Ramaswamy Death Tax Idea Should Be Dead On Arrival

[Burgermeister]

Well that should stick a fork in Ramaswamy. What an obnoxious position -

"In a conversation with radio host Michael Smerconish, Ramaswamy somewhat stood behind the idea that America should implement a 59 percent estate tax – otherwise known as a “death tax” – at minimum. His only qualm with the idea was seemingly that it was “unimplementable in the current system” and that there would be “consequences” politically. As too many American small business owners and farmers know, however, the consequences of the death tax are more than just political.

The question originated because of a quote in Ramaswamy’s 2022 book, Nation of Victims. In the book, Ramaswamy writes about the estate tax thusly:

“Piketty and Saez are proposing a dry, yet elegant answer to the question, one that both tells us who the worst off are and helps us prevent Wilt Chamberlain’s talentless grandchildren from ruling the world… Piketty and Saez’s equations spit out the answer that the optimal inheritance tax in the United States is 59 percent… I’d take the figure Piketty and Saez arrive at as a minimum. We shouldn’t allow people to become billionaires just by having rich parents.”

There’s a lot to unpack with this section of the book. First, “Piketty and Saez” refer to Thomas Piketty and Emmanuel Saez, two progressive economists. They are widely known for their economic model that suggests the most effective method of curing income inequality is high taxation and indicts free market capitalism as the cause."

"We shouldn’t allow people to become billionaires just by having rich parents". Who's we, asshole? Hey Swamy, go fuck yourself.

Ramaswamy Death Tax Idea Should Be Dead On Arrival | Taxpayers Protection Alliance

Presidential politics are in full swing. The early days of the campaign are always entertaining, as many candidates introduce themselves to the American public with some unique ideas for their would…

www.protectingtaxpayers.org

 

[Oddball]

Was marginally interested until he started sucking up with the CCP shill Musk....Now he can kiss my ass.

 

[Biff_Poindexter]

Well that should stick a fork in Ramaswamy. What an obnoxious position -

"In a conversation with radio host Michael Smerconish, Ramaswamy somewhat stood behind the idea that America should implement a 59 percent estate tax – otherwise known as a “death tax” – at minimum. His only qualm with the idea was seemingly that it was “unimplementable in the current system” and that there would be “consequences” politically. As too many American small business owners and farmers know, however, the consequences of the death tax are more than just political.

The question originated because of a quote in Ramaswamy’s 2022 book, Nation of Victims. In the book, Ramaswamy writes about the estate tax thusly:


There’s a lot to unpack with this section of the book. First, “Piketty and Saez” refer to Thomas Piketty and Emmanuel Saez, two progressive economists. They are widely known for their economic model that suggests the most effective method of curing income inequality is high taxation and indicts free market capitalism as the cause."

"We shouldn’t allow people to become billionaires just by having rich parents". Who's we, asshole? Hey Swamy, go fuck yourself.

Ramaswamy Death Tax Idea Should Be Dead On Arrival | Taxpayers Protection Alliance

Presidential politics are in full swing. The early days of the campaign are always entertaining, as many candidates introduce themselves to the American public with some unique ideas for their would…

www.protectingtaxpayers.org

I think if he simply says he wants to instill a death tax on liberals, darkies and trans people --it will be a more popular position with Conservatives...

Or, he can just pretend he never proposed such a thing and blame the media for taking him out of context


Let's be honest......as long as he continues to say shit he heard Trump say, he doesn't really even need to speak on policies at all...just be vague and attack your opponents looks or something

 

[Votto]

Well that should stick a fork in Ramaswamy. What an obnoxious position -

"In a conversation with radio host Michael Smerconish, Ramaswamy somewhat stood behind the idea that America should implement a 59 percent estate tax – otherwise known as a “death tax” – at minimum. His only qualm with the idea was seemingly that it was “unimplementable in the current system” and that there would be “consequences” politically. As too many American small business owners and farmers know, however, the consequences of the death tax are more than just political.

