Pacridge
DP Veteran
IndiConservative said:Some current tax information for some of you
Death tax kills small businesses- It taxes the assets of a business not just the cash withholds so if your business is worth 2.000.000 and the only cash withholding is 10.000 you may have to pay quite a large sum (i.e. sell the business)Thats assuming the deceased owned the business but it goes for estates as well
I live in Oregon. We have, statistically one of the largest, by percentage of overall, small business generated economies in the nation. A few years back a group did a study trying to make that direct link. They found one business, some small company that made pellet stoves I believe, that was closed due to the estate taxes due on the business. That company was having financial problems long before the death of the owner.
Most small businesses are family owned. Most of the time the ownership of the small business is divided between several family members. Often by the time one member passes away that ownership has been transfer to another younger member of the family and no taxes are collected when someone passes away.
Also the tax rates vary depending on the estate. If the estate/business is worth less then a million, the tax is zero. That's hard assets. Money equipment etc. If you're inheriting 1.5 million of hard assets your tax would be 1.6%. I would think if you had 1.5 million in assets you would have no problem acquiring a loan of 240K to pay your taxes.
Here's a link for you:
http://www.factcheck.org/article328.html
IndiConservative said:The rich dont pay more in Social Security taxes- The cut off is 87.900
after that point its ssc and medicare tax free
That numbers old. Currently it's at 90k
http://ssa-custhelp.ssa.gov/cgi-bin...SZwX2N2PTEuNyZwX3BhZ2U9MQ**&p_li=&p_topview=1
IndiConservative said:The Fair Tax should not increase the prices of some goods by much-
Currently everything you buy already has 22% tax built into the price
so if the flat tax was implimented it would keep the price about the same give or take a few percentage points
This would level the playing field for corporations and eliminate the need to high power corp tax lobbyists. The corporations would still pay the same taxes you would for their supplies.
Interesting. I'll go do some checking on this. You listed a web site? I'll go look. Thanks.