emesem said:

No sure I understand why people get all worked up about this. Do we think that the siblings should be able to gain all this wealth tax-free, while we all work hard and pay up our share all our lives and make only a fraction of this over a lifetime?

We do for Johnson & Johnson, we do for Wal-Mart, we do for L'Oreal...shall I go on?....lol

The post i was talking about with the nfl was to someone else.

Ok we get that its NOT going to be sold.But,people wanted to know who had that kind of money because ANOTHER article said some type of deal maybe going down on something.

RodeoSchro said:

It's startin to look like P didn't care what happened to his stuff when he was gone. He has no wife or kids and well, his siblings......so maybe he just didn't want to bother with it.

The one thing I find absolutely crazy is wanna be make believe offspring who have no chance in hell of actually being a child of P's trying to put the brakes on the estate bringing in a professional team to evaluate the finances. If they don't get a good handle on what it's all actually worth, the IRS is going to do it for them and they are going to make it worth alot more than it really is. I just can't understand why these people who 'claim' to be his long lost children have any say in anything until it's proven they are...yet, the courts appear to be considering giving them what they are asking for. SMH

[Edited 6/8/16 14:01pm]

Giovanni777 said:

suomynona said:

suomynona said:

xRachx said:

suomynona said:

RodeoSchro said:

Here's the short version:

Don't worry, Prince probably set up a trust that will be run by someone like Sheila E, and that trust will own all of Prince's music.

I'm glad to see that I didn't need to send you an ORGnote explaining my reply. I'm constantly amazed (to say the least) at all of the constant nonsensical freaking out on this site about things that literally don't affect ANYONE.

I am honored you sent it!

I don't mind the freaking out over non-sensical things as much as I mind the just-plain-wrong statements like, "Because Prince paid taxes on that money when he earned it. I repeat: the taxes were already paid." That shows a lack of understanding regarding the transfer of wealth from one entity to another.

Heck, under that kind of logic I guess one could say that Prince should never have paid any taxes either, since the money he received was money that was taxed when the person who paid to him earned it. Taking that logic all the way to its conclusion, one could say that only the first person who earns any specific dollar should have to pay an income tax on it because from then on, that money has "already been taxed".

trickster said:

Giovanni777 said:

.

Also, it's not just the 2,000 vault sohngs... they are talking about selling Paisley Park itself, including its' non-cash assets. This means tearing down the studios, selling the instruments, etc.

.

Totally wrong... Prince's will would have Paisley Park turned into an audio engineering school. If it goes to the highest bidder, then Jay-Z and Beyonce will buy it. U cool with that?

I am cool with that! Princes family are Not able to handle it at all.

You think Jimmy Jam and Terry Lewis would consider buying it if in fact it needed to be sold? Just pondering out loud...

suomynona said:

TrevorAyer said:

i guess that is so he can pay for crooked hillarys wars ... taxes smh ..

Well, sorry to say but Hillary isn't going to be the next POTUS. That will be Drumpf, thanks to this country's fascination with reality TV. And we will all be lucky to survive his nightmare of a presidency. My only hope is that something is released from the vault before he destroys the planet via nuclear holocaust.

someone should take the "fuck Donald Trump!" chants that we hear at the anti-Trump demonstrations,put music to it and release it as a single It would be a Top 10 smash,LOL

carry on,folks.....

[Edited 6/8/16 14:24pm]

suomynona said:

RodeoSchro said:

First of all, those of you who are saying that taxes have already been paid by Prince on the money and should therefore not be subject to the estate tax are wrong. Inheritances are a transfer of wealth from one person to another. That is a taxable event.

If I gave you $100 million, you'd owe a tax on that and I bet that's something you understand. You wouldn't say "I don't owe a tax because RodeoSchro already paid a tax on that money when he earned it". Well, this is the same thing. It's absolutely no different than if Prince had given Tyka $100 million while he was alive. She'd owe taxes on that, so why would she not owe taxes on it if Prince gives it to her (through estate settlement) after he passes away?

We can argue about what the estate tax rate should be, but if your position is that heirs should not pay an income tax because that money has "already been taxed" then you don't know what you're talking about.

KingSausage said:

Let's just combine all the recent Org dipshittery and say that the evil culprit who MURDERED Prince with arsenic is clearly the one to whom he signed control of his life instance trust. He or she is probably from the NFL.

Just in case though, it's true that the NFL itself was, up to a couple years ago, a tax-exempt organization.

But all of the TEAMS were taxable entities. So for instance, Jerry Jones has to pay income tax on all the money the Dallas Cowboys make. BUT, up until a couple years ago, the NFL itself didn't have to pay any taxes on money it received from the Dallas Cowboys.

RodeoSchro said:

KingSausage said:

Let's just combine all the recent Org dipshittery and say that the evil culprit who MURDERED Prince with arsenic is clearly the one to whom he signed control of his life instance trust. He or she is probably from the NFL.

