Thread: Seven Reasons Why Congress Should Repeal, Not Fix, the Death Tax
Started 1 month, 1 week ago by Great aka itsagreat2day
Seven Reasons Why Congress Should Repeal, Not Fix, the Death Tax The House and Senate may soon begin debate on what to do with the federal estate tax. If Congress fails to act before January 1, 2010, current law calls for death taxes to disappear entirely for one year before returning in 2011 at a top rate of 55 percent and a $1 million exemption of taxable estate. [1] The 2009 tax ...
Great aka itsagreat2day replied 1 month, 1 week ago
# 6. Death taxes hurt African-American business owners. Many Americans save in their businesses in order to pass an asset along to their children, and many of these businesses are owned by African-Americans and other minorities. The threat of seeing their life savings absorbed in a single tax bill is reason enough to demand permanent repeal. # 7. Death taxes hurt women business ...
It's actually called an Estate Tax. Many of the country's wealthiest citizens think it is fair- Bill Gates, Warren Buffet are two prominent examples. True. Their estates are most likely protected from this sort of taxation by complicated trusts and legal maneuvers. If the estate tax actually did tax wealthy family fortunes, the great family fortunes of the 20th Century would be ...
Great aka itsagreat2day replied 1 month, 1 week ago
Warren Buffet, like the younger Gates, has also been able to sell vast holdings within the structure of his foundation, thereby avoiding all taxes. The Bill and Melinda Gates Foundation has sold all of its Microsoft shares, not even keeping 10% out of loyalty to the company’s employees. Of course not a penny of tax was paid on any of these sales and today the Gates Foundation aggressively ...
Deminmaine it appears Gates and Buffet make a choice to shield their fortunes from government estate/death taxation. Yes they do- by giving most of it away. This way they use it for the public good- but the public good that they approve of. I would also add, just because they feel the tax is fair, doesn't make it so. I just thought their views had some import since they are actually ...
This was W's main worry; what with his father getting older and all. That money would have been just a drop in the bucket in the war against WMD. If these "DEATH TAXES" aren't sidelined what will happen to Americas corporate kingdoms and the princes and princesses coming of age?????!!!
tax sends a signal that it is better to consume today Isn't this what the government wants? For us to spend it all during their time in office, so they can say they are responsible for economic growth?! Death taxes hurt Africa WTH? Is there more to this one?
What Congress will certainly do is to extend the current exclusion through the end of 2010 rather than debating longer term revisions of the estate tax. No way are they going to allow the tax to totally disappear in January OR return with a credit of only 1mm in 2011. I would look for a continuation of the 3.5mm credit (7 mm for married couples) and perhaps eliminating the need for those ...
WTH? Is there more to this one? LOL, that was my first reaction too. I think his post got cut off- read the next one, which starts with the same words. I think it's carrying the race card to the extreme, but he's talking about African- Americans, not Africa, me thinks.
Here's some places to cut: ? http://www.sourcewatch.org/index.php?title= Congressional_Office s_and_Staff ? Each congress member gets alloted $748,000 for hiring up to 18 staff.? Cut that down to three staff per member at a max of $60,000 for each staff.? That cuts the allocation from ~$326M to ~$78M -?that just saved us $248M. ? Do the same for Senators: 3 staff (they currently have no limit) at a max of $60,000 per staff and the...
Neither will giving government yet ANOTHER source of revenue work. I've never advocated giving them ANOTHER source of revenue.? I'm only questioning the logic of?taking away a current source of revenue. I have a master's degree, follow current events, earn a high income, and pay a ton of taxes. Are you trying to say that having a master's degree, following current events, and having a high income makes you...
I think it could potentially?be reasonable to limit the right to vote to people who pay federal income taxes.? Even then, though, there are exceptions who don't pay taxes but do not deserve to have their right to vote taken away - for example, someone who lives entirely on an untaxed disability insurance policy, or a full-time college student who doesn't earn enough to pay taxes. ? I think that is reasonable although either a...
I think it's ridiculous that almost half of households don't pay federal income tax and that so many people think that the solution to everything is to raise taxes on the rich. I agree, but allowing more and more middle class workers get caught up in the AMT every year?is not the answer either. You know that while I may be one of the more liberal posters here, I think it's ridiculous that almost half of households don't...
So our government doesn't stay the same all the time. I am not disagreeing with your feelings about ths spending that is going on, but the players do change ? Yes - and they all seem to spend like Paris Hilton when she's drunk.
Ameiko - What you refer to as a middle class, wasn't really. That has only come in really in the last Century. Basically, it has been the rich and the peons. Now the peons don't have to be abjectly poor, but neither could they afford a lot beyond having a small dwelling. That changed in the late 1800's and has continued to this day, but we are starting to see a reversion, where the middle class is definitely getting poorer.
Ameiko, Um. ok. That analagy is just way out there. "Death tax" is a misnomer. It is a Neocon attempt to change the lexicon - something they were very good at before they abused their power and got it taken away. It gets all the Joe the Plumber types worked up over something that has no impact on them. Think of it as a tax on the income of the living heirs, not a tax on the decedent. When you die, poof, all your posessions and money...
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