The question originated because of a quote in Ramaswamy’s 2022 book, Nation of Victims. In the book, Ramaswamy writes about the estate tax thusly:


There’s a lot to unpack with this section of the book. First, “Piketty and Saez” refer to Thomas Piketty and Emmanuel Saez, two progressive economists. They are widely known for their economic model that suggests the most effective method of curing income inequality is high taxation and indicts free market capitalism as the cause."

"We shouldn’t allow people to become billionaires just by having rich parents". Who's we, asshole? Hey Swamy, go fuck yourself.

Ramaswamy Death Tax Idea Should Be Dead On Arrival | Taxpayers Protection Alliance

Presidential politics are in full swing. The early days of the campaign are always entertaining, as many candidates introduce themselves to the American public with some unique ideas for their would…

www.protectingtaxpayers.org

A George Soros plant.

Meanwhile, Biden makes his son uber rich and would still find a way to do so under this system that would only penalize law abiding citizens.

 

[jwoodie]

The "Death Tax" is nothing more than a pejorative term for a capital gains tax. The vast majority of inherited wealth has never been taxed in the first place. Why should hugely inflated capital assets be passed to others without any recognition of their increased value? This tax loophole is further compounded by the fact that the beneficiaries can turn around and sell these assets without any tax consequences. If the same assets had been sold a day before the benefactor died, they would have been subject to capital gains taxes before the net proceeds were passed to the heirs.

 

[my2¢]

I'd agree with it being dead on arrival. I only favor a death tax if it's part of a single rate income tax making all income taxable. Long wondered whether Republicans would go for that? I doubt Democrats would.

 

[Votto]

I'd agree with it being dead on arrival. I only favor a death tax if it's part of a single rate income tax making all income taxable. Long wondered whether Republicans would go for that? I doubt Democrats would.

Why would anyone support it?
I mean really.

 

[alang1216]

Well that should stick a fork in Ramaswamy. What an obnoxious position -

"In a conversation with radio host Michael Smerconish, Ramaswamy somewhat stood behind the idea that America should implement a 59 percent estate tax – otherwise known as a “death tax” – at minimum. His only qualm with the idea was seemingly that it was “unimplementable in the current system” and that there would be “consequences” politically. As too many American small business owners and farmers know, however, the consequences of the death tax are more than just political.

The question originated because of a quote in Ramaswamy’s 2022 book, Nation of Victims. In the book, Ramaswamy writes about the estate tax thusly:


There’s a lot to unpack with this section of the book. First, “Piketty and Saez” refer to Thomas Piketty and Emmanuel Saez, two progressive economists. They are widely known for their economic model that suggests the most effective method of curing income inequality is high taxation and indicts free market capitalism as the cause."

"We shouldn’t allow people to become billionaires just by having rich parents". Who's we, asshole? Hey Swamy, go fuck yourself.

Ramaswamy Death Tax Idea Should Be Dead On Arrival | Taxpayers Protection Alliance

Presidential politics are in full swing. The early days of the campaign are always entertaining, as many candidates introduce themselves to the American public with some unique ideas for their would…

www.protectingtaxpayers.org

I like the idea since I'd prefer a meritocracy over an aristocracy for my children and grandchildren.

 

[Burgermeister]

I'd agree with it being dead on arrival. I only favor a death tax if it's part of a single rate income tax making all income taxable. Long wondered whether Republicans would go for that? I doubt Democrats would.

It's not income. It has already been taxed.

 

[Votto]

Why would anyone support it?
I mean really.

I will ask again, why does the government need more revenue?

For what?

To fight the air or to give more bombs to the Ukraine cuz that is where it is all going?

 

[Winston]

The "Death Tax" is nothing more than a pejorative term for a capital gains tax. The vast majority of inherited wealth has never been taxed in the first place. Why should hugely inflated capital assets be passed to others without any recognition of their increased value? This tax loophole is further compounded by the fact that the beneficiaries can turn around and sell these assets without any tax consequences. If the same assets had been sold a day before the benefactor died, they would have been subject to capital gains taxes before the net proceeds were passed to the heirs.

