| 00:00:02 |
Unidentified Speaker, -
JOURNAL" CONTINUES. HOST: WE HAVE
|
| 00:00:08 |
Brawner, Greta Wodele - Host
BEEN FOCUSING ON DIFFERENT ASPECTS OF THE FISCAL CLIFF. WE WANT TO LOOK AT CAPITAL GAINS TAX AND THE ESTATE TAX. WHAT IS THE ESTATE TAX? GUEST: IT GOES...
|
| 00:00:27 |
Schatz, Joseph J. - Correspondent
TO HISTORY -- IT WAS PUT IN PLACE TO PREVENT THE UNITED STATES FROM DEVELOPING AN ARISTOCRACY. A TAX ON ESTATES THAT ARE PASSED DOWN TO HEIRS. REPUBLICANS...
|
| 00:02:43 |
Brawner, Greta Wodele - Host
THAT WAS THE HEADLINE RECENTLY IN "THE WALL STREET JOURNAL," SHOWING THE SENATORS. AT ITS HIGHEST, WAS THHAT WAS THE ESTATE TAX? HOW MANY PEOPLE DID THE...
|
| 00:03:12 |
Schatz, Joseph J. - Correspondent
OF THOUSANDS. RIGHT NOW IT AFFECTS 3000 THE STATE'ESTATES. THE EXEMPTION LEVEL IS SET HIGH HISTORICAL NOVEL. IT HAS COME DOWN SIGNIFICANTLY. BIG ARGUMENT...
|
| 00:03:46 |
Brawner, Greta Wodele - Host
WHAT HAPPENS TO THE ESTATE TAX? GUEST: THEN IT GOES BACK
|
| 00:03:51 |
Schatz, Joseph J. - Correspondent
TO THE LEVELS OF AN EXEMPTION OF $1 MILLION. HOST: AND THAT COULD
|
| 00:04:02 |
Brawner, Greta Wodele - Host
HIT ABOUT 55,000 ESTATES IN 2013. WHAT DO REPUBLICANS WANT TO DO? GUEST: A
|
| 00:04:15 |
Schatz, Joseph J. - Correspondent
LOT OF REPUBLICANS LIKE TO SEE THIS REPEALED. SOME DEMOCRATS SUPPORT THAT ON PRINCIPLE THAT THERE SHOULD NOT BE AN ESTATE TAX. THE REALITY IS THAT PRETTY...
|
| 00:05:10 |
Brawner, Greta Wodele - Host
TAX PROPOSAL IS TO INCREASE IT TO 45%. HOST: YOU SAID THERE
|
| 00:05:29 |
Brawner, Greta Wodele - Host
IS A POPULIST BACKLASH ON THIS. WHY? GUEST: CONSERVATIVES
|
| 00:05:36 |
Schatz, Joseph J. - Correspondent
HAVE BEEN ABLE TO SHOWCASE THIS AS A DEATH TAX. YOU ARE BEING TAXED WHEN YOU DIE. SOME FAMILIES ARE FORCED TO SELL PROPERTY UPON THE DEATH OF A FAMILY...
|
| 00:06:14 |
Brawner, Greta Wodele - Host
ON TO CAPITAL GAINS. GUEST: THE CAPITAL GAINS
|
| 00:06:20 |
Schatz, Joseph J. - Correspondent
TAX GOES BACK TO THE START OF THE INCOME TAX CODE WHERE YOU ARE INVESTING AND YOU SELL A STOCK OR A PIECE OF ART OR A PIECE OF CAPITAL AND YOU ARE TAXED...
|
| 00:08:36 |
Schatz, Joseph J. - Correspondent
FOR THE FIGHT OVER INCOME INEQUALITY. DEMOCRATS HAVE LONG TARGETED THE CAPITAL GAINS TAX AS SOMETHING THAT MAKES THE TAX CODE LESS REGRESSIVE AND INCREASES...
|
| 00:09:13 |
Brawner, Greta Wodele - Host
THE CAPITAL GAINS TAX? GUEST: IF
|
| 00:09:19 |
Schatz, Joseph J. - Correspondent
YOU BUY A STOCK AND MAKE MONEY, YOU ARE PAYING IT. IT TENDS TO HIT UPPER INCOME EARNERS MORE. ANYBODY IN THE STOCK MARKET WILL BE PAYING THAT. HOST: IF...
