Republicans to repeal inheritance tax!

[dblack]

The thing is, this wouldn't really address the unfair advantage that rich kids have in life.

How is it the government's place to make sure that these kids don't have an advantage?

Don't you care about equality?

 

[regent]

To the old European families It was important that family fortunes be kept in the family. With wealth they able to remain the nation's elites and join in the ruling of their nation. When America began, Jefferson worked to strike out one of those family means to keep family wealth in one lump, and that was primogeniture. The family wealth went to the eldest son. I think Jefferson was successful in outlawing that practice in Virginia? In 1937 Lundberg wrote his famous book "Sixty Families" and it may have been the first exposure of how the wealthy protect their wealth in America by influencing government.

 

[LeftofLeft]

When it comes to individuals, the income tax, estate tax, and capital gains taxes should all be eliminated. Go to a consumption tax. This will never happen but one can dream.

I am a firm believer that a collective prosperity can never be achieved through economic policies rooted in punitive class envy policies. Ironically, a consumption tax could be argued that it is derived from the tenet of Marxism: from each according to his ability (to buy) to each according to his need (incentive to buy means more funding for social programs).

 

[Dad2three]

You just don't get it do you, today $10 million tomorrow $10k. But the bigger picture remains puzzling in that by what right does the state and federal government have any claim to an estate. I guess that escapes your realm of reasoning.

Talk about reasoning, $10 million versus $10,000? lol

YOU MADE THE MONEY IN THE US, IT'S A SOCIETY.


All Property, indeed, except the Savage's temporary Cabin, his Bow, his Matchcoat, and other little Acquisitions, absolutely necessary for his Subsistence, seems to me to be the Creature of public Convention. Hence the Public has the Right of Regulating Descents, and all other Conveyances of Property, and even of limiting the Quantity and the Uses of it. All the Property that is necessary to a Man, for the Conservation of the Individual and the Propagation of the Species, is his natural Right, which none can justly deprive him of: But all Property superfluous to such purposes is the Property of the Publick, who, by their Laws, have created it, and who may therefore by other Laws dispose of it, whenever the Welfare of the Publick shall demand such Disposition. He that does not like civil Society on these Terms, let him retire and live among Savages. He can have no right to the benefits of Society, who will not pay his Club towards the Support of it.
Ben Franklin

 

[Dad2three]

Estates over ten million really belong to the socialist workers commune of Amerikkka....

Civil servants will know who the truly deserving are.

You mean the EFFECTIVE tax rates of less than 20% on estates even hitting the tax??? lol

 

[SuperDemocrat]

The party of the rich, for the rich, by the rich. Once again, the wolves shear the sheep while the sheep cheer them on.

Republicans Push 269 Billion Handout For Millionaire Heirs And Heiresses

excerpt:

WASHINGTON -- House Republicans this week will vote to hand the heirs and heiresses of America's largest fortunes a $269 billion tax break by repealing the federal inheritance tax.

The legislation would shield the very richest families from taxes on the fortunes they inherit. After years of GOP attacks on the inheritance tax, also known as the estate tax, only a few thousand of the wealthiest families are subjected to it -- 4,700 total in 2013, according to the Joint Committee on Taxation. Only individual fortunes worth over $5.43 million can be taxed under current law, an amount that doubles to $10.86 million for wealthy couples. The Republican proposal would eliminate all of these estates -- which are over 15,700 percent richer than the median American household -- from taxation.

In the meantime....Chelsea Clinton stands to inherit millions from her parents.

 

[Dad2three]

The party of the rich, for the rich, by the rich. Once again, the wolves shear the sheep while the sheep cheer them on.

Republicans Push 269 Billion Handout For Millionaire Heirs And Heiresses

excerpt:

WASHINGTON -- House Republicans this week will vote to hand the heirs and heiresses of America's largest fortunes a $269 billion tax break by repealing the federal inheritance tax.

The legislation would shield the very richest families from taxes on the fortunes they inherit. After years of GOP attacks on the inheritance tax, also known as the estate tax, only a few thousand of the wealthiest families are subjected to it -- 4,700 total in 2013, according to the Joint Committee on Taxation. Only individual fortunes worth over $5.43 million can be taxed under current law, an amount that doubles to $10.86 million for wealthy couples. The Republican proposal would eliminate all of these estates -- which are over 15,700 percent richer than the median American household -- from taxation.

