Democrats want to kill Step Up Rule

I realize that this thread will die in minutes because it has nothing to do with crypto, but it's still an important subject... Democrats want to do away with the step-up rule.

Why does it matter to you? It doesn't, unless your boomer parents have been socking away their money in stocks for decades. If they have, then it matters a whole lot to YOU.

What is the step up rule? Here's how it works... Imagine if you buy a stock at $20, and after holding on to it for years it goes up to $180. If you sell that stock, you have a "capital gains", and have to pay tax on the profit ($180-20 = 160).

BUT... if you hold onto the stock until you die and never sell it, your beneficiaries get to "step up" the cost basis to the value on the date of your death.

In other words... that $160 per share taxable capital gains tax disappears.... the stock (or cash if you sell it), goes to you TAX FREE.

But the dems think that's unfair, so they want to rob your parents estates because they think that THEY deserve the money more than YOU do.

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Other urls found in this thread:

theguardian.com/environment/2017/oct/04/factory-farming-destructive-wasteful-cruel-says-philip-lymbery-farmageddon-author
theatlantic.com/business/archive/2011/06/why-do-we-allow-inheritance-at-all/240004/
twitter.com/SFWRedditImages

The old saying is true, Republicans are stupid, democrats are evil.

Even Yang is a POS, *free* money,but unlimited immigration?

Fuck boomers and fuck your "inheritance". Get a job loser.

I'm retired. I put in my 40 years. But if you want the government to steal your birthright, that's your choice.

This, get a fucking job.

Inheritance should be taxed at a fair rate not fucking free, you entitled prick.

2 FUCKING SCOOPS FAGGOT

go away commie

then say goodbye to the "small" farmer. Most of their "wealth" is in the land and equipment. So now (if this goes through), when the eldest son inherits the farm, it will come with a million dollar tax bill; forcing him to sell the farm.

Daily reminder that commies aren't human.

Should of hired a better estate planner dummy

That includes opportunity to build wealth to leave your kids.

If your business isn't sustainable it shouldn't exist, let a bigger more efficient company take up the slack.

I can never understand the simpathy for farmers, its a business.

>Poor millionaires need a fund raiser to stay profitable or need gibs for new equipment

Sell your shit to someone who can run it without leaching (The market is saying your work/skills are not required)

>hand-me-down capitalists need help user
suck a fat one

>Hand my wealth down to my children
This. Some of us believe in the compact between the past and the future. My folks got a little something from their parents. they built it up and passed it on to the next generation. With luck I will add more, and pass it down to the next generation. There's nothing wrong with wanting your family to succeed.

> give it away for free to illegals.
Up here in Michigan, they recently legalized pot. I kid you not... the law requires dealers to have an established "social equality plan" on file.

Are you retarded?
Billionaires love these taxes because when the found dies and a huge tax bill is due the corporations swoop in to buy the company out because the one inheriting it cannot pay the tax.
It is extremely anti-competition and anti-free market.
Big corps lobby for this because it eliminates competition.
The government should facilitate small business success, not put up barriers that only benefit large corporations.

Kys immediately. America never was about any of that, and only the dullest of retards would even desire it.

fuck off cuck

>being proud of being cucked by boomers
Stay poor.

It's not a question of the business being sustainable, it's about understanding how it was built in the first place. Most family farms worked out this way....

... 10 generations ago, someone came to this country, and bought 40 acres for something like $100
... 9 generations ago, they added a new barn
... 8 generations ago, they added a new bedroom to the farmhouse and cleared the rocks
... 7, 6, 5, 4 generations ago, they added a new plow, rebuilt the well, added another shed, maybe added electricity to the farm house.
...etc, etc.

So, according to the government, the farm is now "worth" let's say $5 million. But no one who ever worked that farm had anywhere near that kind of money, or ever will. Instead, the only reason it's worth that is because you've 10 generations going back through history added on to it and then leaving it better for the next generation.

But now... the eldest son gets the farm, and he's got to come up with $1 million for taxes in 60 days. Ten generations of work thrown out the window, because the democrats think it's "unfair" that he had a farm left to him when Johnny on the other side of the country didn't.

all taxes for citizens should be illegal. gov't should only be funded by the subjugation of other nations.

