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It would have to be wouldn't it, but they aren't going to do that, just like they didn't index the AMT,haven't, and aren't going to. It is because they see these measures as not "stick it to the super rich" taxes, but as revenue generators.
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There's not that much inflation. That's a common argument, but not compelling.Originally posted by Whoha
Inflation.
People make that same argument about the alternative minimum tax (very good tax by the way). In fact, I prepared many returns for people last year, some of the clients were quite wealthy, but none of them had to pay the AMT. You have to be very rich to pay that tax, and it's the same with the estate tax. Even if you do have to pay the tax you only have to pay it on the portion of the estate that is not exempt.I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett KavanaughComment
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At no time in our history will the common American be able to accumulate 2 million dollars worth of stuff over the course of their entire life?Originally posted by Kidicious
There's not that much inflation. That's a common argument, but not compelling.Comment
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If the interstate system were to disappear tommarrow, who would fair worse, the poor working class whose job depends on those roads, or the rich who draw wealth from all sorts of sources. They use it the same, but one depends on it more.If by "ridiculously false" you mean "true".
Your assertion is even more ridiculous if you are talking about new rich, which despite the rhetoric is most of America's upper class. Do I make twice as much as the next guy because I drive around twice as much?
A rich person does not use the infrustructre any more than the poor, they just use it effectively."The DPRK is still in a state of war with the U.S. It's called a black out." - Che explaining why orbital nightime pictures of NK show few lights. Seriously.Comment
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The AMT should also be indexed to inflation.
The goal of both taxes was (obsensibly) to tax the super-rich. As time passes, the government either has to vote to increase the cutoffs, or the tax will apply to more and more people.
I don't think the failure to index these things to inflation is so much a desire for more revenue, but rather because it's a useful political tool. Here is a nice divisive "issue" that will pop up periodically, and Congress gets to "fix" it.
-Arriangrog want tank...Grog Want Tank... GROG WANT TANK!
The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.Comment
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The estate tax exemption went up something like 400% over the past few years. It's scheduled to go up again to $3.5 million in 2009 (those poor multimillionaires
). The idea that the exemption is fixed in time in perpetuity is utterly ridiculous.
"Beware of the man who works hard to learn something, learns it, and finds himself no wiser than before. He is full of murderous resentment of people who are ignorant without having come by their ignorance the hard way. "
-BokononComment
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In no time in the future will they either. Because the common American must work, and you don't accumulate that kind of wealth working. Point?Originally posted by Whoha
At no time in our history will the common American be able to accumulate 2 million dollars worth of stuff over the course of their entire life?I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett KavanaughComment
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Kid, you kill me.
-Arriangrog want tank...Grog Want Tank... GROG WANT TANK!
The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.Comment
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In no time in the future will they either. Because the common American must work, and you don't accumulate that kind of wealth working. Point?
Talk to any doctors, lawyers or property agenst lately? If I subtact two kids out of your litter of four what left over income do you end up with. American's spend their money, it burns holes in their pockets."The DPRK is still in a state of war with the U.S. It's called a black out." - Che explaining why orbital nightime pictures of NK show few lights. Seriously.Comment
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No, it's not fixed in perpetuity. Instead, it's pretty arbitrarily upped whenever Congress gets around to it. Technically, after 2009 it's supposed to drop back to $1 million, IIRC. That won't happen, because they'll "fix" it again.Originally posted by Ramo
The estate tax exemption went up something like 400% over the past few years. It's scheduled to go up again to $3.5 million in 2009 (those poor multimillionaires ). The idea that the exemption is fixed in time in perpetuity is utterly ridiculous.
It would be far better if we decided on a good cutoff in 2007 dollars and then indexed it to rise slowly with inflation every year.
-Arriangrog want tank...Grog Want Tank... GROG WANT TANK!
The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.Comment
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It's even higher when you consider that you are allowed to gift a large amount before you die.Originally posted by Ramo
The estate tax exemption went up something like 400% over the past few years. It's scheduled to go up again to $3.5 million in 2009 (those poor multimillionaires ). The idea that the exemption is fixed in time in perpetuity is utterly ridiculous.
I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett KavanaughComment
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I'll never know why you laugh at such things. Working is no way to aquire wealth. Every milionaire knows that. You aquire wealth by making deals and controlling resources.Originally posted by Arrian
Kid, you kill me.
-ArrianI drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett KavanaughComment
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the poor working class absent infrastructure would tear into the wealthy and one another through legal and illegal means. Absent infrastructure the rich would experience a quality of life drop that is provided for by the poor working class.Originally posted by Patroklos
If the interstate system were to disappear tommarrow, who would fair worse, the poor working class whose job depends on those roads, or the rich who draw wealth from all sources.
Your assertion is even more ridiculous if you are talking about new rich, which despite the rhetoric is most of America's upper class. Do I make twice as much as the next guy because I drove around twice as much?
A rich person does not use the infrustructre any more than the poor, they just use it effectively.
the poor working class person that loses their job already didnt have a high quality of life to lose in the first place. the drop in standard of living is much smaller and might not even be noticable.
You know why communism was a popular idea post depression? because the wealthy were nary affected while the poor working class was reamed. And unless the rich think they are above the democratic process, then they should be willing to pay the price of a system that ensures their ability to thrive."I hope I get to punch you in the face one day" - MRT144, Imran Siddiqui
'I'm fairly certain that a ban on me punching you in the face is not a "right" worth respecting." - loinburgerComment
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Over the course of a lifetime you can indeed acquire $2 million by working, provided you save your money. Especially if you don't have kids. But that's not the funny part of what you said, because I agree that the average American isn't going to accumulate $2 million in 2007 dollars.
Whoha said "ever" and you walked right into it. At some point in the future, $2 million is going to be chump change.
-Arriangrog want tank...Grog Want Tank... GROG WANT TANK!
The trick isn't to break some eggs to make an omelette, it's convincing the eggs to break themselves in order to aspire to omelettehood.Comment
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The rich would never have gotten rich if things like a police force and infrastructure never existed. How ridiculous can people be? OMFG!I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett KavanaughComment
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