That is exactly right. What you are referencing is called the "step-up". George Steinbrenner passed away in 2010, which happened to be a year without an estate tax due to Congress's failure to pass an extension. However, guess since he was so wealthy the IRS gave his heirs a choice, they could voluntarily pay the estate tax and thereby get the step-up, or they could forego the estate tax, lose the step-up, and pay capital gains. They chose the estate tax.

And that is just it, the estate tax is the only tax that one "chooses" to pay. Your heirs don't have to pay it, just leave them 12.92 million dollars and give the rest to charity. That is the estate tax exemption in 2023. Or just fund the damn thing with a second-to-die policy. Better yet, give the money away to your children every year, of course keeping those gifts under the gift exclusion maximum, $17,000 a year, for each spouse. Then there are charitable remainder trusts, pretty sweet vehicle that allows you a tax deduction up front and positive cash flow in the following years.

You think Alice Walton's heirs paid an estate tax? Hell no, Sam was planning way back in 1953. Matter of fact, the estate tax is a big ass joke. In 2021 the government collected just over 18 billion dollars from the estate tax, and that on estates that were valued at over 180 billion dollars, not even flippin ten percent.

https://view.officeapps.live.com/op/view.aspx?src=https%3A%2F%2Fwww.irs.gov%2Fpub%2Firs-soi%2F21es05soc.xlsx&wdOrigin=BROWSELINK

I mean look, any of you guys have an estate over 13 million dollars and you are worried about the estate tax, pm me, I can hook you up. I won't be holding my breath. I challenge anyone to show one example of a single family farm that had to be liquidated because of the estate tax. Now Hooter's restaurant chain, that is another story. Robert Brook's failed to plan and his heirs lost his legacy because of it.

 

[Burgermeister]

I like the idea since I'd prefer a meritocracy over an aristocracy for my children and grandchildren.

Fine. Don’t leave money to your kids. You don’t need the government to do it.

 

[my2¢]

Why would anyone support it?
I mean really.

Because the wider the tax base the less the rate needs to be. The folks around here pushing for a single tax rate proposal always use the figure of 10% and neglect the income side of the equation other than eliminating the deductible.

 

[Winston]

It's not income. It has already been taxed.

NO, the vast majority of assets that could be subject to the estate tax, are unrealized capital gains. Take most of my clients, they own land in the Blue Ridge mountains, passed down for generations. Some of them have King's grants, meaning the land was given to their ancestors by the King before the American Revolution. That makes their cost basis ZERO. I operate heavily in the South Mountains, some of the most tightly held private land in the country. I love seeing the Florida plates on cars rolling through those mountains thinking they are going to be able to buy some land. Not a snowball's chance in hell. LOL.

But that is the thing. That land is now worth millions of dollars. Maybe even more than 12 million dollars. Now you show me, where was the tax "already paid" on those unrealized capital gains?

 

[Winston]

Fine. Don’t leave money to your kids. You don’t need the government to do it.

Why should men leave great fortunes to their children? If this is done from affection, is it not misguided affection? Observation teaches that, generally speaking, it is not well for the children that they should be so burdened. Neither is it well for the state. Beyond providing for the wife and daughters moderate sources of income, and very moderate allowances indeed, if any, for the sons, men may well hesitate, for it is no longer questionable that great sums bequeathed oftener work more for the injury than for the good of the recipients. Wise men will soon conclude that, for the best interests of the members of their families and of the state, such bequests are an improper use of their means

https://media.carnegie.org/filer_public/0a/e1/0ae166c5-fca3-4adf-82a7-74c0534cd8de/gospel_of_wealth_2017.pdf

 

[Burgermeister]

