The Estate Tax Essay - 1270 Words

The Estate Tax Have you heard the phrase No taxation without representation? It was the common cry of the colonists before the revolutionary war. The colonists did not want to be taxed by England if they were not allowed to vote in the English elections. England’s refusal to allow them to vote was a major reason the colonists decided to create their own government. When this new government was first created it did not tax those people that were not allowed to vote. Then things changed; in 1916 the estate tax was created. (The estate tax is a levy that taxes deceased people’s estates if it is worth more than $675,00.) If one is to remain true to the American ideal of no taxation without representation, the estate tax should be†¦show more content†¦The reason for this is, much of the essential farm equipment used to compete in today’s cutthroat agriculture industry is extremely expensive. Many of the combines and tractors cost millions of dollars to purchase. When a farm er dies this leaves him wealthy but all of the wealth is tied up in land and farm equipment . The equipment plus the land automatically place a farmer well past the $675,000 estate tax-exemption limit. The heirs do not inherit enough liquidity to pay the tax which could be as high as 55% of the total estate. This forces many farmers to sell some or all of their land to bigger corporations in order to raise the necessary cash to pay the estate tax owed by the estate. This makes it difficult for the next generation to continue to farm. Especially with today’s commodities prices which require a farmer to own a lot of land to turn a profit. Those who support the estate tax based on the chance that some wealth has been garnered tax-free and the estate tax is a sure-fire way to make certain that all the wealth of the estate gets taxed at least once, may not have considered the fact that all of the remaining money is taxed more the once. Taxing money more than once is not the answer to a leaking tax code. It is also true the estate tax raises revenue. However, the estate tax and gift tax combined only brings in roughly 1% of the total Federal revenue. (NoDeathTax.org) What is more is, the estate tax is the mostShow MoreRelatedThe Estate Tax Should Be Controlled3062 Words   |  13 Pagesright to have our accumulated wealth, also called Gross Estate, transfer over to our designated beneficiaries. However, before we die there are some considerations that must be made. The U.S. Internal Revenue Service has stated that the filing of an estate tax return is necessary for amounts over certain thresholds. These federal thresholds have exempted many Americans from having to worry about filing for estate tax. Yet, there are state estate taxes that can be particularly burdensome as Forbes magazineRead MoreEstate Tax Planning Proposal744 Words   |  3 PagesEstate Tax Planning Current law for estate tax, gift tax, and generation skipping transfer tax is a 35% rate with an exclusion of $5.12 million. This is scheduled to change on January 1, 2013 to a 55% tax rate with an exclusion of $1 million. Due to the scheduled change, it would be advisable to be very aggressive in tax maximization before December 31, 2012. Pending congressional action, there is a proposal to for a 45% tax rate with an exclusion of $3.5 million for estate and generationRead MoreA Lifetime Accessions Tax : An Alternative For The Estate Tax Essay2262 Words   |  10 PagesA Lifetime Accessions Tax: An alternative to the Estate Tax The estate tax is a tax upon your right to transfer property at the time of your death. It is often called the death tax and it has been a partisan point of disagreement for quite some time. As the tax only applies to estates of $5.45 million and over, this tax only applies to the wealthy. Enacted in 1916 to help finance World War I, the estate tax has come under more scrutiny lately because of our government’s financial situation and theRead MoreComparative Analysis Of The Estate Tax Essay2513 Words   |  11 Pages Comparative Analysis of the Estate Tax First and Last Name Class Number Teacher’s Name Date While the Presidential election of 2016 has been non-traditional in many ways, one issue that has retained its conventional place in American politics is the debate over the estate tax. According to Merriam-Webster Dictionary (2016) the estate tax, labeled the â€Å"death tax† by its opponents, is a tax that a person must pay on an estate (money or property) that he or she inherits. Given theRead MoreThe Federal Estate Tax Should Be Abolished1091 Words   |  5 Pagesmonths, the federal estate tax has been a popular topic in the news. Also known as the death tax, this tax is applied to the transfer of an estate at passing away of an individual. Generally, said estate includes all assets of the person who passed away, including financial assets like stocks, bonds, and mutual funds; real assets, like houses, land, or other tangible property; and proceeds from life insurance policies. The United States federal government established the estate tax that is currentlyRead MoreAvoi d Real Estate Investment Tax1407 Words   |  6 PagesMinimization of Individual Tax Liability in Real Estate Investment In the world of investing, in general, one question is often the most challenging to answer. How does an investor grow their nest egg without losing the majority of their gain to the IRS as income tax? This question is even more challenging in the area of real estate where one’s tax liability is drastically increased by just the sale of one property. This simple transaction can increasing the investor’s ordinary income if the propertyRead MoreDeductions from Gross Estate Under Philippines Tax Rules and Singapore Tax Rules1884 Words   |  8 PagesDEDUCTIONS FROM GROSS ESTATE UNDER PHILIPPINES TAX RULES AND SINGAPORE TAX RULES ADVENTIST UNIVERSITY OF PHILIPPINES PUTING KAHOY 2008 DEDUCTIONS FROM GROSS ESTATE PHILIPPINES TAX RULES Funeral Expenses For deaths occurring on or after January 1, 1998, the amount allowable as deduction shall be the lower amount between the actual funeral expenses (whether paid or unpaid) and five percent (5%) of the gross estate, but in no case to exceed two hundred thousand pesos (P200,000). Judicial ExpensesRead MoreEssay about ESTATE GIFT TAX P51868 Words   |  8 Pages (1) Grantor creates a trust with income to Spouse for life, remainder to Child if living and, if not, reversion to Grantor or Grantor’s estate. (a) If Grantor predeceases Spouse and Child, is Section 2037 applicable to the transfer? No. Section 2037 is not applicable to the transfer. Based on Section 2037, â€Å" The value of the gross estate shall include the value of all property to the extent of any interest therein of which the decedent has at any time after September7, 1916, made aRead MoreAcc 456 Short Answered Questions1248 Words   |  5 Pagesthe requirements for estimated tax payments by self-employed individuals? Individuals who work for themselves and make money to do so constitute as self-employment income. Independent contractors and sole proprietors are considered self-employed. They receive all payment without withholding any Social Security tax, Medicare tax, state tax, and etc. They do however have self-employment tax, which is taken out when the individual file Schedule C or C-EZ on their tax return. They would also need toRead MoreGeneration Skipping Tax1126 Words   |  4 PagesSkipping Transfer Tax INTRODUCTION AND ISSUE The United States generation skipping transfer tax imposes a tax on gifts and transfers to people more than one generation younger than the donor. An example is a grandparent giving a gift to a grandchild, in turn skipping their own child. Grandparents would give a gift to their grandchildren to avoid or defer federal gift taxes, but this is now subject to a generation skipping tax. Congress passed the original generation-skipping transfer tax in 1976 to go

