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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? I'm assuming that you don't want to raise the National Debt even further, so the billions of dollars in revenue that are lost will have to be gained back in some other way, presumably budget cuts in other areas, as Sanders indicates - or, somehow, the tax cuts to the wealthy are supposed to generate extra revenue?
"The wealthiest family in America gets a $52 billion tax break as a result of the repeal of the estate tax," Sanders said.
the problem is that the "estate" has already been taxed..at least twice, once when the income and savings was initially made, and also any investment (interest) income
and the "estate" is EVERYTHING
prior to 2000, the estate level on the fed side was 600k, it was 100k on THE STATE SIDE, you got killed especially from New York state
yep I said 100k..that means all assets over 100k were taxed at 55%...meaning if the estate was ONLY the basic house your dad had, valued at 500k (the basic house here on long island) then NEW YORK got you for 55% of 400k (500k minus the 100k exemption)meaning you got hit with a 220k tax bill..THAT HAD TO BE PAID WITHIN 90 DAYS...it wasn't just the fed that was hurting, it was the states too
now it is 1 mil, on both sides the fed, and the state. but still, in todays age 1 mill is nothing for an estate...(your basic house is 500k, (more if you kept it up to date), then the CONTENTS of the house, then any investments dear old dad might have made, don't let the government know he has a coin collection, because they will VALUE it at the highest level, just to hit you for that 55%)
the average FAMILY farm is well over 4-10 million in VALUE, meaning that the federal AND state governments will get 55% of 3-9 million
because the estate tax hits everyone with an estate, not just billionaires
fact the average small farm is valued OVER 5.5 million, that includes the land, and equipment
so you advocate that the farmer who dies, his heirs should have to pay (within 90 days) 55% of the estate...just where do you think he is going to get the money
value ACCUMULATES over time, either by inflation (ie a house bought for 20k would be worth 350k in 20 years) or by bits and pieces adding each year
I was a mechanic for 30 years...the "value' of my tools (replacement cost) is over 50k....that's corrects 50,000 dollars worth of tools...ACCUMULATED over a 30 year time frame
say a person picks up a 'junk' 1938 Duisenberg, and fixes it...that 1k (maybe less) investment could end up being worth 250k-2m...what happens if he dies, should his family have to sell his life's work to pay 55% tax on it????
... yep I said 100k..that means all assets over 100k were taxed at 55%...meaning if the estate was ONLY the basic house your dad had, valued at 500k (the basic house here on long island) then NEW YORK got you for 55% of 400k (500k minus the 100k exemption)meaning you got hit with a 220k tax bill...
According to the article linked in the OP:
The federal estate tax, which critics call a "death tax," imposes a tax on wealth in excess of $5.49 million that a person leaves behind after they die.
Is that simply incorrect? Can you offer any references for the information that you posted?
That is why I can't stand Bernie. He just assumes all money is the Goverments money and IF the goverment lets you keep it, it is a tax break.
Yep. And the other underlying assumption is that giving the government money is a good thing. "Oh no, now the money is in the hands of the private sector and not the inept leeches!" I say starve the beast.
I think that Bernie is taking a poke at the Clintons, whose ties to America's richest family, the Waltons, are long standing. Hillary was on the board of directors at Walmart for years and profited enormously from her connections with them.
While I do disagree with estate taxes, a form of double taxation at its worst, I would add that giving tax breaks to the rich while not giving the middle class a tax break tells one all they need to know about who the Repubs and Trump actually support.
It seems to me that Bernie Sanders asked a very good question, but never got an adequate response.
Explain why what someone has worked for their entire life should go to the government upon their death. That wealth has already been taxed.
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