In the meantime....Chelsea Clinton stands to inherit millions from her parents.

And pay estate taxes.. Weird

 

[Dad2three]

When it comes to individuals, the income tax, estate tax, and capital gains taxes should all be eliminated. Go to a consumption tax. This will never happen but one can dream.

I am a firm believer that a collective prosperity can never be achieved through economic policies rooted in punitive class envy policies. Ironically, a consumption tax could be argued that it is derived from the tenet of Marxism: from each according to his ability (to buy) to each according to his need (incentive to buy means more funding for social programs).

More libertarian BS. Your Ayn Rand fetishism is silly....

 

[LeftofLeft]

When it comes to individuals, the income tax, estate tax, and capital gains taxes should all be eliminated. Go to a consumption tax. This will never happen but one can dream.

I am a firm believer that a collective prosperity can never be achieved through economic policies rooted in punitive class envy policies. Ironically, a consumption tax could be argued that it is derived from the tenet of Marxism: from each according to his ability (to buy) to each according to his need (incentive to buy means more funding for social programs).

More libertarian BS. Your Ayn Rand fetishism is silly....

You will not be satisfied until a true 1 percent wealthy elite is locked in here in the US and the masses are living with little to no advancement potential or improvement in personal wealth.

 

[there4eyeM]

Still, no discussion of what is highlighted in Piketty's (and others') work.

 

[there4eyeM]

"... derived from the tenet of Marxism: from each according to his ability (to buy) to each according to his need ..."

Or, those 'other commies'; the Christians:
Acts 4:32–35: 32 And the multitude of them that believed were of one heart and of one soul: neither said any of them that ought of the things which he possessed was his own; but they had all things common. 33 And with great power gave the apostles witness of the resurrection of the Lord Jesus: and great grace was upon them all. 34 Neither was there any among them that lacked: for as many as were possessors of lands or houses sold them, and brought the prices of the things that were sold, 35 And laid them down at the apostles' feet: and distribution was made unto every man according as he had need.

 

[Care4all]

It should be repealed, the money has already been taxed

Ignorance is bliss I suppose....

AND NO, what is being inherited HAS NOT ALREADY been taxed.

example:

A man owns stock in his hotel chain....he bought/got 1,000,000 shares of the stock at 10 cents a share 50 years ago, costing him $100k, that he never sold off and today's price per share is $100 bucks, 100 million dollars, now he wills the hotel stock to his daughter...let's call her Paris. He never paid any taxes on the $99.90 gain per share on this stock because he never sold it. He did pay taxes on the 10 cents he paid per share before he used this money to purchase this stock, but not on his gains... before he died. So, $99,900,000 GAIN was not taxed when he owned the stock and is not taxed when his daughter inherits the stock....she just gets the gift of $100 million dollars and owes nothing, and papa paid no taxes either on it....

 

[Claudette]

It should be repealed, the money has already been taxed

Yup and why should the Govt get money because someone who earned that money dies??

Inheritance tax? Another word for Govt theft.

 

[there4eyeM]

As disproportionate aggregate wealth reaches dangerous levels, what proposals are there other than taxation?

 

[Dot Com]

LMAO Let me guess, you invest in penny stocks and hope beyond hope you'll someday be an Wall St tycoon.

Single family rentals. Good mutual funds. Gold. Thanks for asking.

Made your first million dollar profit trade yet, JP Getty?

I have, at the tender age of 24 God Bless BTU and don't try and snow me on capital gains

so you're following in the footsteps of Judicial review?

 

[Dot Com]

It should be repealed, the money has already been taxed

Yup and why should the Govt get money because someone who earned that money dies??

Inheritance tax? Another word for Govt theft.

better than letting it devolve down to some deadbeat relative

 

[iamwhatiseem]

Obama - inarguably the greatest partaker of trickle down economics in the history of the country.
Since he took office - the top 7% have absolutely lavished in a record 33% earnings increase...while the remaining 93% of WORKING Americans have suffered a 5% decrease.
He has taken the phrase "fleecing of America" to whole new levels of taking taxpayer dollars directly to the central banks/Wal Street Firms/Super-Corporations than any other President could have ever imagined.