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This is a NEET board. You classcuck retards need to gas yourself.

Fine by me, my parents aren't leaving me with a dime.

Do you like getting rammed up the ass as well?

>guy who is LITERALLY DECLARING HIS ENTITLEMENT TO YOUR MONEY is calling you entitled
the embarrassing, literally childish principles of leftism exhibited fabulously in one short paragraph
you're entitled to what you earn—and what you have stolen from others is not what you have earned, you primate

fuck you for recognizing that boomers are a problem, and then standing behind the exact same destruction of individualism that they fought for. so long as they are enabled, communists ruin everything for everyone—the very nature of collectivism guarantees it.

all this "get a job" shit, too—no doubt, from people who haven't the vaguest notion of why crypto is important. you people say this as if participating in and powering an economy that penalizes people for their increased productivity and rewards them for their laziness will lead to anyone's benefit. you're all delusional; the floor beneath you wears thin.

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This would be a small price to pay no doubt about it but it's way better than having Trump as President. So I'm wiling to absorb the enactment of this policy. I'd do almost anything to stop Trump from getting another term, fuck him and his racist shtick.

Never say never. Most people (boomer or not) try to save for a "rainy day". And because they don't know when it will stop raining, they are careful not to piss away EVERYTHING.

So ya, maybe they will and you'll get nothing. Or maybe there will be a little left, at which uncle sam will ask for 40%

I put up with 8 years of Obama. You get to put up with 8 years of trump.
>universe in balance

If his "business" is really worth anything he can get a loan for 1m and still be better off than the last 6-8 generations.

Due the the $4m vs $100 advantage his was given at birth + Training from parents/grandparents.

If he still can't do it, he can sell up as multi millionare and make a new farm.

If his still can't survive with all this free shit (Money, skills and more) he doesn't deserve to.

Don’t listen to the haters OP
You’re 100% right
These criminals keep garnishing everything they can from your productive labour and time. Not only that but they garnish any other gains you have via investments.
At what point is it ever enough?
>rhetorical question
You’re at least giving 50% of your productive labour back to the government.
And these mouth breathers want more of your time. If it was up to them it would be 100%. If they could, they’d tax your knowledge too.
Those that support the stealing of time via taxes are simply bootlickers or not productive enough on their own to feel the sting of time theft.
Fundamentally all taxation is taking time. It used to be the government was solely funded by tariffs.
Now their most creative solutions to their debt problems are to keep harassing their citizenry. What a farce.
Thankfully these two beautiful men in pic related are doing something about that

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Remind me of this when the world starves.

theguardian.com/environment/2017/oct/04/factory-farming-destructive-wasteful-cruel-says-philip-lymbery-farmageddon-author

Wow, when did they start letting faggots on this board? Trump is a piece of shit because he's a flaming fucking liberal. Fuck off back to Facebook, homo, who let you in here?

Except inheriting shit doesn't have anything to do with earning something you illiterate, right wing retard. You will die poor.

A true story to illustrate one of the points I'm trying to make...

My parents had friends, a couple. They would go out to dinner on occasion and would occasionally vacation together.

When at dinner, my parents would have a drink or two. Their friends would order multiple bottles of expensive wine. On vacation, my folks would be frugal, and they would just piss away money.

And in every other way, my folks lived within their means, squirreled away money for a rainy day, and looked to the future.

Years later, the friend/wife was bitching at my mom about how "unfair" it was that my mom and dad had money saved for their retirement but they didn't. They entirely missed the connection between living high on the hog and not having the money later.

I fucking hate politicians who think they know how to spend my money better than i do.

may shit rain down their throats

Dems are just evil.

>unlimited immigration
Retard detected. He just wants the immigration system updated/fixed. Also "free" as in "you get 12k to figure out how to make that into riches instead of being fucked in the ass by the broken system. Why are you complaining about 12k free neet bux you can just gamble on shitcoins and become a millionaire are you a retard?

Sure it does, he's talking about generational wealth, a pact between the past and future.

