On 2010-07-31, pyotr filipivich wrote:
Ignoramus18915 on Fri, 30 Jul
2010 13:21:35 -0500 typed in rec.crafts.metalworking the following:
On 2010-07-30, pyotr filipivich 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.

Ah, so when you buy something, it is a gift? Do you kids know
that when you pay for something for them, it is a gift? Do you report
all those transfers to the IRS on your voluntary tax form?

This again suuggests that you have no clue about what you are talking
about. Gifts under $24k per married couple do not need to be reported.

I would not be surprised if Miss Hilton had a credit card which
Daddy covered.

People cheat on this stuff a lot. It is not too hard to hide a few
hundred thousands per year. What is harder is to hide a few tens or hundreds
mils.

I would not be surprised if she had a nice job with
the Hilton Corporation as a means of explaining her income.

Yes, but that is as taxable as gifts. You really need to learn more
about issues where you have an opinion.

I'm also quite sure that she, and her father, and her grandfather,
have on staff some pretty clever tax attorneys, who's' job it is to
minimize the tax bit. After all, Tax Avoidance is the only
intellectual exercise which had real rewards.

Sure.

But that doesn't change the fact that you seem to object to Paris
Hilton (et alia) inheriting her father's estate, yet feel that you
should be able to pass on your estate to your children.

Why, myself I would not mind having a part if it taken as taxes, I
think that it is totally fair.

i