Bye, Bye Estate Tax!

[Sava]

Right is right and wrong is wrong Sava. How can I be untrue to my beliefs?

Why do you care more about the wrongs done to the super rich? I think they can take care of themselves.

EDIT: Estate tax isn't wrong. Inheritance is income. Income should be taxed.

[Sava]

I watch CSPAN for half an hour today, listening to all the Republican deadbeats defending this obscene legislation almost made me puke. No wonder Americans are apathetic towards politics.

[Japher]

Estate tax isn't wrong. Inheritance is income. Income should be taxed.

It's income that has already been taxed once to that family. Thus, double taxation.

If they would rather it be taxed at income, then fine, at least that is something. Yet, to talk half of everything?

Maintaining the basis at the original purchase price and then taxing the entire gain when sold would solve this easily. It would also mean that acapital gain would be taxed at a capital gain tax rate and not a 49% Inheritance tax rate.

That is actually what is done. Believe you and me, if the person inheriting a piece of property can't afford the property taxes they will be forced to sell it, even a 1041 (or is it a 1031) exchange wouldn't protect them there.

The government needs to tax it when it becomes income, not when it is an asset. They have no buisness ripping the gold out of my teeth, but when my family does it than they can tax it. Yet, if my family wants to keep my fillings in tact as I rot then they shouldn't be bothered!

[PLATO]

Originally posted by Sava


Why do the super-rich get so much sympathy, but millions of Americans living in poverty don't?

Sava, What part of my post made you imply that I don't have sympathy for the impoverished? I do. I just believe that they need more opportunity and not handouts. The government should work to create an environment where they can sucede, not one that is based on keeping them in poverty (and thus voting for the "correct" people who "help" them out) This is what is shameful

[GePap]

Originally posted by PLATO1003
The government does have the right to an income source, but the estate tax is thievery and hopefully will now be recognized as such!

Seeing that the individual who established the estate and who's labor went into making it is dead, the fact is that this person's estate becomes a huge source of income to those about to inherit it.

Theft is defined by the state.

[Sava]

It's income that has already been taxed once to that family. Thus, double taxation.

Mommy and/or Daddy earned that money... Jr. didn't. Junior is getting money... and hence, should be taxed.

Capital gains is the same thing. It's not double taxation. Their money is MAKING money. The additional income was never taxed.

It's not a question of right or wrong. It's a question of fairness and priority. Personally, I think rich people have it made in this country. Government resources should be used to help those that NEED IT...

[GePap]

Originally posted by Japher
It's income that has already been taxed once to that family. Thus, double taxation.

What family? Grown chldren count as seperate families, with seperate tax declarations. I don;t pay taxes on what my parents earn, and my parents don;t pay taxes on what I earn. I fail to see any such things as double taxation here.

[JohnT]

Originally posted by Sava
Why are you guys happy about this mess? Nobody on these forums will be benefitting from this stupid repeal.

:raises hand:

Wrong!

[GePap]

After your deal wih your parents JohnT, you expect to be getting their estate?

[Sava]

I just believe that they need more opportunity and not handouts. The government should work to create an environment where they can sucede

How about education, job training, and HEALTH CARE for CHRIST'S SAKE!?

Bush and the Republican Congress are cutting these programs... but giving handouts to the super-rich. Go visit a soup kitchen in some inner-city ghetto. Then go visit some a country club where Enron exec's play golf. Then come back and tell me who needs the most help.




I"M GETTING ALL SMILIED OUT!!

[PLATO]

Originally posted by GePap
Theft is defined by the state.

Well at least you were able to come up with one point I can't argue.

Your kids? your kid grow up, they get an education, eventually leave the house and form their own families. You lose your legal obligation to take care of them by the time they are 25 or so.

I wasn't speaking of a legal obligation now was I? I was speaking of the duplicity of how government works. They encourage us to do one thing and then penalize us for it.

Why shouldn't my children (which I created) not get the benefit of my wealth (which I created)?

[Sava]

:raises hand:

Wrong!

Your parents' estate is valued at more than $5,000,000?

Sounds like there are others that need more help than you.

[JohnT]

Not my parents, and actually, it won't be effecting me as my grandparents passed away over the past two years.

But, still, this would effect me. So:

[PLATO]

Originally posted by Sava
How about education, job training, and HEALTH CARE for CHRIST'S SAKE!?

I couldn't agree more. Where did I say these were bad? Unfortunately, the way that they are handled now creates almost no accountability or control. (For example...Medicaid will pay for an emergency room visit if you have a cold. This is vastly more costly than going to a clinic. Why can't we tell people when they get to the ER that they are welcome to be treated for non emergencies but only at their own expense?)

[Sava]

I couldn't agree more. Where did I say these were bad?

By supporting politicians that are destroying these valuable, working social programs, you are effectively saying they are bad.