Apparently, Nordstroms strongly supports gay-bashing John Birchers who shoot retarded people in the back. At least that’s what I conclude from the fact that John N. Nordstrom, the department store heir, director, and former co-chairman, has given yet another $25,000 to Dennis Falk and his Initiative 920 campaign to repeal the estate tax.
Joining Nordstrom ($50,000) in selfishly bankrolling the political career of a hateful, right-wing nutcase, are Careage Development founder Gene Lynn ($20,000), Seattle developer Martin Selig ($17,500), Alaska National Insurance Chairman George Suddock ($16,000), and the Vander Pol family, owners of Oak Harbor Freight Lines ($12,000).
Over 82 percent of I-920’s funds come from principals at these five companies… companies I personally would avoid patronizing.
And what are these rich folk getting in return for their money?
Bupkes.
After paying himself, Falk has foolishly frittered away the bulk of the $140,000 raised thus far, by paying to insert petitions into various local newspapers and business journals… a signature gathering strategy that most experts will agree has virtually no chance of succeeding.
Sure, I-920 could easily qualify for the ballot with a paid canvassing campaign ($400,000 minimum investment), but the committee does not report a single dime expended on signature gathering thus far. Nor does it have anything resembling an organized volunteer campaign. So Falk is not only a gay-bashing, murdering Bircher… he’s also a goddamn amateur.
If the Nordstroms have this kind of money to throw away bankrolling a violent, right-wing extremist like Falk and his futile, incompetently run signature drive… it doesn’t say much for how responsibly their heirs will spend their money, should they inherit it 100% tax free.
Hey Goldy-
Like you could ever be a customer at any of those establishments anyway, loser. Supid moonbat.
Well Goldy…if I can’t shop at Nordy’s or Wal-Mart, where do you suppose I can buy shoes???….Trader Joe’s? And Goldy, got a mirror? Good, go take a peek at the utmost racist lib….you.
Signed,
Robert KKK Byrd.
BonzoBananaDanno @ 1 (and 2?) – boot-licking lackey to the aspiring american aristocracy.
i.e. just another right-wing jerkoff creep.
Who should Goldy pick as the next target for his tertiary boycott? Simply look at some of the politicians who Martin Selig has bankrolled:
COMPTON JAMES N 03/27/2003 $650.00
SELIG MARTIN SEATTLE WA 98104 DBA MARTIN SELIG REAL ESTATE
CONLIN RICHARD B 09/01/2005 $650.00 G SELIG MARTIN SEATTLE WA 98104 MARTIN SELIG REAL ESTATE REAL ESTATE
CONSTANTINE JAMES DOW 09/23/2005 $500.00
SELIG MARTIN SEATTLE WA 98104 MARTIN SELIG REAL ESTATE REAL ESTATE
CORR CASEY 06/28/2005 $650.00
SELIG MARTIN SEATTLE WA 98104 MARTIN SELIG REAL ESTATE OWNER
GODDEN JEAN 03/27/2006 $650.00
SELIG MARTIN SEATTLE WA 98104 MARTIN SELIG REAL ESTATE DEVELOPER
GODDEN JEAN 04/20/2004 $650.00
SELIG MARTIN SEATTLE WA 98104 SELF-EMPLOYED DEVELOPER
MCIVER RICHARD J 07/28/2005 $650.00 P SELIG MARTIN SEATTLE WA 98104 MARTIN SELIG REAL ESTATE REAL ESTATE
NICASTRO JUDY 02/20/2001 $600.00 G SELIG MARTIN SEATTLE WA 98104 SELF-EMPLOYED DEVELOPER
NICKELS GREGORY J 09/16/2002 $500.00 G SELIG MARTIN SEATTLE WA 98104 MARTIN SELIG REAL ESTATE REAL ESTATE DEVELOPER
NICKELS GREGORY J 10/30/2001 $600.00 G SELIG MARTIN SEATTLE WA 98104 MARTIN SELIG REAL ESTATE REAL ESTATE DEVELOPER
PHILLIPS LAWRENCE R 08/25/2003 $350.00 G SELIG MARTIN SEATTLE WA 98104 SELF REAL ESTATE DEVELOPER
SENN DEBORAH 09/23/2003 $1,250.00 P SELIG MARTIN MR SEATTLE WA 98104 MARTIN SELIG REAL ESTATE OWNER
SENN DEBORAH 09/23/2003 $1,250.00 G SELIG MARTIN MR SEATTLE WA 98104 MARTIN SELIG REAL ESTATE OWNER
SIDRAN MARK H 08/27/2004 $1,350.00 P SELIG MARTIN MR. SEATTLE WA 981041046 MARTIN SELIG REAL ESTATE OWNER
