House Rejects Change To Estate Tax

[Ava]

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

 

[bucs90]

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.

 

[Ava]

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 T]

The Government can never justify the Estate tax ever. It's money grubbing that is reminiscent of a King we once fought against that was equally guilty of the very same agredious err toward liberty.

 

[Revere]

I could have lived with this getting kicked into next year.

 

[Ava]

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

After delays and a contentious floor debate, the tax compromise bill developed by the White House and Congressional Republicans is headed to the president's desk.

The House of Representatives passed the legislation to extend the so-called Bush tax cuts and social spending measures late Thursday night by a vote of 277 to 148.

House Democrats attempted to modify the estate tax provision in the deal that passed the Senate Wednesday. They wanted to diminish the amount of money that is exempt from taxes from $5 million to $3.5 million and increase the amount at which assets above that threshold would be taxed from 35 percent to 45 percent. Many Democrats felt the terms in the Senate proposal were too generous for the wealthy.That effort failed.

The bill now heads to President Obama's desk. If Obama signs the measure, it will prevent a tax increase that was scheduled to occur on January 1, 2011.

Congress Passes Bill to Extend Bush Tax Cuts - FoxNews.com

 

[The T]

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

After delays and a contentious floor debate, the tax compromise bill developed by the White House and Congressional Republicans is headed to the president's desk.

The House of Representatives passed the legislation to extend the so-called Bush tax cuts and social spending measures late Thursday night by a vote of 277 to 148.

House Democrats attempted to modify the estate tax provision in the deal that passed the Senate Wednesday. They wanted to diminish the amount of money that is exempt from taxes from $5 million to $3.5 million and increase the amount at which assets above that threshold would be taxed from 35 percent to 45 percent. Many Democrats felt the terms in the Senate proposal were too generous for the wealthy.That effort failed.

The bill now heads to President Obama's desk. If Obama signs the measure, it will prevent a tax increase that was scheduled to occur on January 1, 2011.

Congress Passes Bill to Extend Bush Tax Cuts - FoxNews.com

With any luck? The president will VETO it.

 

[Ava]

The Government can never justify the Estate tax ever. It's money grubbing that is reminiscent of a King we once fought against that was equally guilty of the ver y same agredious err toward liberty.

It's stealing. Putting our money into the hands of the government instead of the economy.

 

[Ava]

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

After delays and a contentious floor debate, the tax compromise bill developed by the White House and Congressional Republicans is headed to the president's desk.

The House of Representatives passed the legislation to extend the so-called Bush tax cuts and social spending measures late Thursday night by a vote of 277 to 148.

House Democrats attempted to modify the estate tax provision in the deal that passed the Senate Wednesday. They wanted to diminish the amount of money that is exempt from taxes from $5 million to $3.5 million and increase the amount at which assets above that threshold would be taxed from 35 percent to 45 percent. Many Democrats felt the terms in the Senate proposal were too generous for the wealthy.That effort failed.

The bill now heads to President Obama's desk. If Obama signs the measure, it will prevent a tax increase that was scheduled to occur on January 1, 2011.

Congress Passes Bill to Extend Bush Tax Cuts - FoxNews.com

With any luck? The president will VETO it.

No, this is the agreement he made with Republicans. It would be nice if he did and then the government could shut down and then on Jan. 5, rise again. Of course Obama could still veto it. Oh, the games!

 

[shintao]

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.

Yep, property tax is a real problem in America where you only rent the land and hold a piece of paper saying you have rights to it over citizens, but not over government. The prime reason why Socialist Germany pays less taxes than Americans do.

 

[Revere]

Tax cuts for the rich passed the 111th Congress by a much wider margin than Obamacare, 277-148!

 

[WillowTree]

Tax cuts for the rich passed the 111th Congress by a much wider margin than Obamacare, 277-148!

did they vote for tax cuts? or just to allow the tax rates to remain as they presently are?

 

[California Girl]

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

 

[editec]

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

 

[Cuyo]

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.

Well, you're correct, unless you count all those years since 1916.

 

[WillowTree]

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

You need to pull yourself together.

 

[Affrayer]

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.

The answer to your quandary lies in the foundation of power distribution in our country. In America, money is power. Power once reserved for Kings, dictators, tyrants, and so forth is now spread around the monied elite. This is based on the theory that those who EARN the money are the best ones to designate how that money is used.

However history shows us a downside to this theory. As money is passed from generation to generation, this WISDOM is not passed along.

So before you whine about how decedents are ENTITLED to the inheritance of the powers of their forefathers, consider Bush Jr who wouldn't have qualified as a janitor in Washington DC let alone of been elected president if his father wasn't president before him.

 

[WillowTree]

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.

The answer to your quandary lies in the foundation of power distribution in our country. In America, money is power. Power once reserved for Kings, dictators, tyrants, and so forth is now spread around the monied elite. This is based on the theory that those who EARN the money are the best ones to designate how that money is used.

However history shows us a downside to this theory. As money is passed from generation to generation, this WISDOM is not passed along.

So before you whine about how decedents are ENTITLED to the inheritance of the powers of their forefathers, consider Bush Jr who wouldn't have qualified as a janitor in Washington DC let alone of been elected president if his father wasn't president before him.

Let us know when all the limousine liberals have donated all of their money. Then we'll talk.

 

[WillowTree]

I'm serious. I wanna know when obie wan and meech are poor, when san fran nan is poor, when al gore is poor.. let us know, keep us posted.

 

[Truthmatters]

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.