|
| 00:09:37 |
Brawner, Greta Wodele - Host
OR 401(K), ARE YOU PAYING IT? GUEST: IT
|
| 00:09:43 |
Schatz, Joseph J. - Correspondent
WILL HIT EVERYBODY IN THE INVESTMENT COMMUNITY. HOST: WE'RE
|
| 00:09:50 |
Brawner, Greta Wodele - Host
TALKING ABOUT CAPITAL GAINS AND THE ESTATE TAX WITH JOSEPH SCHATZ. HERE ARE THE NUMBERS. MIKE IS AN INDEPENDENT COLLEGE IN ILLINOIS. CALLER: I WANTED...
|
| 00:10:07 |
CALLER, -
MAKE THREE POINTS TO CLARIFY THIS DISCUSSION. THE REASON WE HAVE AN ESTATE TAX IS BECAUSE IT IS IS SOCIAL TAX. PEOPLE COULD BUY OFF OUR CONGRESSMAN,...
|
| 00:11:29 |
Schatz, Joseph J. - Correspondent
MANY FOLKS MAKE YOUR LIVELIHOOD ON CAPITAL GAINS. THAT CAME UP WITH MITT ROMNEY. HIS EFFECTIVE TAX RATE WAS SO LOW. HE WAS PAYINGTHE CAPITAL GAINS TAX...
|
| 00:12:21 |
Brawner, Greta Wodele - Host
THE CAPITAL GAINS TAX? GUEST: THE
|
| 00:12:25 |
Schatz, Joseph J. - Correspondent
ESTATE TAX. HOST: IF IT'S AN
|
| 00:12:31 |
Brawner, Greta Wodele - Host
ASSET, YOU PAY CAPITAL GAINS.
|
| 00:12:35 |
Schatz, Joseph J. - Correspondent
GUEST: RIGHT. HOST: WE HAVE THIS
|
| 00:12:40 |
Brawner, Greta Wodele - Host
COMMENT ON TWITTER FROM JAMES. GUEST: CORPORATIONS WOULD
|
| 00:12:49 |
Schatz, Joseph J. - Correspondent
SAY THE BUSINESSES ARE ALREADY BEING TAXED. FOLK SHOULD NOT BE TAXED FOR INVESTING IN THEIR BUSINESS. HOST: DOUBLE
|
| 00:13:01 |
Brawner, Greta Wodele - Host
TAXATION. GUEST: THAT IS
|
| 00:13:06 |
Schatz, Joseph J. - Correspondent
THE ARGUMENT. WHEN PEOPLE DIE, THEY ARE BEING TAXED AGAIN. THAT IS THE ESSENCE OF THE ARGUMENT AGAINST THE ESTATE TAX. HOST: CAN YOU
|
| 00:13:21 |
Brawner, Greta Wodele - Host
START OVER? CALLER: A QUICK
|
| 00:13:25 |
CALLER, -
QUESTION ABOUT THE COMMENTS OF THE 401(K). I USED TO WORK FOR A CPA FIRM. I UNDERSTAND THEY ARE INCOME TAX DEFERRED INSTRUMENTS. WHEN YOU TAKE IT OUT,...
|
| 00:14:26 |
Schatz, Joseph J. - Correspondent
CORRECT. YOU PAY INCOME TAX AND PRESUMABLY WHEN YOU RETIRE, YOU ARE AT A LOWER TAX RATE AND THAT IS THE ADVANTAGE. IT IS A SEPARATE ISSUE. HOST: WE ARE...
|
| 00:14:44 |
Brawner, Greta Wodele - Host
A LOOK TODAY AT THE ESTATE AND CAPITAL GAINS TAX. IF NOTHING HAPPENS BY THE END OF THE YEAR, TAKE A LOOK AT WHAT HAPPENS AT THE CAPITAL GAINS TAX. HOST:...
|
| 00:15:13 |
Brawner, Greta Wodele - Host
THAT LAST COMPONENT. GUEST:
|
| 00:15:17 |
Schatz, Joseph J. - Correspondent
THAT WAS AN ADDITIONAL SURTAX. IT WAS A WAY TO PAY FOR PARTS OF THE HEALTHCARE LAW. THEY WILL SEE THE TOP RATES A BUMP OF 3.8% COME JANUARY 1. THAT SEEMS...