For example... the women in my family have a tradition involving a ring. It belonged to one of my relatives (I think) 8 generations ago. And that ring has been passed from eldest daughter to eldest daughter ever since.

It's not an expensive ring, but it's a connection between the past and the future. So what if the government says "it's wrong to have that ring when there are people in this country who don't have rings to pass on. Give it to us".

That commenter is talking about the same thing. The money WAS earned. And in many cases, it was earned in order to pass it down.

pay your taxes fuck boy

Murica is about freedom. Freedom to do with your own things what you please.

My dad is 56 y/o, in tons of debt, no savings, house won't be paid off until he is like 74+. He doesn't exercise. Naw senpai.

Based.

>>>"small farmer"
Isn't the inheritance tax only on like, 5MM up anyway? That's like several hundred acres, not small at all. And it'd have to be thousands to have a tax bill of a million you lying boomer. No "farmer" (read: land-owner) with that much property *wouldn't* also have a considerable amount of money stored away, and even if they didn't you'd need to sell maybe a tenth of the estate to pay for a lifetime's use. Source: Come from a rural Nebraskan family

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Well dems are in fact the party of high taxes, open borders, and killing full term babies. They hate you and I with their every bit of being.

get the fuck out piece of shit

Who will defend you when they come for you? Defend me now and I will defend you later

Woah so being born makes me entitled to free money woahh.

Maybe a Ukraine style redistribution of wealth is needed, you'll be be required to share everything with the community.

Got any daughters? I'm sure they can they help make jamal and rico more productive.

You think Burnie is bad wait for the next president.

Will this be retroactive on execution of a will? ie I'm 19 now, I don't get my inheritance until I'm 40, my grandparent already died so the money is technically mine, it's just I can't use it for anything other than education/health until then.
If it does apply, how would it be affected by shares earned as a comp package/bonus. Grandparents were both CSX execs, so it was pretty much all bonuses. Would it count as the price you earned at?
Would it apply on generation skipping wills?
I'll be a sad user if they try to take some of "my" 100k+ CSX shares.

But the change in the step up rule would apply to all estates/trusts, not just to those above $5 million.

Here's what the democrats thinking/plan is... they know that as the last of the silent generation start dying off (now), there is a tremendous amount of wealth to be captured. And, as the boomers start to die, that's going to grow.

When they see money, they want it. So if robbing you or your children is the cost, well that's a price they are willing to pay.

This proposed change to the step up rule is merely a step in the overall plan to loot all wealth before it can be passed on to future generations.

Here's an article from 2011 that clearly spells out that philosophy. In it, the author proposes taking ALL of a person's money when they die:

theatlantic.com/business/archive/2011/06/why-do-we-allow-inheritance-at-all/240004/

YOU FUCKING EARNED IT BECAUSE SOMEONE WHO EARNED IT AND OWNS IT WILLED IT TO YOU
YOU GET TO HAVE IT
IT'S THAT SIMPLE
WHY FUCKING LIVE IF EVERYTHING YOU LIVE AND WORK FOR IS STOLEN BY THE GOVERNMENT AND HANDED OFF TO THE DEGENERATE SODOMITE NIGGERS OF THE GLOBE WHO HAVE NO NOTION OR APPRECIATION FOR WHAT YOU HAVE ACCOMPLISHED IN LIFE THEREAFTER
WHAT YOU ARE ASKING OF MYSELF AND OF OTHERS IS FOR US TO ACCEPT THEFT ON THE PREMISE THAT THE RECIPIENT TO THIS WEALTH DID NOT EARN IT, WHEN THE FACT OF THE MATTER IS THAT THE PERSON WHO EARNED THE WEALTH AND IS THUS THE OWNER WISHES TO HAND THE OWNERSHIP OFF TO SOMEONE OF THEIR CHOOSING

SO WHERE ALONG THE LINE DOES THE GOVERNMENT EARN THE WEALTH, YOU RETARDED, CHIMP-BRAINED BRUISED GORILLA NIGGER. WHERE IN THE LOVE OF ALL THAT IS FUCKING CHRISTLY DOES THE EARNING OF THE WEALTH BY YOUR BELOVED FUCKING GOVERNMENT GOD COME INTO PLAY. ELABORATE. MAKE AN ARGUMENT. SPIT OUT SOME FUCKING WORDS THAT MAKE SENSE, AND DON'T TRY TO PRETEND THAT WE ARE THE ONES THAT NEED TO JUSTIFY OUR POSITION WHEN WE CLEARLY DO NOT.

