The Birth Tax

[wihosa]

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"

 

[jreeves]

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"

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

 

[wihosa]

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

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.

 

[jreeves]

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.

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?

 

[Red Dawn]

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?

Do you even read your own links?

from your wiki link

There are several credits against the tentative tax, the most important of which is a "unified credit" which can be thought of as providing for an "exemption equivalent" or exempted value with respect to the sum of the taxable estate and the taxable gifts during lifetime.

For a person dying during 2006, 2007, or 2008, the "applicable exclusion amount" is $2,000,000, so if the sum of the taxable estate plus the "adjusted taxable gifts" made during lifetime equals $2,000,000 or less, there is no federal estate tax to pay.

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?

 

[Red Dawn]

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.

 

[chopcrazy]

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?

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.

 

[jreeves]

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?

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?

 

[Red Dawn]

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?

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?

 

[wihosa]

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?

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.

 

[jreeves]

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?

I am not going to admit I am wrong, 2 million in gross assets is not rich.....

 

[Care4all]

fyi

http://www.ctj.org/pdf/est0406.pdf

 

[Glori.B]

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.

but that's just it...how could the wealth not be taxed once already...? it is!!! that money is taxed when it is earned in the first place...then when you save it and it earns interest, that interest is taxed as well...if you invest it in any way whatsoever, it is taxed again...also when you spend it, you pay sales tax...do not be fooled into believing that taxation equals caring about your fellow man...that is a suckers bet.

 

[Red Dawn]

I am not going to admit I am wrong, 2 million in gross assets is not rich.....

Of course you won't admit you were wrong. You embarrased the shit out of yourself. You claimed all property had to pay the inheritance tax. When your OWN link proved you wrong.

As for you sudden concern about small business owners,

Let's say your parents were small business owners who passed away and left their estate to you. That's a four million dollar exception, for couples, under the estate tax law.

Let's say they had a half a million dollar house.

Let's say they owned a small convenience store, with property and capital value of 800k.

Lets say they even owned a yacht worth 100k

Let's say they had half a million bucks stocked away in a CD, or something.

That's less than two million bucks. You wouldn't pay a dime of estate tax on it, because of the four million dollar exemption.

So you were wrong - so dead wrong - that everybody pays the estate tax. Only the rich and affluent do.

 

[wihosa]

I am not going to admit I am wrong, 2 million in gross assets is not rich.....

And there you have it folks; Millionaires Not Wealthy!

If the right can't even admit the obvious they are brainwashed indeed!

 

[jreeves]

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.

People accumulate wealth during their lifetimes, if they are successful, that doesn't make them wealthy. What right does the government have imposing a 45% tax rate on already taxed income?

 

[CA95380]

- snip- 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. -snip-

That is one of the problems with most Republicians, they listen to Rush Limbaugh!

He has become nothing more than a Jerry Springer or a Howard Stern!

 

[jreeves]

That is one of the problems with most Republicians, they listen to Rush Limbaugh!

He has become nothing more than a Jerry Springer or a Howard Stern!

Limbaugh is nothing more than a blowhard...
But what right does the government have taking away 45% of someone's lifetime worth of savings?

 

[Moon]

That is one of the problems with most Republicians, they listen to Rush Limbaugh!

He has become nothing more than a Jerry Springer or a Howard Stern!

Really? I've always been under the impression that most of Rush's listeners are those on the left, looking for something to get pissed about!

 

[wihosa]

People accumulate wealth during their lifetimes, if they are successful, that doesn't make them wealthy. What right does the government have imposing a 45% tax rate on already taxed income?

The government (that's us by the way) is empowered by the Constitution to "lay taxes".

Any other questions?