• Sonny Tufts's Avatar
    04-08-2021, 07:44 PM
    What? No one claiming Adams was part of a false flag operation? You guys are slipping.
    15 replies | 427 view(s)
  • Sonny Tufts's Avatar
    04-08-2021, 07:41 PM
    It was once thought the shortest unit of time was the "New York Minute" -- the time between a stoplight's turning green and the honking of a horn by the person in the car behind the one directly in front of the light. This has been replaced by the "Paranoid Second" -- the time it takes for someone to claim that something bad that happened was in reality a false flag operation by the government.
    5 replies | 251 view(s)
  • Sonny Tufts's Avatar
    04-08-2021, 08:01 AM
    Calm down. Biden cannot override IRC §1014 with an executive order. It would take congressional action to revoke the stepped-up basis rule. Congress did eliminate the rule in 1976, but the resulting carryover basis was so unpopular that Congress initially suspended its enforcement and later repealed it retroactively. The initial justification for the rule was that property passing as a result of death was subject to the estate tax based on the date-of-death value, which included any built-in appreciation. In order to prevent double taxation of this appreciation, the rule provided an increase in the tax basis of the property. But today most estates aren't liable for the estate tax due to the increased exemption amount. Because of this development proponents of the rule's repeal argue that the built-in appreciation of assets passing at death shouldn't escape taxation. But keep in mind that the tax on this appreciation is simply deferred until the asset is sold; repealing stepped-up basis doesn't trigger a tax on the appreciation at death. Of course, if the Democrats reduce the exemption amount back to $3.5 million as many of them want to do, the argument for eliminating stepped-up basis becomes less compelling.
    9 replies | 304 view(s)
  • Sonny Tufts's Avatar
    03-27-2021, 08:56 AM
    The point of the OP was the distinction between actually causing harm and doing something that hypothetically could cause harm but doesn't, and that while the former should be punishable, the latter shouldn't: So under the theory of the OP, reckless driving that doesn't cause harm shouldn't be punished.
    31 replies | 707 view(s)
  • Sonny Tufts's Avatar
    03-26-2021, 07:50 PM
    So driving 100 mph in a school zone when the toddlers are getting out of school is OK as long as none of the kiddos is hit? As far as legally drunk is concerned:
    31 replies | 707 view(s)
  • Sonny Tufts's Avatar
    03-24-2021, 03:47 PM
    As solid as air. Here's another opinion. https://www.cnn.com/2021/03/24/opinions/sidney-powell-defense-big-lie-opinion-rodgers/index.html
    9 replies | 381 view(s)
  • Sonny Tufts's Avatar
    03-17-2021, 05:09 PM
    Texas receives more in federal funding than its citizens pay in federal taxes.
    51 replies | 1425 view(s)
  • Sonny Tufts's Avatar
    03-17-2021, 01:20 PM
    And give up $270 billion in annual federal funding? Not gonna happen.
    51 replies | 1425 view(s)
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We have long had death and taxes as the two standards of inevitability. But there are those who believe that death is the preferable of the two. "At least," as one man said, "there's one advantage about death; it doesn't get worse every time Congress meets."
Erwin N. Griswold

Taxes: Of life's two certainties, the only one for which you can get an automatic extension.


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