Rich People Are Waiting Until the Ball Drops to Die

[JIDinPhilly]

http://nymag.com/daily/intel/2009/12...ng_to_die.html

Owing to a technicality that some are calling a congressional lapse, the estate tax — which affects only the very rich but takes up to half of what they bequeath — will disappear completely for one year when the clock strikes midnight on January 1, 2010. Because of this, The Wall Street Journal reports, many of the fifteen rich-enough-to-be-affected people who would normally die each day are staying, or being kept, alive until late tomorrow night so that their heirs will inherit twice as much. At least one old guy is trying to make sure his own death occurs next year by planning for a euthanasia in Holland, where it's legal. But Congress could pass an estate-tax law next year that is retroactive to January 1, making all of this death-maneuvering null. It's all very strange and awkward.

Read more: Rich People Are Waiting Until the Ball Drops to Die -- Daily Intel http://nymag.com/daily/intel/2009/12...#ixzz0bCCCBPb2

[Dredly]

Supposedly Congress is planning on making the new tax retroactive to 1/1/10 so it won't matter

[adymond]

Supposedly Congress is planning on making the new tax retroactive to 1/1/10 so it won't matter

I still don't understand these fucking retroactive taxes.

[jerkin]

Retroactive, hell, I don't understand the whole "death tax". It's bullshit that you work your entire life to have something to leave to your children and the government comes along and takes half of it when you pass on. I'd like to know how all of this got started and it's from both sides of the aisle, the republicans lowered it from what the Clinton administration had it up to but it was still there.

[LittleRedToyota]

I still don't understand these fucking retroactive taxes.

me neither. calder v. bull and US v. carlton are certainly on the list of despicable SCOTUS rulings.

maybe one day SCOTUS will finally own up to the fact that a tax is a law (try not paying it and find out for yourself), and, thus, article 1 section 9 of the constitution (which bars ex post facto laws and--though SCOTUS pretends otherwise--does not differentiate between "criminal" v. "civil" laws) actually does apply...but i wouldn't hold my breath.

ex post facto taxes are, plainly and without a doubt, actually in violation of the constitution. SCOTUS is hard to even take seriously sometimes.

[PocketProtector]

Retroactive, hell, I don't understand the whole "death tax". It's bullshit that you work your entire life to have something to leave to your children and the government comes along and takes half of it when you pass on. I'd like to know how all of this got started and it's from both sides of the aisle, the republicans lowered it from what the Clinton administration had it up to but it was still there.

Retroactive Hell. Death taxes hell, Taxes Hell period...Have we looked at our paychecks lately ?? Not much left of them is there? Add in all the "after the paychecks" taxes, and really ...there's virtually nothing left

[stephpd]

Retroactive Hell. Death taxes hell, Taxes Hell period...Have we looked at our paychecks lately ?? Not much left of them is there? Add in all the "after the paychecks" taxes, and really ...there's virtually nothing left

I may disagree with the death tax, but structuring your death around tax evasion is beyond me. Poor, rich folks, put on life support just to get around paying taxes.

I doubt I'll ever have that much money. As is, the Government already get the lions share of what I make. And it looks like that's not enough and they intend to take more.

Guess they won't be happy until they take over 100% of everything.

[Keystone.45]

I may disagree with the death tax, but structuring your death around tax avoidance is beyond me. Poor, rich folks, put on life support just to get around paying taxes.

I doubt I'll ever have that much money. As is, the Government already get the lions share of what I make. And it looks like that's not enough and they intend to take more.

Guess they won't be happy until they take over 100% of everything.

Fixed it for ya. Tax avoidance and tax evasion are two completely different things.

[625]

Retroactive, hell, I don't understand the whole "death tax". It's bullshit that you work your entire life to have something to leave to your children and the government comes along and takes half of it when you pass on. I'd like to know how all of this got started and it's from both sides of the aisle, the republicans lowered it from what the Clinton administration had it up to but it was still there.

That's why you should give your money away while you are still alive. I believe you can give a gift of up to $10,000 tax free. Not sure how often you can.

I thought the rich people move a lot of their money to offshore accounts, anyway. Not sure how all this works since I have no worries of ever being rich.

[Paradigm]

I still don't understand these fucking retroactive taxes.

Don't you understand yet? It isn't your money! It belongs to the government, who was kind enough to let you hold some of it for a little while.

Never get between a bureaucrat and his money.