New Yorkers Face 164% Estate Tax

[Kirk Freeman]

New Yorkers Face "164%" Estate Tax

Actually if you taxed all of New York at marginal rate of 164% they might get the necessary change they need.

TaxProf Blog: Wealthy New Yorkers Face 164% Estate Tax Rate






Edited for Manatee's benefit.

 

[ATOMonkey]

Another reason for old folks to take up residence in Florida.

Good idea New York!! ...idiots....

 

[shibumiseeker]

Why I should care what folks from that state do to themselves?

 

[BehindBlueI's]

But because the law also phases out certain credits related to federal taxes, people who have estates valued just above the $2 million threshold could get massive estate tax bills. An analysis by U.S. Trust found that a New York resident who dies today with a taxable estate of $2,165,625 could have to pay an estate tax of over $112,050. That represents a tax of over 100 percent on the value of the estate over $2,062,000.It gets worse in a few years. Matz said that assuming that the exclusion rises to $5,250,000, a New Yorker with a taxable estate of $5,512,500 would have to pay an estate tax of $430,050. That's a marginal tax rate of 164 percent on the value of the estate above the exclusion.

From the main article the blog pulled from New York rich face tax surprise when they die

Sure looks like the over all tax rate is still less than 10%, even for an estate worth over $5m. I guess "multi-millionaires face slight tax increase after they die to offset tax decreases they just got on their income taxes while alive" doesn't really grab the headlines, though.

 

[Kirk Freeman]

Why I should care what folks from that state do to themselves?

As an example of what not to do?

 

[pudly]

Why I should care what folks from that state do to themselves?

To understand why NY has a net outflow of citizens taking their politics with them.

 

[UncleMike]

To understand why NY has a net outflow of citizens taking their politics with them.

Same as CA.
The rats desert the ship and take their disease of Liberalism with them to other States.
Colorado is a prime example of how a perfectly good State can be Politically screwed into the ground by the exported plague of Progressivism.

 

[jgreiner]

That state can't implode fast enough...........

 

[jwh20]

Same as CA.
The rats desert the ship and take their disease of Liberalism with them to other States.
Colorado is a prime example of how a perfectly good State can be Politically screwed into the ground by the exported plague of Progressivism.

You realize, I hope, that this is EXACTLY the plan! Marxism, re-branded as Communism, re-branded as Socialism, re-branded as Liberalism, re-branded as Progressivism is a TRIED AND FAILED IDEOLOGY. But it appeals to those who prefer to get something for nothing and is exploited by those who can fan those flames of desire into votes for themselves.

Regardless of its label de jure, Marxism does not work for two reasons:

1) Absolute power corrupts absolutely.
2) It's always easier to drag the successful down than to lift the lazy up.

But politicos continue to be "progressive" because it sells in many parts of the nation.

 

[MisterChester]

 

[Leadeye]

Loopholes are in there somewhere, ny is a graft swilling pit of corruption. The people at the top aren't going to be paying that.

 

[BigBoxaJunk]

From the main article the blog pulled from New York rich face tax surprise when they die

Sure looks like the over all tax rate is still less than 10%, even for an estate worth over $5m. I guess "multi-millionaires face slight tax increase after they die to offset tax decreases they just got on their income taxes while alive" doesn't really grab the headlines, though.

Yeah, it just doesn't pay to be rich anymore. That's why I've decided to keep my feet firmly planted in the lower-middle class.

 

[Manatee]

Congrats. The title of this thread qualifies you for a yahoo reporting slot.

 

[Kirk Freeman]

You can take it up with the good professor at Pepperdine then.

 

[Manatee]

It's a marginal tax rate. Is it necessary to repeat hyperbole?

 

[HoughMade]

The estate tax is unjust regardless of rate, taxing money that's already been taxed. The same goes for capital gains tax.

I'm no fan of taxes, but for goodness sake, tax it once, then hands off.

 

[Manatee]

Capital gains have not been previously taxed. Dividend distributions of capital or profit are double taxed.

 

[HoughMade]

Capital gains have not been previously taxed. Dividend distributions of capital or profit are double taxed.

You are correct, sir. I still believe it's better not to tax capital gains as that is money used to build things.

 

[Manatee]

So, a guy working for wages can be taxed at 39.5%, but a hedge fund manager doesn't deserve to be taxed at all?

 

[HoughMade]

Deserve? I don't even know what that means. Do we want economic growth or to use the tax system as a means to "level the playing field"?