Reply to This story of loan forgiveness does not sit well with me

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It’s infuriating. I know some people personally who quit their good paying… but “boring”… jobs to pursue their passions and now live off welfare. At least they don’t live near me so I know my money isn’t going to them [/quote]

Funny how people get infuriated at people with modest incomes scamming the system but shrug their shoulders at people scamming billions of dollars from taxpayer coffers.

The late billionaire Sheldon Adelson, for example, used a complicated trust mechanism called a “grantor retained annuity trust (GRAT)” to “pass on $7.9 billion to his children while avoiding $2.8 billion in gift and estate taxes.” [/quote]

All smart wealthy people use trusts (and other means) to legally pass on their estates while avoiding estate taxes.  Fact is that money was already taxed once, there is absolutely no reason it should be taxed again to transfer it to your kids.  Fact is there are plenty of legal ways to avoid this and have been for decades.

We earned our money, 95%+ of it as W2 income and taxed at the highest rate.  Absolutely no reason for the govt to take 40-50% (fed and state) of it when we die.

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That's your opinion, not a fact.  Plenty of advanced economies tax estates at a far higher rate, and their societies are more equal and more harmonious for it. My opinion is that we don't need to have billionaires passing on the bulk of their megafortunes to their heirs tax free while there are hungry children in America who could benefit from better social welfare supports.[/quote]

See above.  Happy to pay my taxes once.  I've paid more in State taxes in a SINGLE year than most people will earn in a lifetime.  I've already contributed to social welfare programs and happily support them.  I'm not a billionaire totally avoiding taxes.  Most of our income is W2 or interest and some cap gains.  We have no way to shelter it legally, so we pay high taxes yearly.  I donate to several organizations of my choosing to locally support at an even better level.  But still do not support the govt taxing my money a 2nd time and will utilize all tools possible to avoid that.

I also still believe people should take some responsibility for themselves, and that includes not overpaying for college and expecting others to subsidize you.  When it is totally possible to get a good education that is AFFORDABLE.

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The fact that you pay more state taxes in a single year than most people will earn in a lifetime and are still so stingy about estate taxes is pretty sad.   Taxes are the price we pay to live in a civilized society.  Mark Cuban said it well this year:
https://www.cnbc.com/2024/04/15/how-much-mark-cuban-pays-in-taxes.html
[quote]
While you may be annoyed about paying taxes, billionaire Mark Cuban says he’s happy to pay the $275.9 million he owes for 2023.

“I pay what I owe,” Cuban wrote on social media site X on Sunday. “This country has done so much for me, I’m proud to pay my taxes every single year.”

Cuban confirmed with CNBC Make It on Monday that his $275.9 million tax bill was “wired today.”

“We only get to be entrepreneurs and enjoy the freedoms we have because of the men and women who dedicate their lives to protecting our country,” he tells CNBC Make It. “They deserve every penny they get and my taxes go to support them.”

Cuban, who is also one of the stars on ABC’s “Shark Tank,” has an estimated net worth of $5.4 billion and says his tax bill is “almost all long term capital gains,” which almost certainly triggered a federal long-term capital gains tax of 20%.[/quote][/quote]

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