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it is NOT double taxation. your family, for tax purposes, is NEVER multi generational. Each income earner is required to pay taxes on what they earn. You didn't work for what your parents earned during their lifetime, they pay taxes on what they earn and you pay taxes on what you earn.
Quote:
Originally Posted by Roadking2003
It's not double talk. It's double taxed for a family.
show me anyplace in the tax code where there is a allowance for multi-generational tax returns. You might be able to claim your parents as a deduction under certain limited circumstances, but you cannot report their income as your own. That my friend is what your "my family" argument is trying to do...
1. Repeal bush tax cuts for everybody making over 75k single, 125k joint
2. End wars in Afghanistan, Iraq, and Libya. Close all military bases in Africa, Europe, and Asia. Leave military bases in South Korea and Japan.
3. End all corporate tax loopholes, lower corporate tax to 25%
4. Raise the payroll tax ceiling to 250k
5. Raise capital gains tax to 35%
6. Raise inhertience tax to 30% above 2 million, %50 over 10 million
7. Enact a single payer public option.
I like all of that, but if you raise the payroll tax to 250K, are you going to raise the payout for social security also?
no, you would only increase receipts into the trust fund.
Better that just raising the cap, I'd remove the cap completely and tax ALL income, including dividends and cap gains. You could then do one of two things, reduce the overall FICA tax rate or eliminate the employer match.
Quote:
Originally Posted by Memphis1979
I like all of that, but if you raise the payroll tax to 250K, are you going to raise the payout for social security also?
Once again we CAN"T pay off the debt, if do we eliminate all but the coins in circulation. Our Federal Reserve Notes only exist is we have a national debt.
it is NOT double taxation. your family, for tax purposes, is NEVER multi generational. Each income earner is required to pay taxes on what they earn. You didn't work for what your parents earned during their lifetime, they pay taxes on what they earn and you pay taxes on what you earn.
show me anyplace in the tax code where there is a allowance for multi-generational tax returns. You might be able to claim your parents as a deduction under certain limited circumstances, but you cannot report their income as your own. That my friend is what your "my family" argument is trying to do...
The savings your parents leave you isn't really "income" in a traditional sense though. This is money left for posterity, money on which taxes have already been paid.
People are just bitter that they don't come from families who have saved up money through success and hard work. My parents would never take us out to eat, to movies, to amusement parks, or on vacations when we were little. I never got any presents for bdays, xmas. As a result they have saved up money. I already suffered a taxing childhood for their being frugal - they gave me hand me down clothing that were like 30 years out of fashion. When they leave me their inheritance why should I have to suffer again?
Of course, for the sake of paying off the national debt I am totally willing to enact a fair estate tax. But it would be that EVERYONE has to pay the same percentage, not just people who have inheritance in the millions. That's just people who aren't very frugal or successful being greedy at the expense of those who are. The key word here is FAIRNESS.
1. Repeal bush tax cuts for everybody making over 75k single, 125k joint
2. End wars in Afghanistan, Iraq, and Libya. Close all military bases in Africa, Europe, and Asia. Leave military bases in South Korea and Japan.
3. End all corporate tax loopholes, lower corporate tax to 25%
4. Raise the payroll tax ceiling to 250k
5. Raise capital gains tax to 35%
6. Raise inhertience tax to 30% above 2 million, %50 over 10 million
7. Enact a single payer public option.
but the rub is that a very large estate is often made up of UNTAXED capital gains that have been allowed to accumulate. The income produced by "your parents" during their lifetime is taxed by the estate tax after they die. If you inherit some of their estate you are taxed because it is income to you. It doesn't matter who inherits your parents estate, you or a stranger, either way you would be taxed because it was income.
You might not like it or have a different opinion on how it should work but that is how it works.
Quote:
Originally Posted by miyu
The savings your parents leave you isn't really "income" in a traditional sense though. This is money left for posterity, money on which taxes have already been paid.
People are just bitter that they don't come from families who have saved up money through success and hard work. My parents would never take us out to eat, to movies, to amusement parks, or on vacations when we were little. I never got any presents for bdays, xmas. As a result they have saved up money. I already suffered a taxing childhood for their being frugal - they gave me hand me down clothing that were like 30 years out of fashion. When they leave me their inheritance why should I have to suffer again?
Of course, for the sake of paying off the national debt I am totally willing to enact a fair estate tax. But it would be that EVERYONE has to pay the same percentage, not just people who have inheritance in the millions. That's just people who aren't very frugal or successful being greedy at the expense of those who are. The key word here is FAIRNESS.
Look into gifting, because you can move assets intra generationally each year through gifts. fact is you are upset about something that less than 1% of the population will ever see. Unless your parents or you are multimillionaires...
Last edited by buzzards27; 04-15-2011 at 08:30 PM..
Once again we CAN"T pay off the debt, if do we eliminate all but the coins in circulation. Our Federal Reserve Notes only exist is we have a national debt.
Sure we can....just listen to this lady on the Today show....
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