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I don't consider myself a Liberal (I can't stand the intolerant ones (which are the majority of liberals)) but the wealth gap is not a good thing as it causes envy, greed, and unbalanced distribution of resources. I advocate a myriad of fixes starting with higher taxes on the very wealthy, inheritance taxes on the very wealthy, higher minimum wage, better schools (destroy the closed minded liberal indoctrination) and vocational training, national healthcare.
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Originally Posted by Vector1
So you are for penalizing success to the degree you want to re-tax money that was already taxed in the first place upon a persons death?
Assets taxed through inheritance taxes are largely taxes on unrealized gains -- the gain was never taxed before.
As an example, person "A" buys Apple Computer common shares in 1990 for $1 a share. The $1 used to buy the share was after-tax money.
Person "A" holds that share for 20 years then dies. That share is now worth $1,500. The $1,499 gain was never previously taxed and is subject to the inheritance tax.
As for "taxing success" I see no economic benefit to society by not taxing those who earn money.
Your entire conversation here reflects that you have failed to comprehend the issue entirely. This is about what our country becomes if we do nothing. Whats your solution? Do nothing. While you might enjoy living in a plutocracy I do not.
Good day to you Sir! Good Day I say!
(seriously? Besmirch rich Republicans. LOL)
There is nothing to comprehend.
All you are doing is bloviating about a bunch of adolescent Marxist claptrap.
And when someone calls you out, you of course declare they do not understand as if there is anything to understand.
I guess we will have to say more, because some of the "consumerist robots" obviously don't (or can't) grasp it.
When they're no longer teenagers, they turn into suburban "trend-setters" who continue to spend every bit of their disposable income -- every bit as quickly. It's the inability of (most of) the public to say "no" to mindless fashion and conformity that enriches the savvy few.
Exactly. I have a coworker that makes a good salary (CPA) as does her husband. They are in their mid-30's, with 2 young sons. They are on their second custom built home in 5 years, because the first one was in an are they didn't really like (they never researched the area, just liked the development). Now, she's decided that the school her son will soon attend is not good enough, so she's talking about moving again. Both homes had every upgrade, bell and whistle they could get. They bought brand new furniture each time, and had elaborate landscaping put in. They both drive brand new luxury cars, and upgrade every few years. They eat out almost every meal, and their kids have more "stuff" than they could every possibly play with.
She admits that they can barely make ends meet, and have zero savings and retirement.
At our company lunch last week, while we were talking about Christmas decorations, she told us she had 4 trees - family room, living room, and one in each kid's room.
Exactly. I have a coworker that makes a good salary (CPA) as does her husband. They are in their mid-30's, with 2 young sons. They are on their second custom built home in 5 years, because the first one was in an are they didn't really like (they never researched the area, just liked the development). Now, she's decided that the school her son will soon attend is not good enough, so she's talking about moving again. Both homes had every upgrade, bell and whistle they could get. They bought brand new furniture each time, and had elaborate landscaping put in. They both drive brand new luxury cars, and upgrade every few years. They eat out almost every meal, and their kids have more "stuff" than they could every possibly play with.
She admits that they can barely make ends meet, and have zero savings and retirement.
At our company lunch last week, while we were talking about Christmas decorations, she told us she had 4 trees - family room, living room, and one in each kid's room.
Sounds like an Intelligence Gap rather than a Wealth Gap.
I graduated from HS and went to work. I never cared how much wealth that someone else had, and I worked for many millionaires. 35 years of working and I lived up to the level of income that I was capable of. I never felt entitled to have things given to me by someone simply because they have much more that I.
How many of them made bad investments and wanted you to bail them out of those investments?
But I think the question is based on macro economics and not individual anecdotes.
As the world population balloons and wealth funds itself more concentrated in the hands of the few you gotta wonder what the implications may lead to. Social unrest will become a bigger issue.
That's why Margaret Sanger founded Planned Parenthood. In her opinion, too many people who couldn't support their own children and weren't contributing to society were reproducing in much too high numbers. She was a proponent of eugenics.
All you are doing is bloviating about a bunch of adolescent Marxist claptrap.
And when someone calls you out, you of course declare they do not understand as if there is anything to understand.
LOL. Sorry but no, I dont think anything I have discussed is related to "marxist claptrap". Not even remotely. The fact that you try and state that it is also indicates to me you have never read any of it. Im not even remotely there. Wow.
Call me out on some facts! All I see for the most part is: Personal attacks, opinions based on false data, and insults. Give me a discussion, I would love it!
bloviating. LOL. you have confused the ability to use rarely used words, with the ability to have a argument or discussion in a rational manner. So when I indicate that you do not understand, you make it perfectly clear when you start comparing my discussions here to Marxism that its not just me that you do not understand.
That's why Margaret Sanger founded Planned Parenthood. In her opinion, too many people who couldn't support their own children and weren't contributing to society were reproducing in much too high numbers. She was a proponent of eugenics.
She was, in fact it was a popular idea back then, so that was not unusual.
Interesting fact, the Germans attributed much of their efforts regarding Eugenics to the efforts by the US. They viewed us as a role model for eugenics. We also continued many of the eugenics efforts well into the 70's.
Assets taxed through inheritance taxes are largely taxes on unrealized gains -- the gain was never taxed before.
As an example, person "A" buys Apple Computer common shares in 1990 for $1 a share. The $1 used to buy the share was after-tax money.
Person "A" holds that share for 20 years then dies. That share is now worth $1,500. The $1,499 gain was never previously taxed and is subject to the inheritance tax.
.
Not true at all. Your example is just one scenario. There are millions of estates that include very little untaxed assets. Here is an example;
Person "A" works hard for 50 years then dies. He saved his own money in CDs and savings accounts. He paid income taxes on the gains every year. His children will now be forced to pay death taxes on the same money he saved and paid taxes on.
Not true at all. Your example is just one scenario. There are millions of estates that include very little untaxed assets. Here is an example;
Person "A" works hard for 50 years then dies. He saved his own money in CDs and savings accounts. He paid income taxes on the gains every year. His children will now be forced to pay death taxes on the same money he saved and paid taxes on.
**NOTE..put everything in a Roth with named beneficiaries.
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