Everyone has adequately listed the countless BAD things that are going to happen but the worse thing has not been mentioned.

I have mentioned before that I have access to a Retired Fortune 50 CEO. He told me that his Wall Street tax advisor told him the new regime will need MONEY.

He said to expect an INCOME TAX on EXISTING Savings Accounts, Retirement Accounts, Any Equity Accounts, etc. They will Tax "Net Worth".

This Tax Advisor for the Mega Wealthy is setting up CHARITY TRUSTS for the Rich. These Trusts (not taxed for income)will pay a Salary to the owner and then everything bought will be from the Trust. They will be EXEMPT from this coming Net Worth INCOME Tax.

And it needs to be set up "BEFORE" the retro-active date.

Just a warning for you.

There is an mfbarnes feel to the OP.

Can you cite a source other than your anonymous fortune 50 tax advisor?

sail33or said:

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Everyone has adequately listed the countless BAD things that are going to happen but the worse thing has not been mentioned.

I have mentioned before that I have access to a Retired Fortune 50 CEO. He told me that his Wall Street tax advisor told him the new regime will need MONEY.

He said to expect an INCOME TAX on EXISTING Savings Accounts, Retirement Accounts, Any Equity Accounts, etc. They will Tax "Net Worth".

This Tax Advisor for the Mega Wealthy is setting up CHARITY TRUSTS for the Rich. These Trusts (not taxed for income)will pay a Salary to the owner and then everything bought will be from the Trust. They will be EXEMPT from this coming Net Worth INCOME Tax.

And it needs to be set up "BEFORE" the retro-active date.

Just a warning for you.

---

I am not a tax attorney nor wealthy, but when(not if) the Democrats change the rules on what is taxed, why would they not go after these Charity Trusts?

richardag said:

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sail33or said:

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Everyone has adequately listed the countless BAD things that are going to happen but the worse thing has not been mentioned.

I have mentioned before that I have access to a Retired Fortune 50 CEO. He told me that his Wall Street tax advisor told him the new regime will need MONEY.

He said to expect an INCOME TAX on EXISTING Savings Accounts, Retirement Accounts, Any Equity Accounts, etc. They will Tax "Net Worth".

This Tax Advisor for the Mega Wealthy is setting up CHARITY TRUSTS for the Rich. These Trusts (not taxed for income)will pay a Salary to the owner and then everything bought will be from the Trust. They will be EXEMPT from this coming Net Worth INCOME Tax.

And it needs to be set up "BEFORE" the retro-active date.

Just a warning for you.

---

I am not a tax attorney nor wealthy, but when(not if) the Democrats change the rules on what is taxed, why would they not go after these Charity Trusts?

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Because that's their favorite place to stash

OP could be right. Then again, OP could be posting from the funny farm.

Hard to tell

This "WEALTH TAX" was described by all the Democratic Presidential Hopefuls.

They said it was only meant for the super rich like $50MM and above.

However the super rich will NEVER be taxed. If you believe they will then you will believe everything you hear in Campaign Speeches.

Taxing the Rich is a Democratic Talking point. Wall Street, Tech Moguls, etc are solidly behind Democrats.

The real money is in the stored wealth of SAVERS. You are not dependent on THE STATE if you have substantial savings.

So there is the logic. But I am saying I know Rich people are now setting up TRUSTS. The Rich will make sure Trusts are exempt because after all they are for Charity. Check with the Clintons for more details.

This development has been discussed alot, actually. And will most likely happen.

Granted, your charity idea is a new one I haven't seen. That sounds bizarre.

Wouldn't this require a constitutional amendment since the 16th amendment only authorizes collection of income taxes and not wealth taxes.

lb3 said:

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Wouldn't this require a constitutional amendment since the 16th amendment only authorizes collection of income taxes and not wealth taxes.

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Obama...I mean, Biden will have a pen and a phone.

lb3 said:

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Wouldn't this require a constitutional amendment since the 16th amendment only authorizes collection of income taxes and not wealth taxes.

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Yes, but that doesn't get the clicks that "OMG HIDE YOUR MONIES" gets.

Funny, I recall an ESTATE TAX. My AUNT died with $5MM in 2000. The first $2.5 went to the IRS.

Then I recall it was changed. No Amendments needed.

The real money is in reducing social security payments to people with retirement account income. It's a workaround to confiscating 401K investments. They may not be taking the money directly from your 401K, but they'll reduce your social security payments relative to other recipients to indirectly steal money from your 401K.

They'll cut the Trump tax cuts effectively raising taxes on almost everyone.

They'll increase corporate taxes significantly which will reduce investment returns on pretty much all Americans with investments including retirement accounts. That will not only reroute some of that income to the federal government but it will suppress the success of those businesses that the the fund managers have invested in.

They'll increase the death tax to make sure any income your family members pass on is taxed multiple times.