But leave it to the left to think he represents them and call the GOP the party of the rich.
You just can't make this shit up

I never knew that the President of the States determined wages.
One of the primary causes for the wealth gap/ineqaulity is the over three decades of flat wages in Real Dollars. Did Reagan, George HW, Clinton, "W", also control wages?

You don't read too good.
I notice how you skipped over the trickle down economics that Obama champions...no surprise.
No one on the left acknowledges anything he does wrong.

 

[NYcarbineer]

It should be repealed, the money has already been taxed

Yup and why should the Govt get money because someone who earned that money dies??

Inheritance tax? Another word for Govt theft.

Because the people who get the money are alive and are receiving it as income. It should all be taxed as income.

When I retired I got large lump sum incentive. Every nickel of it was taxed.

 

[Wry Catcher]

When it comes to individuals, the income tax, estate tax, and capital gains taxes should all be eliminated. Go to a consumption tax. This will never happen but one can dream.

I am a firm believer that a collective prosperity can never be achieved through economic policies rooted in punitive class envy policies. Ironically, a consumption tax could be argued that it is derived from the tenet of Marxism: from each according to his ability (to buy) to each according to his need (incentive to buy means more funding for social programs).

More libertarian BS. Your Ayn Rand fetishism is silly....

You will not be satisfied until a true 1 percent wealthy elite is locked in here in the US and the masses are living with little to no advancement potential or improvement in personal wealth.

Good grief, it's amazing how brainwashed people can become, believing massive amounts of money make someone into a Superhero is as foolish as it gets. The masses would do quite well if we could only eliminate their exploitation by the power elite.

Let's make health care a right: "A well regulated system of health care, being necessary for the security of the people of our nation, free and universal preventative health care, and major medical care for serious and chronic injury or disease, shall not be infringed."

Let's set a minimum wage and tie it to regular COLA's; "A well paid labor force, being necessary for every person's well being, and to the security of a free state, the right of the people to earn a fair and living wage, and to bargain collectively and form unions, shall not be infringed".

Let us return to a fair and well regulated (enforced) progressive income tax, one where our nation can return to the principles of one nation, of the people and for the people, necessary for a free and democratic state.

And, finally, let us establish pragmatic rules to make our elections fair and our elected officials honest. The Congress must pass an Amendment to the Constitution limiting campaign money, and make any perverse donation, acceptance or intentional effort to infringe the right to vote in to any election, initiative or recall a felony; notwithstanding the presidential power of pardon, those convicted shall be barred from holding any public office, elected or appointed as well as the right to vote, for life.

 

[LeftofLeft]

When it comes to individuals, the income tax, estate tax, and capital gains taxes should all be eliminated. Go to a consumption tax. This will never happen but one can dream.

I am a firm believer that a collective prosperity can never be achieved through economic policies rooted in punitive class envy policies. Ironically, a consumption tax could be argued that it is derived from the tenet of Marxism: from each according to his ability (to buy) to each according to his need (incentive to buy means more funding for social programs).

More libertarian BS. Your Ayn Rand fetishism is silly....

You will not be satisfied until a true 1 percent wealthy elite is locked in here in the US and the masses are living with little to no advancement potential or improvement in personal wealth.

Good grief, it's amazing how brainwashed people can become, believing massive amounts of money make someone into a Superhero is as foolish as it gets. The masses would do quite well if we could only eliminate their exploitation by the power elite.

Let's make health care a right: "A well regulated system of health care, being necessary for the security of the people of our nation, free and universal preventative health care, and major medical care for serious and chronic injury or disease, shall not be infringed."

Let's set a minimum wage and tie it to regular COLA's; "A well paid labor force, being necessary for every person's well being, and to the security of a free state, the right of the people to earn a fair and living wage, and to bargain collectively and form unions, shall not be infringed".

Let us return to a fair and well regulated (enforced) progressive income tax, one where our nation can return to the principles of one nation, of the people and for the people, necessary for a free and democratic state.

And, finally, let us establish pragmatic rules to make our elections fair and our elected officials honest. The Congress must pass an Amendment to the Constitution limiting campaign money, and make any perverse donation, acceptance or intentional effort to infringe the right to vote in to any election, initiative or recall a felony; notwithstanding the presidential power of pardon, those convicted shall be barred from holding any public office, elected or appointed as well as the right to vote, for life.

Who is government or otherwise to determine an individual makes too much money? People come to America to get away from limits you describe and have more opportunity.