SIMS RONALD C 03/10/2004 $1,350.00 P SELIG MARTIN SEATTLE WA 98104 SELF EMPLOYED REAL ESTATE
SIMS RONALD C 08/20/2003 $1,250.00 P SELIG MARTIN SEATTLE WA 98104 SELF EMPLOYED REAL ESTATE
SIMS RONALD C 07/25/2003 $500.00 G SELIG MARTIN SEATTLE WA 98104 SELF EMPLOYED REAL ESTATE
STREET JAMES B 02/09/2006 $700.00 P SELIG MARTIN SEATTLE WA 98104 MARTIN SELIG COMPANY PRINCIPAL
WILLS HEIDI A 12/11/2002 $50.00 G SELIG MARTIN SEATTLE WA 98104 SELF DBA MARTIN SELIG REAL ESTATE
WILLS HEIDI A 11/07/2002 $600.00 G SELIG MARTIN SEATTLE WA 98104 SELF DBA MARTIN SELIG REAL ESTATE
Looks like Martin Selig is giving a hell of a lot of money to Democrats. He also gave $17,500 to Initiative 920, which is headed by Dennis Falk.
THE CONCLUSION IS OBVIOUS — THE DEMOCRAT PARTY IS THE BASTION OF GAY BASHERS WHO LIKE TO SHOOT RETARDED PEOPLE IN THE BACK.
Um….Goldy? I-912 was last year…You probably mean I-920, right?
http://www.nwprogressive.org/w.....uture.html
This is an issue that easily goes across party lines, because the theory of the estate tax is “I got mine, so why shouldn’t my kids get mine”?
To which my response is “No, dumbass, you have no innate god-given right to pass on property free of tax any more than you have an innate god-given right to be exempt from income or property taxes while alive”.
It’s a sad day when Theodore fucking Roosevelt (who signed the US estate tax into law) is too much of a radical for people.
PS:
“The man of great wealth owes a peculiar obligation to the State, because he derives special advantages from the mere existence of government.”
— Theodore Roosevelt
Goddamn Commie.
There are too many who would like to see the re-establishment of the Ancienne Regime ..And too soon they forget that it was the oppression and excesses of the Ancienne Regime that led to the Reign of Terror .
Our founding fathers dispatched with Aristocracy, and I think we would do well to keep it that way.
Or maybe JCH is an unemployed nutjob in his parents’ basement in Kent, wearing a tinfoil hat, who tries to make his points by misrepresenting what progressives and liberals really believe.
“For unto whomsoever much is given, of him shall be much required: and to whom men have committed much, of him they will ask the more.”
Jesus, Moonbat Liberal, 4BC – 31AD.
MOH @6,
Hey… I got it right two out of three times. For a crappy proofreader like me, that ain’t bad.
I love the part in these conversations where people start citing tax income figures to prove the poor are getting a free ride.
Naturally, the dumbasses don’t do things like show income distribution and wealth distribution…which, surprise surprise, reflect taxes paid, except in those instances where progressive taxation helps (and usually said dumbasses cleverly leave out PAYROLL taxes and SALES taxes…which are regressive).
Anyway, I maintain my point: you can find rich “liberals” who all of a sudden become quite aghast at the prospect of an estate tax. It’s not all that uncommon. Theodore Roosevelt, Andrew Carnegie, FDR, Warren Buffett and Bill Gates are exceptions as opposed to the rule.
Goldy:
Which of our resident trolls has hijacked Roger Rabbit’s moniker to spew their ridiculous tripe? Roger may be a little off kilter sometimes (maybe more than sometimes), but they shouldn’t be impersonating him.
It was JCH, and I just deleted his previous hundred comments, under any name, as punishment.
Took him a long time to post all those comments. Only took me 3 clicks to delete them.
attaboy,Goldy!
Goldy, Just like counting Republican votes in Broward County, FL. One minute they are there, the next, they are gone!!! [hehe]
Who the hell inherits anything 100% tax free????????
How many fucking times should ONE dollar be taxed????
The Federal government wants up to 55% of your estate in taxes?
Washington State wants up to 35% of your estate in taxes?