|
| 00:15:55 |
Brawner, Greta Wodele - Host
TWITTER. GUEST: I LEAVE THAT AS IT
|
| 00:16:03 |
Schatz, Joseph J. - Correspondent
IS. CHOST: IS THAT HOW MUCH IT COULD GO UP? GUEST:
|
| 00:16:13 |
Schatz, Joseph J. - Correspondent
YES. HOST: CURRENTLY IT
|
| 00:16:18 |
Brawner, Greta Wodele - Host
IS 35%. GO AHEAD, MARK.
|
| 00:16:23 |
CALLER, -
CALLER: THE PREVIOUS CALLER MENTIONED CAPITAL GAINS -- THE RECENT POINT ABOUT THE MEDICARE SURCHARGE TO PAY FOR THE AFFORDABLE CARE ACT. IF HE THOUGHT...
|
| 00:16:49 |
Schatz, Joseph J. - Correspondent
I'M NOT A HEALTH-CARE EXPERT. HOST:
|
| 00:16:55 |
Brawner, Greta Wodele - Host
NO PROBLEM. WE HAVE THIS FROM TWITTER. GUEST: I
|
| 00:17:04 |
Schatz, Joseph J. - Correspondent
BELIEVE THAT IS THE CASE. TOM IN CALIFORNIA, GO AHEAD. CALLER: I HAVE SEVERAL
|
| 00:17:17 |
CALLER, -
ISSUES WITH THE ESTATE TAX. I AM A FARMER IF IT COMES BACK TO THE NORMAL 1 MILLION EXEMPTIONS. WE WORK TOGETHER TO BUILD THIS ESTATE. IT WASN'T JUST...
|
| 00:17:53 |
Brawner, Greta Wodele - Host
UNDERSTAND HOW FARMERS FALL INTO THIS ESTATE TAX? HOW IS IT YOUR ESTATE IS WORTH MORE THAN $1 MILLION? CALLER: WE HAVE ABOUT
|
| 00:18:12 |
CALLER, -
1,000 ACRES IN SONOMA COUNTY, CALIFORNIA AND IT IS WORTH ABOUT $8 MILLION OR SO. WE HAVE ANOTHER PIECE OF PROPERTY. WE USED TO HAVE A DAIRY OPERATION...
|
| 00:19:26 |
Brawner, Greta Wodele - Host
LINE? I WANT JOSEPH SCHATZ TO ADDRESS WHAT YOU'RE SAYING. GUEST: THERE IS
|
| 00:19:36 |
Schatz, Joseph J. - Correspondent
A PROVISION IF ONE PARENT DIES, THEY CAN PICK UP A PORTION OF THE EXEMPTION FROM THE OTHER PARENTS. IT IS AN EXTREMELY COMPLICATED PROCESS. FOLKS HAVE...
|
| 00:20:06 |
Brawner, Greta Wodele - Host
FAMILY SPENT ON AN ESTATE LAWYER? CALLER: $20,000 A
|
| 00:20:13 |
CALLER, -
YEAR. HOST: HOW
|
| 00:20:17 |
Brawner, Greta Wodele - Host
LONG HAVE YOU BEEN PAYING AN ATTORNEY? CALLER: CLOSE TO 10
|
| 00:20:23 |
CALLER, -
YEARS. HOST: HOW
|
| 00:20:26 |
Brawner, Greta Wodele - Host
MANY KIDS IN THE FAMILY? CALLER: 3
|
| 00:20:31 |
CALLER, -
KIDS. WE ARE TRYING TO DIVIDE THE PROPERTY IN INCREMENTS THAT WILL EQUAL THE $5 MILLION SO WE CAN HAVE THAT OUT OF THE SITUATION BEFORE THE ESTATE TAX...
|
| 00:21:15 |
Brawner, Greta Wodele - Host
WHAT ABOUT THE STATE OF CALIFORNIA? IS THERE AN ESTATE TAX AS WELL?
