Death Tax

[Burp]

What a hoot. People who wish to control their money after death really expose themsleves as the control freaks they must be. You guys understand what death entails, right ? If you're worried about your stuff, you'd better do something with it while you're alive. Consume it, give it away, what ever.

You would rather the government get your money than your family?

Absolutely. My dad has already, at my request, directed whatever is left that people seem to think should be mine, to the burn center in Chapel Hill. It's not mine, I didn't earn it. Wouldn't have it.

Anyhting I leave will be given to charity and the government can take whatever they will. I'll be dead, you see. I am giving my son what I feel he needs to become a good, productive person while I am alive. I really don't intend to leave much at all behind. I'm going to use everything up while I am living. I do intend to transfer my house to him before I reach 50. Hopefiully I won't die bewtween now and then. But that's all he will get.

And that is your choice.

Mine, however is different.

Neither is more right than the other.

 

[Agnapostate]

I believe that parents want their children to be better off then they are/were. If the parents did their job right, the legacy they pass on to their children will not be abused or squandered.

If I work my entire life to take care of my family, and through hard work and diligence I am able to leave them something to make their lives more comfortable than mine was, then I should be allowed to pass that on - free of the government taking their share.

If I know I have done all this, and my children's lives will be easier; and my grandchildren's life will be easier ( education paid for, etc ), then I will die happy.

This relies on a utopian conception of economic structure, I'm afraid. The reality is that grand inheritance rights provide no incentive for hard work or productive activity, but for laziness, especially considering that mass wealth is commonly assimilated through state intervention, not "free markets." Attempting to foster a greater degree of equality of opportunity empowers a generation and motivates its members to engage in an appropriate level of productive activity, thus increasing efficiency.

 

[Peejay]

"The evidence presented indicates that intergenerational transfers account for the vast majority of aggregate U.S. capital formation." - Obama's own top economic advisor, Larry Summers

Greenwood and Wolff's Changes in wealth in the United States, 1962–1983 appears to validate Summers and Koltikoff.

A simulation model is developed to account for observed changes in mean household wealth both overall and by age cohort over the 1962–1983 period in the United States. There are three major findings. First, capital gains are the major factor explaining overall wealth changes and account for 77% of the simulated growth in wealth over the entire period. Second, for cohorts under age 40, inheritance and inter vivos transfers dominate observed changes in wealth. Indeed, the oldest age groups appear to have transferred sizable amounts of their wealth to younger generations inter vivos, raising the wealth of these younger groups substantially above what it would be based on saving. Third, while differences in portfolio composition favored the younger cohorts over this period, such differences do not explain a large portion of the great variation in real wealth changes by cohort over the two decade period.

But the more important question is why you referred to Summers and Koltikoff. Do you really believe that it's so important for people to receive money that they did not earn? Does the right of a generation to equality of opportunity and its assorted benefits of increased ability to engage in the pursuit of happiness not transcend the right of a dying generation to bequeath massive amounts of wealth earned through state intervention in the primitive accumulation process and protection during the production and circulation processes? The latter won't live to see what's done with their money; what happiness can they thus derive from this?

I believe that parents want their children to be better off then they are/were. If the parents did their job right, the legacy they pass on to their children will not be abused or squandered.

If I work my entire life to take care of my family, and through hard work and diligence I am able to leave them something to make their lives more comfortable than mine was, then I should be allowed to pass that on - free of the government taking their share.

If I know I have done all this, and my children's lives will be easier; and my grandchildren's life will be easier ( education paid for, etc ), then I will die happy.

Yeah....it's about YOU. See, that's the problem. You should make peace with yourself and your relationship with your kids. You can't buy it.

Upon death, often the things left behind are the source of the most bizzare disputes you will ever see. Chances are, the people yo leave things to will fight and squabble, feel slighted, curse your very name, for the things you left behind.

I'll be damned if I will take part in anyhting that comes close to measuring my parents worth, by what they left behind.

We really don't have any values left besides money, do we ?

 

[Burp]

I believe that parents want their children to be better off then they are/were. If the parents did their job right, the legacy they pass on to their children will not be abused or squandered.