Why the fuck should either the state or the Feds get any of it? Both of those government crooks taxed it to death when the money was made, now the vultures want to swoop in and devour the scraps too????????
Can someone please tell me how much Bill Gates pays this State? And how much the State will get when he dies?
Perhaps to show we cares, “progressives” could just pay more taxes. A lot more. Maybe we could all send in, say, 25% of our AGI today to the Federal government?
Goldy, will you lead us “progressives” in the “Just Pay More Taxes” Drive?
Ah heck, Goldy, they’re just acting in their self-interest. And just how am I supposed to boycott Oak Harbor Freight Lines? It’s been a while since I’ve needed the services of a truck, if you know what I mean. And Nordstroms is the only shoe store on this continent that stocks clodhoppers in my weird foot size. I boycott Nordstroms as best I can by buying $5 ties from Burlington Coat Factory instead of $75 ties from Nordy’s. What I mean is, Johnny N. isn’t making a lot off me as it is, if you know what I mean. And don’t worry about their kids inheriting all that money; if history is a reliable guide, they’ll go through it all within a generation or two.
18
“Can someone please tell me how much Bill Gates pays this State? And how much the State will get when he dies?” Commentby sgmmac— 5/12/06@ 2:33 pm
The state will get little or nothing when he dies, because it will all be left to tax-exempt charities.
2
Stop using my name, you fucking communist.
I sure wish my owner would quit fucking me up the ass.
Commentby JCH\’s dog [English Springer Spaniel]— 5/12/06@ 1:08 pm
[…………………………………………..These are the posts that Goldy feels are “progressive” and “enlightening”.]
23, RR,Join the “Progressives For Extra Taxes” team today!!! In addition to your income taxes, send and extra 25% of your AGI today to the Federal government to show you care!
2
Or I’ll come to your burrow, jump up and down to cave in the roof, run a garden hose into your hole to flush you, then scratch your fucking eyes out when you slither out of your dingy hole.
The Nordstrom kids will be lucky to buy a cup of coffee with their inheritance……
I should be able to give away my property the same way as the rabbit gives away his carrots, hell, I might want to leave him something in my will without the government thieves taking it all away.
sgmmac
I might agree (in part) with you if inherited property was not transferred at a stepped up capital gains tax basis. For example, if I bought Microsoft stock in 1987, and still held it when I died, my heirs would take it at its current market value for tax purposes. Let’s say I paid $10,000 and it is worth $1 million when I die (assuming no estate tax). My heirs would receive it at a stepped up basis of $1 million, and upon sale would only owe capital gains tax on the difference between $1 million and the sale price, even though no tax was ever paid on the $990,000 the stock gained while I was alive. Therefore, your contention that the estate tax is double taxation is false with respect to a significant portion of inherited property.
If you want to calculate capital gains on the original acquisition price, without adjusting when property is inherited, the estate tax could probably be repealed. However, changing the way capital gains are calculated would affect far more Americans than the estate tax does.
6
I don’t see what’s so hard about understanding the rationale behind the estate tax.
If you work, you’re taxed on your earned income.
If you invest, you’re taxed on your unearned income.
If somebody bequeaths money to you, it was property to them but it’s income to you, and since all other income is taxed, why should gift income be exempt?
One thing the Republicans are very consistent about: They don’t believe in taxing income people didn’t work for.
27
“The Nordstrom kids will be lucky to buy a cup of coffee with their inheritance……
I should be able to give away my property the same way as the rabbit gives away his carrots, hell, I might want to leave him something in my will without the government thieves taking it all away.
Commentby sgmmac— 5/12/06@ 2:44 pm”
Bla-ha-ha-ha!!!! Mac, a word of advice — if you want anyone to take you seriously, don’t go around saying stupid things like (a) the Nordstrom kids are poor, and (b) rabbits GIVE AWAY carrots. You’re wrong on both counts, Mac, but especially on count (b): Rabbits KILL for carrots, we don’t share, and we certainly don’t give them away!!!
And anyway, Smegma, Billg would appear to not minding paying his taxes. The rightists have done an excellent job of co-opting the language such that even Democrats speak of tax burden and tax relief, but c’mon our taxes pay for stuff. Important stuff that the government is singularly qualified to do for us. Stuff we need.
It’s the price of admission to a free and (one would hope) prosperous) society, and as pointed out above by Theodore Fucking Roosevelt those of great wealth owe a peculiar obligation.
31
” … our taxes pay for stuff. Important stuff that the government is singularly qualified to do for us.’
