Re:L.A.'s coast was once a DDT dumping ground, but no one co...
by athms on Monday October 26, 2020 @08:50AM
(#24895577)
Only 0.002% of estates pay the tax every year. The best way to avoid paying the tax is to reduce the wealth of an estate by transferring it to insurance or separate entities like a foundation, limited liability company, family limited partnership, or charitable trust. Most wealthy people start estate planning long before retirement. The ones that end up paying are folks like Prince or the newly wealthy that die young.
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Re:L.A.'s coast was once a DDT dumping ground, but no one co...
by sokoloff on Monday October 26, 2020 @09:16AM
(#24895801)
> Only 0.002% of estates pay the tax every year.
That is wrong by a factor of ~100. 0.2% of estates in 2017 paid an estate tax. [0]
[0] - https://www.cbpp.org/research/federal-tax/ten-facts-you-shou...
Re:L.A.'s coast was once a DDT dumping ground, but no one co...
by charlesu on Monday October 26, 2020 @09:20AM
(#24895842)
All loopholes that can be legislated away with enough political will.
Re:L.A.'s coast was once a DDT dumping ground, but no one co...
by sokoloff on Monday October 26, 2020 @09:31AM
(#24895945)
What's the likelihood that the multi-millionaires in the Legislature actually want to tackle this?
https://ballotpedia.org/Net_worth_of_United_States_Senators_...
(That was for 2011; it's a reasonably safe bet that as a group they're no poorer now.)
Re:L.A.'s coast was once a DDT dumping ground, but no one co...
by webmaven on Tuesday October 27, 2020 @10:36PM
(#24914438)
> All loopholes that can be legislated away with enough political will.
It was political will that created the loopholes in the first place. Getting rid of them unfortunately requires more political will than creating them did. This probably has something to do with loss-aversion.