percent to 10 percent. Income taxes will decline by $958 billion over the next 10 years, with nearly half this amount accruing to the wealthiest 1 percent of taxpayers. For working families, the bill will provide either no benefits at all, if they are among the millions of low-income families who pay no income tax, or a cut averaging a few hundred dollars for those of middle income. The House voted down a Democratic counterproposal, which would have cost $585 billion over 10 years. This alternative, while introduced as a political maneuver, nonetheless spotlights the narrow social interests behind the tax cut drive. House Democrats deliberately drew up a bill that provides the same or slightly larger tax cuts than the White House bill for every income group below the top 5 percent of all taxpayers. Virtually the entire difference between the two bills lies in the treatment of the top 1 percent, who would receive $10.6 billion in tax reduction, 2 percent of the total, under the Democratic bill, and $424 billion in tax reduction, or 44.3 percent of the total, under the Republican bill. This brazen class legislation in favor of the top 1 percent—one million families with taxable incomes over $1 million each—won unanimous Republican support. See Also: Bush tax cut campaign piles lie upon lie [13 March 2001] US central bank chief boosts Bush tax cut for the wealthy [27 January 2001]
Estate and Gift Tax benefits on 529 Plan.? On the Arkansas Vanguard Gift 529 plan, it states that contributions of 60K per child (120K if joint filing used) made in a single year allows for 5yrs worth of federal tax-free gifts at one time. This is prorated over five years. Can someone please explain the benefits (federal tax-free gifts?)
Estate income versus personal income? My mother had an IRA, the money was moved the day before she died so it could be used to open her estate account, pay her bills, and mortgage plus funeral expenses. The estate account was opened a week after she passed away. I received a 1099R in her name, (not the estate) with her SSN not her Federal ID number. Is this taxable income on her personal return? The money went into the estate? Or should it just be entered on the 1041 estate tax return? I do not know where the money in the IRA orginiated from to know what would be taxable. I don't know if it came from my fathers life insurance when he passed or from when she sold her home. This money went to pay her bills, mortgage and other expenses for her while the will was in probate.
Did you know the fabian socialist, both republican and democrat have changed the USA to a communist country? It's been happening for the last 100 years and it is time for the people to wake up. Karl Marx was stating in the Communist Manifesto that these planks will test whether a country has become communist or not. If they are all in effect and in force the country IS communist. Communism, but by any other name…?? 1. Abolition of private property and the application of all rent to public purpose. The 14th Amendment of the U.S. Constitution (1868), and various zoning, school & property taxes. Also the Bureau of Land Management. 2. A heavy progressive or graduated income tax. Misapplication of the 16th Amendment of the U.S. Constitution, 1913, The Social Security Act of 1936.; Joint House Resolution 192 of 1933; and various State "income" taxes. We call it "paying your fair share". 3. Abolition of all rights of inheritance. We call it Federal & State estate Tax (1916); or reformed Probate Laws, and limited inheritance via arbitrary inheritance tax statutes. 4. Confiscation of the property of all emigrants and rebels. We call in government seizures, tax liens, Public "law" 99-570 (1986); Executive order 11490, sections 1205, 2002 which gives private land to the Department of Urban Development; the imprisonment of "terrorists" and those who speak out or write against the "government" (1997 Crime/Terrorist Bill); or the IRS confiscation of property without due process. 5. Centralization of credit in the hands of the State, by means of a national bank with state capital and an exclusive monopoly. We call it the Federal Reserve which is a credit/debt system nationally organized by the Federal Reserve act of 1913. All local banks are members of the Fed system, and are regulated by the Federal Deposit Insurance Corporation (FDIC). 6. Centralization of the means of communication and transportation in the hands of the State. We call it the Federal Communications Commission (FCC) and Department of Transportation (DOT) mandated through the ICC act of 1887, the Commissions Act of 1934, The Interstate Commerce Commission established in 1938, The Federal Aviation Administration, Federal Communications Commission, and Executive orders 11490, 10999, as well as State mandated driver’s licenses and Department of Transportation regulations. 