no estate tax read this please http://noestatetax.org and you will see why there should be no estate tax many thanks!
The estate tax is unconscionable. Why should I work hard all my life, then have the government tax my assets again before my beneficiaries receive them upon my death? It's ridiculous. P.S. I don't have enough assets that they would be taxed, but in principle I side with the rich. Class envy is no excuse for plundering the fruits of their labor upon death.
Who cares if rich kids get their inheritances taxed, what group of people deserve to be taxed more then people who just being handed money for being born to the right people? I think everyone should start at zero, and then work there way from there. Would you rather get your income taxed or rich kids inheritance? The money has to come from somewhere.
Well, now, that's the point isn't it? If this -were- about money, they'd expand the tax to include more people, wouldn't they? If you were serious about making sure "rich kids" weren't sucking at the teet of their parents' work, you'd expand the tax to all inheritance over, say, $50,000. Wouldn't you? Or start it at $1. Either way. It really sucks when parents work to leave something behind for their kids. Losers. Keep showering me with the tears of delicious class envy.
That would be fine by me, but we are talking about the present estate tax which is for estates worth over 5 million So which do you prefer taxed your income or people inheritance?
Have you thought about this, really hard Ferret? So, you think that its a good idea, when your parents (for example) die, that their house be confiscated by the government, or you be forced to sell it to pay for the taxes brought upon simply by the passage of time? It'd make a lot more sense to just skip the middle man entirely. Every penny we earn goes right to uncle sam and we are given a budget of how much we can buy or use each year. Would save on the paperwork. Of course, to be fair, everyone would get the same budget no matter how hard they work during the course of year. Heaven forbid someone has more than someone else. That way, instead of everyone starting at 0 when their parents die, we start at zero every year. A lot more fair, don't ya think? Neither. I prefer a fair tax or flat tax system. A tax on what you spend, no exemptions. If you buy stocks, its taxed. Sell those stocks. Taxed as well. If you remove every exemption out there (lawyers, dr bills, stock trades, investments, etc), you could have a rather low tax rate across the board and increase the money flow because tax shelters (overseas, etc) would essentially be eliminated.
Neither, in an ideal world. However, I'm not in favor of taxing estates, since the government has already taxed that money at every step in its accumulation during the lifetime of the deceased. "The rich" are already paying far more than their "fair share". Rich people are not a bottomless pit to be plundered (via their cash-hungry politicians) by those less well off.
yeah in ideal world, but we got spend 5-7 billion a month fighting the war on terror, among other things ok, something like 90% of wealth in the united states is owned by about 5% of the people, I hardly see the "rich" as victims
Yeah, that makes complete sense, because only "rich kids" get taxed.. The estate tax can in many cases drive people into bankruptcy. It should be abolished, along with the sin taxes... If we tax anything, we should tax fat people for using more oxygen and space. Tax dumb people for annoying the shit out of us. Tax liberals, so they know how it feels. Tax fat chics in spandex.
Try looking at it this way.. Those 5% account for 95% of the total tax revenue. My suggestion, take a course in basic math at a community college somewhere.
who pays income tax: http://www.ntu.org/main/page.php?PageID=6 This isn't true, but its probably nice for you to believe this as it feeds your class envy. http://www.allegromedia.com/sugi/taxes/#Head-6.htm Highest 20% have 54% Next 20% have 21% Next 20% have 14% Next 20% have 9% Bottom 20% have 3% Top 5% have 28% of the wealth. From another perspective, top 50% of income earners have about 85% of the weath, and pay 97% of the income tax. Bottom 50% have about 15% of the wealth and pay about 3% of the income tax. On top of that, you seek to take the rest away when they die. That's a helluva policy right there.
And did you happen to notice that the top wage earners are actually paying MORE in income tax under Bush, than they were under Clinton...
The estate tax needs to be abolished whatsoever because it is unfair. In reality, most rich people make their money from a family business... Will the business be as strong in the children's reign? Most likely not. Think Hilton Hotels, Paris cough cough. Paris Hilton, Chief Executive Officer... What do you think of that? Would that really work out? I don't think so. She would spend all of the money she earned on parties, purses and puppies, which in turn creates a market for luxury things, which in turn strengthen the economy. What if Paris' money got taken away from her by the government? Our economy won't have that sort of money, nor would we see so much interesting media around. What do you all think?
that was the reform in 2002 or something, I forget the year. While the "rich" got a "bigger" tax cut in dollars, the "poor" people's burden actually went down because of the reform. All the hootin' and hollerin' was from people using the tax cut as demogaugery and not looking at what the cuts actually did.
That is very true. Republican power does not mean tax cut... Not this case... It's very sad. We should reform our tax system with a flat tax like the former Soviet countries. Come on guys, former Soviet countries have lower taxes than we do...
I know they instituted a flat tax, but I wasn't sure what the rate was. I know I remember reading that it really brought a ton of extra money to the government. Tax accountants were probably pissed about it though; and don't think that doesn't matter. Political contributions are what slow reform on the tax end.
I think you are a bit confused.. There was a tax cut. That is what increased the revenue to the fed. You see, you do not tax people into wealth. Cutting taxes, actually increases revenue by spurring progress, innovation, and spending. Taxing people more, simply redistributes wealth, instead of creating it. I agree, though, a flat tax is the ultimate solution. I believe in a flat tax with NO DEDUCTIONS and NO EXEMPTIONS, PERIOD. You make X, you pay the same percentage that Y and Z pay. PERIOD.
Its in the low to high teens. Hong Kong as well - 15%... Very nice... even though they don't seem to have much expenses. They are efficient though.