The Birth Tax

[dilloduck]

This is total hyperbole, and I'm pretty sure you know it.

Of course property can be passed on. Your family is never going to pay an estate tax. I'm pretty sure no one on this board is ever going to pay an estate tax, since only 0.8% of americans ever do. I don't know why you conservatives get your panties in such a bunch over it.

Warren Buffet is right. His wealth is mostly due to our society - our government, our laws, our civil servants, our workers. If you parachuted him into Bangladesh, he probably never would have become rich, no matter how much talent he has. There's nothing wrong with an estate tax on huge fortunes and wealthy properties. Jefferson, Teddy Roosevelt, Thomas Paine, and even John McCain (until he flip flopped) supported it.

I know---but the principal is the same and I don't care WHO supported it. I have been asking about the

GIFT TAX

Thats above $12,000. I bet one or two people here have that much.

 

[wihosa]

So the righties are still favoring the Birth Tax over the Inheritence Tax.

Yes, "conservatives" would much rather saddle people with tax for what was used by those that came before than to tax those that are gone for the things they benifitted from.

This is a complete break of faith with the principles that have guided America since it's inception. We have historically invested in the future and every generation excpet the present one has had a standard of living superior to the previous because of it.

 

[jreeves]

I know---but the principal is the same and I don't care WHO supported it. I have been asking about the

GIFT TAX

Thats above $12,000. I bet one or two people here have that much.

I also find it funny that Democrats would be the one to pick on a minority....
Simple fact is that if, I or anyone else, wants to leave their kids a small fortune, the government shouldn't come in and pry money away from our dead corpses. Sorry, that seems equivalent to going grave robbing...

 

[CA95380]

So the righties are still favoring the Birth Tax over the Inheritence Tax.

wihosa - when you started this thread did you EVER dream this would open as big of a can of worms that it has? Great discussion! I love it! I never considered myself a "rightie" but I guess that I am!

 

[wihosa]

wihosa - when you started this thread did you EVER dream this would open as big of a can of worms that it has? Great discussion! I love it! I never considered myself a "rightie" but I guess that I am!

Are you saying you favor the Birth Tax?

 

[CA95380]

Are you saying you favor the Birth Tax?

OMG!

Have you read anything that I have contributed to this mess

 

[dilloduck]

So the righties are still favoring the Birth Tax over the Inheritence Tax.

Yes, "conservatives" would much rather saddle people with tax for what was used by those that came before than to tax those that are gone for the things they benifitted from.

This is a complete break of faith with the principles that have guided America since it's inception. We have historically invested in the future and every generation excpet the present one has had a standard of living superior to the previous because of it.

Right--now it just takes two incomes to do it !

 

[jreeves]

Since this has turned into a "tax" discussion .... anyone remember "Luxury Tax"?
Luxury tax. (Federal Taxation)


Ron Paul, Introducing the Tax Free Tips Act | Ron Paul Library
Lets ask a hypothetical question here. What about the single and/or married Mom, working as a waitress that is forced to pay taxes on her "tips"? The money that Joe Blow leaves on the table for her ... was earned by him, he paid taxes on it, now the poor struggling waitress is paying tax on it AGAIN? (Been there done that. I was a waitress for several years, before finally becoming a manager at a restaurant.) What about the mininimum wage pizza delivery guy, the paper boy, anyone that receives a "tip" according to the federal government is suppose to include that money as "income". Take from the poor, and allow the rich to get richer? hmmmmmn


On the other hand .... I say let's make Prostitution legal nationwide .... and start charging THEM taxes! They are providing a "service", right? They should be taxed too! Then we have the dope dealer - should we start taxing them? Hell yeah!!!! Tax the shit out of them!!!

So ..... should taxes be paid on money "after someone dies"? The simple answer is yes. When Mom and/or Dad were alive they paid taxes on that money, (if it was sitting in a savings account) - they paid taxes on it, unless they kept it in a coffee can buried in the back yard. Or .....