Yeah, like bombing villages in Iraq because Saudi terrorists based in Afghanistan attacked us.
Darcy Burner has already hugged a rabbit. Reichert doesn’t even have a plan to hug a rabbit. Hayden has a plan to spy on more rabbits. klake is a nazi.
Hey Hayden, I assume you’re spying on me, so here’s a special greeting from Roger Rabbit: FUCK YOU!!!! unpatriotic America-hating fascist fuckwad.
I thought you were a democratic rabbit! What do you mean you don’t share?
The N Kids may have something if they eliminate the death taxes or their parents have done what Gates and most other smart rich people, shelter that money, set up foundations that last forever and provide employment for generations to come…. paying multi-millions in “salary” to family members……
“Can someone please tell me how much Bill Gates pays this State? And how much the State will get when he dies?” Commentby sgmmac— 5/12/06@ 2:33 pm
As far as I can tell, Bill Gates only pays tax to the state as follows:
(a) “According to King County public records, as of 2002, the total assessed value of the property (land and house) is $113 million, and the annual property tax is just over $1 million.” Source: http://labnol.blogspot.com/200.....-home.html
(b) Sales Tax. This would depend entirely upon what non-exempt items he bought in this state, or high-value items he bought elswhere and brought into this state. How much could this be? I would bet his non-exempthousehold purchases wouldn’t exceed a couple grand, at most. He might pay more tax on contract labor (outside gardner, security services, building contractors, etc.).
(c) Employment Taxes. With respect to employees he personally hires (nannys, maids, cooks, security guards (if not contracted), etc., he would owe state unemployment and labor and industry (workmen’s comp) premiums.
(d) motor vehicle excise taxes. Not so much, now.
As for federal taxes, he would owe federal income taxes on his salary plus bonus of approx. $900,000 per year. However, this would be substantially reduced by his regular donations to his charity, which are deductable up to half of his salary.
Gates is probably donating stock, not cash. As another poster pointed out, this tactic of using a “stepped up” basis allows him to take as a deduction the full market value of any stock he donates. The charity takes the stock on a the “stepped up” basis, meaning the capital gains on that stock, for that time period, is NEVER taxed. Bill gates would, however, pay federal capital gains taxes on any stock he sold for his own benefit, currently at the 15% rate.
As Roger Rabbit pointed out, Bill Gates has repeatedly said that he has no intention on leaving a large inheritance for his children, and his donations to his charity seem to indicate that he is following through with that plan. Therefore I wouldn’t expect there to be a huge estate tax associated with his death.
So, Mac, there is a solution, by our own example. Why not use it if the estate tax is going to cripple your kids who can’t find honest employment?
The funniest thing is that most of us will never, ever be affected by the estate tax. It’s only the truly rich who feel it. And fuck them: how much goddamn money does anyone need?
sgmmac @ 17
No one is after your estate. You will never pay any estate tax.
In fact, only a vanishingly small percentage of people will ever have estates that qualify for the estate tax (they won’t pay themselves, of course; they’ll be dead). For the federal tax it’s less than 1% as I understand it. In Washington, the new law allows an exemption of $1.5 million for the estate of decedents dying in 2005 and $2 million for the estate of decedents dying on or after January 1, 2006.
“Who the hell inherits anything 100% tax free????????”
Almost everyone. Well over 99% of estates.
“How many fucking times should ONE dollar be taxed????”
You mean like the dollar you made in wages that was taxed twice when you earned it and then again when you spent it? Unheard of! Unthinkable!
“The Federal government wants up to 55% of your estate in taxes?”
Not mine. Not yours. Someone else’s. And that person is dead. And their heirs didn’t do squat to deserve a great big tax-free gift.
“Washington State wants up to 35% of your estate in taxes?”
Not mine. Not yours. Someone else’s. And that person is dead.
“Why the fuck should either the state or the Feds get any of it? Both of those government crooks taxed it to death when the money was made, now the vultures want to swoop in and devour the scraps too????????
Everyone dies. Not everyone’s estate is taxed. But large estates typically contain a whole lot of unrealized capital gains. That’s money that was never taxed.
rabbit 26 – run a garden hose into your hole to flush you
This is code for a Brokeback love scene.
