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If that were true... which it isn't... How did Bush and Cheney fare against those "young republicans"... they sure fixed things didn't they...
It absolutely is true!
Do you not understand that President Bush NEVER had enough of a majority in the Senate to stop the Dem filabusters? So...it was the Democrats that blocked everything the Republicans tried to do such as the housing/bank mess, having to put up with the Dems spending "add ons" to such important legislation as the funding for the military and on and on. You must be too young to have understood the Dem's being responsible for the mess we are in or else you are just so determined to ignore the truth in order to try to justify the Dems irresponsible policies.
Do you not understand that President Bush NEVER had enough of a majority in the Senate to stop the Dem filabusters? So...it was the Democrats that blocked everything the Republicans tried to do such as the housing/bank mess, having to put up with the Dems spending "add ons" to such important legislation as the funding for the military and on and on. You must be too young to have understood the Dem's being responsible for the mess we are in or else you are just so determined to ignore the truth in order to try to justify the Dems irresponsible policies.
Dems irresponsible policies?... How about lack of bank regulation under the Bush administration?... How about Henry Paulson telling George Bush to back off?...
The Economic Freedom Act of 2010 -- introduced by Reps. Jim Jordan (R-Ohio) and Jason Chaffetz (R-Utah) -- proposes deep tax cuts favoring the wealthiest in America, a reduction in regulatory oversight and the elimination of a federal tax on the estates of millionaires, which will allow wealthy investors to escape taxes entirely on a significant portion of their income.
Moderator cut: Copyright violation -- please post a link and a "snippet" only, per the Terms of Service
OP, why is this a bad thing? You are trying to convince us that government will handle the money better than us? What is government going to do with our money? Save it? Not a change, they just going to spend it, I meant, wasted it. No only they wasted it, they don't even know where they have wasted it.
If estate tax is repeal, this is the best thing that could happened in this country in the past 30 years. I know most of use will not have to pay estate tax because of the exemption. Assume exemption is gone, and you have pass away and you have a house pass to your heirs. Government come in and have determined that your house is worth $250,000. For a estate of $250k, your total tax to the Fed is $70,800 or 28.32%
Ok, now the problem. Where is your heirs going to come up with $70k? They don't have free cash of $70k, so they have to sell the house. Assume you bought the house for 100k and able to sell it for $220k (market is not good). Now you have $120k in capitial gain, which you have to pay tax on. Make the math simple, use 40% for combine Fed and State, so you have to $48k in tax.
So after the heirs have sold the home. This is what have left
220
-48
-70.8
= 101.2 or 40% of 250k before state estate tax.
Now, let's take that number to $3million and with 55% estate tax. With assumption of $2 million is capital gain, with 40% tax, so that's 800k. 55% of 3 million is $1.65 million
3000000 - 1650000 - 800000
= 550000 or 18.3% left
Did anyone see the problem?
No wonder people with money is fleeing this country.
OP, why is this a bad thing? You are trying to convince us that government will handle the money better than us? What is government going to do with our money? Save it? Not a change, they just going to spend it, I meant, wasted it. No only they wasted it, they don't even know where they have wasted it.
If estate tax is repeal, this is the best thing that could happened in this country in the past 30 years. I know most of use will not have to pay estate tax because of the exemption. Assume exemption is gone, and you have pass away and you have a house pass to your heirs. Government come in and have determined that your house is worth $250,000. For a estate of $250k, your total tax to the Fed is $70,800 or 28.32%
Ok, now the problem. Where is your heirs going to come up with $70k? They don't have free cash of $70k, so they have to sell the house. Assume you bought the house for 100k and able to sell it for $220k (market is not good). Now you have $120k in capitial gain, which you have to pay tax on. Make the math simple, use 40% for combine Fed and State, so you have to $48k in tax.
So after the heirs have sold the home. This is what have left
220
-48
-70.8
= 101.2 or 40% of 250k before state estate tax.
Now, let's take that number to $3million and with 55% estate tax. With assumption of $2 million is capital gain, with 40% tax, so that's 800k. 55% of 3 million is $1.65 million
3000000 - 1650000 - 800000
= 550000 or 18.3% left
Did anyone see the problem?
No wonder people with money is fleeing this country.
This is why this is a bad thing...
"The tax cuts they want to give, as usual under Republican policies, will give 62 percent of the tax cuts to the top 1 percent of Americans,"
"Or said another way, an average $467 tax cut to working Americans in the middle of the income levels, and to the top 1 percent earners, an average of $157,000 tax cut,
and to Goldman Sachs, $2.6 billion in tax cuts.
When you analyze that, you know what is happening is the same old Bush policies of advantaging the wealthy at the expense of the middle income working people and tax cuts which did not, as they were advertised to, grow the economy and grow jobs. In fact, they did just the opposite."
"This is almost five times bigger than Bush tax cuts were." "It really represents a doubling down on Bush's economic agenda. Where he skewed his tax policy heavily to the rich, this would skew it even further even to the exclusion of the middle class.
The Economic Freedom Act of 2010 -- introduced by Reps. Jim Jordan (R-Ohio) and Jason Chaffetz (R-Utah) -- proposes deep tax cuts favoring the wealthiest in America, a reduction in regulatory oversight and the elimination of a federal tax on the estates of millionaires, which will allow wealthy investors to escape taxes entirely on a significant portion of their income.
Moderator cut: Copyright violation -- please post a link and a "snippet" only, per the Terms of Service
Why should they, they are proud of how well they serve their corporate masters
Clinton left a surplus... Bush left a deficit... after what we say the past 10 years... enough said...
Like all politicians, always take credits for good things happened in their term and finger pointing when bad thing happens. Clinton got lucky with the internet revolution and millions of jobs were credit. However, his administration repealed Glass-Steagall Act, which is the root of the sub prime mess.
It's the Huffington Post's spin on H.R. 5029 that's been stuck in committee since April of this year. The bill isn't going anywhere.
Well, yeah, but by damn those GOP dolts presented it for some reason.
The OP doesn't care that the bill is dead in a Democrat controlled Congress. Those people proposed and that is all that counts. I am going to be shafted by the party I will vote for for most offices and he told me.
they are digging and scratching..after all they have their marching orders from their creator and ruler..George Soros..aren't they rediculous..like anybody with half a brain would even listen to them...but I do love to see them squirm...
or vote Republican because they know what's worst for you?
You are making this too easy.
Honestly, how many times does it take GOP to screw Republican voters?
Ain't something that whatever either party does gets at the other.
I just heard a left leaner say on Fox that the Dems have done the right thing about SS although the CBO said that we have to do one of two things to save Social Security. They said that we must either tax less or spend less and you know which choice the Dems always make. Of course, they say keep on spending and raise taxes to get the money for it. Not for SS but for other things.
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