If I work my entire life to take care of my family, and through hard work and diligence I am able to leave them something to make their lives more comfortable than mine was, then I should be allowed to pass that on - free of the government taking their share.

If I know I have done all this, and my children's lives will be easier; and my grandchildren's life will be easier ( education paid for, etc ), then I will die happy.

This relies on a utopian conception of economic structure, I'm afraid. The reality is that grand inheritance rights provide no incentive for hard work or productive activity, but for laziness, especially considering that mass wealth is commonly assimilated through state intervention, not "free markets." Attempting to foster a greater degree of equality of opportunity empowers a generation and motivates its members to engage in an appropriate level of productive activity, thus increasing efficiency.

I agree with your statement that "grand inheritance rights provide no incentive for hard work....."

It's the parents who instill that into their children's being.

They work hard and take pride in their work. They know not to get into more debt than they can handle.

I have a much brighter outlook on life than most people I guess. I have faith that I have done right by my kids. They are, and will be, responsible, hard working adults who are "good people."

I am thrilled to be able to give them things that will make their lives more enjoyable and easier.

 

[Peejay]

You would rather the government get your money than your family?

Absolutely. My dad has already, at my request, directed whatever is left that people seem to think should be mine, to the burn center in Chapel Hill. It's not mine, I didn't earn it. Wouldn't have it.

Anyhting I leave will be given to charity and the government can take whatever they will. I'll be dead, you see. I am giving my son what I feel he needs to become a good, productive person while I am alive. I really don't intend to leave much at all behind. I'm going to use everything up while I am living. I do intend to transfer my house to him before I reach 50. Hopefiully I won't die bewtween now and then. But that's all he will get.

And that is your choice.

Mine, however is different.

Neither is more right than the other.

I don't know. Your kids won't be better off, either way. And society, as a free, capitalistic one, certainly suffers. Agna has a relevant post. We're about earning what you have. If that is an ideal you hold true, you should understand that there are better things you can do. This argument gets into creating classes based on wealth alone, not effort, success and earnings. Sure, you want an exception for yourself, maybe because you feel you will leave behind a modest amount. But embrace full, tax free inheritances and soon enough, as Jefferson said, "the whole of the country shall belong to the dead."

 

[Care4all]

"The evidence presented indicates that intergenerational transfers account for the vast majority of aggregate U.S. capital formation." - Obama's own top economic advisor, Larry Summers

The government will not get a dime of my money when I pass. I have and will take the proper steps to ensure this is the case.

I am a financial planner. I know the answer to this question. I deal with customers nearly every day who ask me the same thing.

And I show them how to make sure they don't lose a dime.

The death tax is wrong. People work hard for their money and should be able to pass it on to their family (or anyone) without fear of the government taking it.

(oh...an gezztoo, you know how stupid you sound - you don't know a thing about me)

since you SAY you work with these people every day....then please tell us how many MILLIONS of DOLLARS are EXEMPT from ANY ''death'' TAXES when left to others when you and all of your millionaire customers DIE?

OBVIOUSLY BURP. you don't work with or give financial advice regarding inheritence taxes at ALL, because you clearly have shown that you have NO IDEA how they work, who gets taxed and how much money you can inherit that is EXEMPT from any of these ''death'' taxes that you are bitching about....

and i don't mean to point fingers at you or call your bluff, but i have to, because you apear to be very DISHONEST or plain IGNORANT on the topic...other than spouting partisan rhetoric and lies.

care

 

[Burp]

Greenwood and Wolff's Changes in wealth in the United States, 1962–1983 appears to validate Summers and Koltikoff.



But the more important question is why you referred to Summers and Koltikoff. Do you really believe that it's so important for people to receive money that they did not earn? Does the right of a generation to equality of opportunity and its assorted benefits of increased ability to engage in the pursuit of happiness not transcend the right of a dying generation to bequeath massive amounts of wealth earned through state intervention in the primitive accumulation process and protection during the production and circulation processes? The latter won't live to see what's done with their money; what happiness can they thus derive from this?

