View Poll Results: Should Jim DeMints proposed amendment removing the estate tax have failed?

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    11 36.67%
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Thread: Should Jim DeMints proposed amendment, removing the estate tax have failed?

  1. #21
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    tacomancer's Avatar
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by Harry Guerrilla View Post
    If we are going to have an estate tax, it should only be on liquid assets.
    Mainly cash.

    It's not right to tax a person that gets transferred a family business, which they may have to sell in order to pay taxes on it.
    Better thing is to tax cash, for one people will try to avoid it and keep the money moving, stimulating some sort of economic activity.

    It also doesn't unfairly punish the people with illiquid assets.
    I essentially agree since many farmers could be hit by this. I think we should attach some conditions to the illiquid thing though.
    1. It has to have shown profitable income and be a business for a certain number of years (maybe 10) to prevent people just buying stuff before they die.
    2. The ownership of whatever asset has to be within the family or held by a single individual (to prevent a person just buying into some existing investment which would be a loophole in my opinion)
    3. The person who receives it has to pay estate taxes at the time of selling the asset.
    Last edited by tacomancer; 07-28-10 at 10:49 AM.

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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by The_Patriot View Post
    I just thought of something... the colonies went to war with one of the reasons being taxation without representation. Since the property belongs to a dead person wouldn't that be taxation without representation?
    Are you proposing we raise a zombie army to fight the government with?

  3. #23
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by megaprogman View Post
    Are you proposing we raise a zombie army to fight the government with?
    Now that would be a cook idea.

  4. #24
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by The_Patriot View Post
    Now that would be a cook idea.
    What is we give zombies the right to vote? Would that keep them from rebelling? Of course, if we do that, we might have entitlement issues after a few years from all the politicians voting to give them free brains from the wealthy.

  5. #25
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by The_Patriot View Post
    Sounds like you have class envy.Do I??; when young, YES!!, now - NO!! It's their property and the government wasn't there when the person earned it.Maybe it should have been.. In fact, the government made it difficult for that person to earn it to begin with. Are you implying that the ultra-wealthy don't have a right to have their views represented?
    Nothing of the sort.....what gives you this cock-a-manny idea???
    I do see a man who is so anti-government that it clouds his vision.

  6. #26
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by obvious Child View Post
    Come again?

    So if Harry buys a stock at $5 with after tax dollars and dies when it's at $15, that gain of $10 has already been taxed?

    If so, when was that gain ever taxed?
    when his son sells it at 15 bucks then they can tax it with a basis of 5

    If my father buys a painting for 20K and leaves it to me, and at the time of his death its worth 50K I shouldn't have to sell it to pay taxes on it. HOwever if I do sell it, the capital gain should be taxed and that is 30K



  7. #27
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Well, I voted "No".

    I don't think there should be any estate taxes.

    Now, I know this means those few extremely rich persons can pass massive fortunes on to their decedents, without a cent being taxed…

    But why is that a bad thing?

    As I view it, one of the key reasons for working to obtain wealth is to prevent your decedents from having too, or having to do as much.

    Having said that, however, I personally do not approve of the uses some (the ones who show up in the news) heirs put their inheritance to.

    I would almost say there should be a “luxury tax”, but I tend to be opposed to taxation in general terms, so…

    I dunno.

    /shrug
    Education.

    Sometimes I think we're alone. Sometimes I think we're not. In either case, the thought is staggering. ~ R. Buckminster Fuller

  8. #28
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Yes.
    “Real environmentalists live in cities, and they visit what's left of the wilderness as gently and respectfully as possible.” — Donna Moulton, letter to the editor, Tucson Weekly, published on August 23, 2001

  9. #29
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by Chappy View Post
    Yes.
    class envy or a robotic response because a GOPer suggested it?



  10. #30
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by TurtleDude View Post
    class envy or a robotic response because a GOPer suggested it?
    I think inheritance taxes are a good thing for society: let's not have wealth become too entrenched.
    “Real environmentalists live in cities, and they visit what's left of the wilderness as gently and respectfully as possible.” — Donna Moulton, letter to the editor, Tucson Weekly, published on August 23, 2001

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