Death Tax

[4moreyears]

This came out of the republin spin camp. Just wondering how everyone feels about the death tax. To me it makes no sense and if the money was taxed once it seems like double taxation.

President Bush and Republicans in Congress have championed a pro-growth agenda that has brought tax relief to millions of Americans. Historic legislation in 2001 and 2003 put America on the track to economic growth, and today our economic outlook is bright. There is more work to do, however, to ensure that tax-paying Americans can keep more of their own hard-earned income.

Tomorrow, Senators will debate a key issue in our effort to keep our economy strong, the elimination of the death tax. The death tax is an unfair double taxation of income, which hurts America's small businesses and farms and threatens job growth. Its elimination will lower the tax burden on families and promote fairness and economic growth. Unfortunately, this tax relief expires at the end of 2010. It is time for this regressive and unfair tax to end. It is time to kill the Death Tax.

Our party's opportunity agenda means allowing families to keep more of the money they earn. The historic tax relief in the President's first term was only the beginning. Americans deserve a tax code that is simple and fair. The Senate needs to do its part by making tax relief permanent and burying the death tax forever.

[bueno bob]

How about just eliminating taxes altogether?

[FORD]

If we didn't have so many goddamn loopholes in this country, and the so called "death tax" was allowed to do exactly what it was created to do, there never would have been a first "President Bush", let alone this fucking fraud.

Not only do we need to keep the estate tax, we need to make sure it is enforced to the letter, so that multi-generational crime families like the BCE are driven the fuck out of existence.

BTW.... don't buy the "small business and family farms" bullshit. Thanks to the corporatist Republicans, neither exists anymore.

And isn't this a CHAIN LETTER??

[bueno bob]

It certainly reads like one...

[FORD]

4morequeers knows better than to post chain mail spam in this forum.

[knuckleboner]

here's the thing about the "death tax:"

first off, it only affects the rich. before the bush estate tax cut, a single person could leave $1 million tax free to their heirs. if you were a married couple and had a halfway decent lawyer, you could leave $2 million, tax free to your heirs.

it was only people with more than that that had to pay the estate tax.

in other words, only the rich. the estate tax did not affect the vast majority of people.

but it did provide revenue for the country. now, if we're swimming in revenue, fine, i'll consider getting rid of it. or at least lowering it, but when we're running deficits, it's foolish.


as for double taxation? i don't care. the guy who made the money only gets taxed once. the guy who receives it did absolutely nothing to earn it. here's a huge sum of windfall money. ok, in that case, tax him. (technically you're taxing the estate and not the recipent, but practically, it's the same thing.)

mind you, you're only paying the tax if the dead guy had more than $1 million. and then, you're only paying tax on that amount over $1 million.

[Guitar Shark]

Well said, boner dude.

[knuckleboner]

thanks.

(of course, on the other hand, keeping the estate tax is better for the wills & trust attorneys, and i gotta look out for them, too...)

[binnie]

I think our inheritance tax way outweighs yours in states, but it is double taxation whichever way you look at it....

[BigBadBrian]

Originally posted by FORD


And isn't this a CHAIN LETTER??

So what if it is?

Hmmm?

It's nothing compared to all your DU "Conservative of the Week" threads and numerous "Chimpy Impeachment" threads.

Drink a cold one and relax.

[BigBadBrian]

Originally posted by Guitar Shark
Well said, boner dude.

I understand what you meant.....but that statement is just not right.

:eek:

[BigBadBrian]

Originally posted by knuckleboner
here's the thing about the "death tax:"

first off, it only affects the rich. before the bush estate tax cut, a single person could leave $1 million tax free to their heirs. if you were a married couple and had a halfway decent lawyer, you could leave $2 million, tax free to your heirs.

I could live with it if it was kept at this level, but many conservatives are afraid this is just another slippery slope issue.

Give 'em an inch.....

[scamper]

Originally posted by knuckleboner
as for double taxation? i don't care. the guy who made the money only gets taxed once

Wrong, the only way to get taxed once on money earned is to bury it in your backyard. If you save it in a bank you get taxed, if you invest in anything you get taxed, if you spend it you get taxed.

[scamper]

We need taxes, but if you sat down and figured out how much of your hard earned money is taxed it would blow your mind. Gas tax, sales tax, income tax, state income tax (which we don't have), capital gains, property tax...the list goes on and on

[knuckleboner]

Originally posted by scamper
Wrong, the only way to get taxed once on money earned is to bury it in your backyard. If you save it in a bank you get taxed, if you invest in anything you get taxed, if you spend it you get taxed.

no dude, you're taxed on the ADDITIONAL earnings, not on the same money.

except for the sales tax. i'll give you that.






and BBB: the slippery slope has been in the other direction. it used to be around $700,000. the law kicked it up gradually (last decade or so) to $1 million. and i THINK indexed it.

and i'm 100% in favor of indexing it. if it wasn't, i would've applauded bush for doing so, if that was his tax break.


(and me saying "applauding bush" is right, right?)