Here are the “rich” Mamdani wants to tax

[Lockback]

I don’t care what level that applies to. Estate taxes are wrong. Period. 50% at any level is downright criminal.

It's absurd and wrong on every level.

 

[Lisa558]

If you read the article, you’d see it for what it is.

They reference a memo, we don’t see the memo. They say top rate of 50%, but don’t say what level that applies to.

It’s political hackery.

But they DO say the tax should begin at $750k. Virtually ever middle class person, who worked for a living and bought a house, has that amount by the time he kicks.

ESPECIALLY in NY, where a tiny little house can sell for close to a million.

 

[Marener]

But they DO say the tax should begin at $750k. Virtually ever middle class person, who worked for a living and bought a house, has that amount by the time he kicks.

ESPECIALLY in NY, where a tiny little house can sell for close to a million.

I did a cursory search and the average estate is nowhere near $750k.

You’re just making shit up to satisfy your very strong emotions on the topic.

Taxes suck, but saddling future generations with trillions in debt sucks more. Fiscally irresponsible people like you don’t have a leg to stand on here.

 

[SweetTea]

Estate taxes make a lot more sense considering that inherited property gets a step up in basis.

Why do they make sense at all? I paid tax on the money I saved. Why shouldn’t I be able to leave all of it to whomever I choose? You are essentially advocating that I add the federal government as a beneficiary in my will. Government redistribution/waste is not where I want my saved money going.

Personally I think unearned income should be treated like regular income and if you want to get away with estate taxes, then get rid of the step up in basis.

This is a weird take. If you want to treat all income as regular income that means removing capital gains taxes. A step up in basis or not wouldn’t matter at all as that relates specifically to capital gains taxes.

 

[Marener]

Why do they make sense at all? I paid tax on the money I saved. Why shouldn’t I be able to leave all of it to whomever I choose? You are essentially advocating that I add the federal government as a beneficiary in my will. Government redistribution/waste is not where I want my saved money going.

If you accumulate wealth, you don’t pay any capital gains on it if you don’t sell it before you die.

Letting inheritors step up the basis without paying any taxes would totally avoid all the capital gains.

This is a weird take. If you want to treat all income as regular income that means removing capital gains taxes. A step up in basis or not wouldn’t matter at all as that relates specifically to capital gains taxes.

I don’t think you really understand very well. Treating unearned income as regular income doesn’t remove taxes on capital gains, it just stops treating it differently with different tax brackets.

Capital gains taxes still exist, it’s just that capital gains is treated identically to earned income.

 

[Lisa558]

I did a cursory search and the average estate is nowhere near $750k.

You’re just making shit up to satisfy your very strong emotions on the topic.

Taxes suck, but saddling future generations with trillions in debt sucks more. Fiscally irresponsible people like you don’t have a leg to stand on here.

Who is talking about AVERAGE? (Another leftist who needs a stats course.)

Factored into the average are the 40% of poor and low-income. They pull the average way down.

But the average middle-class and up person does indeed have an estate of $750k. These are the responsible people who bought a house, and put into their 401k - even a modest amount.

And the socialist Islamist mayor wants the middle class’ money.

 

[Dorian Mode]

But they DO say the tax should begin at $750k. Virtually ever middle class person, who worked for a living and bought a house, has that amount by the time he kicks.

ESPECIALLY in NY, where a tiny little house can sell for close to a million.

I am an old school democrat. I can see where estate taxes can be managed a little better so that each new generation has a level playing field. I can't take my money with me and I raised my daughter to be very successful and not ever need my wealth. So, if my estate could do some good for my country, I could go for a hefty estate tax. But, I am also not an idiot. I don't want half of my estate to go to a thoroughly corrupt government that will make the politicians and those richer than me even more rich. So, I propose a deal for both sides of the aisle: Do a pilot program with ALL politicians. Tax their estates at 50% and see if they really believe the shit they are peddling. They won't go for it, guaranteed. If they do, I'll donate my entire estate to the government. I won't need it to push up daisies.

 

[Lisa558]

I am an old school democrat. I can see where estate taxes can be managed a little better so that each new generation has a level playing field. I can't take my money with me and I raised my daughter to be very successful and not ever need my wealth. So, if my estate could do some good for my country, I could go for a hefty estate tax. But, I am also not an idiot. I don't want half of my estate to go to a thoroughly corrupt government that will make the politicians and those richer than me even more rich. So, I propose a deal for both sides of the aisle: Do a pilot program with ALL politicians. Tax their estates at 50% and see if they really believe the shit they are peddling. They won't go for it, guaranteed. If they do, I'll donate my entire estate to the government. I won't need it to push up daisies.