|
| 00:21:23 |
CALLER, -
CALLER: NO. CALIFORNIA JUST RAISE TAXES ON EVERYBODY MAKING $250,000 OR MORE. WE WILL GET HIT AT THE STATE AND FEDERAL LEVEL. WE HAVE A LOT OF LAND AND...
|
| 00:22:01 |
Brawner, Greta Wodele - Host
LAND RICH. CASH POOR? HOW MUCH REVENUE DO YOU BRING IN? CALLER: IT IS SORT
|
| 00:22:13 |
CALLER, -
OF DIVIDED UP NOW. MY BROTHER HAS HIS OWN OPERATION AND I HAVE MINE. I SPEND $100,000 IN EXPENSES AND EQUIPMENT.
|
| 00:22:27 |
Brawner, Greta Wodele - Host
HOST: OK. CALLER: JUST FROM
|
| 00:22:31 |
CALLER, -
MY END. HOST: THANK YOU FOR
|
| 00:22:35 |
Brawner, Greta Wodele - Host
THE CALL. GUEST: IT IS
|
| 00:22:41 |
Schatz, Joseph J. - Correspondent
INTERESTING. ONE ISSUE IS THE CALCULATION OF HOW YOU SET UP THE ESTATE TAX. THE RATE IS THE ISSUE. FOR OTHER FOLKS THAT ARE LAND RICH, IT IS MUCH MORE...
|
| 00:23:40 |
Brawner, Greta Wodele - Host
GOOD MORNING. CALLER: I USED TO DOUBABBLE
|
| 00:23:50 |
CALLER, -
AT ONE POINT WITH A ESTATE TAX. THERE ARE A COUPLE OF THINGS. THE ESTATE TAX IS A VALUE TAX. IT IS BASED ON THE VALUE OF THE PROPERTY YOU OWN. ANOTHER...
|
| 00:25:01 |
Schatz, Joseph J. - Correspondent
GOOD POINT. LOOK AT THE NUMBERS WE HAVE TALKED ABOUT. 0.2% OF ESTATES ARE AFFECTED. THERE ARE LOTS OF WAYS FOR ESTATES TO AVOID TAXATION. IT IS NOT HITTING...
|
| 00:25:42 |
Brawner, Greta Wodele - Host
MILLION EXEMPTION. IT IS HITTING 3600 ESTATES AND 8% OF FARMS AND SMALL BUSINESSES. GUEST: NONE OF THEM
|
| 00:26:00 |
Schatz, Joseph J. - Correspondent
WHAT HAD MORE THAN 1% OR 2% OF ESTATES. HOST:
|
| 00:26:10 |
Brawner, Greta Wodele - Host
WHAT IS THE DIFFERENCE BETWEEN THE ESTATE TAX AND GIFT TAX? GUEST: THE GIFT TAX IS A
|
| 00:26:24 |
Schatz, Joseph J. - Correspondent
BACKUP AND LEVIED ON A GIFTS THAT YOU GIVE TO SOMEONE ELSE. IT IS A WAY TO MAKE SURE THAT FOLKS ARE NOT AVOIDING TAXES DURING THEIR LIFETIME BY GIVING...
|
| 00:27:54 |
Brawner, Greta Wodele - Host
FROM MICHIGAN.
|
| 00:27:58 |
CALLER, -
CALLER: MY HEART REALLY BLEEDS FOR THE FORMER WHO OWNS A MULTIMILLION-DOLLAR ESTATE AND IS WARY ABOUT HIS ONE COWBOY THAT HE EMPLOYS. I THINK THAT IS...
|
| 00:28:24 |
Brawner, Greta Wodele - Host
IS REPORTING THIS MORNING POSSIBLY REPUBLICANS CONSIDERING EXTENDING TAX CUTS FOR MIDDLE CLASS AMERICANS. "THE NEW YORK TIMES" IS REPORTING THIS --...
|
| 00:29:03 |
Brawner, Greta Wodele - Host
FROM REPUBLICANS DOES NOT INCLUDE A PLAN FOR THE ESTATE TAX. GUEST: THERE IS NO
|
| 00:29:10 |
Schatz, Joseph J. - Correspondent
EASY SOLUTION TO WHAT IS HAPPENING RIGHT NOW. THE SENATE PASSED THEIR TAX BILL OVER THE SUMMER. IT WAS GOING TO INCLUDE AN ESTATE TAX EXTENSION, AS WELL....
