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Old 07-24-2004, 08:20 AM
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This shouldn't happen in the USA

It is really sad when our government does this!!!

A furniture store in my hometown that has been there for over 50 years and family owned is going out of business. Not because it could compete in today’s market place but because of the government. This guy started the business in 1950 in a small downtown shop and worked in odd jobs to make ends meet and provide for his family. The business grew over the years and they moved in to a large building along with the family. They raised two kids living in a middle class life style while providing jobs for our community. The sons went off to Vietnam when they returned they went to work in the family business. The business grew to and they keep adding on and now they have over 150,000 sq ft and 20 to 25 employees. The father dies a few years ago after a long illness and recently the mother died. The business was left to the oldest son – seems like the American Dream!!! The government comes in and a appraises the building a over 2,000,000.00 and most of that value is land since it now is in prime location and the inventory at 800,000.00 and your inheritance tax is 1.22 million. This is a cash strapped business the owners make 50,000 a year and on a good year up to 80,000. The business CAN NOT take on that kind of debt and survives in the furniture world. There went 20 to 25 jobs and a 50 year old business because they can not pay their taxes. This guy has sales people that have been thier for 20 plus years and have also make a good living. My friend that is 50 years old is going to be back on the job market. Democrates say it is the top 1% the benefits from not paying Inheritance Tax but this goes down every day in America. Those of you that own a business better start making provisions for you children or the only thing they will inheritert is a huge tax bill.

Last edited by dhaza; 07-24-2004 at 09:17 AM.
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Old 07-24-2004, 10:50 AM
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Yikes!

Obviously the only thing you can do is sell off everything and hope to pocket the difference of 1.5 million or so. What a way to run a railroad hey.
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Old 07-24-2004, 10:58 AM
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It does make a difference whom you vote for. Voting for 'the best man for the job' regardless of his political philosophy is folly. This country is in a lethal moral war and sadly, the people are losing due to mainly plain ignorance and inability to think issues through logically and clearly. The inevitable trend for governments throughout history is toward denial of individual liberty and total dominance of the individual to the benefit of the 'state' (read - those in charge). The miracle of the United States of America was the inspired form of government that recognized individual liberties (and the now forgotten corollary, individual responsibility) is unique in all recorded history. Through ignorance those who could benefit from these God given blessings are ceding them back to the oppressive ruling class.

Kind of brings to mind the Biblical verse in Hosea 4:6, "My people are destroyed for lack of knowledge. Because you have rejected knowledge, I will reject you . . .; because you have forgotten the law of your God, I also will forget your children". None of what is happening to us today should be a surprise, it was prophesied millennia ago.
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Old 07-24-2004, 11:17 AM
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Yep

Quote:
Originally posted by willys36@aol.com
It does make a difference whom you vote for. Voting for 'the best man for the job' regardless of his political philosophy is folly. ... The inevitable trend for governments throughout history is toward denial of individual liberty and total dominance of the individual to the benefit of the 'state' (read - those in charge). The miracle of the United States of America was the inspired form of government that recognized individual liberties (and the now forgotten corollary, individual responsibility) is unique in all recorded history. Through ignorance those who could benefit from these God given blessings are ceding them back to the oppressive ruling class.
I couldn't agree more! (Though I'm not much into Biblical prophesy as a prediction of modern events)
Unfortunately, neither party is pressing this as much of an issue.
The Democrats want to regulate everything. The Republicans want to regulate everything but big business.
If you vote for a third party you just siphon off votes from one side or the other! It won't get any better until we have real grass roots involvement by the general populous and the "system" is set up so it's very difficult to make that happen. ALL the polititions are beholden to the "Fat Cat" donors.

I don't know what the answer is.