Hey Mark the Redneck: Is Pope a “producer?” I mean, he’s a lawyer, and all they do is sue honest Americans like yourself who were dumb enough to marry a woman who later woke up and divorced you–right? Are “management consultants” producers? I’d be willing to bet your definition of “producer” does include all sorts of horseshit “jobs” which are no more productive than a circle jerk, but doesn’t include guys who actually bolt stuff together, drive nails on construction sites, or grow the food you stuff into your bloated gut.
RR –
I agree. Inheritance should be taxed as straight-up income.
Apparently people think there aren’t enough upper-class twits.
Hint: Paris Hilton makes you sick? Look at her last name, dumbass. Less estate tax = more Paris Hiltons. That’s simple economics- more money for people to leave to kids, more idle rich idiots.
Also, read the Millionaire Next Door- it’s pretty clear that someone who’s given wealth is less likely to try and work hard.
I’m pretty amazed at how many people are gullible enough to think that we should be MORE like pre-Revolutionary France, or any other number of European societies with huge hereditary class distinctions, but maybe they think John Kerry and the Kennedys are the only rich people in America.
Daddy Love, it’s no use actually explaining the law to the hydrocephalic trolls on this site; if it’s not in the talking points they copy and paste from they’re utterly befuddled.
Goldy speaking of Stupid rich people what about you friend
Hillary Clinton? Some of her friends had a few nice things to say about what she will do to get in office.
Podhoretz says the answer to that question is yes — and he offers the GOP a 10-point plan of action to expose Hillary as the far-left liberal that she truly is.
Smoke Her Out: “Republicans must now — right now, this week, today — declare [Hillary] the leader of the Democratic Party and insist that she become its primary voice and its primary spokesman.” Enough “blather” from the likes of Howard Dean, Nancy Pelosi and Harry Reid, argues Podhoretz, when Hillary is the real party leader. “On blogs and radio shows, in letters to the editor and op-eds in newspapers, and in communications with reporters, we should insist on ‘hearing it from Hillary.'”
Make Her Vote: “One of the priorities of Republicans in the Senate should be to use their power to make her vote … on matters of controversy where she would prefer to remain silent.” Podhoretz urges the GOP to introduce Sense of the Senate resolutions on parental rights, gun control and eminent domain.
Make Her Criticize Tax Cuts: Podhoretz invokes Hillary’s infamous 2004 quote, “For America to get back on track, we’re probably going to cut [the Bush tax cuts] short … We’re going to take things away from you on behalf of the common good.” The comment is “pure gold for Republicans” he writes, urging the GOP to focus an ad campaign on Hillary’s tax hikes if she wins the White House.
Talk Up Free Trade: One of the crown jewels of the Clinton economic program was the North American Free Trade Agreement [NAFTA]. But Hillary voted against a more modest proposal by President Bush for Central America – CAFTA. The vote against free trade indicates Hillary felt the need to tack left on the issue, contends Podhoretz. “There’s a gap there. Toss her into it,” he urges.
Talk a Lot About Health Care: “Clearly the Stop Hillary movement can’t leave her alone on this matter,” Podhoretz says. “If it makes her uncomfortable, her discomfort should only be enhanced” by having Republicans talking up market-oriented reform plans.
Suggest a Pullout from the U.N.: Podhoretz notes that Hillary “has a long record of institutional support for the United Nations.” He says that in 2008 her GOP opponent should float the idea of creating a new international agency to replace the failed world body. “Would Hillary be prepared,” he asks, “to defend the United Nations hotly? To argue forcefully that the United States cannot do without?”
Fight the Culture War, but with Delicacy: For all her traditional values talk during the coming campaign, says Podhoretz, Hillary “will have nonetheless handed her IOUs out to liberal groups who will expect her to deliver on their anti-traditionalist wishes once the election is over.” Gay marriage will still be a hot-button issue that could put Clinton on the defensive, he says. But with the GOP unlikely to nominate another born-again Christian, Republicans will have to tread lightly.
Run a Reform Campaign: Podhoretz says Republicans must acknowledge that “things got messy” on the ethics front on their watch. For 2008, he says, the party “must commit itself to an agenda of reform.”
Go Outside Washington for a Candidate: Podhoretz says the GOP would do well to look beyond the D.C. beltway for their next standard bearer. He doesn’t like McCain, complaining that the GOP maverick “is a creature of Washington.” He dismisses arguments that Condoleezza Rice could defeat Hillary, noting: “The presidency is not an entry-level job.”