7. Extension of factories and instruments of production owned by the State, the bringing into cultivation of waste lands, and the improvement of the soil generally in accordance with a common plan. We call it corporate capacity, The Desert Entry Act and The Department of Agriculture. As well as the Department of Commerce and Labor, Department of Interior, the Environmental Protection Agency, Bureau of Land Management, Bureau of Reclamation, Bureau of Mines, National Park Service, and the IRS control of business through corporate regulations. 8. Equal liability of all to labor. Establishment of Industrial armies, especially for agriculture. We call it the Social Security Administration and The Department of Labor. The National debt and inflation caused by the communal bank has caused the need for a two "income" family. Woman in the workplace since the 1920s, the 19th amendment of the U.S. Constitution, the Civil Rights Act of 1964, assorted Socialist Unions, affirmative action, the Federal Public Works Program and of course Executive order 11000. 9. Combination of agriculture with manufacturing industries; gradual abolition of the distinction between town and country by a more equable distribution of the population over the country. We call it the Planning Reorganization act of 1949 , zoning (Title 17 1910-1990) and Super Corporate Farms, as well as Executive orders 11647, 11731 (ten regions) and Public "law" 89-136. 10. Free education for all children in government schools. Abolition of children’s factory labor in its present form. Combination of education with industrial production, etc. etc. People are being taxed to support what we call "public" schools, which train the young to work for the communal debt system. We also call it the Department of Education, the NEA and Outcome Based "Education".
please process the following tax return.? Tax Lab #3 Jennifer V. Michaels Jennifer (DOB 11/21/75) (chose a social security number) maintains a household for her four-year old daughter Karen T. Michaels (SSN 625-44-8353). Jennifer received $15,000 of alimony and $16,000 of child support from her ex-husband during the current year. She also claims the dependency exemption for her daughter. She is single and is a computer programmer. A. Interest income:City of San Francisco Municipal Bonds $2,880 California National Bank $9570 B. Dividend Income – Growth Company, Inc. $2430 Hi-Tech Company, Inc. $5225 C. Stock Sales: DateDate Sales Sold Purchased (current year) PriceBasis 1,500 Shares Growth Co. 03/18/9507/02 $15,200$49,900 410 shares Nation’s Best 08/27/9802/10 $7,500$3,720 350 shares Large Co. 06/17/0309/01 $47,605$11,000 D. Jennifer did not pay for child care during the year since her mother kept Karen without compensation. Jennifer also paid (once only)$8000 estimated tax payment on June 15 for the current year E. Jennifer contributed $3,000 to an IRA for the current year. She was not covered under a pension plan at work and therefore the contribution is fully deductible. Enter this IRA contribution. F. The following W-2 was received from her employer: Company: Expert Computer, Inc. 1400 Grand Real Ave. Los Altos, CA 94156 Salary: $51,500 Federal Tax withheld: $5,150 Social Security Tax withheld: $3,193 Medicare Tax withheld: $747 G.She donated 5,000 shares of Real Big Co. stock to St. Leo’s Church on 06/30 of the current year. She had purchased the stock on 04/05/89 for $2,500. The stock is publicly traded and the market quote on the day of the donation was $22,000. The donation was accepted by minister at the church’s address which is: 1001 32nd Ave., Memphis, TN 38101. The Church’s TIN is 71-0096628. H.She incurred the following un-reimbursed expenses which were related to her job: Travel $7,145 Meals $1,000 The expenses are well substantiated. I.In the current year she incurred the following personal expenses: Home real estate taxes $5,015 Home mortgage interest $7,560 Medical expenses were $4,000
Can anyone calculate how much in taxes we pay? Serious question! To start with we have Federal, State & Local taxes automatically withheld from our paychecks. Add to this Medicare. Then we have taxes on everything we buy, on our utilities, taxes on our estates when we die & too many more I can't think of at the moment. What happened to freedom from excessive taxation? True, taxes are necessary to some degree but what really are we getting into in the future? Something has to change sometime soon! When are we going to make our representatives accountable for the mess everyone is in? Rambling thoughts from a 43 year old man paying out the wazoooooo!!!!!