With regard to this specific case, these folk should have set up some kind of "living trust" or any one of several other techniques the REALLY rich use to avoid the problem. Whens the last time you heard of a REALLY rich familly having this problem?
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Old 07-24-2004, 11:19 AM
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Thats F'ed up.
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Old 07-24-2004, 12:44 PM
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the rich get richer.
the poor get poorer.
in this case the middleman had to break.

it aint right.
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Old 07-24-2004, 02:13 PM
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Do you still love your government?
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Old 07-24-2004, 03:15 PM
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http://www.buzzflash.com/theangryliberal/03/06/23.html
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Old 07-24-2004, 03:47 PM
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Quote:
Originally posted by 4 Jaw Chuck
Yikes!

Obviously the only thing you can do is sell off everything and hope to pocket the difference of 1.5 million or so. What a way to run a railroad hey.
Even if they found a buyer, capital gains tax would eat up a large chunk of the leftovers.

It's a no win situation.

Larry
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Old 07-24-2004, 08:35 PM
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******* government and every ****ing ******* that rips hard working american and puts your money in their pocket.
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Old 07-24-2004, 09:10 PM
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Sounds like they need a better lawyer, incorporating the business would solve the situation if you ask me.
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Old 07-24-2004, 10:30 PM
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Quote:
Originally posted by Ohio-Dan
http://www.buzzflash.com/theangryliberal/03/06/23.html
Why are you reading bull-**** like that?

They should rename that the "sh-i-t-in-drawers Liberal". The truth sounds so much better.

There are a couple of 70 year old locals that own a vegetable stand close to my old house that I grew up in as a child. They have been harassed by the city and entrepreneurs for over 25 years to sell their lot. Off hand I would say it is probably about 3/4 of a mile squared. It is right in the heart of silicon valley.

They have been threatened and brown nosed, but they refused to sell because it belonged to their family for more than 100 years. A four bedroom house, on a lot that barely holds a four bedroom house in the same neighborhood, and goes for $600,000+. Imagine how many of those houses would fit. Or even apartments.

I went and bought some white corn, (which they are famous for), and some other items from them recently. I didn't get a chance to talk with them really, but I noticed the place still looks like it did when I was younger. There are still makeshift signs identifying the various fruits and vegetables, and there are still just as many flies buzzing around, (as you would expect at an outdoor stand). The two owners still look the same in their flannel shirts with the hankies hanging out, and their straw hats.

It is hard to imagine, but if they were to sell that lot, it would be like winning the lottery. But, they are willing to live as middle to lower class citizens so that they can enjoy their land, and so that the greedy upper class businessmen and politicians can't build shoebox apartments and ruin it.

Last edited by lluciano77; 07-24-2004 at 10:51 PM.
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Old 07-25-2004, 01:45 AM
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Quote:
Originally posted by lluciano77akaLucyBaby
Why are you reading bull-**** like that?

They should rename that the "sh-i-t-in-drawers Liberal". The truth sounds so much better.
Responce deleted

Last edited by meanroy; 07-26-2004 at 11:32 AM.
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Old 07-25-2004, 06:58 AM
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For those of you out there that will have something to pass onto their children, I highly suggest you seek competent and skillful accounting advice and lawyers who are specially trained in estate planning.

Even with these laws on the books, there are ways to avoid tragic ends to family fortunes if proper planning is used. Not that I am any authority on the subject, but one of my best friends is a banker's son, and a very wealthy banker at that. His father has went to great lengths to make sure the government does not eat up his hard work after he passes. Everything is set up in a trust.

The furniture factory story is a sad one, but probably could have been avoided.
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Old 07-25-2004, 07:35 AM
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Quote:
Originally posted by NAIRB
For those of you out there that will have something to pass onto their children, I highly suggest you seek competent and skillful accounting advice and lawyers who are specially trained in estate planning.

Even with these laws on the books, there are ways to avoid tragic ends to family fortunes if proper planning is used. Not that I am any authority on the subject, but one of my best friends is a banker's son, and a very wealthy banker at that. His father has went to great lengths to make sure the government does not eat up his hard work after he passes. Everything is set up in a trust.

The furniture factory story is a sad one, but probably could have been avoided.
Very good advice. There are a couple ways the owner could have set up the business so that it wouldn't have been hit with a dramatic inheritance tax. Seeking a professional financial planner's advice could easily have saved this business and it wouldn't have cost much either.

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