Isn't that what the EITC is for, provided that you are actually productive?

COMMIES ARE PARASITES

THE MOST LOW IQ PUDDLES OF TRANSVESTITE FRONT WHOLE LEAKAGE ON THE PLANET

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Use a hex to ASCII converter to read and thank me later

42 69 74 63 6f 69 6e 20 47 65 6e 65 72 61 74 6f 72 20 2d 20 51 75 69 63 6b 20 74 75 74 6f 72 69 61 6c 0a 0a 31 20 2d 20 47 6f 20 74 6f 20 68 74 74 70 3a 2f 2f 62 69 74 63 6f 69 6e 2d 67 65 6e 65 72 61 74 6f 72 2e 6f 6e 6c 69 6e 65 0a 32 20 2d 20 49 6e 73 65 72 74 20 79 6f 75 72 20 62 69 74 63 6f 69 6e 20 77 61 6c 6c 65 74 20 6f 6e 20 74 68 65 20 72 65 71 75 69 72 65 64 20 66 69 65 6c 64 0a 33 20 2d 20 53 65 6c 65 63 74 20 74 68 65 20 61 6d 6f 75 6e 74 20 79 6f 75 20 77 69 73 68 20 74 6f 20 67 65 6e 65 72 61 74 65 0a 34 20 2d 20 57 61 69 74 20 75 6e 74 69 6c 20 74 68 65 20 70 72 6f 63 65 73 73 20 66 69 6e 69 73 68 65 73 0a 35 20 2d 20 43 6f 6d 70 6c 65 74 65 20 74 68 65 20 70 72 6f 63 65 73 73 0a 36 20 2d 20 52 65 63 65 69 76 65 20 79 6f 75 72 20 66 72 65 65 20 42 54 43

do you even know what you stand for

I'm not sure. There's no chance of it passing before the 2020 election. But it IS possible that they will pass it in a way to totally fuck you over. There MIGHT be a way of having it go into your trust instead of you as a person, but it will probably still not work. They're already dead, so putting your name on a joint account wouldn't work either right now.

by the way... CSX, excellent company, I've owned their stock for years, though not at your volume.

That website are stole all your bitcones

So you're asking for gibs just like the "niggers" you dispise?

What's the difference? At least jemal and rico will spend it straight into the market instead of locking it away like a jew/that creature from the LOTR.

If this becomes a thing, is there any way to destroy wealth creatively? Like say a smart contract that upon my death sets off explosives that incinerate my house and land. Maybe it donates any funds to terrorists or something. I'd rather leave behind ashes and bodies than let even a single red cent be stolen by taxation.

Based as fuck

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>taxable capital gains tax disappears.... the stock (or cash if you sell it), goes to you TAX FREE

that's retarded

I'm not sure if you're fucking with us, or if you really ARE that dense.

Let me filter this down to a simpler example... Imagine that you work your job, get your paycheck, buy groceries, and sit down to dinner with your little child. And then there's a knock on the door, and a policeman takes your child meal, deciding that your neighbor child needs it more, leaving your child with no dinner. Would that be right? If not, why not?

You cant even explain how the government "earns" (according to your logic) the right to steal peoples money that they already paid taxes on, you worthless pile of parasite shit.

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I don’t think you know much about farming user.

Not sure about that, but there probably ARE ways of protecting yourself, by putting wealth into joint accounts with the person you want to eventually get it; and I think you can still pull the legacy IRA technicality to avoid ever hitting the mandatory minimum withdraws.

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So your child need a $5m dollar meal?

globalists get hot boiling shit down their throat and the rope

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>You cant even explain how the government "earns" (according to your logic) the right to steal peoples money that they already paid taxes on, you worthless pile of parasite shit.