|
| 00:30:19 |
Brawner, Greta Wodele - Host
TO THE CAPITAL GAINS TAX ON TWITTER. WHAT DOES HE MEAN BY CAPITAL FORMATION? GUEST: YOU WANT
|
| 00:30:35 |
Schatz, Joseph J. - Correspondent
TO ENCOURAGE PEOPLE TO INVEST. YOU ENCOURAGE PEOPLE TO INVEST BY HAVING A LOW CAPITAL GAINS RATE. WARREN BUFFETT AND OTHER SAID INVESTORS ARE GOING TO...
|
| 00:31:31 |
CALLER, -
HI. I BELIEVE THAT NO TAXPAYER SHOULD PAY MORE THAN 10 CENTS ON THE DOLLAR. THE EFFECTIVE TAX RATE SHOULD BE CAPPED AT 10%. THE PLAN OF DOUBLE TAXATION....
|
| 00:32:43 |
Schatz, Joseph J. - Correspondent
THERE IS MUCH I CAN ADD TO THAT. WHEN YOU ADD THE TAXES UP, WHETHER CORPORATE ACTIVITY IS BEING TAXED MULTIPLE TIMES. CONSERVATIVES WOULD SAY YES WHEN...
|
| 00:33:12 |
Brawner, Greta Wodele - Host
SAYS -- HE IS REFERRING TO THE ISSUE OF CAPITAL GAINS. THE CAPITAL GAINS TAX WILL GO UP 10%. HOST: JOHN FROM NEW
|
| 00:33:40 |
Brawner, Greta Wodele - Host
MEXICO.
|
| 00:33:42 |
CALLER, -
CALLER: THANK YOU FOR TAKING MY CALL. YOU READ MY TWEET JUST A LITTLE WHILE AGO. I WANT TO CONTINUE ON THIS THEME OF THE LOWER CAPITAL GAINS RATE. THIS...
|
| 00:34:53 |
Brawner, Greta Wodele - Host
YOU RETIRED? CALLER: I AM
|
| 00:34:57 |
CALLER, -
STILL WORKING. HOST: THIS IS A STORY
|
| 00:35:02 |
Brawner, Greta Wodele - Host
FROM "THE WALL STREET JOURNAL." HOST: "FAMILIES WITH
|
| 00:35:20 |
Brawner, Greta Wodele - Host
ADULT CHILDREN." HOW CAN YOU TAKE ADVANTAGE IF YOU'RE A COUPLE AND ONE SPOUSE EARNS MORE THAN THE OTHER? GUEST: I WOULD NOT WANT TO
|
| 00:35:36 |
Schatz, Joseph J. - Correspondent
DELVE INTO THAT. HOST: WE WILL MOVE ON TO JIM
|
| 00:35:41 |
Brawner, Greta Wodele - Host
IN NORTH CAROLINA. GO AHEAD, JIM. CALLER:
|
| 00:35:48 |
CALLER, -
THANK YOU FOR TAKING MY CALL. THE LOWERING TO THE $1 MILLION CAP. MY WIFE AND I HAVE NEVER MADE MORE THAN $60,000 A YEAR. WE HAVE AMASSED ABOUT $850,000...
|
| 00:36:57 |
Schatz, Joseph J. - Correspondent
IT GOES TO THE FUNDAMENTAL ISSUE OF THE OPPOSITION OF THE ESTATE TAX. IT STRIKES A CHORD WITH A LOT OF PEOPLE. HOST: WE HAVE THIS FROM
|
| 00:37:13 |
Brawner, Greta Wodele - Host
TWITTER. HOLLY FROM INDIANA. YOU ARE ON THE AIR.
|
| 00:37:24 |
CALLER, -
CALLER: OK. I AM A FARMER FROM INDIANA. WE OWN ABOUT 300 ACRES AND WE FORMED AN ADDITIONAL 500. IF WE HAVE TO PAY THE TAXES, WE HAVE TO SELL THE LAND...
