Tax on wealthy estates extended (legal, school, leader, party)
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Their anger comes from ENVY..........a common human emotion. They try and "dress" it up, but it's plain for all to see. Most of these guys are "beta males' they will never have any real money or position.
Typical knee-jerk response. Only some down-and-out failure of a person could argue against the intersts of the rich. Well, think again, dude. You couldn't be more wrong...
There is nothing I know of in traditional American values and ideals of meritocracy and equal opportunity that calls for the creation of a permanent, hereditary upper class controlling ever increasing amounts of wealth and power. The estate tax is the ONLY tool we have to defend ourselves against exactly that.
That is, of course, only directed to people who have worked hard, employed people, made payrolls, invested in their community, and wish to pass along some of their wealth to their own intact family as opposed to having it used to redistribute wealth.
Also, of course, there are exclusions for those of old wealth who were in power long enough to grandfather endowments. Maybe like the wealthy Massachusetts family and countless other political families?
I don't understand why some feel entitled to take what we worked hard for our entire lives, including both of us working 2 full time jobs. We have not inherited anything, we have worked for everything we have and would like to be able to leave it to our children. My husband and I both came from a poor family and now that we finally have something in life is it so terrible we would want to keep it for our children? As far as "debt as Americans to chip in for the common good" wouldn't our sons 7 years in the military count? Wouldn't all taxes we already paid on what we earned count?
My heart bleeds for you.
Gee, what's $3.5M * .55? 1.925M
If your kids can't make it on that nest egg, too bad for them.
Everyone pays.
The rich can afford it more.
Taking money from them in proportion to what they make will not leave them starving or without shelter.
It can and does do so with the middle/lower economic classes.
Quote:
Originally Posted by dick1973
That what everbody says. I want to know a few of the "loopholes" what are they? Please explain.
Try a tax attorney. Ahhhh, you'll have to pay for that.
Last edited by chielgirl; 12-04-2009 at 03:43 AM..
Reason: Fuzzy Math
That is, of course, only directed to people who have worked hard, employed people, made payrolls, invested in their community, and wish to pass along some of their wealth to their own intact family as opposed to having it used to redistribute wealth.
No whining. You will be able to pass copious amounts on to your intact family. You will also have every opportunity to set up the very same sort of tax avoiding strategies as anyone else relies upon. If you are wealthy, you got that way because wealth was redistributed to you. You don't get to sob over a small part of it eventually going away the same way.
Come on ergohead, help a poor boy out. Hell, my CPA can't find them for me! Hey, what's a scroogle proxy?
Is that one of the loopholes where if you operate as a sub-chapter S corporation accrual you get to pay tax on money before you ever receive it? Is that the kind of loophole he is talking about?
The wealthy in the USA need to pitch in and sacrifice. This Country hasn't been paying it's bills for a Decade now.
You whiny right wingers who worship the rich will just have to deal with it.
Quote:
Originally Posted by saganista
There is nothing I know of in traditional American values and ideals of meritocracy and equal opportunity that calls for the creation of a permanent, hereditary upper class controlling ever increasing amounts of wealth and power. The estate tax is the ONLY tool we have to defend ourselves against exactly that.
Quote:
Originally Posted by organick
awwwww the poor people inheriting over 3.5 million. I really feel for them. How will they possibly make it
Quote:
Originally Posted by chielgirl
My heart bleeds for you.
Gee, what's $3.5M * .55? 1.925M
If your kids can't make it on that nest egg, too bad for them.
Everyone pays.
The rich can afford it more.
Taking money from them in proportion to what they make will not leave them starving or without shelter.
It can and does do so with the middle/lower economic classes.
so you think its FAIR that the rich get taxed at least 3 times????...you think its FAIR that because someone is SUCCESSFUL they should get taxed at a higher rate????
a guy goes from nothing and BUILDS a SUCCESS, now worth millions..he has PAID his taxes (at a much higher rate), he INVESTS his money and gets TAXED AGAIN on the interest (earnings), then he dies..and HIS FAMILY gets TAXED AGAIN on that same money....is that FAIR???????
