Estate tax & Trump

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thisisallen
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Re: Estate tax & Trump

Post by thisisallen » Sat Feb 04, 2017 10:31 am

NJ raised the exemption from $675k to $2 mil this year and in 2018 it is eliminated altogether.
At the same time they raised the gasoline tax by like .23/gal.
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mathjak107
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Re: Estate tax & Trump

Post by mathjak107 » Sat Feb 04, 2017 10:37 am

i hate even traveling to new jersey . our kids live there . the trip there and back is usually stressful and horrible . i always say no wonder they charge you to leave nj.

did new jersey keep the inheritance tax ? they had both an estate tax and an inheritance tax .
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Re: Estate tax & Trump

Post by Pointedstick » Sat Feb 04, 2017 10:47 am

thisisallen wrote:NJ raised the exemption from $675k to $2 mil this year and in 2018 it is eliminated altogether.
At the same time they raised the gasoline tax by like .23/gal.
That honestly makes sense to me. Stop taxing something desirable (accumulating wealth) and increase the tax on something bad (burning fossil fuels on dangerous roadways).
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technovelist
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Re: Estate tax & Trump

Post by technovelist » Sat Feb 04, 2017 10:50 am

Pennsylvania also has a very low inheritance tax threshold, although I forget what it is exactly. Amounts over that threshold are taxed at 4.5% for direct descendants (and I believe other close family members_ and much higher levels for others.
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technovelist
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Re: Estate tax & Trump

Post by technovelist » Sat Feb 04, 2017 10:51 am

Pointedstick wrote:
thisisallen wrote:NJ raised the exemption from $675k to $2 mil this year and in 2018 it is eliminated altogether.
At the same time they raised the gasoline tax by like .23/gal.
That honestly makes sense to me. Stop taxing something desirable (accumulating wealth) and increase the tax on something bad (burning fossil fuels on dangerous roadways).
You should know that it is never that simple. No one can know exactly what the unseen effects are, but they are usually of significant magnitude and generally not in line with the stated goal of a change in taxation.
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mathjak107
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Re: Estate tax & Trump

Post by mathjak107 » Sat Feb 04, 2017 11:04 am

we just cleared new yorks tax cliffs . it took a few years and we needed to have disclaimer trusts in place
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technovelist
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Re: Estate tax & Trump

Post by technovelist » Sat Feb 04, 2017 11:05 am

mathjak107 wrote:we just cleared new yorks tax cliffs . it took a few years and we needed to have disclaimer trusts in place
But you still live in NY? Why?
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Re: Estate tax & Trump

Post by Pointedstick » Sat Feb 04, 2017 11:07 am

technovelist wrote: You should know that it is never that simple. No one can know exactly what the unseen effects are, but they are usually of significant magnitude and generally not in line with the stated goal
Yes, such is life as a human.
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mathjak107
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Re: Estate tax & Trump

Post by mathjak107 » Sat Feb 04, 2017 11:14 am

technovelist wrote:
mathjak107 wrote:we just cleared new yorks tax cliffs . it took a few years and we needed to have disclaimer trusts in place
But you still live in NY? Why?
i tried to reply but i think i reported your post lol

we live in ny because ny offers all the things we want in retirement . we had a house in the pocono's we were going to retire to .

once we realized mostly everything we wanted in retirement it lacked we decided to retire right here in queens and sold the house .

the biggest reason is our grand kids are here and we are central to them . we have a set in howard beach queens , a set in scarsdale ny and a set in new jersey
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technovelist
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Re: Estate tax & Trump

Post by technovelist » Sat Feb 04, 2017 12:55 pm

mathjak107 wrote:
technovelist wrote:
mathjak107 wrote:we just cleared new yorks tax cliffs . it took a few years and we needed to have disclaimer trusts in place
But you still live in NY? Why?
i tried to reply but i think i reported your post lol

we live in ny because ny offers all the things we want in retirement . we had a house in the pocono's we were going to retire to .

once we realized mostly everything we wanted in retirement it lacked we decided to retire right here in queens and sold the house .

the biggest reason is our grand kids are here and we are central to them . we have a set in howard beach queens , a set in scarsdale ny and a set in new jersey
Ok, that makes sense. Having lived in NY, I would never move back.
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Re: Estate tax & Trump

Post by Ad Orientem » Thu Feb 09, 2017 12:15 pm

What happened to all of the hyperventilating among Republicans we saw during the Zero Administration over the rising debt? Abolishing the estate tax would massively add to the national debt.
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technovelist
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Re: Estate tax & Trump

Post by technovelist » Thu Feb 09, 2017 2:47 pm

Ad Orientem wrote:What happened to all of the hyperventilating among Republicans we saw during the Zero Administration over the rising debt? Abolishing the estate tax would massively add to the national debt.
So 0.6% of federal revenue is massive? Eliminating dept of education would probably make up for that.

Actually I was being too conservative. The DoEd spends around $70 billion, and the estate tax raises only about $20 billion. So there would be plenty left over after eliminating both.
Last edited by technovelist on Thu Feb 09, 2017 3:49 pm, edited 1 time in total.
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