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if we taxed evenly and fairly..the government can give just as much on less than 15%
Math doesn't backup your statement. In 2007, total personal income was $11,900,562,000. 15% of that is $1,785,084,300, which is roughly half the budget of the federal government.
Math doesn't backup your statement. In 2007, total personal income was $11,900,562,000. 15% of that is $1,785,084,300, which is roughly half the budget of the federal government.
us total personal REPORTED income is 12.9 trillion...meanwhile as much as 50% more goes unreported could be much closer to 19 trillion
and the budget just 10 years ago was right around 2 trillion
15% would be almost that (1.93 trillion)
which is why we should get rid of the income tax and the estate tax and the corporate tax and go to a consumption tax
Estate taxes are inherently what I called the hoardings of instruments of credit. To retain a family legacy, it may behoove one to buy up land, but it does nothing to advance the condition of humanity. Estate by its definition is associated with land. Land is then used as a credit instrument to make unearned claims against human progress and productivity.
That is why the estate tax. At least in the old feudal system the landed gentry provided military protection. These days land owners just want to be leaches.
Why a consumption tax is my question. Anything consumed involved work. What work went behind the growth in the value of an estate?
why would you want to tax someone 2,3,4 times on the same money
On the same unearned income? Its also based upon the centric labor theory of taxation, as if it has only been cleansed by direct taxes on labor. Earned income should be nontaxable.
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why should the state or federal government get 55% of a business or farm that your parents worked their fingers to the bone for???
Capital should be exempt. Money earned from capital and rolled into ground value, not exempt.
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why not SIMPLIFY the federal tax system...get rid of the dozens of taxes, and have one...based on spending
think of the tax the rich guy is going to pay on that lexus
Because as was so well demonstrated by the landed gentry of old, the money is in the real estate. Its an item of value and an instrument of credit, but the increase in value is from the economy around it.
Adam Smith certainly had no use for this "fair tax" when it was on salt. Luxury taxes were certainly more agreeable.
Most estate taxes are on unrealized gains. That means they were never taxed. An estate bought in 1970 for $1,000,000 may be worth $20,000,000 now. That $19,000,000 difference was never taxed, as one only pays taxes on property sold.
An analysis of that farm example couldn't come up with one example that that actually has happened.
Most estate taxes are on unrealized gains. That means they were never taxed. An estate bought in 1970 for $1,000,000 may be worth $20,000,000 now. That $19,000,000 difference was never taxed, as one only pays taxes on property sold.
An analysis of that farm example couldn't come up with one example that that actually has happened.
unrealized gains??? are you nuts
its still the same property
an example:
NEW YORK estate tax (old level) any thing over 100,000(federal was 600k at the time) was taxed at 55%
so if your parent bought a house in 1965 for 20k (THE GOING RATE) and in 2005 it was worth 450k (AGAIN THE GOING RATE) YOU would be taxed 55% of 350k ....do you think the average working class kid who just lost his parents has 192k just laying around....nope they will have to DUMP thier family home (and probably their residence) in a SHORT SALE and lose even more
its happened
Last edited by workingclasshero; 06-19-2012 at 02:30 PM..
us total personal REPORTED income is 12.9 trillion...meanwhile as much as 50% more goes unreported could be much closer to 19 trillion
and the budget just 10 years ago was right around 2 trillion
15% would be almost that (1.93 trillion)
which is why we should get rid of the income tax and the estate tax and the corporate tax and go to a consumption tax
So you and your consumption tax is going to tax my fortune AGAIN? I have hundreds of thousands of dollars in AFTER TAX wealth socked away for my retirement. It has already been taxed, in some cases heavily. Why should i start paying a consumption tax with money that was already taxed??? Double taxation???
How about we drop your fair tax scheme, they might add it without removing the taxes on income.
NEW YORK estate tax (old level) any thing over 100,000(federal was 600k at the time) was taxed at 55%
so if your parent bought a house in 1965 for 20k (THE GOING RATE) and in 2005 it was worth 450k (AGAIN THE GOING RATE) YOU would be taxed 55% of 350k ....do you think the average working class kid who just lost his parents has 192k just laying around....nope they will have to DUMP thier family home (and probably their residence) in a SHORT SALE and lose even more
its happened
It is a simple concept, unrealized gain is the appreciation in property value. That $19 million in increased value was never taxed. Why should my cap gain be taxed if I sell before my death but it passes on to my heirs tax free if I don't sell?
Not sure about your "example" I suspect it is bogus. For one, the adjusted cost basis would increase with the cost of improvements. Plus, I'm thinking there are exemptions to the tax.
Busted, that didn't take long... For New York residents, an estate may be subject to the New York estate tax if the total of the federal gross estate, plus the federal adjusted taxable gifts and specific exemption, exceeds $1,000,000.
Wow, more lies to debunk.... That 55% tax? Is that your FINAL ANSWER? The New York estate tax rate is a progressive one that starts at 5.085% and rises to 16% for the amount above $10,040,000.
Last edited by buzzards27; 06-19-2012 at 07:39 PM..
Reason: myth busting
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