Also depends on how much of an estate. If it’s $3 million or thereabouts, your three kids (all this is hypothetical) don’t have to get $1 million each free and clear. But Mondam is calling for the tax to start at $750,000. It’s not too much to leave your kids $250,000 each.

 

[Lisa558]

I am an old school democrat. I can see where estate taxes can be managed a little better so that each new generation has a level playing field. I can't take my money with me and I raised my daughter to be very successful and not ever need my wealth. So, if my estate could do some good for my country, I could go for a hefty estate tax. But, I am also not an idiot. I don't want half of my estate to go to a thoroughly corrupt government that will make the politicians and those richer than me even more rich. So, I propose a deal for both sides of the aisle: Do a pilot program with ALL politicians. Tax their estates at 50% and see if they really believe the shit they are peddling. They won't go for it, guaranteed. If they do, I'll donate my entire estate to the government. I won't need it to push up daisies.

The OTHER thing is I’d rather CHOOSE where my money goes, rather than leave it to an increasingly socialist government that will use it to keep people on welfare.

My will lists charities I care about. I’d rather my money to to Alzheimer’s research, the poor abused animals, and a couple of others.

 

[Marener]

Who is talking about AVERAGE? (Another leftist who needs a stats course.)

Factored into the average are the 40% of poor and low-income. They pull the average way down.

But the average middle-class and up person does indeed have an estate of $750k. These are the responsible people who bought a house, and put into their 401k - even a modest amount.

And the socialist Islamist mayor wants the middle class’ money.

Middle class people are pretty average, and you did say “virtually all”. I don’t need a statistics class as much as you need to actually use statistics period instead of just saying things that you think “feel” right.

Average inheritances are pulled UP by massive wealth inequality. Median estates are significantly smaller than average estates.

Not sure what standards you’re using for poor and middle class. Do you really think 40% of the country are “poor and low income”? That’s sad. You’re such an elitist.

 

[SweetTea]

If you accumulate wealth, you don’t pay any capital gains on it if you don’t sell it before you die.

Letting inheritors step up the basis without paying any taxes would totally avoid all the capital gains.

I don’t believe in capital gains taxes anyway, so that is a good thing in my book. Capital gains is double-taxation, discourages investment, reduces liquidity in the market, stifles new investments(jobs) and hurts some retired folks who have no earned income and live off their investments.

I don’t think you really understand very well. Treating unearned income as regular income doesn’t remove taxes on capital gains, it just stops treating it differently with different tax brackets.

Provided examples of unearned income that is not taxed as ordinary income.

 

[Lisa558]

Middle class people are pretty average, and you did say “virtually all”. I don’t need a statistics class as much as you need to actually use statistics period instead of just saying things that you think “feel” right.

Average inheritances are pulled UP by massive wealth inequality. Median estates are significantly smaller than average estates.

Not sure what standards you’re using for poor and middle class. Do you really think 40% of the country are “poor and low income”? That’s sad. You’re such an elitist.

Virtually all was specifying normal, middle class people.

You think I was including welfare leeches and high school dropouts?

And 40% ARE taking some sort of government assistance. To me, anyone getting other people’s money is low-income. Why else would they be using taxpayer money to support their families?

 

[hadit]

Generally, it's the grandchildren that benefit the most from an inheritance given to the children as the children are usually older and secure when the benefactor dies. My kids are in their fifties now and likely will give much of what I leave them to their children. The point of it is the value of generational wealth.

My boss is in his early sixties and received a huge inheritance upon the death of his father when he was in his forties. He has spent some of it on himself but has already turned most of it over to his son, as has his brother to his two sons. Two of the sons, both only in their early thirties have purchased homes with part of their inheritance, an excellent use of the money. The family is very wealthy and very conservative, so the integrity of the generational wealth is secure for generations to come, as it should be.

Or leave it all in a trust that pays out a percentage of any increase to the family. That way, the family gets a passive income, and the principle doesn't get frittered away. If it's large enough at the start, the family can benefit for many generations.

 

[Marener]

I don’t believe in capital gains taxes anyway, so that is a good thing in my book. Capital gains is double-taxation, discourages investment, reduces liquidity in the market, stifles new investments(jobs) and hurts some retired folks who have no earned income and live off their investments.