Federal Tax Question - Is it A Rental Property??? I inheritied my fathers residence in 2005 when he passed away. One of his requests was that his then girlfriend be allowed to remain in the residence rent free. The attorney that handled the estate setup an agreement that she would be able to remain in the house rent free for 5 years, she signed a lease, etc. The lease reflects $0 annual rental payments. My question is can I still treat this property as a rental and take advantage of all of the tax benefits that accrue? I know there has to be an effort made to rent and there are issues if the rent charged is below the average rent for your area. Worst case I guess would be I can only deduct property taxes paid but not homeowners insurance, depreciation, etc... Next question - I have recently paid said individual a sum of money and in return she has terminated the lease agreement and has moved out of the residence. Can I deduct the early lease termination payment I made to her from my income? Any help greatly appreciated, thanks!
What is an irrevocable living trust? Need to know what it entails. If I put my house in an irrevocable living trust can I still claim mortgage and real estate taxes on my federal income tax?
Does US have the most unfair tax system in the world? Accounts Receivable Tax Building Permit Tax Cigarette Tax Corporate Income Tax Dog License Tax Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax Fuel Permit Tax Gasoline Tax Hunting License Tax Inheritance Tax Inventory Tax IRS Interest Charges (tax on top of tax) IRS Penalties (tax on top of tax) Liquor Tax Luxury Tax Marriage License Tax Medicare Tax Property Tax Real Estate Tax Service charge taxes Social Security Tax Road Usage Tax (Truckers) Sales Taxes Recreational Vehicle Tax School Tax State Income Tax State Unemployment Tax (SUTA) Telephone Federal Excise Tax Tel telephone Federal Universal Service Fee Tax Telephone Federal, State and Local Surcharge Tax Telephone Minimum Usage Surcharge Tax Telephone Recurring and Non-recurring Charges Tax Telephone State and Local Tax Telephone Usage Charge Tax Utility Tax Vehicle License Registration Tax Vehicle Sales Tax Watercraft Registration Tax Well Permit Tax Workers Compensation Tax. What about Estate tax and tax on Social Security benefits? isn't that double taxation? Who loves to pay tax on the money you have already paid tax on or you paid tax on when you were alive? What about Exit tax congress is trying to pass? Isn't that same as what Nazis did to the Jews back in WWII? Regarding taxes in Europe, remember many of them have better social benefits, free health care and free education. I think our ancestors who left England paid less taxes than we do now, and they were free to leave. Are we free to leave to protect your hard earned money? Constitution says you can, but it's extremely difficult in reality. What does that say about our tax system? Please consider all angles before reply.
Do you support the FairTax? The FairTax is a 23% national sales tax that eliminates the IRS, income tax, corporation tax, real estate tax, car tax, gas tax, capital gains tax, and every other federal tax. It is supposed to increase our economy by astronomical ammounts and bring companies back to America. If you support it, sign this petition below please. http://www.fairtax.org/site/PageServer?pagename=action_petition Plus, the wealthy still pay "their fair share" because you pay a lot more tax money on a billion dollar yacht than on normal things. Plus, to help the poor out, the government sends out a check of about 2 grand to every citizen, so it actually is fair.