Nominate Rudy: “The events of September 11 are nearly five years in the past, and yet [Rudy] Giuliani remains the only American figure whose enhanced standing as a result of the attacks on America remains undiminished,” writes Podhoretz. To get the nomination, the former New York City mayor will have to relinquish his pro-choice credentials and “declare himself opposed to abortion,” he says.
Predicting Rudy will eventually come around on the issue, he notes: “If there’s one thing Rudy Giuliani’s political career demonstrates, it’s that he’s willing to commit to a controversial course for a higher purpose … Defeating Hillary Clinton while becoming president himself – could there be any higher purpose?”
And here I hought that starting poor and working hard to earn money was the only true character-building way to come by one’s fortune. Funny so few Republicans want to try it.
Yes, klake…make those senators vote. Lie McCain, Frist, and the rest of the Rubber Stampers.
You don’t seem to understand the Repulbicans and Republican policies are truly unpopular.
Nominate RUDY? In whose dreams do the Republicans nominate a pro-choice New Yorker?
If the Nordstrom heirs want to avoid paying any inheritance tax, all they’ve got to do is convince the older generation to rewrite their wills with me as heir instead of them. I’ll be happy to pay the tax and they’ll be happy not to pay it and everybody will be happy.
Which of our resident trolls has hijacked Roger Rabbit’s moniker to spew their ridiculous tripe? Roger may be a little off kilter sometimes (maybe more than sometimes), but they shouldn’t be impersonating him.
Commentby wayne— 5/12/06@ 2:26 pm
wayne you can not hijack the Rabbit’s name, who would want to impersonat that critter anyway. He is not off kilter some of the times, more like all the time. Who can shit pellets all day long and leaves the whole garden in a mess. The funny little bunny being chase by a greyhound.
As Klake’s comments indicate, the Republicans do indeed intend to try to win just enough seats in the 2006 election to retain control of both houses of Congress. That is the only way they can save their rear ends from some REAL investigations that would likely result in jail terms for quire a bit more of them.
Howard Fineman has some insights today into Karl Rove’s budding electoral strategy. While the Democrats are harping on the failures of the Bush administration on a national level, Rove will be attempting to smear the Democrats with a broad brush. They will not attempt to defend the current Republican President or the Republican Congress (as a whole), but will instead (a) focus on smearing dirt on specific democratic candidates in local races, and (b) creating a “straw man” representing the Democratic Party, and attempting to create fear about the damage they would do if allowed to control Congress. In effect, they will concede their own deficiencies, but argue that they are still the lesser of two evils.
“The way I read the recent moves of Karl Rove & Co., they are preparing to wage war the only way open to them: not by touting George Bush, Lord knows, but by waging a national campaign to paint a nightmarish picture of what a Democratic Congress would look like, and to portray that possibility, in turn, as prelude to the even more nightmarish scenario: the return of a Democrat (Hillary) to the White House.
Rather than defend Bush, Rove will seek to rally the Republicans’ conservative grass roots by painting Democrats as the party of tax increases, gay marriage, secularism and military weakness. That’s where the national message money is going to be spent.”
http://www.msnbc.msn.com/id/12...../newsweek/
rhp6033 50: Rather than defend Bush, Rove will seek to rally the Republicans’ conservative grass roots by painting Democrats as the party of tax increases, gay marriage, secularism and military weakness.
Talk about low-hanging fruit!
By the way, who are Karl Rove’s students? I’m curious how competent they are at rigging elections once their boss is on the sidelines if he is indicted for giving false grand jury testimony.
Gates is probably donating stock, not cash. As another poster pointed out, this tactic of using a “stepped up” basis allows him to take as a deduction the full market value of any stock he donates. The charity takes the stock on a the “stepped up” basis, meaning the capital gains on that stock, for that time period, is NEVER taxed. Bill gates would, however, pay federal capital gains taxes on any stock he sold for his own benefit, currently at the 15% rate.
Commentby rhp6033— 5/12/06@ 3:15 pm
Back before the Reagan tax cuts, it was actually advantageous to donate stepped up value stock to charity. Back then, the top income tax rates were 70%, with the capital gains tax being taxed at half, for a maximum of 65%.
If you sold $100,000 of stock, you would net as little as $65,000 if nearly all the value was appreciation. But if you donated the same stock, you would reduce your taxes by $70,000 due to the charitable deduction. Donating the stock made you $5,000 better off. And the benefit could be even greater if there were state income taxes to consider.