Getting rid of capital gains definitely would be a massive benefit to the wealthiest, elites among us. These people already pay vanishingly low taxes, why not make it zero? Shift the burden onto the working class. Horay!

And it’s not double taxation. The principle was taxed and that’s not subject to capital gains. Only the capital.

I don’t think it’ll decrease investment. For one, most people are just trying to max out tax advantaged accounts. For two, if you’ve already maxed out those accounts, what else are you going to do with the money?

Provided examples of unearned income that is not taxed as ordinary income.

Capital gain, obviously.

 

[Dogmaphobe]

Not one lefty on this MB will criticize Mamdani.

True dat. To be perfectly fair to the board leftists, though, none of them are sentient, either.

I'm sure they all watched the Oscars last night, clapped at the appropriate places and cheered when a movie glorifying ANTIFA won the best film Oscar

 

[Marener]

Virtually all was specifying normal, middle class people.

You think I was including welfare leeches and high school dropouts?

And 40% ARE taking some sort of government assistance. To me, anyone getting other people’s money is low-income. Why else would they be using taxpayer money to support their families?

Do you have a source showing 40% of Americans are on some kind of government assistance?

Maybe you could also provide a source saying that middle class people almost all have estates worth $750k.

Because at this point, I think you’re just saying things that you think “feel” right. People who are in the top brackets sometimes forget how exceptional they are.

 

[Woodznutz]

Or leave it all in a trust that pays out a percentage of any increase to the family. That way, the family gets a passive income, and the principle doesn't get frittered away. If it's large enough at the start, the family can benefit for many generations.

That's called "managing your money from the grave". Lawyers make a fortune breaking up those trusts.

 

[DennisPTate]

Your FEAR is REALITY.

We are headed that way.

Not one lefty on this MB has a rational and objective way to deal with the nearly $40 trillion debt, for example.

It is going to take the full collapse of the dollar.

Service on debt is $1 trillion per year.

Lefties want the US to manufacture and export NOTHING. They want a nanny state, with no means of revenue.

Everything they say is a paradox.

We must lockdown or you want to kill grandma, but RACE RIOTS ARE OK! Somehow, race riots do not spread COVID and KILL GRANDMA.

Just one of many examples.

They are scared of being sent into the corn field, so they go along with everything.

Cultural Appropriation is bad, but it is ok for Joy Reid to dye her hair blonde. These commie cultists are brainwashed fools.

Actually, I am more so Libertarian than politically left and I do have in mind a way to save the USA Dollar and pay off the USA national debt that I believe is really based on a pack of many century old lies that only the officials at BigBanking have the wisdom and the ability to keep overly productive USA Citizens from destroying the environment with their astonishing productive capability.

The problem with my theory is that I must admit that these Neo-Malthusians are NOT one hundred percent in error, the USA worker is indeed astonishingly productive and the productivity of USA workers does, to at least some degree, threaten the environment.

Zone1 Thread 'Reverse Engineering of a Real Estate Boom and Paying off the USA national debt?'

Yesterday at 9:11 AM

For about fifty of my sixty six years I have been rather obsessively studying Theology, Spirituality and especially near death experience accounts.

I believe that the gifted Pastor David Wilkerson in 1973 was given a prediction for the future of the USA that theoretically can be Reverse Engineered?

[Pastor David Wilkerson] :

"There will be a sudden rush to buy farms, ranches, and homes in the country.

Thousands will attempt to flee from cities, hoping that a return to the land and
nature will provide security. There will be a growing urge to "get away from it
all"---and much money...

• DennisPTate
• Replies: 0
• Forum: Clean Debate Zone

 

[Woodznutz]

That’s a personal opinion, and you’re welcome to it. But don’t forget you were played by the authors of the article to mislead you.

“Downright criminal” is nonsense.

Estate taxes make a lot more sense considering that inherited property gets a step up in basis.

Personally I think unearned income should be treated like regular income and if you want to get away with estate taxes, then get rid of the step up in basis.

The step up in basis eliminates estate taxes, which is a good thing. So-called "appreciation" is just an adjustment for inflation.

 

[Marener]

The step up in basis eliminates estate taxes.

I don’t think that makes a lot of sense.

Stepping up the basis is for the inheritors. It doesn’t have much to do with the estate.