How can someone not support the Fair Tax Plan? The FairTax plan is a proposal that replaces all federal income & payroll based taxes with a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, & the repeal of the 16th Amendment. The FairTax Act (HR 25, S 1025) abolishes all federal personal & corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, & self-employment taxes & replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities. The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, & intelligent solution to the frustration & inequity of our current tax system. The FairTax:Abolishes the IRS, Closes all loopholes & brings fairness to taxation, Ensures Social Security funding check it out: fairtax.org
What is a billion? What is a BILLION??? The next time you hear a politician use the word "billion" in a casual manner, think about whether you want the "politicians" spending your tax money. A billion is a difficult number to comprehend, but one advertising agency did a good job of putting that figure into some perspective in one of its releases. a. A billion seconds ago it was 1959. b. A billion minutes ago Jesus was alive. c. A billion hours ago our ancestors were living in the Stone Age. d. A billion days ago no-one walked on the earth on two feet. e. A billion dollars ago was only 8 hours and 20 minutes , at the rate our government is spending it. While this thought is still fresh in our brain, let's take a look at New Orleans. It's amazing what you can learn with some simple division . Louisiana Senator, Mary Landrieu (D), is presently asking the Congress for $250 BILLION to rebuild New Orleans. Interesting number, what does it mean? a. Well, if you are one of 484,674 residents of New Orleans (every man, woman, child), you each get $516,528. b. Or, if you have one of the 188,251 homes in New Orleans, your home gets $1 ,329,787. c. Or, if you are a family of four, your family gets $2,066,012. Washington, D.C. HELLO!!! ... Are all your calculators broken?? This is too true to be very funny Tax his land, Tax his wage, Tax his bed in which he lays. Tax his tractor, Tax his mule, Teach him taxes is the rule. Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirts, Tax his work, Tax his dirt. Tax his tobacco, Tax his drink, Tax him if he tries to think. Tax his booze, Tax his beers, If he cries, Tax his tears. Tax his bills, Tax his gas, Tax his notes, Tax his cash. Tax him good and let him know That after taxes, he has no dough. If he hollers, Tax him more, Tax him until he's good and sore. Tax his coffin, Tax his grave, Tax the sod in which he lays. Put these words upon his tomb, "Taxes drove me to my doom!" And when he's gone, We won't relax, We'll still be after the inheritance TAX!! Accounts Receivable Tax Building Permit Tax CDL License Tax Cigarette Tax Corporate Income Tax Dog License Tax Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax Fuel Permit Tax Gasoline Tax Hunting License Tax Inheritance Tax Inventory Tax IRS Interest Charges (tax on top of tax), IRS Penalties (tax on top of tax), Liquor Tax, Luxury Tax, Marriage License Tax, Medicare Tax, Property Tax, Real Estate Tax, Service charge taxes, Social Security Tax, Road Usage Tax (Truckers), Sales Taxes, Recreational Vehicle Tax, School Tax, State Income Tax, State Unemployment Tax (SUTA), Telephone Federal Excise Tax, Telephone Federal Universal Service Fee Tax, Telephone Federal, State and Local Surcharge Tax, Telephone Minimum Usage Surcharge Tax, Telephone Recurring and Non-recurring Charges Tax, Telephone State and Local Tax, Telephone Usage Charge Tax, Utility Tax, Vehicle License Registration Tax, Vehicle Sales Tax, Watercraft Registration Tax, Well Permit Tax, Workers Compensation Tax. COMMENTS: Not one of these taxes existed 100 years ago and there was prosperity, absolutely no national debt, the largest middle class in the world and Mom stayed home to raise the kids. What the hell happened????? Got this in an email, and thought I would share it. Responses? (and remember, BOTH current ruling parties have been in control during the past 100 years)...time for a change? What, and how? Making laws that protect workers has nothing to do with taxation. THAT is not where we went wrong, and the other examples show at best, no societal growth, when you take into account that environemental factors causing cancer in the workplace have replaced the lack of safety mechanisms. We just replaced one hazzard with another. Could this be because of the ineffectiveness of gov't? And their intrusion into tings that theyare nt qualified to deal with, and are poltically motivated to answer? Feo, they would suffer the same fate as the oil companies who are attached to the gov't teat... I also don't need to look to history to find homeless children in america. We have the infant mortality rate of a third world country. I don;t see how it gets worse than that. Also, seniors having to choose between medicine and food, and also being homeless.
State (not federal) inheritance tax question? In 2005, I was temporarily living and working in Michigan, but a legal permenant resident of New York, when a person in Florida died. I inherited $5000, which I received later that year, while living in NY and unemployed. I filed a federal 1040, an NY resident income tax return and a MI non-resident income tax return, and reported the income from employment in MI on all three. (I also claimed a credit on the NY return for the duplicate state income tax on the income from MI.) Do I have to report the inheritance to any of the three states, and to which states (if any) do I pay inheritance tax? (Do not worry about the estate taxes due to the federal government; someone else is responsible for that.) dk01237... is wrong. Inheritance is NOT reported on the federal 1040, for example. Bostonia... is probably right about the tax laws. He is wrong about what I knew when I asked the question. I never lived in Florida and was only in Michigan for a few months, so I do not know their laws well. However, this happened two years ago, so I might have known when I filed, and forgotten about it since then.
