House Rejects Change To Estate Tax

[WillowTree]

The estate tax is taxing the money given to whoever the person wants to pass their money onto .

The person recieving it has NEVER been taxed on that money EVER before.


It is brand new income to the person recieving it.


To forgo this tax is to tell wealthy people that they can hoard cash and build a dynasty that can then create a class of people who will NEVER pay taxes on their money.

Best example. The Kennedy family. Wonder who Elizabeth Edwards left her money to.

 

[blastoff]

Begins vote on FINAL passage of TAX bill... It just passed....*W00*

That's some rejection. The Estate Tax went from zero to 35% over $10M per couple.

Unless it kicks in immediately, the time to croak is between now and the end of 12/31.

 

[boedicca]

I can't fathom how any estate tax is fair. That money and property has been taxed all to hell as it was being earned and owned. Income tax, payroll tax, sales tax, property tax, etc, etc.

Now the government wants to take 50% of whats left. Do the math. A person would probably actually pay up to 75% of the value of their estate in taxes. The UCSA. You know what the C is for.

Let's also not forget how the government actively destroys the value of savings via inflationary monetary policy.

 

[loosecannon]

The most fair conceivable tax is the one in which the dead are taxed at the full value of their estate. It is painless, and the dead have no rights, much less rights to immortal wealth.

Besides every one of us would benefit if we could defer our tax burden until after our death. Call it the ultimate capital gains tax.

 

[AquaAthena]

Begins vote on FINAL passage of TAX bill... It just passed....*W00*

That's some rejection. The Estate Tax went from zero to 35% over $10M per couple.

Unless it kicks in immediately, the time to croak is between now and the end of 12/31.

Yep, it's a rip. Double taxation. Without compromising on the death ( estate ) tax, it was estimated that if Bush Tax Cuts were not extended, unemployment would hit 11 to 12%. In Reid's state of NV, it is has just risen to 14+.

Obama to Sign Tax Cut Bill Friday, Offering Americans a Dose of Holiday Cheer - FoxNews.com

Snip:

At the insistence of Republicans, the plan includes an estate tax that would allow the first $10 million of a couple's estate to pass to heirs without taxation. The balance would be subject to a 35 percent tax rate.

Many House Democrats wanted a higher estate tax, one that would allow couples to pass only $7 million tax-free, taxing anything above that amount at a 45 percent rate. They argued that the higher estate tax would affect only 6,600 of the wealthiest estates in 2011 and would save $23 billion over two years.

A rip that Republicans will correct in time, is my prediction.

 

[Wry Catcher]

Oh YAY! I'm glad the fucking Dems didn't manage to steal even more money from those who have accumulated wealth.

I'm sad that the Democrats didn't tax the fucking wealthy more on the wealth they stole from the labor of others.

So which comment is the most extreme? Black and white 'thinking' is the bane of reasoning.

 

[boedicca]

The most fair conceivable tax is the one in which the dead are taxed at the full value of their estate. It is painless, and the dead have no rights, much less rights to immortal wealth.

Besides every one of us would benefit if we could defer our tax burden until after our death. Call it the ultimate capital gains tax.

You are a sad statist freak.

 

[California Girl]

Oh boo hoo hoo.

I'm a poor scion who isn't capable of making it with only the equivalent of 10 YEARS pretax salaries of the average american family to start out with

Poor me! I know I'm such a loser I cannot make it without daddy's money

Why should the government be allowed to steal from those who die wealthy? They earned the fucking money - it's theirs to do with as they desire. Why can't people keep their hands off other people's property?

 

[Claudette]

What a crock.

The estate tax should be done away with. Period.

Why the hell should the Govt, any govt, get tax money from someones estate?? This money has already been taxed once. That should be the end of the story.


Talk about a bunch of greedy theives.

 

[loosecannon]

The most fair conceivable tax is the one in which the dead are taxed at the full value of their estate. It is painless, and the dead have no rights, much less rights to immortal wealth.

Besides every one of us would benefit if we could defer our tax burden until after our death. Call it the ultimate capital gains tax.

You are a sad statist freak.

not at all. in fact probably much less than you. But I definitely believe that immortal wealth is dangerous to republic and democracy.

