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Independent Sen. Bernie Sanders (I-VT) is sick of the super-rich avoiding estate taxes.
On Thursday, he made good on his word: he today introduced legislation to restore the estate tax on the wealthiest Americans, which he says would bring in at least $264 billion in the next ten years to help reduce the national debt.
“This legislation would ensure that the wealthiest Americans in our country, millionaires and billionaires, pay their fair share while exempting 99.7 percent of Americans from paying any estate tax whatsoever,” Sanders said in a release. “At a time when we have a record-breaking $13 trillion national debt and a growing gap between the very rich and everyone else, people who inherit multi-million and billion dollar estates must not be allowed to avoid paying their fair share in estate taxes."
All the talk about billionaires, and yet the tax smacks estates down to $3.5 million.
Just like Rangel, Obama et al talking about the multimillion salary CEO's to justify more taxes on people making $200,000.
This is bait and switch at its best. Either proposal could be defended on its merits, and should be debated on its merits, but they always pull out the old shell game instead.
Yeah, because we all know that the poor have been overburdened with taxes for decades..
Quote:
Originally Posted by sickofnyc
On Thursday, he made good on his word: he today introduced legislation to restore the estate tax on the wealthiest Americans, which he says would bring in at least $264 billion in the next ten years to help reduce the national debt.
And cost how many trillions in lost american value which will result in less revenue?
[quote=sickofnyc;15376256]“This legislation would ensure that the wealthiest Americans in our country, millionaires and billionaires, pay their fair share while exempting 99.7 percent of Americans from paying any estate tax whatsoever,” [/quote]
no, the legislation doesnt do that either.. The legislation will ensure that those in the lower levels of the tax bracket will pay the taxes, while those in the upper sections of the bracket will simply pass the funds onto their children through "non profit" trusts etc..
Quote:
Originally Posted by sickofnyc
“anders said in a release. “At a time when we have a record-breaking $13 trillion national debt and a growing gap between the very rich and everyone else, people who inherit multi-million and billion dollar estates must not be allowed to avoid paying their fair share in estate taxes."
Right, so now the rich are to blame for the national debt, and not Congress, who simply keeps spending more than they receive.
Independent Sen. Bernie Sanders (I-VT) is sick of the super-rich avoiding estate taxes.
On Thursday, he made good on his word: he today introduced legislation to restore the estate tax on the wealthiest Americans, which he says would bring in at least $264 billion in the next ten years to help reduce the national debt.
“This legislation would ensure that the wealthiest Americans in our country, millionaires and billionaires, pay their fair share while exempting 99.7 percent of Americans from paying any estate tax whatsoever,” Sanders said in a release. “At a time when we have a record-breaking $13 trillion national debt and a growing gap between the very rich and everyone else, people who inherit multi-million and billion dollar estates must not be allowed to avoid paying their fair share in estate taxes."
you people do realize that technically the estate tax is illegal double taxation dont you? estate taxes are taken out before the estate is divided up, and that wealth was already taxed in the past. however what should be done is the heirs to the estate should pay income taxes on what they get from the estate, as once the estate is divided up it becomes income for the heirs.
As Sweden’s experience showed, when death taxes are repealed, family-owned companies expand, increasing payrolls, business purchases, and tax revenues.
Conversely, when governments threaten to confiscate half or more of a family business’s capital via the death tax, families do everything they can to protect themselves. In the US, that usually means spending a fortune on estate tax planning and life insurance, so the family won’t be forced to sell the business just to pay the Internal Revenue Service.
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all the talk about billionaires...
