View Poll Results: which best describes your view of the inheritance tax?

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  • There should be no inheritance tax of any amount of money or assets.

    84 54.90%
  • The first 5 million dollars should be exempt. After that the tax rate should be 35%.

    21 13.73%
  • The first 5 million dollars should be exempt. After that the tax rate should be 50%.

    12 7.84%
  • The first 1 million should be exempt. After that the rate should be 50%.

    19 12.42%
  • No exempt amount. Tax at 35% from the get-go.

    9 5.88%
  • No exempt amount. Tax at 50% from the get-go.

    1 0.65%
  • Abolish all inheritance. In other words, tax 100%.

    7 4.58%
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Thread: which best describes your view of the inheritance tax?

  1. #421
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    I favor the consumption tax for several reasons
    Lets cut all the nonsense and get down to the same reason you favor every tax scheme you endorse : it gives you a tax cut.
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  2. #422
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Jerry View Post
    If 35 years old is what you would call 'young', sure. An E-4 pay grade isn't going to make one rich. Honestly I make more doing construction on the states.

    Please continue.
    Thank you for confirming my original evaluation of your economic situation.
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

  3. #423
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    Thank you for confirming my original evaluation of your economic situation.
    You're quite welcome.

    Did you have a point you wanted to make, or was this just idle curiosity?

  4. #424
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    I don't have utter contempt for most people, just the pimp politicians who try to convince these people to blame their troubles on the rich and vote for those pimps so the pimps will punish the wealthy
    Your posts have made it abundantly clear that you have reserved a special place in your hate and loathing for anyone who attempts to represent the interests of working people against the elite.

    Your dog and fleas metaphor only underlines many previous contemptuous statements against the American people and our system of representative democracy. And all in the name of selfishness and greed. Hardly a sound basis for a nation tax policy for 311 million people.
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    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

  5. #425
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    Your posts have made it abundantly clear that you have reserved a special place in your hate and loathing for anyone who attempts to represent the interests of working people against the elite.
    Yes, Turtle, how dare you complain when people attempt to take your stuff and give it to others represent the interest of working people against the elite.

    Your dog and fleas metaphor only underlines many previous contemptuous statements against the American people and our system of representative democracy. And all in the name of selfishness and greed. Hardly a sound basis for a nation tax policy for 311 million people.
    Using the power of government to take other people's stuff and give it to others is the epitome of selfishness and greed. Before you go all, "I'm haymarket and I'm righteously indignant" on us, please try to remember who is the one advocating the use of government force to take what belongs to others. Do you really expect your intended victims to smile and thank you? Seriously?

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    Re: which best describes your view of the inheritance tax?

    Financial status should be a Federally protected class.

  7. #427
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by evanescence View Post
    I actually addressed that in an earlier post. The first $5 million would be untouched. But 35% after that. It's not that I want to TAX THE RICH!!! out of envy. But I do want to prevent an Aristocracy. That's all.
    Then your problem is twofold:

    1. the arbitrary "$5 million" line is not a good fit to reality. Someone who farms $6 million worth of land with $2 million worth of equipment is not the same as someone who has an $8 Savings Account.

    2. your method (estate tax) actually achieves the exact opposite of what you claim your goal is. by ensconsing the super rich and protecting their position from competition from the newly rich, you ensure that Great Wealth is able to maintain itself against comers in a multi-generational fashion.

  8. #428
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    Your posts have made it abundantly clear that you have reserved a special place in your hate and loathing for anyone who attempts to represent the interests of working people against the elite.
    no. we do not agree with (and often do indeed look down upon) those who see the interests of the working class and wealthy as being inherently at odds.

  9. #429
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    I read and reread you post and I have rarely seens such utter contempt for your fellow Americans
    yawn. save your demagoguery and shallow pretense at shock for your politicians' press releases. Good night, you sound like Gingrich refusing to believe that Romney would criticize him in a campaign ad.

    Low information voters....... really now!?!?
    yes. really now. for examples, wonder on over to the "do you pay a higher rate than Mitt Romney" thread and see how many fools thought that they did.

