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If you lose a lot of money in business that is the way it works and the way it should work.
Suppose I lose a million dollars in one year and profit a million dollars the next year, if the government were to tax me at 30% on my profit in the second year I'm still $300K in the hole. If I were to profit a million dollars the next year that is where you would tax it because I have generated profit that is no longer needed to cover losses.
This is sound tax policy unless you want to bankrupt companies on shaky ground and/or kill off risky ventures in business that often produce huge tax revenues in the long run.
That last part sounds like the 'set up' & 'recipe' for the next financial imbroglio. Combine the STBTF (still too big to fail & arguably even bigger) with the still existent systemic problems including systemic moral hazards along with the 'rationale' for reductions in common sense regulations ... Voila!
Same difference to the tax man, those assets can be liquidated and that is how they look at it, so it is the total Value that matters.
Liquidating assets results can result in lowered value.
Those assets are reported at Market Value, but Market Value does not equal Liquidation Value and certainly wouldn't equal Salvage Value.
In any event, you can't exactly go through McDonald's drive-thru and pay with a jar of soil from your Real Estate or tear off a piece of your Stocks or Bonds to pay.
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Originally Posted by Vacanegro
Because wealth perpetuates wealth.
So?
Quote:
Originally Posted by Vacanegro
We don't need Noble families living in the US similar Europe of the 19th century (like the Kennedys or Hursts or many others) that use their money to buy influence and to pass regulations favorable to them and bad for everyone else when we are continuing to run huge deficits.
Then enact a Constitutional Amendment which states:
Only those persons eligible to vote for a candidate or ballot issue may contribute money to a candidate or ballot issue.
It seems to me that Bernie Sanders asked a very good question, but never got an adequate response. So I'm curious to hear some good Conservative responses. Why should we repeal the estate tax?
Let me try...
We need to stop taxing the uber rich. If we put more money in their hands they will create millions of living wage jobs, provide health care for their employees along with paid vacations and other great perks, just like the old days.
Already we've seen the effect.
Stocks are soaring. We're building more megayachts than ever before. Sales of Ferraris and Bentleys and Rolls Royces have hit an all time high. America is in it's Golden Age!
Location: When you take flak it means you are on target
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This tax has no relation on the Waltons. You think any of their money will be taxable on death? Their wealth is all in blind, generation skipping and charitable tax avoidance trusts. The govt won't see a penny tax or not.
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