Jane Eyre By Charlotte Bronte - 1528 Words

During the novel, Jane Eyre, Charlotte Brontà « created the traditional values of what Jane lives by and what she has to live by. The start of the novel starts off with Jane Eyre, a ten year old orphan whose living with the Reeds. With different phases of Jane’s life span occurring and different characteristics of Jane developing, she is at a place where she isn t familiar with. In the years when she was living with the Reeds, they always showed her the ways on how they think she should live, instead of how she needs to live in order to develop into someone that is able to be independent in the future. Many times, she is constantly pushing past the Victorian Era normality and standards at the beginning of the novel. Even though at the end†¦show more content†¦Social class was a small role that took setting in Jane Eyre. It wasn t constantly being brought up throughout the novel, but showed a good amount of what and how social class was portrayed in the Victorian Era. Brontà « shows us many characteristics of Jane. She evolved tremendously from where we she began and where she ended. Rochester made a big impact on Jane and her beliefs. When we first read about Jane and Rochester s first encounter, she was curious about who the man on the horse was. As their relationship grew, Rochester didn t see Jane as less than her, not a maid, nor a governess, like everyone else saw her. â€Å" You are not a servant at the hall, of course.† (Brontà « 121.) Rochester comes off as a stern and quiet man that never shows emotion. With revealing that he doesn t see his governess as a servant, shows that Jane does mean something to him. He doesn t think about her social class or where she came from, in the beginning he did, but he slowly grew into a person who doesn t judge anyone on their social position in life. Not only does the Reed s see her as invisible, Blanche Ingram and the wealthy see her as nothing. When Rochester invited the wealthy over to hi s house, none acknowledged Jane’s presence. Social class was a definite reason for this. They see anyone below them as no one, but in reality and in this time period, everyone is equal and it doesn t matter of your social