Yes…please nominate Rudy…I’d love to hear the right justify how he treated his ex-wife, his family’s ties to organized crime, etc….the guy’s got more baggage than LaGuardia
Commentby Moose— 5/12/06@ 4:10 pm
Not sure about the organized crime — didn’t he prosecute a bunch of them? But Giuliani isn’t that conservative and would piss off most of the GOP base.
#51;
I’m skeptical about how much Bush’s low popularity will translate into Democratic success at the polls in November. A lot of his low poll numbers reflect Bush’s conservative base deserting him, because he has deserted them. As much as they like low taxes, I think they are becoming more worried about the massive budget deficits, and the fiscal mis-management in general.
But I don’t see these conservatives turning into Democratic voters. The best we could hope for is for them to stay home on election day, but statistics have shown in the past that these solid conservative voters are among the most consistent voters in past elections.
Besides, Bush isn’t running for office in 2006. They may well swallow hard, and vote for their local Republican candidate anyway. If the races tighten up by October (which I predict they will), it will probably not be because voters have changed their minds about Bush, but because the “fiscal conservative” and “libertarian” (i.e., small government) wings of the GOP will hold their nose and return to vote for their local candidates, regardless of how they feel generally about how the President, the Congress, or the Republican Party in general is doing. Karl Rove understands this – most voters don’t vote “for” somebody, as much as they vote “against” somebody else.
Besides, I really don’t see how Bush’s numbers can go much lower, no matter how much he screws up from here on out. Any resulting rise in his poll numbers between now and November will be trumpeted as a “miracle comeback”, in an attempt to make it look like the Republicans have their problems behind them, and Bush will take the credit as the miracle worker.
So what does this leave us with? Democrats can keep campaigning against Bush and the Republican Party generally, but more importantly they should be attacking the Republicans with specifics about their (Republican) candidates and their (Republican) policies.
Don’t give “Insurance Mike” a moment’s rest from reminding the public that he is in the back pocket of the insurance industry. Keep asking Reichart about why he had so many “bad apples” in the Sheriff’s Dept. while he was sheriff, and why, if it is such a good idea, he didn’t use a “survey” to eliminate gangs when he was King County Sherrif (as he proposed yesterday, on a national level). Keep in their face all day, every day.
Also, the Democratic party needs to come up with something more than a re-tread of the same complaints we have heard about Republicans every day for the past year. If they do, they will find themselves on the defensive this summer, trying to keep up with Karl Rove’s attacks, like they did in 2004.
Taking a cue from the Republican governor’s recount campaign, the need a national “strike force” which hits with a new issue every day, thereby dominating the discussion on radio and TV talk shows, making Karl Rove play defense instead of offense. They need to hit the Republicans hard on their own issues – how they play favorites with tax policy, ignore fiscal responsiblity, talk high on morals but don’t exercise them personally, thereby not leaving them with any base upon which to stand.
Instead of remaining “above the fray” when Rove begins airing his negative ads, they should make sure the public anticipates them and recognizes them when they arrive, and make voters realize that Rove is trying to manipulate them, how he is doing it, and that they (the voters) should be offended by his low opinion of their intellect.
Despite my wishful thinking, this one isn’t in the bag yet, and the Democrats had better quite being deluded by the recent polls. There’s still a lot of work yet to be done.
Everyone dies. Not everyone’s estate is taxed. But large estates typically contain a whole lot of unrealized capital gains. That’s money that was never taxed.
Commentby Daddy Love— 5/12/06@ 3:24 pm
Then why not limit the estate tax to the maximum tax rate on capital gains? Washington has no income tax and no capital gains tax, so we shouldn’t have a state estate tax at all. Cut the federal estate tax (yes, there is one in place still) to 15%, which is the same as the maximum federal capital gains tax.
Pope at 54:
I had some friends who had a rental house for years. They finally were selling it, but they had already taken out a good share of the equity in re-financing. After selling the house and paying off the 1st and 2nd mortgages, they would owe more in capital gain taxes than they would receive from the net proceeds of the escrow.
I tried to explain to them that they would be better off donating the house to their church, taking the deduction of the net equity (market value less mortgages). The church could then sell the house and pay off the mortgages in escrow, and everyone benefits (except the IRS).
They couldn’t see it, all they could think about was that they would end up giving away their lifetime investment and get nothing in return. They didn’t understand that they had already received their eauity payout through the re-financing. They didn’t take my advice, I didn’t bring it up again. I think it took them three years to pay off the resulting taxes, which they blame on the Democrats. As you might expect, they are life-long Republicans, and they HATE taxes.
