its not a death tax ..

[Dont Taz Me Bro]

"There are going to be 2.6 million people [who] die this year in the United States," but there will be only about 5,000 tax returns that will owe estate taxes, he said in a wide-ranging interview.

Buffett said because the estate tax impacts only a small percentage of Americans, getting rid of it would not cause widespread problems.

"If they pass the bill they're talking about, I could leave $75 billion to a bunch of children and grandchildren and great-grandchildren. And if I left it to 35 of them, they'd each have a couple billion dollars," Buffett said. He then asked rhetorically, "Is that a great way to allocate resources in the United States?"

World's second richest man Warren Buffett thinks it's a mistake to eliminate the estate tax


$S-E-V-E-N-T-Y F-I-V-E- B-I-L-L-I-O-N ...

If he's so concerned about the allocation of resources why wait until he dies when he can help right now?

Bureau of the Fiscal Service - Gifts to the U.S. Government

This is why I don't take people like Buffet seriously when they spout off this rhetoric. It's just fodder for people like you who are jealous that others are rich and you're not.

By the way, Buffet has already pledged most of his fortune to the Gates Foundation, so this own actions contradict his words

Warren Buffett

 

[BluesLegend]

NEVER MIND who would you trust with your wealth after you die, to do something worthwhile with YOUR hard earned wealth, the corrupted and wasteful Federal and State government holy shit don't make me laugh.

 

[jc456]

If the argument against the estate tax is just that it's double taxation on first income and then estates, why not just tax the top 1% at 40% federal income tax with exemptions limited to say .... 40K?

I thought that was the plan

 

[Missouri_Mike]

"There are going to be 2.6 million people [who] die this year in the United States," but there will be only about 5,000 tax returns that will owe estate taxes, he said in a wide-ranging interview.

Buffett said because the estate tax impacts only a small percentage of Americans, getting rid of it would not cause widespread problems.

"If they pass the bill they're talking about, I could leave $75 billion to a bunch of children and grandchildren and great-grandchildren. And if I left it to 35 of them, they'd each have a couple billion dollars," Buffett said. He then asked rhetorically, "Is that a great way to allocate resources in the United States?"

World's second richest man Warren Buffett thinks it's a mistake to eliminate the estate tax


$S-E-V-E-N-T-Y F-I-V-E- B-I-L-L-I-O-N ...

He's free to give it all away before he dies.

 

[BluesLegend]

If society decides it should confiscate people's wealth and redistribute it at death the last people on earth I would trust with that are governments.

 

[Weatherman2020]

It’s not a death tax.

It’s just a tax you have to pay because you died.

 

[bendog]

The estate tax only hurts the middle class.

This year the exemption is 5.49 million dollars. That is you can inherit 5.49 million dollar before you need to pay any tax at all.

Family businesses, particularly rural farms, get hit with this.

How to Make Sure Your Small Business Outlives You

 

[bendog]

It's only an issue for the superrich, but even then if they just got hit with income tax to the extend they did in 1988, it wouldn't be worth discussing

 

[BluesLegend]

The middle class ALSO hoard their wealth. In NY State estate planning is big business. Lets say granny has to go into a nursing home which costs a boat load of money. Granny's kids don't want her estate drained by high nursing home costs so they use estate planning to protect granny's estate from the state run nursing home. That way they can inherit granny's wealth. Meanwhile since granny now appears to have no assets on paper, taxpayers have to pick up the cost of her state run nursing home care.

 

[Dont Taz Me Bro]

The estate tax only hurts the middle class.

This year the exemption is 5.49 million dollars. That is you can inherit 5.49 million dollar before you need to pay any tax at all.

Family businesses, particularly rural farms, get hit with this.

How to Make Sure Your Small Business Outlives You

Or just get rid of the estates taxes, penalties, fees, legal requirements, etc. and not worry about it. In the so called "land of opportunity" we shouldn't have to jump through so many hoops to keep the government from exploiting us.

 

[BluesLegend]

The estate tax only hurts the middle class.

This year the exemption is 5.49 million dollars. That is you can inherit 5.49 million dollar before you need to pay any tax at all.

Family businesses, particularly rural farms, get hit with this.

How to Make Sure Your Small Business Outlives You

Or just get rid of the estates taxes, penalties, fees, legal requirements, etc. and not worry about it. In the so called "land of opportunity" we shouldn't have to jump through so many hoops to keep the government from exploiting us.

The kids generally blow all their parents money anyway returning it to the economy.

 

[bendog]

1 out of every 500 people have any issue. It's insignificant to everyone but the very rich ... or very stupid.

How Many People Pay the Estate Tax?

but for some reason it is a darling issue of the right.

 

[Siete]

I posted a thread about something other than the horseshit in Vegas just to change the pace a little. I offered no opinion either way, the op even included some (what I considered ) homor.

Instantly the RW's started slobbering on themselves . T-A-X-E-S, and go into full attack mode.

RW's touted the poor bastards in Puerto Rico "miserable PIECES OF SHIT" for wanting assistance and not paying taxes.