|
| 00:38:15 |
Brawner, Greta Wodele - Host
HAVE ABOUT 300 ACRES. CALLER:
|
| 00:38:19 |
CALLER, -
WE ALSO HAVE OUR INVENTORY. HOST: GIVE PEOPLE AN IDEA
|
| 00:38:24 |
Brawner, Greta Wodele - Host
HOW MUCH THE MACHINERY COSTS. CALLER: THE, COMBINE
|
| 00:38:34 |
CALLER, -
IS ABOUT $1 MILLION. HOST: HOW DO YOU FIND NOTESANCE
|
| 00:38:43 |
Brawner, Greta Wodele - Host
THAT? CALLER: YOU TAKE OUT A
|
| 00:38:48 |
CALLER, -
LOAN. IT WILL COST HUNDREDS OF THOUSANDS OF DOLLARS. YOU HOPE FOR A GOOD YEAR. THIS WAS A WOBBLE YEAR. YOU TAKE OUT MORE LOANS FOR NEXT YEAR'S CROP....
|
| 00:39:12 |
Brawner, Greta Wodele - Host
YOU PUT UP FOR COLLATERAL?
|
| 00:39:17 |
CALLER, -
CALLER: YOUR PLANT AND YOUR OTHER ASSETS -- YOUR LAND AND YOUR ASSETS. YOU MIGHT HAVE FARM BUILDINGS. HOST: HAS YOUR
|
| 00:39:32 |
Brawner, Greta Wodele - Host
FAMILY EVER HAD TO GIVE UP LAND OR GRAIN TO PAY OFF THESE LOANS? CALLER:
|
| 00:39:39 |
CALLER, -
OH, YEAH. YOU JUST CARRY THEM ON FROM YEAR TO YEAR AND SO YOU HAVE A GOOD YEAR. THE FARM INCOME GOES WAY UP OUR WAY DOWN. HOST: GIVE US AN
|
| 00:39:54 |
Brawner, Greta Wodele - Host
IDEA OF REVENUE FROM YEAR TO YEAR. CALLER: LET ME PUT MY
|
| 00:40:00 |
CALLER, -
HUSBAND ON. DOES THE BOOKS. REVENUE FROM A YEAR TO YEAR. CALLER: IT VARIES FROM
|
| 00:40:11 |
CALLER, -
NEGATIVE $100,000. SOME YEARS WE CAN MAKE $200,000. HOST:
|
| 00:40:25 |
Brawner, Greta Wodele - Host
HOW ARE YOU PREPARING FOR THE ESTATE TAX? CALLER: WHICH IS TUCKEOOK
|
| 00:40:34 |
CALLER, -
AN ESTATE-PLANNING LAWYER. MY DAD IS 94 YEARS OLD AND HE OWNS MOST OF THE LAND. HE DIES, IT WOULD BE PROTECTED -- WOULD HAVE TO SELL OFF. HOST: THE
|
| 00:40:57 |
Brawner, Greta Wodele - Host
EXEMPTION IS $1 MILLION. ARE YOU OVER THAT? CALLER: YES, WITH ALL
|
| 00:41:07 |
CALLER, -
THE ASSETS. HOST: HOLLY AND A
|
| 00:41:16 |
Brawner, Greta Wodele - Host
HUSBANDHER HUSBAND. GUEST: THIS IS THE
|
| 00:41:21 |
Schatz, Joseph J. - Correspondent
ESSENCE. YOU'RE TALKING ABOUT FOLKS WHO HAVE FARMS AND A LOT OF ASSETS THAT WILL PUT THEM OVER $1 MILLION, OVER WHENEVER THE THRESHOLD IS. THEY WOULD...
|
| 00:42:12 |
Brawner, Greta Wodele - Host
ANY DISCUSSION ABOUT TRYING NOT TO INCLUDE OR EXEMPTING LAND OR BIG ASSETS LIKE THE COMBINE.
|
| 00:42:24 |
Schatz, Joseph J. - Correspondent
GUEST: IT HAS BEEN MORE FOCUSED ON THE EXEMPTION LEVEL. THAT IS WHAT THEY HAVE IN MIND WHEN THEY WRITE THE EXEMPTION LEVEL. I HAVE NOT HEARD ANYTHING...
