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I do wish, as I have noted before, that the Congress would act reasonably concerning the 'estate tax', or 'death tax', if you will.
Mind, I am all for 'family farms' being exempt from such death taxes.
However, I see no need to eliminate the estate tax completely, which (besides the farms), only affects a very small minority of people.
As my Estate Law professor explained many, many years ago: We have Puritan roots, in which every man is expected to stand on his own two feet. The Founders were also very suspicious of the English system, as it existed until the 20th Century, that allowed 'entailment' to safeguard huge estates passing from generation to generation, often 'awarding' the idle and slothful with huge sums of money.
If I were worth 100 million, my wife would, upon my death, inherit the money. When she dies, our children would inherit a great sum of money, although not 100 million, due to the death tax. Yet, even after such payment, they would not suffer from want.
So. It's already been taxed, so the government should have no claim on it.
The top tax rate of 39.5% for the rich isn't going down. The top 10% pay 70% of the taxes. By lowering their tax rate, rich people will expand businesses, hire people, invest, buy things that middle and lower class people will make, so those people will have jobs, pay taxes and increase government revenue. Rich people don't just stick money in the bank. They put it to work.
Most people will save money by preparing their own tax forms because they won't have to hire someone.
Blue states with high state income tax will suffer because rich people won't be able to deduct state tax. Blue states should learn to budget.
Trickle down - discredited long ago.
So, your solution is for that forgotten man from WV to come and polish a yacht in Florida?
I'm fairly rich and I put money in the bank and the stock market. Why should I put it somewhere else - I can make as much or more than actively investing it.
So, your solution is for that forgotten man from WV to come and polish a yacht in Florida?
I'm fairly rich and I put money in the bank and the stock market. Why should I put it somewhere else - I can make as much or more than actively investing it.
Which trickle down? Through the market or government taxing schemes?
In the capitalist system, trickle down works real well.
In a system where the government uses tax schemes to try to trickle down, not so much.
Trickle down is hundreds if not thousands of years old. It doesn't work - except in the rare cases of a benevolent dictator. Certain oil-rich Arab countries give a lot of trickle down money to their tribes and it works.
But in our system it doesn't work. It has been in force for decades - surely you know taxes under IKE and JFK were VASTLY higher (up to 90% and more) and we had the greatest expansion in history.
They were brought down and guess what? Inequality has increased. Doesn't take a rocket science to figure that out......
I make more money sitting around drinking by the pool (dividends, cap gains) than I do if I work and enlarge my businesses...
The very idea that we reward people MORE for not working...than for investing in actually growing their business, paying salaries, etc....is crazy.
But - you see - this is not a debate. It's been proven over and over again.
Of course, giving ANY tax breaks when you are spending in deficit and have 20 Trillion in debt means you are giving that money back out....of money that doesn't exist!
If we had a surplus I'm all for giving some back. But we don't.
It's plain unpatriotic to dump trillions on our children and grandchildren so someone can make $480,000 net per year instead of $465,000
I'm listening to Trump's tax plan explained. Massive tax cuts for the wealthy. Bottom bracket sees an increase. Adds to the deficit.
Are people going to actually vote for this?
Look a walking talking democrat talking point. The people already voted for it, your party holds zero power, the only reason it may not pass it bc of republicans incompetence. So sit back and enjoy the show
I have seen the GOP tax cut in NC and it was not a cut. It was a cut for the 1%. the guys who McCrory brought in.
The Legislature screwed the Middle class by taxing everything. Taxes have gone up on sales, property, Real Estate and they even tax labor on service call as well as auto repairs.
Taxes have gone up on cell phones, internet, cable TV and car registrations.
This one being proposed by the GOP in DC will be as bad if not worse as they screw us on deductions. Last year I paid Federal at a rate of 8.7% earnings of around 70K. They want to raise rates to 12% no deductions.
your party holds zero power.... So sit back and enjoy the show
Constituents don't have to sit back just because their party isn't in power. ALL citizens have the right to speak out and to have their voices heard. Our US Senators and US Representatives represent ALL of their constituents, regardless of party.
If someone wants to voice their concern for a bill, they contact their 2 US Senators and their 1 US Representative. Or they protest. Or they request townhall meetings and attend them. Or they write letters to their newspapers Opinion page. Or they write a book. Or they run for political office or support candidates that are running. And they make sure to vote in future elections to ensure their voice is heard.
At least they aren't trotting out that nonsense about tax cuts creating jobs. That money is going to go straight to shareholders, where it will never see the light of day.
It's not like anyone is ever going to see a wage increase on behalf of the benevolent aristocrats that benefit most from this plan.
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