There is no bigger lie than the Democrat's claim that they will only tax the rich. Liberals are morons and actually believe that line.

Mmmm...the old triple taxation game. Do they not want anyone to invest anymore?

To avoid the death tax cant my parents transfer assets before their death?

aggieforester05 said:

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The real money is in reducing social security payments to people with retirement account income. It's a workaround to confiscating 401K investments. They may not be taking the money directly from your 401K, but they'll reduce your social security payments relative to other recipients to indirectly steal money from your 401K.

They'll cut the Trump tax cuts effectively raising taxes on almost everyone.

They'll increase corporate taxes significantly which will reduce investment returns on pretty much all Americans with investments including retirement accounts. That will not only reroute some of that income to the federal government but it will suppress the success of those businesses that the the fund managers have invested in.

They'll increase the death tax to make sure any income your family members pass on is taxed multiple times.

There is no bigger lie than the Democrat's claim that they will only tax the rich. Liberals are morons and actually believe that line.

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Mentally and through actual planning, we never included this in our retirement because this should be expected. We won't get it due to means testing. Will stay have to pay into it of course with the most likely first move being they will increase the income ceiling on the tax.

The charity thing sounds like a good way to go to federal pmita prison.

I always Trust sources With random capitalized Words. Really gets The point ACROSS.

sail33or said:

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Everyone has adequately listed the countless BAD things that are going to happen but the worse thing has not been mentioned.

I have mentioned before that I have access to a Retired Fortune 50 CEO. He told me that his Wall Street tax advisor told him the new regime will need MONEY.

He said to expect an INCOME TAX on EXISTING Savings Accounts, Retirement Accounts, Any Equity Accounts, etc. They will Tax "Net Worth".

This Tax Advisor for the Mega Wealthy is setting up CHARITY TRUSTS for the Rich. These Trusts (not taxed for income)will pay a Salary to the owner and then everything bought will be from the Trust. They will be EXEMPT from this coming Net Worth INCOME Tax.

And it needs to be set up "BEFORE" the retro-active date.

Just a warning for you.

---

I think the OP is on to something here. Running a "charitable" foundation wields alot of power and does not have much accountability.

Charity Trusts, and Foundations have been going on for years as a way to funnel money and pay less taxes.

Appleybe Global can assist you in Bermuda, Hong Kong, Isle of Man, Seychelles and Guernsey.

Quote:

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I have mentioned before that I have access to a Retired Fortune 50 CEO. He told me that his Wall Street tax advisor told him the new regime will need MONEY.

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Sounds like the tax advisor just trying to sell something.

If the OP could put every other word in all-caps instead of every eighth or tenth word it would really help with my urgency meter. Consistency matters and there's just not enough panic and stress in the OP the way he's set it up.

Spaceball 1 said:

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To avoid the death tax cant my parents transfer assets before their death?

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Gifts are only tax free up to $15K each year. If your parents have $1MM plus, it's going to be difficult to transfer all their assets to you to avoid taxes prior to their death. Not to mention, as parents age and lose some of their mental faculties, they become more and more skeptical of tax strategies to transfer their assets to their children and grandchildren as potentially their descendants trying to steal their money, so it's close to impossible to transfer large amounts of assets effectively.

In reality, if they start cramming down stuff like this, secession will start to become a reality for quite a few states and new unions will be formed to escape from the tyranny they are proposing.

Secession triggers in my mind:
1) Expansion of Supreme Court to wildly liberal majority will get a few states to consider
2) Repeal of tax cuts and implementation of additional taxes that severely impact everyone with a job will get a few more states & gain momentum of popular opinion.
3) They touch the 2nd amendment, its game on for everyone that doesn't live in California, NY, NJ, any other liberal communist breeding ground.

The policies being considered by democratic leadership are country destroying policies. They benefit absolutely no one besides politicians themselves and we have history to confirm that they have a 10000000% failure rate and will certainly lead to a Venezuela or Cuba type crisis arising.

But remember, we conservatives are the science and history deniers!

sail33or said:

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Everyone has adequately listed the countless BAD things that are going to happen but the worse thing has not been mentioned.

I have mentioned before that I have access to a Retired Fortune 50 CEO. He told me that his Wall Street tax advisor told him the new regime will need MONEY.

He said to expect an INCOME TAX on EXISTING Savings Accounts, Retirement Accounts, Any Equity Accounts, etc. They will Tax "Net Worth".

This Tax Advisor for the Mega Wealthy is setting up CHARITY TRUSTS for the Rich. These Trusts (not taxed for income)will pay a Salary to the owner and then everything bought will be from the Trust. They will be EXEMPT from this coming Net Worth INCOME Tax.

And it needs to be set up "BEFORE" the retro-active date.

Just a warning for you.