I believe that parents want their children to be better off then they are/were. If the parents did their job right, the legacy they pass on to their children will not be abused or squandered.

If I work my entire life to take care of my family, and through hard work and diligence I am able to leave them something to make their lives more comfortable than mine was, then I should be allowed to pass that on - free of the government taking their share.

If I know I have done all this, and my children's lives will be easier; and my grandchildren's life will be easier ( education paid for, etc ), then I will die happy.

Yeah....it's about YOU. See, that's the problem. You should make peace with yourself and your relationship with your kids. You can't buy it.

Upon death, often the things left behind are the source of the most bizzare disputes you will ever see. Chances are, the people yo leave things to will fight and squabble, feel slighted, curse your very name, for the things you left behind.

I'll be damned if I will take part in anyhting that comes close to measuring my parents worth, by what they left behind.

We really don't have any values left besides money, do we ?

You really seem like a very unhappy, bitter person. It's about Me? Make peace with myself and my relationship? Me trying to buy it?

You don't know a thing about me or my relationship with my children. There won't be any bizarre disputes. I know this to be fact.

Chances are, the people yo leave things to will fight and squabble, feel slighted, curse your very name, for the things you left behind.

I'll be damned if I will take part in anyhting that comes close to measuring my parents worth, by what they left behind.

Sounds like you have some issues.

 

[Burp]

"The evidence presented indicates that intergenerational transfers account for the vast majority of aggregate U.S. capital formation." - Obama's own top economic advisor, Larry Summers

The government will not get a dime of my money when I pass. I have and will take the proper steps to ensure this is the case.

I am a financial planner. I know the answer to this question. I deal with customers nearly every day who ask me the same thing.

And I show them how to make sure they don't lose a dime.

The death tax is wrong. People work hard for their money and should be able to pass it on to their family (or anyone) without fear of the government taking it.

(oh...an gezztoo, you know how stupid you sound - you don't know a thing about me)

since you SAY you work with these people every day....then please tell us how many MILLIONS of DOLLARS are EXEMPT from ANY ''death'' TAXES when left to others when you and all of your millionaire customers DIE?

OBVIOUSLY BURP. you don't work with or give financial advice regarding inheritence taxes at ALL, because you clearly have shown that you have NO IDEA how they work, who gets taxed and how much money you can inherit that is EXEMPT from any of these ''death'' taxes that you are bitching about....

and i don't mean to point fingers at you or call your bluff, but i have to, because you apear to be very DISHONEST or plain IGNORANT on the topic...other than spouting partisan rhetoric and lies.

care

Right.

Let's see. Proceeds from life insurance policies are passed on tax free. People buy single premium life insurance policies all the time.

What else? Hmm...oh yeah. How about buying a house for your kid - with your and your kid's name on the deed? How about purchasing a four year college education for your grand children?

And let's not forget the $13,000 annual tax exemption rule (annual exclusion.)

Just to name a few.

 

[Peejay]

I believe that parents want their children to be better off then they are/were. If the parents did their job right, the legacy they pass on to their children will not be abused or squandered.

If I work my entire life to take care of my family, and through hard work and diligence I am able to leave them something to make their lives more comfortable than mine was, then I should be allowed to pass that on - free of the government taking their share.

If I know I have done all this, and my children's lives will be easier; and my grandchildren's life will be easier ( education paid for, etc ), then I will die happy.

Yeah....it's about YOU. See, that's the problem. You should make peace with yourself and your relationship with your kids. You can't buy it.

Upon death, often the things left behind are the source of the most bizzare disputes you will ever see. Chances are, the people yo leave things to will fight and squabble, feel slighted, curse your very name, for the things you left behind.

I'll be damned if I will take part in anyhting that comes close to measuring my parents worth, by what they left behind.

We really don't have any values left besides money, do we ?

You really seem like a very unhappy, bitter person. It's about Me? Make peace with myself and my relationship? Me trying to buy it?

You don't know a thing about me or my relationship with my children. There won't be any bizarre disputes. I know this to be fact.