Why should men leave great fortunes to their children? If this is done from affection, is it not misguided affection? Observation teaches that, generally speaking, it is not well for the children that they should be so burdened. Neither is it well for the state. Beyond providing for the wife and daughters moderate sources of income, and very moderate allowances indeed, if any, for the sons, men may well hesitate, for it is no longer questionable that great sums bequeathed oftener work more for the injury than for the good of the recipients. Wise men will soon conclude that, for the best interests of the members of their families and of the state, such bequests are an improper use of their means

https://media.carnegie.org/filer_public/0a/e1/0ae166c5-fca3-4adf-82a7-74c0534cd8de/gospel_of_wealth_2017.pdf

How about, it's none of your fucking business?

 

[Burgermeister]

NO, the vast majority of assets that could be subject to the estate tax, are unrealized capital gains. Take most of my clients, they own land in the Blue Ridge mountains, passed down for generations. Some of them have King's grants, meaning the land was given to their ancestors by the King before the American Revolution. That makes their cost basis ZERO. I operate heavily in the South Mountains, some of the most tightly held private land in the country. I love seeing the Florida plates on cars rolling through those mountains thinking they are going to be able to buy some land. Not a snowball's chance in hell. LOL.

But that is the thing. That land is now worth millions of dollars. Maybe even more than 12 million dollars. Now you show me, where was the tax "already paid" on those unrealized capital gains?

LOL. Yeah, we're talking about people granted land by the King. In the real world, those assets were purchased with money that was taxed. Of course you want to tax unrealized capital gains.

 

[d0gbreath]

Ramaswamy seems to be digging his own grave.

 

[Winston]

LOL. Yeah, we're talking about people granted land by the King. In the real world, those assets were purchased with money that was taxed. Of course you want to tax unrealized capital gains.

What a fool. When you buy something, for the most part, you pay for it with money that has already been taxed. But then, you pay sales tax, or property tax, or intangible taxes, or a whole host of other taxes. And when you sell something, and you have a gain, well you pay taxes on that as well. But if you have an asset with unrealized capital gains and you pass that asset on to someone other than your spouse, the asset's cost basis is "stepped up" to the market value at the time of passing.

I have no problem with the step-up. It is a critical means of passing on wealth to future generations. But I have a real problem with calls to eliminate the estate tax. And I have a problem with a 12 million dollar exemption. Three million is more than enough. You, and others, that call for the elimination of the estate tax are little more than uninformed useful idiots lobbying for the entrenched wealthy. Few people are subject to the estate tax, again, name one family farm that was lost due to the estate tax. And I am sorry, but being born into wealth isn't an accomplishment. In reality, the state that create the environment in which that wealth was built, and then protected that wealth with everything from law enforcement, fire departments, and an active military patrolling the world's shipping lanes, deserves a cut of that wealth much more than those children.

 

[Burgermeister]

What a fool. When you buy something, for the most part, you pay for it with money that has already been taxed. But then, you pay sales tax, or property tax, or intangible taxes, or a whole host of other taxes. And when you sell something, and you have a gain, well you pay taxes on that as well. But if you have an asset with unrealized capital gains and you pass that asset on to someone other than your spouse, the asset's cost basis is "stepped up" to the market value at the time of passing.

I have no problem with the step-up. It is a critical means of passing on wealth to future generations. But I have a real problem with calls to eliminate the estate tax. And I have a problem with a 12 million dollar exemption. Three million is more than enough. You, and others, that call for the elimination of the estate tax are little more than uninformed useful idiots lobbying for the entrenched wealthy. Few people are subject to the estate tax, again, name one family farm that was lost due to the estate tax. And I am sorry, but being born into wealth isn't an accomplishment. In reality, the state that create the environment in which that wealth was built, and then protected that wealth with everything from law enforcement, fire departments, and an active military patrolling the world's shipping lanes, deserves a cut of that wealth much more than those children.

I don't give a shit what some random jealous asshole has a problem with. Capital gains taxes are arbitrary confiscation. The money paid on both ends has already been taxed multiple times.