How many taxes are enough ? TODAYS TAXES Air Travel Taxes / 911 Funds Accounts Receivable Tax Building Permit Taxes and Fees Capital Gains Tax License Tax & Fees Cigarette Tax Corporate Income Tax Court Fines (indirect taxes) Dog License Tax Federal Income Tax Federal Unemployment Tax (FUTA) Fishing/Hunting License Tax Food License Tax Fuel permit tax Gasoline Tax (42 cents per gallon) Hunting License Tax Inheritance Tax Interest Expense (tax on the money THEY paid tax on already) Access Fees to Parks Water/Cable Bills Marked up 30% by every City Penalties (tax on top of tax) Liquor Tax Local Income Tax Luxury Taxes Marriage License Tax Medicare Tax Property Tax Real Estate Tax Septic Permit Tax Sales Tax Social Security Tax Single Business Tax Road Usage Taxes (Truckers) Recreational Vehicle Tax Road Toll Booth Taxes School Tax State Income Tax State Unemployment Tax (SUTA) Telephone Federal Excise tax Telephone Federal Universal Service Fee Tax Telephone Federal, State and Local Surcharge Ttaxes Telephone Minimum Usage Surcharge Tax Telephone Recurring and Non-Recurring Charges 911 Tax Telephone State and Local Tax Telephone Usage Charge Tax Toll Bridge Taxes Toll Tunnel Taxes Traffic Fines (indirect taxation) Trailer Registration Tax Utility Taxes Vehicle License Registration Tax Vehicle Sales Tax Water craft Registration Tax Well Permit Tax Workers Compensation Tax COMMENTS: Not one of these taxes existed 100 years ago and our nation was the most prosperous in the world, had absolutely no national debt; had the largest middle class in the world and Mom stayed home to raise the kids. My solution is a strait sales tax, say 30%, so all can pay for the American dream, equally. This lady down the street gets about $6k a month, from child support, ssi and/or ssd. Total taxes paid about $800 a year in property taxes on her rent. ANY THING that is required by the government, fee's, permit's, that cost money is a tax. Yes there is a well permit tax http://marathon.mi-twp.org/mt_residential_plumbing.pdf
Politicians and taxes...what do YOU think? What do you think??? Star and pass this along to your voting friends.... be very funny The next time you hear a politician use the word 'billion' in a casual manner, think about whether you want the 'politicians' spending YOUR tax money. A billion is a difficult number to comprehend, but one advertising agency did a good job of putting that figure into some perspective in one of its releases. A. A billion seconds ago it was 1959. B. A billion minutes ago Jesus was alive. C. A billion hours ago our ancestors were living in the Stone Age. D. A billion days ago no-one walked on the earth on two feet. E. A billion dollars ago was only 8 hours and 20 minutes, at the rate our government is spending it. While this thought is still fresh in our brain, let's take a look at New Orleans It's amazing what you can learn with some simple division . . Louisiana Senator, Mary Landrieu (D), is presently asking the Congress for $250 BILLION to rebuild New Orleans. Interesting number, what does it mean? A. Well, if you are one of 484,674 residents of New Orleans (every man, woman, child), you each get $516,528. B. Or, if you have one of the 188,251 homes in New Orleans , your home gets $1,329,787. C. Or, if you are a family of four, your family gets $2,066,012. Washington, D.C .. HELLO!!! ... Are all your calculators broken?? Tax his land, Tax his wage, Tax his bed in which he lays. Tax his tractor, Tax his mule, Teach him taxes are the rule. Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirts, Tax his work, Tax his dirt. Tax his tobacco, Tax his drink, Tax him if he tries to think. Tax his booze, Tax his beers, If he cries, Tax his tears. Tax his bills, Tax his gas, Tax his notes, Tax his cash. Tax him good and let him know That after taxes, he has no dough. If he hollers, Tax him more, Tax him until he's good and sore. Tax his coffin, Tax his grave, Tax the sod in which he lays. Put these words upon his tomb, 'Taxes drove me to my doom!' And when he's gone, We won't relax, We'll still be after the inheritance TAX!! Accounts Receivable Tax Building Permit Tax CDL License Tax Cigarette Tax Corporate Income Tax Dog License