    For someone who claims to have taught government to be shocked by the notion of "low information voters" is... well, ridiculous. If you wish to read the scholarly treatment, Google is your friend.

    I especially enjoy the last sentence in the introduction here.

    it would seem to me people who understand that they are getting the short end of the stick by a system which treats the money of wealthy different than it does the money the working class earns are very high information voters.
    since they would be wrong to assume that they are paying a higher rate, no, they wouldn't be. Seems to me it is the people who fall for the substitution of nominal for effective tax rates who are the low-information types.

    I love it when you and others grab your handy dandy referee suit from the closet and proclaim FAIL because you disagree with somebodys post based on your own peculiar slant. It would be downright hilarious were it not so self serving and disingenuous.
    this is a discussion about the estate taxes which destroys businesses, breaks up family farms, destroys middle and lower class jobs, generates little if any net revenue for the government, and protects the uber-rich from competition. you seem to want to talk about Mitt Romney earning capital gains. I'd call the pretense that the one is the other a fail.

    The fact is a simple one and all the parsing semantics about what income is or what wealth is or what money is means nothing. The fact that matters is that working people have finally caught on that the game is rigged in the favor of people who get their money through capital gains and inheritance.
    if the game is rigged, then those people are idiots because apparently they are still losing. 85% of millionaires are first-generation rich, not squandering heirs, and second-generation millionaires are actually at a disadvantage. heirs that squander typically quickly run through their inheritances, and people that never learned to street-fight typically don't do as well at fisticuffs.

    according to the Congressional Budget Office, the total effective Federal Tax rate for the top 1% is around 30%: far higher than the working stiffs you describe (people in the top tenth of the top 1% paid 32%): and the effective income tax rate (to include capital gains) is 19% for the top 1%: again, higher than those of us in the "working" class.

    Let me quote directly from the CBO themselves:

    ...High-income households have a disproportionate share of comprehensive income and pay a disproportionate share of federal taxes. The half-percent of the population with the highest income received 14.7 percent of total household income before taxes and paid 22.6 percent of total federal taxes in 2005 (see Tables 2 and 3). People at the top 0.01 percent of the income scale received 4.2 percent of total income and paid 6.5 percent of total federal taxes in 2005...
    now I was a history major who loathed his "Mathematics For The Non Math Guy Course You Have To Take To Graduate" class, but it seems to me if you are making 14.7% of the income, and paying 22.6% of the taxes, you are paying a higher rate than someone else, who is offsetting you.

    Somebody who pockets $800K in wages, pays 35% on it. That is $280,000.00.
    as demonstrated by the CBO, this is incorrect. you are either the low-information voter described above who confuses nominal with effective tax rate, or you are willingly blurring the line between the two because you feel the only way you can make your argument is through dishonesty.

    Somebody who pockets the same $800K in capital gains pays 15% on it. That is $120,000.00.
    that is also (as per the CBO above) incorrect.

    Somebody who pockets the same $800K in inheritance pays 0% on it. That is $0.00.
    and thank goodness. taxes are necessary evils, not desirable universal principles. we should be looking to tax only as little as absolutely necessary, not asking ourselves what new things we can attach government orifices to.

    The warrior of the right through their libertarian and conservative think tanks have tried to brainwash average working people to go against their own economic interests for a long time now. Sadly, this Machiavellian plot has worked with some. But illumination and education is going on all over the land and people are wising up.
    not really. alot of charlatans have tried to convince people that they can have something for nothing, and that the economic interests of Americans in general are at odds rather than intertwined.

    You want to educate those people you look down your nose upon and label as "low information voters"? Start there.
    I would be more than happy to go into greater detail with you on the difference between effective and nominal tax rates. We can start there, or anywhere else that I've touched on, as you like.
    Last edited by cpwill; 01-31-12 at 08:46 AM.

  10. #430
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Jerry View Post
    Financial status should be a Federally protected class.
    Perhaps you have heard of The Golden Rule?
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

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