“They have passed the big inheritance tax, and that gets you when you are gone. You used to could die and be able to beat taxes, but not now. The undertaker don't go over your body as carefully as the assessor does your accumilated assets, and he gets his before the undertaker. They have it on these big fortunes now where they pay as high as 60 to 70 percent of what they leave. That's mighty expensive dying when it runs into money like that, and you won't see 'em dropping off as casually as they have been.” DoeHas BeensBodyBigsRunningAbleUsedDiesPayGoneDyingTaxesBeatsPercentFortuneYour BodyExpensiveEmsOver YouAssetsInheritanceDroppingUndertakerInheritance Tax Author:Will Rogers
“When you can identify a specific tax that people don't like, and this is one that was designed for the Rockefellers, for the Carnegies in 1916, to fund World War I, but now it's beginning to hit small business people, real estate holders, a lot of people well down the income scale who just spent a life building assets. Suddenly they get hit with a 40%, 50% tax rate.” PeopleWorldWellsWarRealBuildingTaxesRateScalesIncomeWar Of The WorldsFundAssetsWorld War IEstatesSmall BusinessCarnegie Author:Paul Gigot
“When Ralph Goodale tried to tax Income Trusts they showed us where they stood, they showed us their attitude towards raiding Seniors hard earned assets and a Conservative government will never allow either of these parties to get away with that.” HardGovernmentPartyAttitudeTaxesConservativeIncomeGet AwayAssetsSeniorRaiding Author:Stephen Harper
“The Senate needs to leave enough money in the proposed budget to not only reduce all marginal rates, but to eliminate the death tax, so that people who build up assets are able to transfer them from one generation to the next, regardless of a person's race.” PeopleNeedsPersonsEnoughHumorAblePoliticalNextRaceGenerationsTaxesRateBudgetsAssetsSenateTransfersPolitical Humor Author:George W. Bush
“If you look at what's happened to the stock market, if you look at what's happened to housing values, if you look at what's happened to bank loan portfolios because the value of their other assets that they've already issued loans against were going down, there was a pretty good argument for trying to pass something at about this level of investment with the divisions as they were - unemployment, food stamps, and tax cuts, aid to education and healthcare, and job creation.” IfsTryingLooksJobsValuesLevelsCuttingHappenedCreationTaxesArgumentInvestmentAidsDivisionAssetsHealthcareUnemploymentStampsHousingLoanTax CutsPortfoliosJob CreationFood Stamps Author:William J. Clinton
“It's bad form to mention money-laundering. Instead, you talk about asset-management structures and tax beneficial schemes.” FormTaxesManagementStructureAssetsSchemesBeneficialMoney Laundering Author:John Sweeney
“Any substantial tax reform would involve substantial redistributions of tax burdens and substantial changes in asset values, and you need some 'lubrication' (i.e., transition rules).” NeedsValuesTaxesBurdenReformAssetsTransitionTax ReformTax BurdenLubrication Author:Robert Reischauer
“We must end the iniquitous multi-taxing of the same money. It is not right to tax people's incomes, then their savings on that income, to tax the movement of assets through capital gains tax, stamp duty and tax them again through inheritance tax if they have the audacity to die.” PeopleIfsEndsDiesMovementDutyTaxesGainsIncomeSavingAssetsStampsInheritanceSavingsAudacityCapital GainsInheritance TaxCapital Gains Tax Author:Liam Fox
“My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.” RealActionValuesDiesCoursesGivenVictoryTaxesBordersLatterAssetsCommentDeclineLiabilityNet WorthOuch Author:Warren Buffett
“Most people don't know this, but if you settle a debt for less than the amount you owed, you are potentially responsible for taxes on the forgiven debt. Look at it this way: You received goods and services for the full amount of debt, but you're only paying for a portion of it - sometimes less than 50%. Anything more than $600 is generally considered taxable, but the IRS will sometimes waive the tax if you can prove that your assets were less than your liabilities when the debt was settled.” PeopleIfsKnowsWayLooksSometimesAmountProveTaxesResponsibleDebtSettlingGoodsAssetsPortionsForgivenLiabilityIrsGoods And Services Author:Jean Chatzky
“As a businessman, Donald Trump has been associated with some of the worst excesses of a particular style of value-extracting and asset stripping capitalism: set up businesses, let them fail, avoid paying suppliers, use bankruptcy laws to avoid taxes for decades, then set up another business somewhere else. It is this model that is the cause of many problems we see today.” Has BeensUseProblemTodayLawValuesCausesFailingWorstStyleParticularTrumpTaxesModelsCapitalismDecadesAssetsExcessBusinessmanSomewhere ElseBankruptcyStrippingSuppliers Author:Mariana Mazzucato