Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I was speaking to the fact that we can just remove taxes and all is well. We are already running a deficit, so where is the offset.
We can remove public assistance and won't have to tax individual and corporate income so much. Why should anyone get something for nothing except the truly incapacitated? Seniors who've paid FICA tax their entire working careers don't even get Medicare for free. And just about everyone loses money on Social Security now.
Currency sovereigns do not need to tax for revenue. Taxes are tools for control. Control of aggregate demand, control of social policy, control of behavior, etc.
Modern nations with fiat currency do not need taxes to fund spending. Period.
How then to pay for roads, infrastructure, national security, and police protection?
How then to pay for roads, infrastructure, national security, and police protection?
The logic is they would be privatized. The issue is it creates a caste system of toll roads and protection. Private schools are a perfect example yet many want vouchers at the tax payers dime to do so. Meanwhile most of whom that take advantage of this are the rich, whom would go regardless but instead get an entitlement from the government. NEA - School Vouchers: The Emerging Track Record
There are many taxes on things from gasoline to products, why is the focus on the repeal of a tax on millionaires, is it cause extreme hardship. Besides they have many other tax benefits from being in the wealthy class.
The worst way to run a country is to keep the entire wealth passed on from generation to generation in the hands of a few, this won't change that but I don't see any issue with a small tax on estate taxes exceeding $10M. They should be focused on doing away with the carried interest benefit for hedge fund managers rather than this tax.
Stop worrying about the 1%, they will some how survive this tax, they seemed to have survived the horrors of the estate tax for the last decade.
its not just the 1% that gets clobbered by the estate taxes
follow me for a minute:
YOU are a 18year old only child in his last year of high school
you father and mother bought the house you live in( a small typical long island house about 2000sf on a 60x100 piece of property) house in Massapequa in 1995 for $130,000....today its worth 600,000(according to the state for property tax purposes)...its paid for..no mortgage..but the property taxes are 12,000 per year (1000 per month)
you father a mechanic by trade, took over (bought) a shop in 1998 (year before you were born)
the taxed value of his shop is as of today 12 million
your mother does mary kay and has put every dime she has made over the last 20 years in the bank for your education...she was able to make about 15k a year (so about 300k plus what ever in bank interest)
so again you are 18( officially an adult) and still in HS....your father and mother are the same age of 50.....
today you get word, that a tragic car accident has happened and they are both dead
the estate is deemed to be worth about 13 million
FEDERAL says they will tax at a 40% rate anything over 5.45 million...so 13 million - 5.45 mil is 7.55 mil, and 40% of that is 3.02 million
NYS says they will tax of 402,800 plus 12.0% of anything over 5 million so 12% of 8 million is 960k...plus 400k...total NYS ET 1.3 mil
so you as a 18 year old high schooler are going to get hit with a 4.32 million dollar tax bill....DUE WITHIN 90 DAYS
so you are going to have to do a short sale on the business and HOPE you can get at least 5 million (hopefully a little more) so you can atleast keep the house and finish HS and hopefully college.....
but everything your father worked for is gone....
so do you actually think the estate tax is fair?????
Only .2 percent of estates pay it. That's right, even most of the 1% will never pay it. I expect it to stay in some form, as financial advisors and lawyers have powerful lobbies.
Repeal of the estate tax is great news for Trump and other billionaires on the Forbes list. Unfortunately, too many are duped into believing that the estate tax effects them. It does not. As it stands now, the estate tax only effects those with assets over approximately $5.4 million for a single person and $10.8 million for a married couple.
The estate tax was passed during the progressive era to forestall the creation of an American aristocracy. It has done so with some success.
So, the question is why should we create a permanent upper class in this country? After all nearly all our forebears left Europe because there was no upward mobility because the aristocracy kept them down.
The estate tax has worked and we should not repeal it.
Worked how? Please explain that.
Stealing other peoples money for your causes is sleazy.
Vast inherited wealth is a danger to free society why do you want to give the rich more power?
Progressivism is a disease. Exhibit A
Stealing peoples money in the same sentence as free society. You can't make this stuff up folks.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
