Billionaire's Family Keeps the Fortune

[preachinjesus]

Found this on my RSS feed this morning:

http://blogs.chron.com/newswatch/2010/06/houston_billionaires_fortune_t_1.html

Houston energy magnate Dan Duncan, who died this year, may have become the first U.S. billionaire to pass on his fortune to his heirs tax-free.
Duncan, the richest person in Houston whose worth was estimated at more than $9 billion, according to Forbes, died within a 12-month period that made his fortune not taxable. The New York Times has more:

" ... Had his life ended three months earlier, Mr. Duncan's riches -- Forbes magazine estimated his worth at $9 billion, ranking him as the 74th wealthiest in the world -- would have been subject to a federal tax of at least 45 percent. If he had lived past Jan. 1, 2011, the rate would be even higher -- 55 percent.
Instead, because Congress allowed the tax to lapse for one year and gave all estates a free pass in 2010, Mr. Duncan's four children and four grandchildren stand to collect billions that in any other year would have gone to the Treasury.

Two thoughts:
1. Glad to hear his family will not have to burdened with losing 45% of his hard work to some government fiat.

2. Isn't the democratic Congress supposed to be taxing the rich more these days? I'm confused...

 

[billwald]

Two thoughts:

1. Congress has not passed any income tax revision bill since Obama's election.

2. This family keeping the money will NOT generate any new jobs for the working class people nor will it help the US economy in any way.

 

[RAdam]

Two thoughts:

1. Congress has not passed any income tax revision bill since Obama's election.

2. This family keeping the money will NOT generate any new jobs for the working class people nor will it help the US economy in any way.

What's wrong with that? It isn't the responsibility of some rich person to create new jobs or help the US economy.

 

[matt wade]

2. This family keeping the money will NOT generate any new jobs for the working class people nor will it help the US economy in any way.

That's right...we better steal their money, cause it isn't helping the working class or the economy. Your computer is not helping the working class or the economy either, we'd all be happy if you donated it to charity so it could "do some good".

 

[billwald]

I classify stirring your pot as doing some good. <G>

 

[matt wade]

I classify stirring your pot as doing some good. <G>

Well, then in that case their money is doing good as well. It's stirring your pot and plenty of other liberal's pot as well.

 

[Robert Snow]

They should at least have to pay 50% in estate taxes. The wealthy should pay a higher percentage than others!

 

[preachinjesus]

Okay, so we've identified the trolls...now seriously, I am rather glad that this man's family was able to benefit from his hard work in life after his death. Just as a point, to my understanding Dan Duncan was well known throughout Texas for his philanthropic giving. Something like $500 million over his last ten years.

What about this business of double (triple) taxation? This money had already had taxes paid on it, why tax it again?

Why is it that some believe the rich should pay a higher % and much higher $ than others?

 

[thegospelgeek]

Okay, so we've identified the trolls...now seriously, I am rather glad that this man's family was able to benefit from his hard work in life after his death. Just as a point, to my understanding Dan Duncan was well known throughout Texas for his philanthropic giving. Something like $500 million over his last ten years.

What about this business of double (triple) taxation? This money had already had taxes paid on it, why tax it again?

Why is it that some believe the rich should pay a higher % and much higher $ than others?

Same reason I pay taxes on it when I earn it and taxes on it when I spend it. People want the gov. to take care of them and every discomfort they have. That along with making sure the politicians have enough stowed away when they retire. I'm suprised we don't pay a tax on our taxes.

 

[Mexdeaf]

Liberals should be required to pay higher taxes just so they put their money where their mouth is.

 

[Robert Snow]

Okay, so we've identified the trolls...now seriously, I am rather glad that this man's family was able to benefit from his hard work in life after his death. Just as a point, to my understanding Dan Duncan was well known throughout Texas for his philanthropic giving. Something like $500 million over his last ten years.

What about this business of double (triple) taxation? This money had already had taxes paid on it, why tax it again?

Why is it that some believe the rich should pay a higher % and much higher $ than others?

Seriously, they should pay more!

 

[billwald]

>Liberals should be required to pay higher taxes just so they put their money where their mouth is.

I don't think tax evasion is higher among liberals. Change the tax law and liberals will live with it.

 

[RAdam]

It's ridiculous that people should pay anything on an inheritance tax, much less near 50%. Someone earned that money, they should get to decide what to do with it. Instead the government steals it from them. Ridiculous.

 

[Robert Snow]

It's ridiculous that people should pay anything on an inheritance tax, much less near 50%. Someone earned that money, they should get to decide what to do with it. Instead the government steals it from them. Ridiculous.

Maybe you are correct. I guess I should feel sorry for his poor family. I know that half of 9 billion would only leaves them only 4.5 billion. I just don't see how they would make it! :laugh:

 

[Salty]

They should at least have to pay 50% in estate taxes. The wealthy should pay a higher percentage than others!

I agree, anyone with over $1,000 in assests should pay 50% of it in taxes after their death.

Salty

yes, to many folks, $1,000 would be rich

 

[John Toppass]

The only reason I can think of, that would make someone want to make a person's estate (no matter how rich or poor) pay any inheritance tax on monies that have already been taxed when it was earned, would be pure GREED.

 

[sag38]

Robert, when you die is it going to be OK for the government to take 50% of your estate? After all "rich" is subjective. The U.N. would probably classify you as extremely wealthy compared to the vast majority of the third world. 50% of your estate should go to a world monetary relief fund for the poor in under developed countries. Or, you could start now. Sell your computer, give the money to some relief fund, and save the rest of us from having to read about your desire to steal that which you have not earned in the name of government.

 

[Robert Snow]

The only reason I can think of, that would make someone want to make a person's estate (no matter how rich or poor) pay any inheritance tax on monies that have already been taxed when it was earned, would be pure GREED.

I don't see how it could be greed! The money isn't coming to me, it's tax it goes to the government. It will be used to pay social security benefits, veterans benefits, build roads, etc.

 

[Robert Snow]

Robert, when you die is it going to be OK for the government to take 50% of your estate?

If I had 9 billion, I would not complain. I know the argument about where the bar should be set, but it has to be set somewhere, and I think a consensus could be reached. After all, someone said the word "greed." To be left with only 4.5 billion and to complain about it, in my book that is greed on steroids.

 

[sag38]

How is it greed? Rather, I think it's called jealousy. The government has no right to any of that money. Neither do you. The government didn't earn it and neither did you. You are simply envious of that which isn't yours. It's called wealthy envy and it's shameful.