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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (856)	3/31/1998 6:17:00 PM
From: posthumousone	Read Replies (2) \| Respond to of 5810

I would like to start a thread that deals strictly with Estate Planning. Subject 20051 My grandmother turned 85 and never "gifted" any money away. She had 300K. This past year my mom moved her to a senior citizens home. While there she fainted and was hospitalized for 1 day. The home would not take her back so she had to go to a nursing home. Well, the nursing home costs over 1600 a month!! Before your eligible for medicaid, you have to have no more assets. Ohio looks back 3 years to see how much money you have. Well guess what, that 300K will ALL go the nursing home!!!!! Leaving my parents with nothing and lots of stress working this through. Anyway I would like others to share tips and ideas on how best to transfer money to heirs without paying the govt etc. Trusts, convservatorships, gifting what is the best way? It appears that the best thing is for people to die broke.

To: Colin Cody who wrote (856)	3/31/1998 9:47:00 PM
From: Kelvin Taylor	Read Replies (1) \| Respond to of 5810

Ok, Colin I need to make some corrections in your last thread. Nearly all of them are flawed or just plain wrong. I take them one by one: > I know of NO State that taxes all food for human consumption, including vegetables, cut meats etc. WHAT State are you referring to?? The NC sales tax currently applies to ALL food including vegetables, cut meats, etc. plus clothing, medicine, and tobacco and alcohol. . >NEITHER the Flat Tax nor the NST will be for 5% We are talking STARTING rates of 15% to 30% and of course, once instituted, they go UP every few years. AND they WILL bring back the INCOME TAX sometime after that. Or maybe a VAT... Say to help "fight the war" Where to you get 15 to 30%? Sounds like the current income tax rate. My proposal would require a "super majority to raise taxes not just one vote extra in Congress. Until people who pay decide to send a message at the voting booth the standard way will prevail. Higher and higher rates then stopping at 100%. >AGAIN, you are woefully misinformed. A FLAT TAX is a single rate on EARNED INCOME. A National Sales tax is "point of sale" tax on end user purchases. Let me correct my statement on the flat tax. My idea of a flat tax is a single rate SALES tax not a one rate tax on income advocated by Mr. Forbes. Therefore it is a point of sale. If I misused the term I apologize. If you want the stuff you pay the tax. No cheating possible here. >AGAIN, you are woefully NAIVE about that! So how do you avoid paying tax on a purchase in a department store? Do you just refuse to pay the tax? I suppose the black market for items and personal sales from one >person to another may prove hard to enforce, but the current system >allows massive cheating right now. You SUPPOSE correctly. And the INCENTIVE to cheat NOW for say a 5% State Sales Tax is NOTHING compared to the future with a 23% NST PLUS a State tax of 11% (yes it need to rise when the States are faced with Federal cutbacks, based on the new lower revenues from the NST) PLUS the LOCAL sales tax of say 2%. That's 36% and that's VERY REALISTIC. Cheat? You ain't seen nothing yet! Where does you rate of 36% come from? Do you have fact to back up your claim? Under a National sales tax the single rate would be divided between the state and Federal government in such a way to meet the necessary needs to both the state and local agencies and the national government. As far as cutbacks the more the better. A 15% reduction in ALL federal programs would just eliminate the fleecing of America and not damage the needed funding of important programs. That not my statement but comes from the Government Accounting Office and was reported on NBC Nightly News. Forbes Flat' tax exempts capital gains and passive income sources. He has "BILLIONS" of $$ to invest passively and escape all taxation. His Flat tax also eliminates the Estate tax. Otherwise he stands to pay 50% of his family's wealth in the future under the Estate tax. >Excellent point. I'm totally infavor or EVERYONE including the well to do to KEEP what is theirs. The government has no entitlement in collecting estate taxes. Why is fair to tax someone's estate at 50%? Would you like to pay half of all you've work for just to satisfy the government's greedy tax code? THAT IS A LIE. The FICA tax stays. The Medicare tax stays. The STATE Income Tax STAYS!!!! Need I go on?!!! Yes FICA and Medicare tax still stays but the state income tax goes. By the way do you live in state that has an income tax? Not all do. How unfair.. When your children are hungry you do not "decide" to feed them. When your wife is hurt you do not "decide" you bring her to the hospital. When you have a disease you do not "decide" to seek treatments. When it starts to rain outside, you do not "decide" to get clothing and shelter for your family. Food, clothing, shelter. All necessary for life. But how much do you pay? Under the current system you have less money (remember the income tax takes a big bite out of you money) and turn around and pay tax again to purchase these items. Now that's double paying. Under a flat sales tax you pay only ONCE. Kelvin, You have obviously been led down the path looking for a rainbow. LOOK at the people who tell you this sh*t! Either they have something to gain personally... OR they are dumb sheep.  These ideas didn't come from a dumb sheep or someone over the rainbow. After considerable reading and consultation with people experienced in government I believe its workable and a good plan for everyone. By the way if you don't buy the flat or NS tax, what's you plan? The current system or something better?  I would very interested in hearing your ideas.just make sure they're based in fact. Research you position beforehand. It makes the argument more intelligent. :o) KT