Estate Tax Increase Would Add Billions In Revenue

Discussion in 'Politics' started by Star, Dec 12, 2012.

  1. Star
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    Star Gold Member

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    LOL - I just watched Kathy McMorris-Rogers (R-WA) tell Andrea Mitchell it would be bad to raise the top tax rate then-----then McMorris -Rogers followed that statement by saying we should go back to the successful tax rates of the early 1980's.


    Far be it from me to call an elected congressman an idiot but-----but dontcha think Kathy
    McMorris-Rogers just might be history challenged?


    But history challenged congressmen aside the Responsible Wealth group did some simple arithmetic and...

    Estate Tax Increase Would Add Billions In Revenue, Say Wealthy Progressives

    12/11/2012

    WASHINGTON - A coalition of three dozen ultra-wealthy progressives, including billionaire Warren Buffett, former President Jimmy Carter, philanthropist George Soros and former Treasury Secretary Robert Rubin, launched a new effort Tuesday to press members of Congress and the White House to raise the estate tax in order to provide additional revenue for the federal budget.

    "A substantial estate tax can provide revenues at a time when our federal government badly needs revenues … and the estate tax will do this without an adverse effect," Rubin said on a conference call organized by the progressive group, Responsible Wealth.

    So far, negotiations between the White House and congressional Republicans surrounding the "fiscal cliff" have largely focused on added revenue from higher tax rates for top income levels. But as the December 31 deadline nears, alternative revenue streams are attracting renewed attention.

    According to the nonpartisan Tax Policy Center, raising the estate tax by just 10% could produce more than $250 billion in added revenue over the next ten years. In contrast, raising the tax rate on the top 2 percent of earners would only produce around $100 billion in the same period, according to the Congressional Budget Office.

    Members of Responsible Wealth, including Bill Gates Sr., Abigail Disney, and Richard Rockefeller, believe that a progressive estate tax is both sound fiscal policy and a personal civic responsibility for wealthy Americans whose families benefited from government investment at all levels of their businesses. "My grandfather Roy and his brother Walt both made their fortunes because of the American system, because there was funding for infrastructure, roads, highways, and regulations," said Disney. "I have no desire to compound my already significant advantages, especially not on the backs of the middle class."

    <snip>

    Currently only around 4,000 people in the United States are affected by the estate tax policy. In 2011, around 3,200 people paid estate taxes, and of those, only 50 were family farms or small businesses.

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  2. WillowTree
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    WillowTree Diamond Member

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    Theft.
     
  3. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    Wow.. billions would put a big dent in $16,000,000,000,000+ debt.

    Fucking idiots.
     
  4. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Instead of putting their assets in a taxfree trust like Warren Buffett, why don't wealthy Progressives donate their assets to the state?
     
  5. CrusaderFrank
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    CrusaderFrank Diamond Member

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    We are two different peoples sharing the same real estate and Liberals seems to have a never ending appetite for our stuff. This won't continue much longer
     
  6. WillowTree
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    WillowTree Diamond Member

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    I dunno Frank, you saw how ugly and violent they got yesterday. If we don't give em our stuff it could get worse.
     
  7. DiamondDave
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    DiamondDave Army Vet

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    huffo puffo fluffo
     
  8. hazlnut
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    hazlnut Gold Member

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    Because the idiot son's of billionaires did WHAT exactly to earn that money?

    The estate tax incentivizes sound finical planning, it forces successful people to consider their legacy. Do they want to create scholarships and hospital wings, feed and teach millions, or do they want to let their heirs buy more boats and jet skis?

    Read the Gospel of Wealth by Carnegie

    then pull your head from your ass...
     
  9. OKTexas
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    OKTexas Platinum Member Gold Supporting Member Supporting Member

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    More intergenerational theft. Why do the commies fail to understand that the wealthy that benefited form existing infrastructure paid taxes all their lives to provide the infrastructure for the next generations success, they paid taxes on their incomes, they paid taxes on their investments, they paid taxes on their companies and properties. They worked to provide for their families and all they paid to the government isn't enough, now they want more when they die, depriving their families the fruits of their labor. By God they did build it by paying all their lives, but that's never enough for the commies. Another fine example of the lack of incentive to produce in a communist society, why bother the government will just take it.
     
  10. konradv
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    konradv Gold Member

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