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There are many forms of taxation and double taxation, why the concern for this and not the carried interest loophole. Trump claimed that would be a priority during the election but has disappeared from the discussion.
That's all fine and dandy but how about the millions of small business's that are family owned, have assets like a building, trucks, etc.
Farms are just a small subset of many other self employed people who are affected.
Why do you want other peoples money when they've already paid tax on that money? 120 farms is 120 too many. Greedy liberals
This tax is applicable to only the value of the estate in excess of $ 5.430,000.
Estates with values well in excess of the threshold are structured to avoid the tax.
This tax has been in existence since 1916 at historically higher rates and lower thresholds than currently exist. High value estates have been structured to avoid the tax and accounts for only 0.6 of all Federal tax revenues.
The irony is that the wealthiest POTUS in modern history is the advocate of the elimination of this tax and it does nothing for 99+% of the people. So what?
I am a flat tax/ no credit/ no exemptions/ no deductions advocate. Does not get any simpler or fair than that. Everyone pays the same flat fixed rate on earned income.
This tax is applicable to only the value of the estate in excess of $ 5.430,000.
Estates with values well in excess of the threshold are structured to avoid the tax.
This tax has been in existence since 1916 at historically higher rates and lower thresholds than currently exist. High value estates have been structured to avoid the tax and accounts for only 0.6 of all Federal tax revenues.
The irony is that the wealthiest POTUS in modern history is the advocate of the elimination of this tax and it does nothing for 99+% of the people. So what?
I am a flat tax/ no credit/ no exemptions/ no deductions advocate. Does not get any simpler or fair than that. Everyone pays the same flat fixed rate on earned income.
it's a lie they're sold that they willing swallow. They think one day they'll be at that level too so better to let all those slide now so when they get there they're all set. Then when they inevitably fail to reach the mark they lash out and blame immigrants, minorities, libs, etc....never the ones that tricked them in the first place.
There are many forms of taxation and double taxation, why the concern for this and not the carried interest loophole. Trump claimed that would be a priority during the election but has disappeared from the discussion.
I'm all for people keeping their own money ( rich,poor, middle class), loopholes dont concern me.
This tax is applicable to only the value of the estate in excess of $ 5.430,000.
Estates with values well in excess of the threshold are structured to avoid the tax.
This tax has been in existence since 1916 at historically higher rates and lower thresholds than currently exist. High value estates have been structured to avoid the tax and accounts for only 0.6 of all Federal tax revenues.
The irony is that the wealthiest POTUS in modern history is the advocate of the elimination of this tax and it does nothing for 99+% of the people. So what?
I am a flat tax/ no credit/ no exemptions/ no deductions advocate. Does not get any simpler or fair than that. Everyone pays the same flat fixed rate on earned income.
I generally agree. Most people, upon death, do not have to pay an estate tax.
Let us examine the case of the Mars Candy company. The Mars family are, currently, the third wealthiest family in the United States, behind the Walton family of Wal-Mart, and the Koch brothers.
The Mars candy company was founded by Frank Mars in 1911. When he died, the company was left to his son, Forrest Mars. When he died in 1999, his three children inherited the company and its fortune, with no evidence of any estate tax paid at that time. The three siblings do not actually run the company on a day to day basis, although they enjoy the money.
In 2016, the three Mars siblings were worth 78 billion dollars.
In July 2016, Forrest Mars Junior, one of the three siblings, died. His personal fortune was around 25 billion dollars. If his estate paid the 40 percent estate tax, that would mean a payment of 10 billion (what Mr. Trump claims he is worth), leaving his four daughters with a paltry 15 billion to share.
Yet, as it turned out, said estate paid "0" in estate taxes. See:
As the article explains, if the Forrest Mars Jr. estate had paid the estate tax, then his four children would have received one-fourth of 15 billion, or 3.75 billion each. yet, Forbes put their collective wealth at just over 25 billion (6.3 billion each), so apparently no estate tax paid (on the Forbes 400, the four children are tied at no. 79).
I will note that for 2017, Forbes put Jacqueline Mars (one of the surviving three siblings) with a worth of 25.5 billion (No. 16 on the Forbes 400), tied with brother John (hence, 50 billion out of the 75 or so they shared with the deceased brother). No doubt, when they pass, their children will enjoy the wealth without the inconvenience of an estate tax.
At another time I will address the efforts of the Mars family, and 14 other wealthy families, and the 500 million they have spent lobbying Congress to get rid of the estate tax completely, so they do not have to engage in complicated legal maneuvers to avoid the tax.
Did you read my first sentence? I am for enforcing realization of all gains at death over inheritance tax. Once taxed, Im not interested in it for a second go.
Im not entitled to the tax, the government is.
The answer to your question is federal law. Dont worry, the GOP is going to change it so billionaires can both hide behind corporations and trusts AND not pay tax on it ever.
Leftists would want your last meal if they thought it was better than theirs.
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