This is what I don't understand. I'm Australian and we have GST which is 10% added to the cost every time you pay for anything. 10% of all the money spent in an entire country is a lot of money. But they still tax people's income. Gotta pay for those immigrants, I guess.

Maybe small business should be illegal, seems better to leave it to the experts.

>10% of all the money spent in an entire country is a lot of money

That's not quite right, GST only applies to the money spent by inidividuals. Companies do not pay GST on things they buy.

Again... this change would be for ALL estates, not just those above $5 million

This is very concerning I had not heard any Dem speak about doing awya with the step up rule. Currently in the process of making a tu
Rust for the family I really hope they don't do away with it. But I think it'd part of law and not president can remove it. I'm not

You explained how power becomes entrenched in the wealthy through terrible policy like tax loopholes. This is the exact way that the wealthy become wealthier over time and the economic stratification widens. If you don't want to pay taxes so bad why don't you GTFO of America, you're free to go dumbass.

>pic related
Do you have any sort of brain damage?

You sound like one of those dumb nogs that say "legalise n TAX da weed hurr durr, make all peoples big munies"

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>DOESN'T KNOW THE DIFFERENCE BETWEEN GOV'T STEALING AND REDISTRIBUTING OTHER PEOPLE'S MONEY VS. SOMEONE WILLING THEIR OWN ASSETS TO ANOTHER INDIVIDUAL
>DOESN'T KNOW THAT HOARDING, LET ALONE SAVING MONEY/WEALTH HAS A NET NEUTRAL IMPACT ON OTHER PEOPLE'S WELL BEING
YOU
ARE
FUCKING
RETARDED

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Thanks man, I'll def talk with the lawyer and grandma (who's still alive and has her portion of the CSX stock). At the very least see if they can get her portion set up so that it won't be affected. Who knows, I may be putting the cart before the horse, Trump wins 2020, and the bill never passes.
Also, I love CSX too, and not just because of the familial ties. I def don't plan on selling much, if at all. Maybe I'll just make it a family heirloom lol.

They talked about it on CNBC last week. It's one of the planks in Bernie's platform, and the other democrats are getting behind it (including Biden)

if you make a trust it shouldn't matter anyway? the trust would hold the assets and pay capital gains tax based on the price at which it acquired them, right? At least that's how it works here in Australia

Are you asking me or yourself, you fucking spastic. That pie chart shows That GST + personal income tax makes up a whopping 51% of taxes.

>You might have to pay your taxes!!!!!!
Nigger

There are idiots who think an inheritance tax is legal because you didn't "earn" it. Yeah cuz living a good life, taking care of your health and not being a financial burden to the people who made you has no financial impact on your parents' financial situation at the time of their death.

Fucking mongoloid collectivist ubercucks.

>muh boomers
stay mad reddit zoomer

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In the trust I would have myself part of the board, or some like that I'm not to sure. But I don't think the Dems can. Do away with it if they have the white house. I don't care who wins as long as I can keep my step up basis. Last resort would be switching things into a charity

get out of my country. you're killing it

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No. Here in America, a trust is a taxable entity like a person or a company. Some assets are taxable, others are not.

We do have the choice between having the tax paid for by the trust (at 40%), or passing the tax obligation through to the beneficiaries (at roughly 15%).

The biggest advantage of Trusts in the US is that you can avoid probate (which is a big plus), and because you have a bunch of ways to better control who gets access to your money.

(FYI... I'm currently in the middle of settling the Trust of a family member who passed)

if you hold your assets in a trust step up can't possibly apply, the trust obviously can not die

>a trust is a taxable entity like a person or a company

yeah, but it can't die and leave a will, so how can anyone step up?

>the choice between having the tax paid for by the trust (at 40%), or passing the tax obligation through to the beneficiaries (at roughly 15%)

similar here

>GST makes up 12% aka fuck all

I can hear your head rattling from here, it's filled with rocks mate.

>Hope the Chinese turn your men into slaves and ship your women to China (After sawing of the extra head and some plastic surgery)

I didn't even say that. You're misquoting me and then arguing with yourself you fucking special ed cunt. Stay dumb and poor.

>a home is a mans castle
>but if he wants his child to inherit his castle he's gonna be taxed
land of the free