Tax Bill for Individuals

[Pirata]

Merge,

Not sure I agree with "and investments as well"

If you inherit an IRA, the value of the investment is counted toward the estate tax valuation. It then gets passed to beneficiary. When the asset is sold and withdrawn form the IRA, it is taxed.

 

[Merge]

Merge,

Not sure I agree with "and investments as well"

If you inherit an IRA, the value of the investment is counted toward the estate tax valuation. It then gets passed to beneficiary. When the asset is sold and withdrawn form the IRA, it is taxed.

Well yeah, but we're talking about huge estates that would be subject to income taxes.
The wealthy are really not bothering with IRA accounts, and even when they do... it would be part of their estate planning to minimize any potential tax liability.

I think that problem is more of a hypothetical one than an actual one.

 

[Pirata]

Then it depends on your definition of wealthy.

$2-3M+ IRAs are not out of the norm for high earners.

You have 30+ years of normal contributions plus any 401K rollovers plus and inherited IRAs.

To your point, for the other investments you speak of, yes.

 

[Merge]

You have 30+ years of normal contributions plus any 401K rollovers plus and inherited IRAs.

Like I said, there is a possibility for there for double taxation with retirement accounts, but I think that would be an extraordinarily rare occurrence especially with the threshold being raised to 11 million. And if your estate is worth more than 11 million, you are paying someone to minimize the tax liability.

 

[cernjSHU]

It is funny how some posters are concerned with double taxation for people who have estates worth over 11 million dollars. However, the same people are not concerned with the double taxation that many of us will experience with this new tax bill due to capping SALT deductions to $10,000.

 

[SPK145]

It is funny how some posters are concerned with double taxation for people who have estates worth over 11 million dollars. However, the same people are not concerned with the double taxation that many of us will experience with this new tax bill due to capping SALT deductions to $10,000.

Almost as funny as you whining about the federal tax limitation but having nothing to say about NJ's own limitation.

 

[cernjSHU]

Almost as funny as you whining about the federal tax limitation but having nothing to say about NJ's own limitation.

I Have agreed with that there should not be a cap in NJ for Property taxes. There is a pending bill introduced concerning this issue.

But when the combined effects of that cap with state income taxes included amounts to many New Jersey citizens getting screwed. Now, if you don't care or it doesn't affect you, so be it.

 

[SPK145]

I Have agreed with that there should not be a cap in NJ for Property taxes. There is a pending bill introduced concerning this issue.

But when the combined effects of that cap with state income taxes included amounts to many New Jersey citizens getting screwed. Now, if you don't care or it doesn't affect you, so be it.

I don't think it's right that you/me live in a high tax state. You don't seem to care about that, you care only about having others subsidize your high taxes.

 

[cernjSHU]

I don't think it's right that you/me live in a high tax state. You don't seem to care about that, you care only about having others subsidize your high taxes.

Incorrect, I do care. But now to your claim. How is our state being subsidized when we get less back from the Feds than most states? I think we get only .75 for every dollar we send to the Feds. That is not a subsidy and that is an erroneous argument.

We live in a high tax state due to a combination of issues. One being NJ is centered between NYC and Philadelphia. Infrastructure costs are high, real estate is high and cost of living is high. We have a big population center in a small geographical area which results in the highest density population in the nation. Another issue and perhaps biggest is as a result of "home rule" in this state that leads to a ridiculous number of municipalities in this State.

 

[SPK145]

Incorrect, I do care. But now to your claim. How is our state being subsidized when we get less back from the Feds than most states? I think we get only .75 for every dollar we send to the Feds. That is not a subsidy and that is an erroneous argument.

That's because NJ is one of the richest states in the U.S., like top 2-4, resulting in higher federal taxes. If you think New Jerseyans should be taxed less even though they are wealthier than most, we finally agree!!!

We live in a high tax state due to a combination of issues. One being NJ is centered between NYC and Philadelphia. Infrastructure costs are high, real estate is high and cost of living is high. We have a big population center in a small geographical area which results in the highest density population in the nation. Another issue and perhaps biggest is as a result of "home rule" in this state that leads to a ridiculous number of municipalities in this State.

We live in a high tax state because NJ is historically corrupt with unions, etc.

 

[Section112]

That's because NJ is one of the richest states in the U.S., like top 2-4, resulting in higher federal taxes. If you think New Jerseyans should be taxed less even though they are wealthier than most, we finally agree!!!



We live in a high tax state because NJ is historically corrupt with unions, etc.

BINGO!!!

 

[Merge]

Almost as funny as you whining about the federal tax limitation but having nothing to say about NJ's own limitation.

It is slightly different though.

NJ can adjust and modify laws as it sees fits for NJ residents, although a change in the federal law will impact a lot of people in NJ but will not impact anyone in Alabama. The limit seems fairly arbitrary when looking at national data.

 

[SPK145]

It is slightly different though.

NJ can adjust and modify laws as it sees fits for NJ residents, although a change in the federal law will impact a lot of people in NJ but will not impact anyone in Alabama. The limit seems fairly arbitrary when looking at national data.

This is exactly why the federal tax code shouldn't favor one state over another.

 

[Merge]

This is exactly why the federal tax code shouldn't favor one state over another.

Agree.

I don't necessarily think people should be taxed on income which will be used to pay taxes, but it also makes it easier for states to increase real estate taxes... but I think it should either be tax deductible or not.

 

[Section112]

Not saying this new tax bill is great, but one thing is for sure - high tax states are being put on notice by the Federal tax code and now by their state residents. If they choose not to respond it's really their fault and I hope residents move out.

NJ's wonderful legislature just fast tracked a bill to allow pensioners to double dip with the pension fund to help the Camden Mayor Redd out. These dimbulbs will never learn and we keep electing them. Sweeney fast tracked it and now its up to Christie to sign it. Not a huge deal financially but for a state with a bond rating that keeps going lower it's just another example of NJ government being irresponsible. http://www.nj.com/politics/index.ss...iticians_pensions_head.html#incart_river_home

 

[Pirata]

Just got an email from one of our tax guys in the office.

Need to separate client entertainment vs client meals.

Damn, no more hookers. lol

 

[HALL85]

Just got an email from one of our tax guys in the office.

Need to separate client entertainment vs client meals.

Damn, no more hookers. lol

No more Platinum Plus for you!!