|
| 00:42:46 |
Brawner, Greta Wodele - Host
MISSISSIPPI, GO AHEAD. CALLER: ON THE TAXES,
|
| 00:42:53 |
CALLER, -
CAPITAL GAINS. HOW DID PEOPLE EXPECT TO GET OUT OF POVERTY? I WORKED IN A FURNITURE FACTORY. NOW MAYBE I MAKE MIDDLE INCOME. AROUND HERE AND THERE IS...
|
| 00:43:58 |
Brawner, Greta Wodele - Host
BRACKET? CALLER:
|
| 00:44:02 |
CALLER, -
IT VARIES. I AM A SELF-EMPLOYED. CONCRETE. VERY HARD WORK. MY WIFE HAS QUIT HER JOB AND WORKS FOR ME. WE COULD MAKE $80,000 ONE-YEAR. THE NEXT YEAR, YEAR40,000$40,000....
|
| 00:44:37 |
Schatz, Joseph J. - Correspondent
IF YOU'RE IN A LOW TAX BRACKET, YOU ARE NOT PAYING ANYTHING. THAT WILL GO UP TO 10% AND 20% IF THE BUSH-ERA TAX CUTS EXPIRE. THE LARGER ISSUE IS POVERTY...
|
| 00:45:33 |
Brawner, Greta Wodele - Host
WE HAVE THIS FROM OUR TWITTER PAGE. JAMES IN D.C. CALLER: I'M
|
| 00:45:46 |
CALLER, -
AN ATTORNEY AND WORK IN PROBATE. THIS IS A SLEEPER ISSUE THE JOURNAL ME IT HAS NOT COVERED. I DON'T THINK PEOPLE REALIZE THE ESTATE TAX WIILLLL INC REASE....
|
| 00:46:17 |
Brawner, Greta Wodele - Host
HOST: HOLD ON. D.C. HAS ITS OWN ESTATE TAX? CALLER: I AM REFERRING
|
| 00:46:26 |
CALLER, -
TO THE ESTATE TAX. HOST:
|
| 00:46:30 |
Brawner, Greta Wodele - Host
OK. CALLER: IF YOU
|
| 00:46:36 |
CALLER, -
DIE -- HOST:
|
| 00:46:38 |
Brawner, Greta Wodele - Host
GOPT IT. HOST: HOW
|
| 00:46:42 |
Brawner, Greta Wodele - Host
ARE YOU PREPARING YOUR CLIENTS? CALLER: IT
|
| 00:46:48 |
CALLER, -
DEPENDS UPON THE FAMILY. THEY HAVE A COUPLE OF WEEKS. I AM NOT TAKING MY NORMAL SKI VACATION. WE HAVE A LOT OF WORK TO DO. YOU HAVE TO MOVE ASSETS. YOU...
|
| 00:47:25 |
Brawner, Greta Wodele - Host
IDEA OF AN AVERAGE CLIENT. CALLER:
|
| 00:47:31 |
CALLER, -
WE GET A LINE OF GOVERNMENT WORKERS OR PEOPLE WORKING IN THE GOVERNMENT SECTOR. PEOPLE WHO WORK HARD. HAVE A HOUSE -- THEY HAVE A HOUSE. REAL ESTATE...
|
| 00:48:04 |
Brawner, Greta Wodele - Host
TAKE THE HOUSE AND PUT IT IN A TRUST. CALLER: YOU HAVE TO
|
| 00:48:10 |
CALLER, -
PUT THAT IN A NON REVOCABLE TRUST. IT GETS COMPLICATED. DO NOT DO THIS ON THE INTERNET. YOU CAN MAKE USE OF NON REVOCABLE TRUST. YOU CAN MAKE IT AN ASSET....
|
| 00:48:37 |
Brawner, Greta Wodele - Host
IN TWO WEEKS? CALLER: YOU CAN DO
|
| 00:48:43 |
CALLER, -
IT. MOST PEOPLE'S MAJOR ASSET IS THEIR HOME. FOR PEOPLE THAT HAVE MORE MONEY, IT GETS HARDER. GIVE NOW. IF YOU INTENDED TO GIVE MONEY TO YOUR KIDS,...
|
| 00:50:18 |
Schatz, Joseph J. - Correspondent
IMPACT. FOLKS IN HIGH REAL ESTATE MARKETS. THERE HAS BEEN TALK ABOUT THE MORTGAGE INTEREST DEDUCTION. ON THE ESTATE TAX, THERE IS A BIG GEOGRAPHIC ELEMENT....
