Harbor Freight family feud

"When he founded Harbor Freight Tools four decades ago, it’s unlikely Allan Smidt expected it would end like it did this spring, when his own son had an executive walk him out the door and lock him out of the building."
http://www.vcstar.com/news/2010/jul/19/harbor-freight-ceo-accused-by-parents-of-looting /
Interesting comments on working at HF
http://www.jobvent.com/harbor-freight-tools-job-reviews-C6325?searchType=company&searchText=harbor%20freight

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Assuming above story is factually correct, this is one of the few times I approve of post term abortion ;)
Wes -- "Additionally as a security officer, I carry a gun to protect government officials but my life isn't worth protecting at home in their eyes." Dick Anthony Heller

On Thu, 29 Jul 2010 19:43:22 -0400, Wes
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ROTFLSHIAPMP! Megadittoes.
-- It is pretty hard to tell what does bring happiness; poverty and wealth have both failed. -- Kin Hubbard

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Excuse me?
Do you have a clue as to what you are talking about?
Transferring money to anyone (such as heir) as a gift, while alive, subjects them to gift tax, which is very similar (and is designed to supplant) estate tax.
Getting money from daddy when daddy is alive, is generally taxed the same way as when daddy is dead.
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Um, if I remember right, you do not have enough assets as to pay estate tax, right? Why are you including yourself into "the rest of us"?
If, indeed, your assets do not exceed estate tax deduction, they you or your heirs would not be "paying".
Only one death out of 200, creates a situation where estate taxes would be payable (per Warren Buffett, I am sure that he is right).
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This is an empty argument. Any kind of economic activity has this nature.
I could hire people to build 20 statues of me. But, while they are employed to build statues, they would not be doing something more useful. Or my money could be taxed, and spent by the government to build 20 missiles, that would be fired at the current enemy of free world. It is similar in nature also. Just to give you two examples.
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I do not believe that resources are allocated correctly, if dynasties of do-nothings maintain full control of assets that they never worked to create. I would be OK with replacing "full" with "partial", which is what estate tax accomplishes. It whittles down those dynasties over the years.
i

On Fri, 30 Jul 2010 13:21:35 -0500, Ignoramus18915
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Ig, the gov't wouldn't build missiles with it, it would be sucked into a payout to a fraudulent contractor somewhere in the particular CONgresscritter's district who would kick back 20% of it to the CON. The project would be a highway to nowhere, a bridge to nowhere, a military dock on a closed base in Hawaii, or other somesuch bullshit thing. Sure a few guys would be working, but it would involve fewer of them than possible because it's a gov't job and unions are involved, ensuring the highest possible wages to the worst possible workers for the grimiest of builders...
The CONgresscritter's portion would then to go Columbia to support some drug dealer there while supporting the CON's coke habit, to brothels, to subverted aides and pages (of both sexes), and to the Mafia, who helps enforce the CON's will in his district.
Just so you know, that's what's happened to the American Way. :(
Vote Democratic; Feed a dealer and Madam Today!
-- To see what is right, and not to do it, is want of courage or of principle. -- Confucius

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I'd be surprised if the full value of the services, transportation, clothing etcetera consumed by Paris Hilton is accounted for and taxed.

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Do you mean that what her dad pays for her clothing, is not taxed with gift tax?
Good question.
i

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Staying at family compounds, buying on family charge accounts, payments for bogus services, staff on family payroll, there are probably a lot of ways to prop up her lifestyle without gift taxes.

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Hard to say, my guess is that she is too high profile to hide that sort of thing.
i

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Most of it is probably legal. Staying at your Dad's house or summer home is not taxable. What if your family has five homes/complexes? While you're there you have use of the family vehicles, servants, club memberships....supplement that with some carefully crafted trust fund money and earnings- she's rich without large taxable transfers.

On 7/30/2010 10:42 PM, ATP wrote:
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Even if it's taxed, the tax doesn't take all of it. You people act like someone ending up with a hundred million dollars out of a 200 million dollar estate is impoverished or something.
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"J. Clarke" wrote:
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You act like the estate is all cash. What if that half of the inheritance means that property has to be sold to pay the tax?

-0400 typed in rec.crafts.metalworking the following:
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    And you act as if having the government take half of what you saved and earned over the course of your life is not a bad thing.
    Some people behave as if something is okay, as long as it involves large amounts of money.

On 7/31/2010 3:08 PM, pyotr filipivich wrote:
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Well, I'd feel a lot worse about if if it meant that somebody was going to miss meals as a result of it.
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When you're working for a living it's hard to develop much sympathy for anybody who doesn't have to.

-0400 typed in rec.crafts.metalworking the following:
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    So you don't care if the government decides that you are "rich" and deserve to make a "voluntary investment" of half of your savings? Or all that surplus moeny you have?
    Unprincipled rat bastard, ain't you. Like I said, you don't care what happens, as long as it involves lots of other people's money.
tschus pyotr

wrote:
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When you are crippled, lame and stupid, is it right to hate those that are smart, athletic and physically fit?
Gunner
"

-0700 typed in rec.crafts.metalworking the following:
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    I should amend that to read: Some people behave as if something is okay, as long as it involves large amounts of other people's money.
    Come to think of it, as long as they just tax those people who still favor Obama tax increases, who am I to complain? They get to pay more in tax, and the government get the revenue.

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Well, yes, but no assets are transferred. My kids stay at my home too (expensive) and I wipe their butts (could also be expensive, but I do it for free).
i

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Hilton may be lacking in the morals area but she's one sharp broad - a millionaire in her own right many times over. Paris Hilton has become a brand and that brand has left the person behind. She is now Paris Hilton, Inc.
JC

-0400 typed in rec.crafts.metalworking the following:
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    And doubt you not that the family and company have some very sharp tax attorneys who have figured that all out.
    That is the real problem with the "tax the Rich" mentality. The alleged targets (The Rich) are able to afford the lawyers and accountants to find the ways and means to accomplish the desired end, while those who would like to become rich, are not able to afford them This is one reason why big corporations don't really mind business regulations. They can afford the compliance costs in terms of employees who do nothing but fill out government paperwork.
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