Pablo wrote:
Tonydec wrote:
The one that kills me (I know, ironic) is the inheritance tax. So, person A works and pays taxes on that income. If he happens to have some left over, he puts it in the bank, then pay taxes on the interest that money makes. When he passes, whats left over goes to the heirs, who pay taxes on money that has already been taxed twice!
Don't get me started on the liquor tax, that's about as big a scam as the Sound Transit vehicle tax.
Well it's not your money. It's the government's money. Don't laugh, maybe people in WA state don't think this, but they sure vote this way. Almost every chance they get.
When the Heirs of this twice taxed money dare to use it...they again pay tax in the form of sales tax.
The ugliest tax is tax on licensed vehicles.
For the life of the vehicle...be it a car or boat every time it changes ownership the value of the vehicle is taxed.
There is no getting around this tax if you intend to license the vehicle.
I currently have vehicles that are increasing in value....some that sold new for $2500 now have a value over 40k.
When I sell them the new owner will have to pay tax near double what the car sold new.
Oh, and to answer your original question....;last I heard tax avoidance will get you a penalty of twice the tax owed and fine that will include interest from the date of infraction...and the tax man does not use current mortgage rate interest.