I have a problem with the 15% capital gains tax. Someone who works his ass off for $100 K gets taxed at a higher rate than somebody who invests his money and makes the same amount with no additional effort. Why should salary be taxed at a higher rate than investment income? What message are we sending to people who have to work for a living? You would need to index cap gains for inflation, which they should be anyway, but cap. gains ought to be taxed like ordinary income minus the FICA and medicare
RHP, so they’re idiots? I guess you already said that why you said “life-long republicans.”
See, this is what the republicans want: free handouts for the rich. Your friends didn’t seem to understand that they had already made their money, and spent it. Typical. It would be like getting to the end of an automobile lease and then whining about how the residual was more than the car was worth. Well, duh, that’s the way leases generally work.
Wayne–blasphemy! How will our inbred rich aristocrats survive???
rhp @ 56:
Great post and I particularly agree with you regarding the way the DNC needs to anticipate and get out in front of Rove and the RNC with their predictable negative attack ads they will be airing.
The lesson to be learned from the ’04 elections is that they need to be proactive instead of reactive, case in point the Swift Boating of Kerry that went unaswered for so long peopel began to believe it.
The key will be getting the neocons on the defensive on what has been their stong points: National security, fiscal responsibility, and the return of “honest” government. Hit hard here, then focus on the criminal element that has poinsoned the Republican party. Last but not least, the “kitchen table” issues that folks like Bush, Rove, DeLay, Frist and the rest just don’t understand. (I included DeLay on purpose because that son of a bitch is getting lumped in with the problem even if he did resign.)
We have a lot of work ahead of us, and I’m confident we will prevail in the fall. Surprising the pundits I might add. What will play in our favor is the low polling numbers for Bush and the republicans in general.
Granted you’re never going to get large defections of the hardcore base, but that should never be counted on any ways. What we’re looking for are the independents who were “fear mongored” into believing their message last time who wont’ go for it this time. Some Libertarian leaning folks will not vote conservative this year. More of a protest vote than anything else. Last but not least, the swing voters that lean conservative, vote republican most of the time, but are tired of being lied to will vote Democrat this year. Couple that with some members of the conservative base that will just skip voting this year out of disgust and I think we’ll win back both bodies of congress.
I had some friends who had a rental house for years. They finally were selling it, but they had already taken out a good share of the equity in re-financing. After selling the house and paying off the 1st and 2nd mortgages, they would owe more in capital gain taxes than they would receive from the net proceeds of the escrow.
Commentby rhp6033— 5/12/06@ 4:57 pm
I guess we have a lot of that phenomenon these days. You mortgage a rental house up to the hilt and there is a lot of appreciation. With a 10% cost of sale, it is possible that you will get nothing from the escrow proceeds at all. But you will owe capital gains tax of 15% on the net sale price minus the original purchase price.
If you purchase the house for $60,000 and sell it for $400,000, you will have net proceeds of $360,000. If you owe $360,000 payoff on the mortgages, you will get ZERO cash. But you will owe $45,000 in capital gains tax — 15% times $300,000 gain.
Donate the house to a charity, and you get to write off the $40,000 equity as a charitable deduction. If you are super rich and in the 35% tax bracket, then you get to save $14,000 in taxes, instead of paying $45,000.
Seems like this is a great way to avoid capital gains taxes on real estate. Instead of selling it, simply taking out a maximum mortgage loan and donate the property to charity. You have tax free capital gains and get a charitable deduction all the equity, including the 10% that would have gone to selling expenses.
DISCLAIMER — DON’T TRY THIS AT HOME. THIS SCHEME IS PROBABLY ILLEGAL AND MAY GET YOU MASSIVE TAX PENALTIES AND POSSIBLE CRIMINAL CHARGES.
Which is probably why RHP6033’s REPUBLICAN friends were unwilling to do this. DEMOCRATS probably make lots of money from this and other fraudulent schemes every day.
re 64: One man’s fraudulent scheme is another man’s no-bib government contract.
GOOD NEWS FROM IRAQ: Halliburton has completed ANOTHER $220 million dollar 10 x 12 plywood schoolhouse.
Walmart sucks…
Every American should pay at least 10% of their income in taxes. EVERY one!! 50% of Americans today pay no income taxes. They are called Democrats.
WalMart saves poor families thousands each and every year.
I hope I see the day I see a Walmart on every block. Goooooooo Walmart. Put Costco out of business.
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