pyotr filipivich on Sat, 31 Jul 2010 12:08:33
-0700 typed in rec.crafts.metalworking the following:
"J. Clarke" on Fri, 30 Jul 2010 23:52:51
-0400 typed in rec.crafts.metalworking the following:
On 7/30/2010 10:42 PM, ATP wrote:
id wrote in message
...
On 2010-07-31, wrote:
id wrote:
On 2010-07-31, wrote:
id wrote
On 2010-07-30, pyotr wrote:
Nope. An Estate Tax (or to call it more properly a Death Tax) is
why we get Paris Hilton. She knows she's not going to inherit it,
her Daddy knows she's not going to inherit, so why not spend it as much
as possible now, before it goes tot he tax man.

Excuse me?

Do you have a clue as to what you are talking about?

Transferring money to anyone (such as heir) as a gift, while alive,
subjects them to gift tax, which is very similar (and is designed to
supplant) estate tax.

Getting money from daddy when daddy is alive, is generally taxed the
same way as when daddy is dead.

I'd be surprised if the full value of the services, transportation,
clothing etcetera consumed by Paris Hilton is accounted for and taxed.

Do you mean that what her dad pays for her clothing, is not taxed with
gift tax?

Good question.

Staying at family compounds, buying on family charge accounts, payments
for bogus services, staff on family payroll, there are probably a lot of ways
to prop up her lifestyle without gift taxes.

Hard to say, my guess is that she is too high profile to hide that
sort of thing.

i

Most of it is probably legal. Staying at your Dad's house or summer home is
not taxable. What if your family has five homes/complexes? While you're
there you have use of the family vehicles, servants, club
memberships....supplement that with some carefully crafted trust fund money
and earnings- she's rich without large taxable transfers.

Even if it's taxed, the tax doesn't take all of it. You people act like
someone ending up with a hundred million dollars out of a 200 million
dollar estate is impoverished or something.

And you act as if having the government take half of what you
saved and earned over the course of your life is not a bad thing.

Some people behave as if something is okay, as long as it involves
large amounts of money.

I should amend that to read: Some people behave as if something is
okay, as long as it involves large amounts of other people's money.

Come to think of it, as long as they just tax those people who
still favor Obama tax increases, who am I to complain? They get to
pay more in tax, and the government get the revenue.
--
pyotr filipivich
We will drink no whiskey before its nine.
It's eight fifty eight. Close enough!