The Birth Tax

Discussion in 'Politics' started by wihosa, Aug 16, 2008.

  1. wihosa
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    wihosa VIP Member

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    Republicans have cleverly turned the inheritance tax into the "Death Tax". Of couse this tax applies to very few individuals, most people don't have anywhere near enough money when they die to be subject to this tax. But it does reduce revenue by a sizable amount. This and other tax cuts for the wealthy elite and the multinational corporations who have no allegiance to anything but their bottom lines have served to run up the national debt to the TEN TRILLION DOLLAR RANGE!!!!.

    The result of this debt is that all people born in this country are born with a heavy tax burden, which will likely not be payed off in their liftimes.

    The Republicans have created the "BIRTH TAX"
     
  2. jreeves
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    jreeves Senior Member

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    Let's look at the death tax shall we....

    it's only for the wealthy, you are truly stupid or you are very uninformed.

    Here you go educate yourself....
    The estate tax in the United States is a tax imposed on the transfer of the "taxable estate" of a deceased person, whether such property is transferred via a will or according to the state laws of intestacy. The estate tax is one part of the Unified Gift and Estate Tax system in the United States. The other part of the system, the gift tax, imposes a tax on transfers of property during a person's life; the gift tax prevents avoidance of the estate tax should a person want to give away his/her estate just before dying.

    In addition to the federal government, many states also impose an estate tax, with the state version called either an estate tax or an inheritance tax. Since the 1990s, the term "death tax" has been widely used by those who want to eliminate the estate tax, because the terminology used in discussing a political issue can affect popular opinion.[1]

    If an asset is left to a spouse or a charitable organization, the tax usually does not apply. The tax is imposed on other transfers of property made as an incident of the death of the owner, such as a transfer of property from an intestate estate or trust, or the payment of certain life insurance benefits or financial account sums to beneficiaries.

    Estate tax in the United States - Wikipedia, the free encyclopedia
     
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  3. wihosa
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    wihosa VIP Member

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    How exactly does what you said show that the tax is not paid only by the very wealthy?

    Don't give me a link, just in your own words make a simple statement that explains.
     
  4. jreeves
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    jreeves Senior Member

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    Well if its anybody who owns property that transfers it to their children that gets taxed. The question is if anybody is wealthy? Do you honestly believe anybody who owns property is wealthy?
     
  5. Red Dawn
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    Red Dawn Senior Member

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    Do you even read your own links?

    from your wiki link


    So, the first two million dollars of the estate is passed on tax free for an individual, and I think the tax credit is four million dollars for a couple.

    So, only individuals inheriting a net estate in excess of two million dollars (or four million, for a couple) pay any tax.

    How many individuals do you know with a 2 million dollar estate?
     
    Last edited: Aug 16, 2008
  6. Red Dawn
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    Red Dawn Senior Member

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    I think there's a lot of republicans who read about the estate tax on Rush Limbaugh's website, but in actual fact have no idea what the estate tax law is.

    Totally clueless.

    No estate tax is paid on the first two million dollar value of the estate, because of the tax credit. No tax is paid on the first four million, for couples.

    So yes, only the wealthy pay estate tax. Say, when Paris Hilton inherits her Daddy's estate - which will almost certainly be over two million dollars in value, she will pay an estate tax.
     
  7. chopcrazy
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    chopcrazy Member

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    As long as the wealth has not been taxed once already, then the tax is fair. The inheritance tax is probably one reason for off shore accounts. After the wealth has been taxed once, move it off shore so that when the person dies; it won't be taxed again.
     
  8. jreeves
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    jreeves Senior Member

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    So you don't think people who own a house, cars and a small business could have assets over 2 million? Why should they have to pay 45% of their estate to the government?
     
    Last edited: Aug 16, 2008
  9. Red Dawn
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    Red Dawn Senior Member

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    Are you going to admit you were wrong, when you said all property was taxed by the estate tax? When in fact, your own link said that, because of the tax credit, the first two million dollars of an estate are passed on free of tax?
     
  10. wihosa
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    wihosa VIP Member

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    It is obvious that two million dollars makes one wealthy, except to the already wealthy.

    Hiding behind the "small business" moniker doesn't make a millionaire any less wealthy.

    Finally, what about the Birth Tax?

    This is prefferable to the estates of the very wealthy being taxed after they die?

    Why don't you ask the young people who are saddled with a liftime tax burden so Cindy McCain won't have to pay any tax after she is dead.
     

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