Does it really make sense to tax the rich even more? (salary, Reagan)
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Well CBPP lied their freaking asses off and you sucked it right on up. As I just showed revenues from the estate tax average about 1% of federal budget receipts.
2012 -
Revenue - $2.5 trillion x .01 = $25 billion
$25 billion x 10 years = $250 billion.
Your liberal ragtag "analysis center" lied its ass off. Even is they got the post war "high" of 2.6% that's still only $650 billion over 10 years.
If its such a small amount then why do you feel bad for those poor rich people?
PS: In my opinion. Rather than tax the rich maybe if we didnt compete with slave labor we wouldnt be asking the rich to pay more? Also there wouldnt be so many people on assistance. But republiclowns dont get that. They are the ones who whine about those lazy union workers who can actually make a living.
Free market bullsh9t when we compete with 3rd world countries. We see how that works out for you.
PS: I know start you own business etc etc... the talking points make me sick
If its such a small amount then why do you feel bad for those poor rich people?
PS: In my opinion. Rather than tax the rich maybe if we didnt compete with slave labor we wouldnt be asking the rich to pay more? Also there wouldnt be so many people on assistance. But republiclowns dont get that. They are the ones who whine about those lazy union workers who can actually make a living.
Free market bullsh9t when we compete with 3rd world countries. We see how that works out for you.
PS: I know start you own business etc etc... the talking points make me sick
What should make you sick is your complete incompetence on things economic. The U.S. is competing with nearly 3 billion people now and the fact that you don't understand that or even seem to care about that is very telling.
The rest of the world is making its way forward and you can either be left behind or you can try to stay on the front end and slowly move to the median.
There's no packing up all your toys like a kindergartner and going to play in your own corner any longer.
No, it does not make sense and it is never wise for the employees to "bite the hand that feeds them." My employers have always given bonuses when they were allowed to keep more of their own money. They are not some rare breed, though of course in this world we have both kinds of "rich folks."
I mean, the top 10% income earners pay a whopping 71% of the nation's taxes, while the bottom 50% earners pay NOTHING! And this problem of tax burden inequality is getting worse and worse. Before Obama took office, 45% of Americans paid no tax, now it's up to 50%!
I have to question your numbers here, this seems like a serious exaggeration (if not outright lie).
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.
too bad you didnt READ
I said OLD LEVEL
FACT up until 2003 NY estate tax was 55% of everything over 100k ( the federal level was 600k in 2000, 675k in 2001, 1 mil in 2002)
it was not bogus..it was fact
you didnt debunk a thing
FACT my parents and my uncle bought homes on long island in 1964 for 18-20k....fact in 1999 my uncle passed, and my cousin got hit with the estate tax...my parent sold their house in 2006...for 500k
here is the 2011 tax rates directly from FORM ET706
Table A — Unified rate schedule
If the taxable amount is:
........ over................. but not over.................. the tax is:
..........0........................10,000......... ...............18%
......10,000....................20,000............ .1,800 plus 20%
......20,000....................40,000............ .3,800 plus 22%
......40,000...................60,000
......60,000.................
......80,000................
......100,000..............
......150,000..............
......250,000..............500,000.........70,800 plus 34% of amount over 250,000
......500,000.............750,000.........155,800 plus 37% of amount over 500,000
......750,000............
.....1,000,000..........
.....1,250,000..........
.....1,500,000..........
.....2,000,000.........
.....2,500,000.........
.....3,000,000.............10,000,000......1,290,8 00 plus 55% of amount over 3,000,000
....10,000,000............17,184,000.......5,140,8 00 plus 60% of amount over 10,000,000
....17,184,000
too tired to type the whole chart
but notice: ......250,000..............500,000.........70,800 plus 34% of amount over 250,000
......500,000.............750,000.........155,800 plus 37% of amount over 500,000
so an estate of 450k would get hit for 70,800 plus 34% of 200k (68k)....hmm even TODAY an estate of 450k will het taxed at 140k
Last edited by workingclasshero; 06-19-2012 at 11:51 PM..
I have to question your numbers here, this seems like a serious exaggeration (if not outright lie).
actually he is pretty darn close
Top 1% pays 36.7% of all federal income tax collected
Top 5% pays 58.7% of all federal income tax collected
Top 10% pays 70.5% of all federal income tax collected
Top 25% pays 87.3% of all federal income tax collected
Top 50% pays 97.7% of all federal income tax collected
the bottoms 50% pays 2.3% of all federal income tax collected
U.S. corporate taxes that were actually paid (the effective rate) fell to a 40 year low of 12.1 percent in fiscal year 2011, despite corporate profits rebounding to their pre-Great Recession heights. The U.S. both taxes its corporations less and raises less in revenue from corporate taxes than its foreign competitors:
B) There is no evidence that the existence of a corporate tax is a drag on the economy or competitiveness. So, why would anyone conclude that "corporate tax rate needs to be reduced?"
Last edited by MTAtech; 06-20-2012 at 06:11 AM..
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