Just in case though, it's true that the NFL itself was, up to a couple years ago, a tax-exempt organization.

But all of the TEAMS were taxable entities. So for instance, Jerry Jones has to pay income tax on all the money the Dallas Cowboys make. BUT, up until a couple years ago, the NFL itself didn't have to pay any taxes on money it received from the Dallas Cowboys.

RodeoSchro you explained how taxes work perfectly. I was also just telling someone what you said and they said 'REGUARDLESS' I SAID REGUARDLESS WHAT?They said in fact the same 100,000 is getting taxed twice because its still the same 100,000 This is the way celebs actually think about this tax situation.Then someone else chimed in and said AND I QUOTE 'IF THAT PERSON DIES AND THE MONEY MOVES ON THATS THE SAME 100,000 TAXED 3 TIMES.I cant take it lol.See this is why the lottery doesn't get involved in this.Can u imagine you hit the powerball for 500 mill they take 250 taxes.You do a will and leave the other 250 to your daughter.Your daughter says nope mom pd 250m i shouldn't have to pay again Even though its a diff type of tax.

[Edited 6/8/16 14:44pm]

KingSausage said:

destinyc1 said:

RodeoSchro said:

Just in case though, it's true that the NFL itself was, up to a couple years ago, a tax-exempt organization.

But all of the TEAMS were taxable entities. So for instance, Jerry Jones has to pay income tax on all the money the Dallas Cowboys make. BUT, up until a couple years ago, the NFL itself didn't have to pay any taxes on money it received from the Dallas Cowboys.

RodeoSchro you explained how taxes work perfectly. I was also just telling someone what you said and they said 'REGUARDLESS' I SAID REGUARDLESS WHAT?They said in fact the same 100,000 is getting taxed twice because its still the same 100,000 This is the way celebs actually think about this tax situation.Then someone else chimed in and said AND I QUOTE 'IF THAT PERSON DIES AND THE MONEY MOVES ON THATS THE SAME 100,000 TAXED 3 TIMES.I cant take it lol.See this is why the lottery doesn't get involved in this.Can u imagine you hit the powerball for 500 mill they take 250 taxes.You do a will and leave the other 250 to your daughter.Your daughter says nope mom pd 250m i shouldn't have to pay again Even though its a diff type of tax.

[Edited 6/8/16 14:44pm]

Thanks! Yeah, if you follow that "It's already been taxed!" flawed logic to its conclusion, then only the first time a new dollar is created and earned by someone is the only time it should be taxed.

This is a perfect example of how a guy named Frank Lutz has screwed America for, oh, about 15 years. He's the Republican pollster that comes up with neat phrases for vital issues - in this instance, he came up with "death tax". Now, all the Republicans think you get taxed because you died. But that's not the case.

emesem said:

No sure I understand why people get all worked up about this. Do we think that the siblings should be able to gain all this wealth tax-free, while we all work hard and pay up our share all our lives and make only a fraction of this over a lifetime?

I don't think it really matters. Prince had no one really worth getting any of his money. By that i mean, his family are just regular folks and they weren't even that close, the govt. doesn't deserve it either but it's got to go somewhere.

CROWNS1 said:

KingSausage said:

Let's just combine all the recent Org dipshittery and say that the evil culprit who MURDERED Prince with arsenic is clearly the one to whom he signed control of his life instance trust. He or she is probably from the NFL.

emesem said:

No sure I understand why people get all worked up about this. Do we think that the siblings should be able to gain all this wealth tax-free, while we all work hard and pay up our share all our lives and make only a fraction of this over a lifetime?

.

Yes I would rather them have it than the 1%. Although I guess they will be the 1% once they get all that money.

.

But Prince already paid taxes on all that income, so this is just taxing it again and at a 50% rate.

What is really going to be bad is that the public will finally get to hear All My Dreams ...sung by Justin Bieber. And Electric Intercourse...sung by Kesha...and I Wonder...sung by Kanye. What if they just give those songs to regular "artists" rather than releasing the P versions. Horrors !

The funny thing is (actually it is not funny at all) that a big record company like WB will get all of it in the end. Who else could make such huge investments necessary to release the material from the vault?

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And Prince spent so much time of his precious life here on earth to fight against it ... all in vain.

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But this is a lesson for us to learn, for him it's too late.

emesem said:

RodeoSchro said:

RodeoSchro said:

PeteSilas said:

emesem said:

No sure I understand why people get all worked up about this. Do we think that the siblings should be able to gain all this wealth tax-free, while we all work hard and pay up our share all our lives and make only a fraction of this over a lifetime?

I don't think it really matters. Prince had no one really worth getting any of his money. By that i mean, his family are just regular folks and they weren't even that close, the govt. doesn't deserve it either but it's got to go somewhere.

To God, every member of his family was worth as much as him. So sorry you don't see life that way.