Despite what you might believe as the result of having been lied to over and over and over again, the taxes that the middle class pay hurt them more than what the taxes that the rich pay hurt them. The rich have been getting a free ride ever since Georgie Boy showed up...
before that, that idiot actor started the free ride, Bush made it worse
Sam is not too smart. Sam should simply incorporate the company. The company has no inheritance tax, but if Sam is that successfull he will probably think about that. Another scare tactic by the wealthy. Personal wealth INHERITED is taxed not a corporation. Corporations never die due to old age.
Ahh, hotair isnt too smart because being incorporated does not protect one from inheritance tax.. the inheritance becomes stock shares in an incorporated company which gets passed along, and is still taxed.
so you think its FAIR that the rich get taxed at least 3 times????...you think its FAIR that because someone is SUCCESSFUL they should get taxed at a higher rate???? a guy goes from nothing and BUILDS a SUCCESS, now worth millions..he has PAID his taxes (at a much higher rate), he INVESTS his money and gets TAXED AGAIN on the interest (earnings), then he dies..and HIS FAMILY gets TAXED AGAIN on that same money....is that FAIR???????
Don't take it so personally. No individual is taxed. The income tax is a tax on income from whatever source derived. Don't want to pay so much in tax? Fine. Don't have so much income. If you decide the other way, be prepared to pay your fair share in taxes.
Quote:
Originally Posted by workingclasshero
abolish the estate tax. NOW
Nah, let's do a little deficit reduction and make it progressive instead. 45% of everything over $3.5 million okay, but then 55% of everything over $7 million and 65% of everything over $10 million. May as well go to 75%, 85% and 95% at $15 million, $20 million, and $25 million as well. That ought to help reclaim some of society's largesse and at least get it put to some charitable use rather than simply being passed on as an unearned mega-fortune...
Sam owns a business and 40 years after he started it's worth $10 million and employs 16 people in real jobs.
Sam dies and leaves the company to his widow.
Sam's widow gets the company and within nine months she has to write a check to the IRS for ($10,000,000.00-$3,500,000.00)*.45 or $2,925,000.00 which will bankrupt most companies.
Psssst... hint... unless you have been there you wouldn't believe how hard it would be for most companies worth $10 million to come up with $292k much less $2.92 million. It is nearly impossible, the company will fold.
Add 16 more unemployed to the rolls.
Now I will tell you a story naming names, dates and places.
Bucyrus, Ohio in the early 1990's was home to Baja Boat which manufactured boats some being very large and luxurious. They started in the very early 1980s's with just a few people but all during the wicket 90's they grew eventually having 980 employees on the payroll. They grew so much the town actually vacated streets so the company could add on manufacturing space.
These jobs were good jobs, average pay was $12.00 an hour for factory workers. To put the pay into perspective what cost $12.00 in 1990 would cost $19.53 in 2008.
On top of this all employees and their families were provided with health insurance.
Then, in a grand stand play of getting even with em, congress passed the 10% luxury tax (the left and workers of the world rejoiced, they would finally get even with rich people) and it did three things.
It cost Bush the reelection, people immediately stopped buying boats and employment at Baja Boats went from 980 to 8 in six months.
And the left rejoiced, those democrats really showed the republicans on that one!
Pass this sort of garbage and you will see what manufacturing business we do have left leave for overseas.
Who would have ever thought Red China would be more business friendly?
And then there are family farms. If you've ever been involved in a family farm it doesn't take much to get $5 million tied up in one anymore. You can get a quarter of a million or more tied up into one harvester.
Go ahead and try to take a million out of 3,000 acre family farm and see how long they stick around.
And then there is the pure morality of it. A man works 40 years to put together a $10 million company paying taxes on all that money for all those years and yet some people believe he owes more when he dies? It's immoral and will kill business. Killing business means no jobs for you.
Don't confuse the issue (class warfare) with facts. I repped you on this.
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