Chances are, the people yo leave things to will fight and squabble, feel slighted, curse your very name, for the things you left behind.

I'll be damned if I will take part in anyhting that comes close to measuring my parents worth, by what they left behind.

Sounds like you have some issues.

It is impossible for you to know anything as a fact, after you are dead. Your entire premise is flawed, as are most, about dying. You don't get to say what happens when you die. You can try and you can try nto believe that you exerted some kind of control in death. But the fact is, you don't. You'll be dead, you see.

And yes, you say the reason for this is so you will die happy. Come on....the disposition of your money, after you are dead, determines if you will die happy ?

Yeah, I have issues but this isn't one of them. I have seen too many siblings, spouses, grand children, families, bicker and squabble and take hard feelings away from a death, because of what was left behind. It is a rather poor reflection of our values.

 

[Burp]

Yeah....it's about YOU. See, that's the problem. You should make peace with yourself and your relationship with your kids. You can't buy it.

Upon death, often the things left behind are the source of the most bizzare disputes you will ever see. Chances are, the people yo leave things to will fight and squabble, feel slighted, curse your very name, for the things you left behind.

I'll be damned if I will take part in anyhting that comes close to measuring my parents worth, by what they left behind.

We really don't have any values left besides money, do we ?

You really seem like a very unhappy, bitter person. It's about Me? Make peace with myself and my relationship? Me trying to buy it?

You don't know a thing about me or my relationship with my children. There won't be any bizarre disputes. I know this to be fact.

Chances are, the people yo leave things to will fight and squabble, feel slighted, curse your very name, for the things you left behind.

I'll be damned if I will take part in anyhting that comes close to measuring my parents worth, by what they left behind.

Sounds like you have some issues.

It is impossible for you to know anything as a fact, after you are dead. Your entire premise is flawed, as are most, about dying. You don't get to say what happens when you die. You can try and you can try nto believe that you exerted some kind of control in death. But the fact is, you don't. You'll be dead, you see.

And yes, you say the reason for this is so you will die happy. Come on....the disposition of your money, after you are dead, determines if you will die happy ?

Yeah, I have issues but this isn't one of them. I have seen too many siblings, spouses, grand children, families, bicker and squabble and take hard feelings away from a death, because of what was left behind. It is a rather poor reflection of our values.

I guess you want to focus on the time I said "die happy" instead of the time I said ensuring my family have a better life than I did.

Your choice. I don't particularly care if you agree with me or not.

 

[Peejay]

You really seem like a very unhappy, bitter person. It's about Me? Make peace with myself and my relationship? Me trying to buy it?

You don't know a thing about me or my relationship with my children. There won't be any bizarre disputes. I know this to be fact.



Sounds like you have some issues.

It is impossible for you to know anything as a fact, after you are dead. Your entire premise is flawed, as are most, about dying. You don't get to say what happens when you die. You can try and you can try nto believe that you exerted some kind of control in death. But the fact is, you don't. You'll be dead, you see.

And yes, you say the reason for this is so you will die happy. Come on....the disposition of your money, after you are dead, determines if you will die happy ?

Yeah, I have issues but this isn't one of them. I have seen too many siblings, spouses, grand children, families, bicker and squabble and take hard feelings away from a death, because of what was left behind. It is a rather poor reflection of our values.

I guess you want to focus on the time I said "die happy" instead of the time I said ensuring my family have a better life than I did.

Your choice. I don't particularly care if you agree with me or not.

You can't make sure your family has a better life. You'll be dead, you see.

And yes, like Jefferson and many others, I think inheritance, in general, should be heavily taxed. Our society is supposed to be about rewarding productivity and innovation, not ancestry.

Again, give while you live. It'll make you much happier, if you are honest about wanting your family to live better. You actually get to see it then. Otherwise, you are just doing for personal satisfaction, probably due to control issues about death.

 

[Burp]

It is impossible for you to know anything as a fact, after you are dead. Your entire premise is flawed, as are most, about dying. You don't get to say what happens when you die. You can try and you can try nto believe that you exerted some kind of control in death. But the fact is, you don't. You'll be dead, you see.

