[Vision2020] House Passes Bill Linking Tax Cuts, Minimum Wage

[J Ford]

Some reason you're not referring to the IRS or a Tax agency/business?  Why 
the radio guys or others who's education you know nothing about?

Again, this is a NEWS resource that you seem to think is ok, but others are 
not.  Strange....very strange.



J  :]





>From: "Pat Kraut" <pkraut at moscow.com>
>To: "vision2020" <vision2020 at moscow.com>
>Subject: Re: [Vision2020] House Passes Bill Linking Tax Cuts, Minimum Wage
>Date: Wed, 21 Feb 2007 21:49:11 -0800
>
>I believe you are wrong about this but I will call Clark Howard on the 
>radio and find out for sure. In listening to him and others you can give 11 
>thou to someone mark it clearly as a 'gift' and you do not pay taxes on it. 
>I have heard Bob Brinker say the same thing but I will call or email them 
>and find out for sure.
>
>
>   ----- Original Message -----
>   From: Scott Dredge
>   To: viz
>   Sent: Wednesday, February 21, 2007 1:50 PM
>   Subject: Re: [Vision2020] House Passes Bill Linking Tax Cuts, Minimum 
>Wage
>
>
>   --- Donovan Arnold wrote ---
>   > Many people donate money to family members so that don't have
>   > to pay as high of taxes.  For example, if you make $100,000, give
>   > $10K away to three children over age 18, that puts you in the 70K
>   > bracket instead. Why do that? If you are single and make over $100K
>   > the government takes more than if you make $70K, like most of 
>everything
>   > between $70-100K goes to the government, about 95% of that. I know
>   > other family members give away wealth while they are living in order 
>to
>   > avoid the 50% estate tax their relatives would have to pay if they got 
>it after they died.
>
>   I don't believe any of this is correct Donovan.  You can give anyone 
>$10k per year  (or maybe it's a little more nowadays like $11k although I 
>would need to look this up) and they would not be required to pay taxes on 
>that money.  You would not be allowed to deduct this from your income, so 
>you would still pay income tax on this money.
>
>   The 2006 tax rate for a single filer for income earned above $75k is 
>taxed at a rate of 28% (federal).  How do you get 95% going to the 
>government?
>
>   As far as estate taxes go, in 2006 I believe the first $2,000,000 of an 
>estate passing to a non-spouse is exempt from federal taxes.  I'm not up on 
>the latest laws in estate planning, but a good estate planner would know 
>all the exemptions and recommended stategies of breaking down your estate 
>to take advantage of estate tax laws.
>
>   -Scott
>
>
>
>
>
>
>
>
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_________________________________________________________________
With tax season right around the corner, make sure to follow these few 
simple tips. 
http://articles.moneycentral.msn.com/Taxes/PreparationTips/PreparationTips.aspx?icid=HMFebtagline