Tax Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax Fuel Perm it Tax Gasoline Tax Hunting License Tax Inheritance Tax Inventory Tax IRS Interest Charges (tax on top of tax), IRS Penalties (tax on top of tax), Liquor Tax, Luxury Tax, Marriage License Tax, Medicare Tax, Property Tax, Real Estate Tax, Service charge taxes, Social Security Tax, Road Usage Tax (Truckers), Sales Taxes, Recreational Vehicle Tax, School Tax, State Income Tax, State Unemployment Tax (SUTA), Telephone Federal Excise Tax, Telephone Federal Universal Service Fe e Tax, Telephone Federal, State and Local Surcharge Tax, Telephone Minimum Usage Surcharge Tax, Telephone Recurring and Non-recurring Charges Tax, Telephone State and Local Tax, Telephone Usage Charge Tax, Utility Tax, Vehicle License Registration Tax, Vehicle Sales Tax, Watercraft Registration Tax, Well Permit Tax, Workers Compensation Tax. STILL THINK THIS IS FUNNY? Not one of these taxes existed 100 years ago, and our nation was the most prosperous in the world. We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids. What happened? Can you spell 'politicians!' IT'S NOT MEANT TO BE FUNNY...IT'S SO VERY SAD THIS STATE OF AFFAIRS WE ARE IN.
What topics should I teach? I have this economic project in which I have to my peers for about 5-7 minutes. I need a current topic that is in the area of taxes, fiscal or monetary policy about the US. For example estate tax, federal sales tax, social security, school vouchers, or interest rate cuts. Anyone have a topic that is quite interesting besides the ones I stated?
Question!!!!!!!!!!!!!!!!!!? How old will the federal estate tax turn in September?
Taxes for property transferred from a trust to an individual...? I will soon be recieving some real estate from a trust my deceased grandfather set up for me and my siblings many years back. Will I have to pay any federal taxes on that property? Do the same rules apply to this as if it were an inheritance like at the time of death with the estate taxes and all? I don't plan on selling the property now, it is just going to be put in my name alone instead of in the trust. Will I have to show that as some sort of income for me on my personal taxes or pay an inheritance/ gift/ or estate tax? Also, will we have to pay like a capital gains tax using the difference b/w the value of the land at the time the trust was created and now? Thanks for helping me with this!
Are these taxes really necessary? Subject: What is a billion? What is a 'billion'? Now here's a reality check! This is too true to be very funny The next time you hear a politician use the word 'billion' in a casual manner, think about whether you want the 'politicians' spending YOUR tax money A billion is a difficult number to comprehend, but one advertising agency did a good job of putting that figure into some perspective in one of its releases A. A billion seconds ago it was 1959. B. A billion minutes ago Jesus was alive. C. A billion hours ago our ancestors were living in the Stone Age D. A billion days ago no-one walked on the earth on two feet. E. A billion dollars ago was only 8 hours and 20 minutes, at the rate our government is spending it. While this thought is still fresh in our brain, let's take a look at New Orleans. It is amazing what you can learn with some simple division Louisiana Senator, Mary Landrieu (D), is presently asking the Congress for $250 BILLION to rebuild New Orleans. Interesting number, what does it mean? A. Well, if you are one of 484,674 residents of New Orleans (every man, woman, child), you each get $516,528. B. Or, if you have one of the 188,251 homes in New Orleans , your home gets $1,329,787. C. or, if you are a family of four, your family gets $2,066,012 Washington, D.C. HELLO! ... Are all your calculators broken? Tax his land, Tax his wage, Tax his bed in which he lays. Tax his tractor, Tax his mule, Teach him taxes are the rule. Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirts, Tax his work, Tax his dirt. Tax his tobacco, Tax his drink, Tax him if he tries to think. Tax his booze, Tax his beers, If he cries, Tax his tears. Tax his bills, Tax his gas, Tax his notes, Tax his cash. Tax him good and let him know That after taxes, he has no dough. If he hollers, Tax him more, Tax him until he's good and sore. Tax his coffin, Tax his grave, Tax the sod in which he lays. Put these words upon his tomb, 'Taxes drove me to my doom!' And when he's gone, We won't relax, We'll still be after the inheritance TAX!! Accounts Receivable Tax Building Permit Tax CDL License Tax Cigarette Tax Corporate Income Tax Dog License Tax Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax Fuel Permit Tax Gasoline Tax Hunting License Tax Inheritance Tax Inventory Tax IRS Interest Charges (tax on top of tax), IRS Penalties (tax on top of tax), Liquor Tax, Luxury Tax, Marriage License Tax, Medicare Tax, Property Tax, Real Estate Tax, Service charge taxes, Social Security Tax, Road Usage Tax (Truckers), Sales Taxes, Recreational Vehicle Tax, School Tax, State Income Tax, State Unemployment Tax(SUTA), Telephone Federal Excise Tax, Telephone Federal Universal Service Fee Tax, Telephone Federal, State and Local Surcharge Tax, Telephone Minimum Usage Surcharge Tax, Telephone Recurring and Non-recurring Charges Tax, Telephone St ate and Local Tax,Telephone Usage Charge Tax, Utility Tax, Vehicle License Registration Tax, Vehicle Sales Tax, Watercraft Registration Tax, Well Permit Tax, Workers Compensation Tax STILL THINK THIS IS FUNNY? Not one of these taxes existed 100 years ago, and our nation was the most prosperous in the world. We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids. What happened? Can you spell 'politicians?' And I still have to 'press 1' for English The question is; are these taxes really necessary? I didn't put this here just to be insulted...and NO I am NOT clueless!! Just asking opinions....
Have you paid your taxes? Subject: TAX TAX TAX!! Here’s the truth!! At first I thought this was funny...then I realized the awful truth of it. Be sure to read all the way to the end! Tax his land, Tax his bed, Tax the table At which he's fed. Tax his tractor, Tax his mule, Teach him taxes Are the rule. Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirt, Tax his work, Tax his dirt. Tax his tobacco, Tax his drink, Tax him if he Tries to think. Tax his cigars, Tax his beers, If he cries, then Tax his tears. Tax his car, Tax his gas, Find other ways To tax his ass Tax all he has Then let him know That you won't be done Till he has no dough. When he screams and hollers, Then tax him some more, Tax him till He's good and sore.! Then tax his coffin , Tax his grave, Tax the sod in Which he's laid. Put these words upon his tomb, " Taxes drove me to my doom..." When he's gone, Do not relax, Its time to apply The inheritance tax. Accounts Receivable Tax Building Permit Tax CDL license Tax Cigarette Tax Corporate Income Tax Dog License Tax Excise Taxes Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax Fuel Permit Tax Gasoline Tax (42 cents per gallon) Gross Receipts Tax Hunting License Tax Inheritance Tax Inventory Tax IRS Interest Charges IRS Penalties (tax on top of tax) Liquor Tax Luxury Taxes Marriage License Tax Medicare Tax Personal Property Tax Property Tax Real Estate Tax Service Charge Tax Social Security Tax Road Usage Tax Sales Tax Recreatio nal Vehicle Tax School Tax State Income Tax State Unemployment Tax (SUTA) Telephone Federal Excise Tax Telephone Federal Universal Service Fee Tax Telephone Federal, State and Local Surcharge Taxes Telephone Minimum Usage Surcharge Tax Telephone Recurring and Non-recurring Charges Tax Telephone State and Local Tax Telephone Usage Charge Tax Utility Taxes Vehicle License Registration Tax Vehicle Sales Tax Watercraft Registration Tax Well Permit Tax Workers Compensation Tax STILL THINK THIS IS FUNNY? Not one of these taxes existed 100 years ago, and our nation was the most prosperous in the world. We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids. What the hell happened? Can you spell "politicians!" And.... I still have to "press 1" for English. I hope this goes around THE USA at least 100 times.
What would be bad about repealing the income tax? Why wouldnt it be a more equitable system if we abolished the income tax,taxes on savings,estate taxes etc.And replaced it with a 1cent federal sales tax on purchases?Several states do not have an income tax
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