Managing Bullying and Harassment in the Workplace Free Essays

Workplace Bullying (the persistent exposure to interpersonal aggression and mistreatment from colleagues, superiors or subordinates) is a reverent problem in contemporary working life, with devastating effects on both targets and organizations (Nearest, Hole, Zap, Cooper 2003; Earner Seashell, 2005) There are different forms of bullying in this 21 SST century as it need not be physical with such advancement in technology. Bullying can be direct, indirect passive and through social media as well. Therefore we must outline the scope on what is bullying and what is not before we are able to draw up a way to manage such incidents. We will write a custom essay sample on Managing Bullying and Harassment in the Workplace or any similar topic only for you Order Now There is no specific legislation to combat workplace bullying in Singapore (Jay Parka’s, Inciting Injury: An Expos of workplace bullying in Singapore). There are many a time where workplace bullying is so minute in nature and often left undulate with that it is left unnoticed, however this acts of bullying builds up in time creating a hostile and fragile working environment. What is bullying and harassment? Physical and verbal abuse can be factored in as bullying but other forms of bullying may be too subtle. Harassment can be a highly sensitive topic as each individual person can take it to be in different ways. What one individual considers being an act of playful gesture the involved party may think otherwise. The Workplace Bullying Institute defines workplace bullying as â€Å"abusive conduct that is; threatening, humiliating, intimidating, or work interference and verbal abuse†. The consequences to the employers may include; reduced efficiency, productivity and profitability. Increase in absenteeism, sick leaves and staff turnover. Increase in indirect costs such as management time, engaging mediators and counselors. This list is not exhaustive as there are many other uniqueness an employer might face due to workplace bullying. On the other hand when we are to look at the consequences for the employees workplace bullying and harassment can cause extensive health problems including physical and psychological illnesses and injuries causing detrimental effects for them. Therefore for the organization to work towards sustainability it is important to first identify and try to eradicate if not hundred percent at least 90 percent of this problem, reason being it is not only the victim who suffers and feels the effects of bullying it is felt across all bevels of the organizations as we have seen from the non-exhaustive list given above. While it may seem that the above analysis may provide an insight into bullying in organizations, it is becoming evident that management has to start taking proactive steps and measures in identifying and putting forth solutions and implementations to address these pressing needs whereas if not losses can be incurred for the organization. 00006718 The first step to this is that the organization spells out clearly their stance and their outline on bullying and harassment before a person is being pointed to any post in the organization, also the management of the organization should clearly state and constitute which activities are considered to be bullying or harassment therefore making it difficult for employees to find any loopholes in the system therefore escaping the penalties. Once this is done, a directive should be spelled out and sent out to all employees in the organization regardless of their position or role in the organization, therefore bringing everyone in the organization to a common single understanding. Clear penalties and actions should also be included in he directive so as to deter any potential bullies from committing such acts. All staff across the board should be made to sign this directive enabling the management to take actions and hold guilty employees liable . These directives should be clearly formalized and well communicated to the frontline managers so that they can take actions if any one of the staff were to breach the directive. Secondly the organization should have a clear communication channel across the board from bottom up. Staff and personal across all level should have access to this communication channel and mad ware of such communication channel. The magnitude of effective internal communication is evident in past researches ( Muhammad Raff et al. 2009; Mark Chon, 2007) For example, Barrett (2002) accentuates, the best way to reach and employee is via face to face communication than relying on indirect channels such as electronic media. Falkland and Hide (2008) emphasizes on bottom-up communication. Furthermore, Welch and Jackson (2007) claims that, rather than treating employees as a single public, they should be segmented based on say structural levels of demographics. This can help in insuring that the relevant information targeted to reach the relevant person can reach them in a meaningful and smooth manner. Therefore with such communication channels put in place the management team are well aware of complaints against bullying in any levels of the organization and necessary steps and actions can be taken swiftly. Special helpline or trained HER staff in the area of counseling can be put in place to tackle sensitive issues which some employees may find it difficult in putting forth to their direct supervisors. Information from all cases must be upheld with the highest infallibility so as to protect the interests of the employee who is suffering or facing bullying or harassment in the organization. Lastly is to create a strong bond among the employees working in the organization. Inculcating a strong sense of bond between them and creating a strong sense of ownership towards the company and its common goal would enable the employees to work hand in hand to achieve the goals thus enabling the organization to realize its true benefits and bring out the fullest from an employee. If strong bonds are created at the start employees would e able to identify the differences which they have and sort them out accordingly without the help of the management of the interference of their superiors thus creating a better working environment. To achieve this, the organization can hold yearly bonding activities for their employees, invite professionals to give their opinions and facts on employee relationships, hold monthly meetings to iron out any issues arising and to let the employees swiftly handle the matter within themselves, Muhammad Shaffer s/o Mohamed Kids In conclusion, a well working and robust organization largely depends on heir sustainability of their employees. Toxic and unfriendly working environment may lead the organization to lack in certain areas, therefore immobility’s the organization in their growth. Organizations should therefore from the Start deter such bullying and harassment issues, even if these issues were to crop up in the later part of the organizations growth the management must be swift in handling and weeding out such problematic activities before it impacts the whole organization. As said above, bullying or harassment does not only affect the person who is the victim it’s effects can be felt across the hole organization as a whole. How to cite Managing Bullying and Harassment in the Workplace, Papers