---

Is your friend's last name Madoff? Sounds like a great scheme based on fears of Biden. I'm not saying don't be prudent, just be careful. I have a real vested interest in not having retirement accounts taxed, nor having the minimum on estate tax lowered (really concerned about this one).

sail33or said:

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Everyone has adequately listed the countless BAD things that are going to happen but the worse thing has not been mentioned.

I have mentioned before that I have access to a Retired Fortune 50 CEO. He told me that his Wall Street tax advisor told him the new regime will need MONEY.

He said to expect an INCOME TAX on EXISTING Savings Accounts, Retirement Accounts, Any Equity Accounts, etc. They will Tax "Net Worth".

This Tax Advisor for the Mega Wealthy is setting up CHARITY TRUSTS for the Rich. These Trusts (not taxed for income)will pay a Salary to the owner and then everything bought will be from the Trust. They will be EXEMPT from this coming Net Worth INCOME Tax.

And it needs to be set up "BEFORE" the retro-active date.

Just a warning for you.

---

Have always thought the very idea of any retroactive penalty in any matter rates mass remonstrance.

You can't recover 1 minute of time you lived; why is the government allowed to back charge an `owed'?

Does this require more than 60 Senate votes to pass though?

There are a ton of people, especially this year trading in their TD Ameritrade retirement accounts making a ton of tax deferred money.

sail33or said:

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Funny, I recall an ESTATE TAX. My AUNT died with $5MM in 2000. The first $2.5 went to the IRS.

Then I recall it was changed. No Amendments needed.

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The Estate Tax is not a tax on wealth. It is a tax on the transference of wealth. It is an excise tax.

PS: I am against the Estate Tax.

richardag said:

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sail33or said:

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Everyone has adequately listed the countless BAD things that are going to happen but the worse thing has not been mentioned.

I have mentioned before that I have access to a Retired Fortune 50 CEO. He told me that his Wall Street tax advisor told him the new regime will need MONEY.

He said to expect an INCOME TAX on EXISTING Savings Accounts, Retirement Accounts, Any Equity Accounts, etc. They will Tax "Net Worth".

This Tax Advisor for the Mega Wealthy is setting up CHARITY TRUSTS for the Rich. These Trusts (not taxed for income)will pay a Salary to the owner and then everything bought will be from the Trust. They will be EXEMPT from this coming Net Worth INCOME Tax.

And it needs to be set up "BEFORE" the retro-active date.

Just a warning for you.

---

I am not a tax attorney nor wealthy, but when(not if) the Democrats change the rules on what is taxed, why would they not go after these Charity Trusts?

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They have to keep some tax shelters in place to allow the wealthy and politically connected to dodge the tax.

Any tax of this kind is for the middle class...not the elite.

sail33or said:

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Funny, I recall an ESTATE TAX. My AUNT died with $5MM in 2000. The first $2.5 went to the IRS.

Then I recall it was changed. No Amendments needed.

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Estate distributions are basically income for heirs.

AgBMF42 said:

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The charity thing sounds like a good way to go to federal pmita prison.

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Yup, that's where the Clintons are, opps, never mind.

Spaceball 1 said:

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To avoid the death tax cant my parents transfer assets before their death?

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Yes they can. But when will they die and how much money will they need between now and then?
This is the dilemma for practically everyone. Future unknown cost and unknown time.

Charity trusts? What kind? Some trust-based transfer mechanisms are popular now because of interest rate expectations, some because of tax rate change expectations. We will always plan into the expected changes and the current rules.

Taxing of wealth has inherent constitutional problems because of the way the tax gets divided amongst the states and it's not as much money as the dem priorities would need, especially if it isn't ongoing, so I don't expect a serious wealth tax to be implemented. What I do expect is that we will start to hear about evil 401(k)s and how we need to punish the wealthy with those. You'll get the option to convert it to a Roth over a number of years and pay the tax on it. All those deductions you got for contributing will go away and you'll pay tax on the gains in there. IRAs will be the same. They'll get that tax and it will be an income tax, not a wealth tax per se.

Fireman said:

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Spaceball 1 said:

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To avoid the death tax cant my parents transfer assets before their death?

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Gifts are only tax free up to $15K each year. If your parents have $1MM plus, it's going to be difficult to transfer all their assets to you to avoid taxes prior to their death. Not to mention, as parents age and lose some of their mental faculties, they become more and more skeptical of tax strategies to transfer their assets to their children and grandchildren as potentially their descendants trying to steal their money, so it's close to impossible to transfer large amounts of assets effectively.

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The annual exclusion is $15k per person gifted to per year. So if two parents have two kids, they can gift $60k per year without filing a return.

The current lifetime exemption is north of $11M per person. It is set to roll back in 2025, but that could get rolled back earlier should Democrats get sufficient power in the White House and Senate.

A good tax attorney will be able to set up appropriate trusts, wills, etc in order to preserve as much as possible of an estate. Other than in 2010 when the tax went away for one year, there's hasn't been a more attractive time for those who are able to protect more of their own damned money.