IRAs Offer Tax Advantaged Investing for Retirement

Mom and Dad may have been smarter than you give them credit for .... but somebody ... somewhere along the line is going to pay taxes on this money. And Junior ... since you have inherited it ... it's you! Since junior is getting this money after they are DEAD ... why not? The one that will benefit from the use of the money (-Junior or Junior'ette) - pay the taxes. As someone else in this thread mentioned ... either pay the tax on it or go to jail. Right or wrong .... it is the law. It is your choice.

Well considering I will be dead when I don't pay the taxes.....I would love to see them lock me up then....

 

[CA95380]

Well considering I will be dead when I don't pay the taxes.....I would love to see them lock me up then....

Then what are you bitch'in about

 

[dilloduck]

I also find it funny that Democrats would be the one to pick on a minority....
Simple fact is that if, I or anyone else, wants to leave their kids a small fortune, the government shouldn't come in and pry money away from our dead corpses. Sorry, that seems equivalent to going grave robbing...

Especially after it has already been taxed once. Damn--if I do a job and make $100 bucks it can practically get taxed everytime the damn thing changes hands. Does the government have the patent on that crap ?

 

[Red Dawn]

I'm starting to really think our schools need to educate people, specifically in economic issues. The depth of misunderstanding of our economic and tax system here is astounding.

Of course money is taxed when it changes hands (unless its a gift or a loan). Money that changes hands is considered lawful income, subject to taxation. Whether its wage income, investment income, or inheritance income. Income often is taxed two or three times in the course of changing hands. The taxed income you use to buy gasoline, is taxed again for federal and state gas taxes. And the gas station owner is taxed on the transferal of your already taxed income to him or her, in the form of business or income taxes. This is how the system works. I fail to see why republicans seem to always have an epiphany followed by a heart attack that all forms of income are taxed multiple times, as it changes hands. That's how its always worked.

I have absolutely no problem with Paris Hilton's inheritance being taxed, when her daddy dies and leave her the vast Hilton Hotels fortune. Paris is never going to work hard, she's never going to have a salaried job, she's virtually never going to earn payroll wages or have to pay payroll taxes. Whatever money she's earning off her investements, are typically taxed at a lower rate than us working schmucks pay on our payroll wages. The overwhelming majority of the wealth she earns in her lifetime is going to come from inheritance. Are we really suggesting that the overwhelming, vast majority of Paris Hilton's income and wealth should be tax free?

 

[wihosa]

OMG!

Have you read anything that I have contributed to this mess

I'm sorry, I'm sure I have but it is hard to keep track of who is who.

Just for the record...?

 

[wihosa]

I also find it funny that Democrats would be the one to pick on a minority....
Simple fact is that if, I or anyone else, wants to leave their kids a small fortune, the government shouldn't come in and pry money away from our dead corpses. Sorry, that seems equivalent to going grave robbing...

So where are your priorities?

"So the righties are still favoring the Birth Tax over the Inheritence Tax.

Yes, "conservatives" would much rather saddle people with tax for what was used by those that came before than to tax those that are gone for the things they benifitted from.

This is a complete break of faith with the principles that have guided America since it's inception. We have historically invested in the future and every generation excpet the present one has had a standard of living superior to the previous because of it."

Who are you more concerned about?

 

[CA95380]

I'm sorry, I'm sure I have but it is hard to keep track of who is who.

Just for the record...?

In reality my answer is yes.

 

[CA95380]

I'm starting to really think our schools need to educate people, specifically in economic issues. The depth of misunderstanding of our economic and tax system here is astounding.

Of course money is taxed when it changes hands (unless its a gift or a loan). Money that changes hands is considered lawful income, subject to taxation. Whether its wage income, investment income, or inheritance income. Income often is taxed two or three times in the course of changing hands. The taxed income you use to buy gasoline, is taxed again for federal and state gas taxes. And the gas station owner is taxed on the transferal of your already taxed income to him or her, in the form of business or income taxes. This is how the system works. I fail to see why republicans seem to always have an epiphany followed by a heart attack that all forms of income are taxed multiple times, as it changes hands. That's how its always worked.