|
| 00:50:49 |
Brawner, Greta Wodele - Host
IN TEXAS. CALLER: GOOD
|
| 00:50:53 |
CALLER, -
MORNING. THEY ARE GOING TO INCREASE THE CAPITAL GAINS TAX AND ALREADY PEOPLE ARE DUMPING STOCKS TO AVOID WHAT HAPPENEDMAY HAPPEN. IN THESE PEOPLE IN...
|
| 00:51:40 |
Schatz, Joseph J. - Correspondent
I COULD NOT SPEAK TO WHETHER THERE IS A TRANSFER INTO REAL ESTATE. A LOT OF COMPANIES ARE PAYING OUT DIVIDENDS RIGHT NOW. THERE IS A LOT OF ACTIVITY...
|
| 00:52:14 |
Brawner, Greta Wodele - Host
DIVIDENDS -- GUEST: THEY ARE TRYING TO GET
|
| 00:52:30 |
Schatz, Joseph J. - Correspondent
IN BEFORE THE DEADLINE. HOST: WHO ARE
|
| 00:52:34 |
Brawner, Greta Wodele - Host
THESE FOLKS? GUEST: THE
|
| 00:52:38 |
Schatz, Joseph J. - Correspondent
SHAREHOLDERS THAT ARE GETTING DIVIDENDS. HOST: CHRIS FROM
|
| 00:52:44 |
Brawner, Greta Wodele - Host
ARLINGTON. CALLER: ABOUT THE STATE
|
| 00:52:49 |
CALLER, -
TAX CODE TO HELP FARMERS. THERE IS A PROVISION THAT ALLOWS LAND PLACED INTO AN EASEMENT TO GET AN ADDITIONAL EXEMPTION TO PROTECT FARMLAND FROM HAVING...
|
| 00:53:17 |
Brawner, Greta Wodele - Host
SCHATZ? GUEST: ANOTHER
|
| 00:53:20 |
Schatz, Joseph J. - Correspondent
ELEMENT -- ANOTHER THING THAT DRIVES DOWN THE NUMBER OF ESTATES. THAT IS HOW YOU GET DOWN TO THE 0.2%. HOST: THIS IS FROM
|
| 00:53:42 |
Brawner, Greta Wodele - Host
DEDI. HOST: WHO IS SHE TALKING
|
| 00:53:55 |
Brawner, Greta Wodele - Host
ABOUT HERE? GUEST:
|
| 00:54:00 |
Schatz, Joseph J. - Correspondent
PROBABLY TALKING ABOUT HEDGE FUNDS, HEDGE FUND MANAGERS, FOLKS ON WALL STREET'S, THE TOP INCOME EARNERS. HOST: THAT IS HOW
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| 00:54:12 |
Brawner, Greta Wodele - Host
THEY MAKE THEIR MONEY. GUEST: THEY MAKE
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| 00:54:16 |
Schatz, Joseph J. - Correspondent
THE MONEY ON INVESTMENTS AS OPPOSED TO SALARY AND WAGES. THAT IS THE ARGUMENT FROM A LOT OF DEMOCRATS AND LIBERALS. IT IS THOSE MONEYED INTERESTS THAT...
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| 00:54:42 |
Brawner, Greta Wodele - Host
HAVE A LOBBYING PRESENCE IN D.C.? GUEST: I WOULD SAY THEY
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| 00:54:47 |
Schatz, Joseph J. - Correspondent
ALWAYS DO. HOST: VAUGN, INDEPENDENT
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| 00:54:54 |
Brawner, Greta Wodele - Host
CALLER. CALLER:
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| 00:54:57 |
CALLER, -
MORNING. I HAVE COMMENTS AND QUESTIONS. WE'RE HEARING PEOPLE CALL AND AND MAKE A STATEMENT REGARDING THEIR ESTATE PLANNING AND CONCERN FOR OTHER PEOPLE...
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| 00:56:18 |
Brawner, Greta Wodele - Host
TO BE OUR FINAL WORD ON THIS. THANK YOU FOR CALLING IN. JOE SCHATZ, THANKS FOR HELPING
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.