And yes, you say the reason for this is so you will die happy. Come on....the disposition of your money, after you are dead, determines if you will die happy ?

Yeah, I have issues but this isn't one of them. I have seen too many siblings, spouses, grand children, families, bicker and squabble and take hard feelings away from a death, because of what was left behind. It is a rather poor reflection of our values.

I guess you want to focus on the time I said "die happy" instead of the time I said ensuring my family have a better life than I did.

Your choice. I don't particularly care if you agree with me or not.

You can't make sure your family has a better life. You'll be dead, you see.

And yes, like Jefferson and many others, I think inheritance, in general, should be heavily taxed. Our society is supposed to be about rewarding productivity and innovation, not ancestry.

Again, give while you live. It'll make you much happier, if you are honest about wanting your family to live better. You actually get to see it then. Otherwise, you are just doing for personal satisfaction, probably due to control issues about death.

You are really a funny guy.

If our society is supposed to be about rewarding productivity and innovation, then why is my money being taxed? I was productive. I was innovative. I earned my money.

I think I have said, more than once, than I plan on doing these things while I am alive.

And you just don't get it - this has nothing to do with control issues about death. Give it a rest.

 

[Peejay]

I guess you want to focus on the time I said "die happy" instead of the time I said ensuring my family have a better life than I did.

Your choice. I don't particularly care if you agree with me or not.

You can't make sure your family has a better life. You'll be dead, you see.

And yes, like Jefferson and many others, I think inheritance, in general, should be heavily taxed. Our society is supposed to be about rewarding productivity and innovation, not ancestry.

Again, give while you live. It'll make you much happier, if you are honest about wanting your family to live better. You actually get to see it then. Otherwise, you are just doing for personal satisfaction, probably due to control issues about death.

You are really a funny guy.

If our society is supposed to be about rewarding productivity and innovation, then why is my money being taxed? I was productive. I was innovative. I earned my money.

I think I have said, more than once, than I plan on doing these things while I am alive.

And you just don't get it - this has nothing to do with control issues about death. Give it a rest.

[PECHE]Funny how ? Funny like a clown ? Am I here to amuse you ?[/PECHE]

I didn't start this topic. You asked for people to defend the death tax.

If you are going to get rid of your money and posessions while alive, I don't understand your concerns.

 

[Burp]

You can't make sure your family has a better life. You'll be dead, you see.

And yes, like Jefferson and many others, I think inheritance, in general, should be heavily taxed. Our society is supposed to be about rewarding productivity and innovation, not ancestry.

Again, give while you live. It'll make you much happier, if you are honest about wanting your family to live better. You actually get to see it then. Otherwise, you are just doing for personal satisfaction, probably due to control issues about death.

You are really a funny guy.

If our society is supposed to be about rewarding productivity and innovation, then why is my money being taxed? I was productive. I was innovative. I earned my money.

I think I have said, more than once, than I plan on doing these things while I am alive.

And you just don't get it - this has nothing to do with control issues about death. Give it a rest.

[PECHE]Funny how ? Funny like a clown ? Am I here to amuse you ?[/PECHE]

I didn't start this topic. You asked for people to defend the death tax.

If you are going to get rid of your money and posessions while alive, I don't understand your concerns.

My initial statement was that the Death Tax was wrong.

You know, this is a message board, throw a subject out there for debate.

All my assets/stuff will be given away. I have no concerns.

So far, you haven't convinced me that the government has any right to what anyone decides to pass on to their family when they die.

 

[Care4all]

here is some info for you burp....

The federal estate tax doesn’t affect the middle class—it applies only to the very wealthiest taxpayers. In 2009, any estate worth less than $3.5 million ($7 million per couple) will be passed on to heirs and heiresses estate-tax free. [Center on Budget and Policy Priorities] In fact, only one of every 300 estates is subject to the tax. [Center for Economic and Policy Research]





============================================

Estate Tax Myths and Facts
Myth: The Estate Tax is a "Death Tax."
Fact: 98% of Americans who die pass their estate on to their heirs completely tax-free — in fact, they get a valuable tax break on capital gains. Zero estate tax is charged on assets left to a spouse or to charity.