I have absolutely no problem with Paris Hilton's inheritance being taxed, when her daddy dies and leave her the vast Hilton Hotels fortune. Paris is never going to work hard, she's never going to have a salaried job, she's virtually never going to earn payroll wages or have to pay payroll taxes. Whatever money she's earning off her investements, are typically taxed at a lower rate than us working schmucks pay on our payroll wages. The overwhelming majority of the wealth she earns in her lifetime is going to come from inheritance. Are we really suggesting that the overwhelming, vast majority of Paris Hilton's income and wealth should be tax free?

I wonder how many of HIS former stockholder's have sympathy for all of the money he stole from them? Where did it go? Buried in the back yard so no taxes would have to be paid?

For instance, the U.S. Court of Appeals for the 5th Circuit two years ago tossed Andrew Parsons's conviction on arson, mail fraud and money-laundering charges. A divided appeals court extinguished the conviction on two grounds: The justice system is wary of labeling defendants guilty if they have not had a chance to appeal, and it is loath to punish dead people or their estates.

Exactly how much money is in the Lay family coffers remains as much in dispute as the man's legacy. Earlier this year, Lay testified during six sometimes-combative days that his personal debts had mounted to nearly $100 million in his final year at Enron. He told the jury that he and Linda, his second wife of two dozen years, had sold lavish properties in Aspen, Colo., and Galveston, Tex., but were still $250,000 in the hole. The dream he lived, Lay said, had become "the American nightmare."

Enron's Lay Dies Of Heart Attack - washingtonpost.com



hmmmmmm

 

[dilloduck]

I'm starting to really think our schools need to educate people, specifically in economic issues. The depth of misunderstanding of our economic and tax system here is astounding.

Of course money is taxed when it changes hands (unless its a gift or a loan). Money that changes hands is considered lawful income, subject to taxation. Whether its wage income, investment income, or inheritance income. Income often is taxed two or three times in the course of changing hands. The taxed income you use to buy gasoline, is taxed again for federal and state gas taxes. And the gas station owner is taxed on the transferal of your already taxed income to him or her, in the form of business or income taxes. This is how the system works. I fail to see why republicans seem to always have an epiphany followed by a heart attack that all forms of income are taxed multiple times, as it changes hands. That's how its always worked.

I have absolutely no problem with Paris Hilton's inheritance being taxed, when her daddy dies and leave her the vast Hilton Hotels fortune. Paris is never going to work hard, she's never going to have a salaried job, she's virtually never going to earn payroll wages or have to pay payroll taxes. Whatever money she's earning off her investements, are typically taxed at a lower rate than us working schmucks pay on our payroll wages. The overwhelming majority of the wealth she earns in her lifetime is going to come from inheritance. Are we really suggesting that the overwhelming, vast majority of Paris Hilton's income and wealth should be tax free?

It's not tax free ---that money has already been taxed.
Just because something has always been done a certain way does not mean we must continue to do things that way.

 

[jreeves]

Especially after it has already been taxed once. Damn--if I do a job and make $100 bucks it can practically get taxed everytime the damn thing changes hands. Does the government have the patent on that crap ?

I know if you accumulate enough money to properly retire and kick the bucket. Watch out the government is going to come in and raid your dead corpse. Even though you have paid taxes on that money....

 

[jreeves]

I wonder how many of HIS former stockholder's have sympathy for all of the money he stole from them? Where did it go? Buried in the back yard so no taxes would have to be paid?

Enron's Lay Dies Of Heart Attack - washingtonpost.com



hmmmmmm

Of course anybody who accumulates wealth must have accumulated it through nefarious means....

 

[dilloduck]

I know if you accumulate enough money to properly retire and kick the bucket. Watch out the government is going to come in and raid your dead corpse. Even though you have paid taxes on that money....

I guess you could give it away in $12,000 bundles as long as you time it right.

 

[dilloduck]

I wonder how many of HIS former stockholder's have sympathy for all of the money he stole from them? Where did it go? Buried in the back yard so no taxes would have to be paid?

hmmmmmm

Well dig the shit up-----tax the hell out of it and give the stockholders what's left. What's the problem ?