RW Americans automatically become defensive anti tax proponents when THEY are even confronted with the mere thought of higher taxes themselves


yes-no-yes-no-yes-no ....


could be the reason for their massive failure in Congress

 

[BlindBoo]

I'm still waiting for someone to justify why a 2nd tax on wealth that has already been taxed is fair? Some are always harping about fairness and a fair share so explain it, why should the thieving state and federal governments slap a death tax on wealth they already received their fair share of???

Yeah why do I pay property taxes every year. It's just not fair.

 

[BlindBoo]

It’s not a death tax.

It’s just a tax you have to pay because you died.

In reality it is the heirs that pay not the deceased.

 

[bendog]

It’s not a death tax.

It’s just a tax you have to pay because you died.

In reality it is the heirs that pay not the deceased.

Well the point is that if the estate is a family business, the issue is not actually the tax. A closed corporation just buys mom and dad's stock interest over time, and the issue is simply whether the kids are competent enough to run the biz to pay them off. Of the three I know of, only one was. The other two had kids who were simply less motivated than their parents because ... they were spoiled as kids. Tax or no tax, the result would have been the same.

The Estate tax is only an issue to the very very wealthy whose estates are comprised of blocks of publically traded stock and real estate not being used in commercial operation. Those very few people contribute heavily to eliminating the tax.

If the actual income tax rate was anywhere where it was in 1988, this wouldn't even be an issue worth discussing. What you have is literally billionaires wanting to avoid taxes totally.

 

[Siete]

It’s not a death tax.

It’s just a tax you have to pay because you died.

In reality it is the heirs that pay not the deceased.

Well the point is that if the estate is a family business, the issue is not actually the tax. A closed corporation just buys mom and dad's stock interest over time, and the issue is simply whether the kids are competent enough to run the biz to pay them off. Of the three I know of, only one was. The other two had kids who were simply less motivated than their parents because ... they were spoiled as kids. Tax or no tax, the result would have been the same.

The Estate tax is only an issue to the very very wealthy whose estates are comprised of blocks of publically traded stock and real estate not being used in commercial operation. Those very few people contribute heavily to eliminating the tax.

If the actual income tax rate was anywhere where it was in 1988, this wouldn't even be an issue worth discussing. What you have is literally billionaires wanting to avoid taxes totally.

and RW's who arent effected in ANY way - not one single cent - "carrying their water", and fighting to the death for them.

 

[boedicca]

"There are going to be 2.6 million people [who] die this year in the United States," but there will be only about 5,000 tax returns that will owe estate taxes, he said in a wide-ranging interview.

Buffett said because the estate tax impacts only a small percentage of Americans, getting rid of it would not cause widespread problems.

"If they pass the bill they're talking about, I could leave $75 billion to a bunch of children and grandchildren and great-grandchildren. And if I left it to 35 of them, they'd each have a couple billion dollars," Buffett said. He then asked rhetorically, "Is that a great way to allocate resources in the United States?"

World's second richest man Warren Buffett thinks it's a mistake to eliminate the estate tax


$S-E-V-E-N-T-Y F-I-V-E- B-I-L-L-I-O-N ...

Buffet's wealth, just like that of all .01%ers, is sheltered to tax avoiding trusts.

The estate tax mostly hits upper middle class people who worked hard and saved (and already paid taxes on) money or built family businesses.

Yes, the estate tax is a death tax, and should be eliminated.

 

[BluesLegend]

I'm still waiting for someone to justify why a 2nd tax on wealth that has already been taxed is fair? Some are always harping about fairness and a fair share so explain it, why should the thieving state and federal governments slap a death tax on wealth they already received their fair share of???

Yeah why do I pay property taxes every year. It's just not fair.

You pay property taxes every year to fund schools and services. What are you proposing to spend death tax wealth confiscation money on?

 

[bendog]

It’s not a death tax.

It’s just a tax you have to pay because you died.

In reality it is the heirs that pay not the deceased.

Well the point is that if the estate is a family business, the issue is not actually the tax. A closed corporation just buys mom and dad's stock interest over time, and the issue is simply whether the kids are competent enough to run the biz to pay them off. Of the three I know of, only one was. The other two had kids who were simply less motivated than their parents because ... they were spoiled as kids. Tax or no tax, the result would have been the same.

The Estate tax is only an issue to the very very wealthy whose estates are comprised of blocks of publically traded stock and real estate not being used in commercial operation. Those very few people contribute heavily to eliminating the tax.

If the actual income tax rate was anywhere where it was in 1988, this wouldn't even be an issue worth discussing. What you have is literally billionaires wanting to avoid taxes totally.

and RW's who arent effected in ANY way - not one single cent - "carrying their water", and fighting to the death for them.

Well, again, and I know you don't agree with me, but imo it simply would be more efficient to tax people during their lifetimes. No ONE who actually pays an estate tax has any reason to bitch about their federal income tax being SO high, because there's simply no factual debate that their taxes as % of their incomes have decreased by 15% or more over the past 30 years. So tax em while they're alive.

But again the real issue is a few billionaires who simply want to leave a bunch of stock or non-commercial real estate or some passive investment to a bunch of offspring who do nothing positive to affect society with that money. They want to use it to make money without taking risks or actually showing up at a work site. If the money was actually taxed when it was earned by the parent, then maybe it's not our business what they do with it.