Myth: The wealthiest Americans are able to completely avoid paying estate taxes.
Fact: Wealthy Americans most definitely pay estate taxes. In 1998, out of 47,000 taxable estates, there were 374 that were larger than $20 million. Those 374 estates paid over $4.4 billion in estate taxes — more than 20% of all estate taxes collected that year.

Myth: The Estate Tax must be repealed because it is forcing family businesses to close.
Fact: This issue has been wildly exaggerated. Only 3 of every 10,000 people who die leave a taxable estate in which a family business forms the majority of the estate. Family businesses can be protected by raising exemption levels. Repealing the entire Estate Tax is unnecessary.

Myth: The Estate Tax must be repealed because it is forcing family farms to sell out.
Fact: As with family businesses, this issue has been distorted. Only 3 of every 10,000 people who die leave a taxable estate in which a farm forms the majority of the estate. On April 8, 2001, the New York Times reported that the pro-repeal American Farm Bureau Foundation could not cite a single case of a family farm lost due to the estate tax. In any case, family farms can be protected by gradually raising exemption levels. Repealing the Estate Tax will likely encourage the growth of mega-farms, thereby hurting smaller operations.

Myth: The Estate Tax is unfair because it is "double taxation."
Fact: Unrealized capital gains, which form the majority of the value of the largest estates, have never been subject to taxation as income. Repealing the Estate Tax means that these gains would never be taxed. That’s unfair to those who pay capital gains taxes during their lifetimes.

Myth: The Estate Tax takes away over half the value of all estates.
Fact: For 98% of Americans, the Estate Tax takes away nothing, and it actually shields assets from capital gains taxes. For the other 2%, the average effective tax rate is 17%.

Myth: The Estate Tax discourages work and inhibits capital formation.
Fact: There is no hard empirical evidence that U.S. capital accumulation has been held back by the Estate Tax. There is evidence, however, that large inheritances do reduce work effort and saving among recipients.

Myth: The Estate Tax raises little revenue, so repealing it will have no effect.
Fact: Right now, the estate tax raises $30 billion a year for the federal government. That’s about 9% of the non-military discretionary budget. By 2011, the cost of the repeal will reach $60 billion a year, a time when the baby boomers begin to retire in large numbers. Meanwhile, the states stand to lose $9 billion a year by 2010, since they also receive revenue through the federal estate tax.

Myth: The Estate Tax is unfair.
Fact: The Estate Tax is eminently fair. It is collected from those most able to pay. It prevents the creation of family dynasties that would distort our democracy and limit economic opportunities for succeeding generations.

 

[Red Dawn]

I work hard. I take care of my finances. I plan ahead. I invest wisely.

I do all this to leave a legacy to my family when I pass.

However, when I die, the government will take 45 percent of my estate.

Can anybody defend this?

You're not worth 4 million dollars. No fucking way.

Rush Limpballs has been lying to you.

Something like the first four million of an estate is tax free.

 

[Peejay]

You are really a funny guy.

If our society is supposed to be about rewarding productivity and innovation, then why is my money being taxed? I was productive. I was innovative. I earned my money.

I think I have said, more than once, than I plan on doing these things while I am alive.

And you just don't get it - this has nothing to do with control issues about death. Give it a rest.

[PECHE]Funny how ? Funny like a clown ? Am I here to amuse you ?[/PECHE]

I didn't start this topic. You asked for people to defend the death tax.

If you are going to get rid of your money and posessions while alive, I don't understand your concerns.

My initial statement was that the Death Tax was wrong.

You know, this is a message board, throw a subject out there for debate.

All my assets/stuff will be given away. I have no concerns.

So far, you haven't convinced me that the government has any right to what anyone decides to pass on to their family when they die.

The government has a right to protect the well being of the people as a whole: the common good. The arguments have been made by these old statesmen I already referenced. It is held that inheritance, as a rule, is not good for the country. If we allow inheritances to be passed freely, we will create a class system based on posessions, not earnings, productivity, etc. We already have more than enough of this, even with taxes in place.