 

[loosecannon]

What a crock.

The estate tax should be done away with. Period.

Why the hell should the Govt, any govt, get tax money from someones estate?? This money has already been taxed once. That should be the end of the story.


Talk about a bunch of greedy theives.

Bernie Madoff?

 

[BlindBoo]

I can't fathom how any estate tax is fair. That money and property has been taxed all to hell as it was being earned and owned. Income tax, payroll tax, sales tax, property tax, etc, etc.

Now the government wants to take 50% of whats left. Do the math. A person would probably actually pay up to 75% of the value of their estate in taxes. The UCSA. You know what the C is for.

A good estate planning attorney can get most multi-millionares out of paying the tax. Um well for a small fee.......

"The history of federal estate taxes indicates that the U.S. government has used estate taxes as a source of revenue during tough economic times and war."

History and Overview of the Federal Estate Tax

 

[California Girl]

What a crock.

The estate tax should be done away with. Period.

Why the hell should the Govt, any govt, get tax money from someones estate?? This money has already been taxed once. That should be the end of the story.


Talk about a bunch of greedy theives.

Bernie Madoff?

That's your best defense of this theft? How embarrassing for you.

 

[Dr.House]

So Barry lied about increasing taxes on the middle class....??

 

[LibocalypseNow]

The Democrats got a win on this one. It is sad though. The Estate Tax is just plain wrong. The Democrats should be ashamed of themselves.

 

[asterism]

I can't fathom how any estate tax is fair. That money and property has been taxed all to hell as it was being earned and owned. Income tax, payroll tax, sales tax, property tax, etc, etc.

Now the government wants to take 50% of whats left. Do the math. A person would probably actually pay up to 75% of the value of their estate in taxes. The UCSA. You know what the C is for.

I agree! It isn't fair. Until today there was no tax on an estate. Which is the way it "should" be. This way it is double taxation and a "death" tax. And now unemployment benefits are extended for 13 months. Both parties had to compromise, each losing and each gaining something. I wanted to see them extended permanently so that BIG business could expand. I think though, all this will take care of itself in the future.

The Democrats plan to save the economy:

"Die quickly if you're rich!"

 

[asterism]

The estate tax is taxing the money given to whoever the person wants to pass their money onto .

The person recieving it has NEVER been taxed on that money EVER before.


It is brand new income to the person recieving it.


To forgo this tax is to tell wealthy people that they can hoard cash and build a dynasty that can then create a class of people who will NEVER pay taxes on their money.

Best example. The Kennedy family. Wonder who Elizabeth Edwards left her money to.

I'll bet she didn't give one cent to the government programs she so wanted enacted.

"Two Americas" indeed.

 

[asterism]

I can't fathom how any estate tax is fair. That money and property has been taxed all to hell as it was being earned and owned. Income tax, payroll tax, sales tax, property tax, etc, etc.

Now the government wants to take 50% of whats left. Do the math. A person would probably actually pay up to 75% of the value of their estate in taxes. The UCSA. You know what the C is for.

A good estate planning attorney can get most multi-millionares out of paying the tax. Um well for a small fee.......

"The history of federal estate taxes indicates that the U.S. government has used estate taxes as a source of revenue during tough economic times and war."

History and Overview of the Federal Estate Tax

Don't complain about funding for the government if you think the tax code should be used to control society.

 

[asterism]

Oh boo hoo hoo.

I'm a poor scion who isn't capable of making it with only the equivalent of 10 YEARS pretax salaries of the average american family to start out with

Poor me! I know I'm such a loser I cannot make it without daddy's money

Give me a dollar. You can easily afford it.

 

[Intense]

Oh boo hoo hoo.

I'm a poor scion who isn't capable of making it with only the equivalent of 10 YEARS pretax salaries of the average american family to start out with

Poor me! I know I'm such a loser I cannot make it without daddy's money

My first reaction is to just say FUCK YOU, but then I realize that you are just a symptom. Allot of money was invested in getting you to the place where you are now in your blind acceptance You are actually as big a victim as the rest of us, you just don't know it. Nothing to brag about.