Ethical Issues in the Information Age free essay sample

A discussion on the ethical issues and problems created by the explosion in the rate of acquisition of new knowledge and the development of new technologies that process information with unprecedented ease and rapidity. The following paper examines the ethical issues that relate to privacy, free speech, and protection of Intellectual Property Rights (IPR) with regards to the present era. The writer examines how all knowledge depends to a large extent on prior knowledge. The issue of innovators having the right to exclusive benefit from his innovation or creation [Intellectual Property] does seem to exist in principle, however this paper examines the strong need to properly define and delimit those rights. Similarly this paper examines the equally strong ethical case for such delimitation to protect peoples right to privacy and free speech, which are sometimes at variance with one another. As the world is rapidly shrinking due to the communication revolution, new universally accepted laws are required to deal with these questions. We will write a custom essay sample on Ethical Issues in the Information Age or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The problem raised by immense expansion of knowledge and the ways to process them, can only be solved through a thorough public debate and broad decisions on the ethical foundations on which the legislation is sought o be based. In view of the global implications of most of these laws, international agreements is also necessary on general principles on which the laws should be founded. Attention has also to be directed to attending to the basic problems of the allocation and distribution of resources in more appropriate ways than at present. This cannot be achieved by reliance on the operation of free market forces alone. There is another problem. The present laws regarding IPR favor the industrialized nations. Multi national corporations often indulge in unethical, exploitative practices. On the other hand, to identify legally constituted entities and bona fide community representatives with whom to deal as well as to determine the appropriate form and distribution of benefits may b e difficult if Community Intellectual Rights are pursued.