Everyone would like personal exceptions to these things, feeling like their one little inheritance wouldn't matter. But we have to be fair. Everyone plays by the rules, as much as we can mnake that happen.

 

[Red Dawn]

here is some info for you burp....

The federal estate tax doesn’t affect the middle class—it applies only to the very wealthiest taxpayers. In 2009, any estate worth less than $3.5 million ($7 million per couple) will be passed on to heirs and heiresses estate-tax free. [Center on Budget and Policy Priorities] In fact, only one of every 300 estates is subject to the tax. [Center for Economic and Policy Research]





============================================

Estate Tax Myths and Facts
Myth: The Estate Tax is a "Death Tax."
Fact: 98% of Americans who die pass their estate on to their heirs completely tax-free — in fact, they get a valuable tax break on capital gains. Zero estate tax is charged on assets left to a spouse or to charity.

Myth: The wealthiest Americans are able to completely avoid paying estate taxes.
Fact: Wealthy Americans most definitely pay estate taxes. In 1998, out of 47,000 taxable estates, there were 374 that were larger than $20 million. Those 374 estates paid over $4.4 billion in estate taxes — more than 20% of all estate taxes collected that year.

Myth: The Estate Tax must be repealed because it is forcing family businesses to close.
Fact: This issue has been wildly exaggerated. Only 3 of every 10,000 people who die leave a taxable estate in which a family business forms the majority of the estate. Family businesses can be protected by raising exemption levels. Repealing the entire Estate Tax is unnecessary.

Myth: The Estate Tax must be repealed because it is forcing family farms to sell out.
Fact: As with family businesses, this issue has been distorted. Only 3 of every 10,000 people who die leave a taxable estate in which a farm forms the majority of the estate. On April 8, 2001, the New York Times reported that the pro-repeal American Farm Bureau Foundation could not cite a single case of a family farm lost due to the estate tax. In any case, family farms can be protected by gradually raising exemption levels. Repealing the Estate Tax will likely encourage the growth of mega-farms, thereby hurting smaller operations.

Myth: The Estate Tax is unfair because it is "double taxation."
Fact: Unrealized capital gains, which form the majority of the value of the largest estates, have never been subject to taxation as income. Repealing the Estate Tax means that these gains would never be taxed. That’s unfair to those who pay capital gains taxes during their lifetimes.

Myth: The Estate Tax takes away over half the value of all estates.
Fact: For 98% of Americans, the Estate Tax takes away nothing, and it actually shields assets from capital gains taxes. For the other 2%, the average effective tax rate is 17%.

Myth: The Estate Tax discourages work and inhibits capital formation.
Fact: There is no hard empirical evidence that U.S. capital accumulation has been held back by the Estate Tax. There is evidence, however, that large inheritances do reduce work effort and saving among recipients.

Myth: The Estate Tax raises little revenue, so repealing it will have no effect.
Fact: Right now, the estate tax raises $30 billion a year for the federal government. That’s about 9% of the non-military discretionary budget. By 2011, the cost of the repeal will reach $60 billion a year, a time when the baby boomers begin to retire in large numbers. Meanwhile, the states stand to lose $9 billion a year by 2010, since they also receive revenue through the federal estate tax.

Myth: The Estate Tax is unfair.
Fact: The Estate Tax is eminently fair. It is collected from those most able to pay. It prevents the creation of family dynasties that would distort our democracy and limit economic opportunities for succeeding generations.

thank you.


Now burp, you should come back to your thread and admit you were pissing your pants over nothing.

the estate tax doesn't affect you, which is what you claimed in the OP

 

[Red Dawn]

here's my prediction.

Burp will never come back to the thread and straight up admit the estate tax doesn't apply to him, as he suggested in the OP.


Burp was employing the Joe Not the Plumber tactic. Making up a bogus story about a situation that doesn't even apply to his real life, in order to parrot and promote a sean hannity talking point.

 

[Peejay]

So....Burp = tool.