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

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

  1. #31
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by Chappy View Post
    I think inheritance taxes are a good thing for society: let's not have wealth become too entrenched.
    so lets apply the death tax to everyone then and entrench the wealth into the hands of the government since the government obviously has a better claim to it.

    Inheritance taxes are only good for the pimps in the government who pander to people who are envious of the rich



  2. #32
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by TurtleDude View Post
    when his son sells it at 15 bucks then they can tax it with a basis of 5
    So the answer is no, it hasn't been taxed. RTFQ.

    Furthermore, when the son sells the stock, he will sell it at the stepped up basis of $15, not the carry over basis from his deceased father. Therefore, the gain would never have been taxed. Welcome to basic estate taxes 101. It appear the class knows virtually nothing.

    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
    But that's not how it works. Assets get a stepped up basis upon transfer from the estate. Therefore, if you sold the painting with an original basis of $20k which was then stepped up to $50k, there would be no taxable income from that transaction. Thus, we have an estate tax to compensate for that.

    If we wanted to do it your way, we'd have to spend huge amounts of time and money to police tax exempted organizations as people with low basis but high FMV items would simply donate them to charities they controlled, have the charity sell it and then pay themselves a salary from that transaction.
    Last edited by obvious Child; 07-29-10 at 12:56 AM.
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  3. #33
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Hell yes, it was correct to vote the Bill down.

    • Dynastic wealth is not good for the country.
    • The very wealthy already have ways to shelter their wealth through various foundations.
    • If there is no estate tax, then the heirs get the money tax free. To claim this is double taxation is ludicrous. (If you earn money, you are taxed for it. If you use that profit to pay an employee, they will have to pay taxes on those earnings)
    • The heirs need to use their ingenuity to earn their own wealth.
    • Make the limit high enough that people don't lose their business.

  4. #34
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by jamesrage View Post
    I do not think its right to tax something that someone has already paid taxes on. Its just like these vehicle registrations and property taxes, there should one be a one time tax at the time of the purchase and thats it.
    Its not double taxation. The tax is assessed on the receiver (its new wealth to them) not the giver.

  5. #35
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by megaprogman View Post
    Its not double taxation. The tax is assessed on the receiver (its new wealth to them) not the giver.
    You are incorrect because the estate is taxed on its worth not the income of the recipient. The entire purpose of that abomination was created when there was no income tax. With steep-almost confiscatory income taxes-the estate tax needs to be eliminated. If your argument is it is income then tax it as income for everyone. If your argument is that the heirs didn't "earn it" (setting aside the right of the donor to do what he wants) then that argument is even more valid when applied to greedy politicians who use this tool of class warfare to appeal to the envious



  6. #36
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by obvious Child View Post
    So the answer is no, it hasn't been taxed. RTFQ.

    Furthermore, when the son sells the stock, he will sell it at the stepped up basis of $15, not the carry over basis from his deceased father. Therefore, the gain would never have been taxed. Welcome to basic estate taxes 101. It appear the class knows virtually nothing.



    But that's not how it works. Assets get a stepped up basis upon transfer from the estate. Therefore, if you sold the painting with an original basis of $20k which was then stepped up to $50k, there would be no taxable income from that transaction. Thus, we have an estate tax to compensate for that.

    If we wanted to do it your way, we'd have to spend huge amounts of time and money to police tax exempted organizations as people with low basis but high FMV items would simply donate them to charities they controlled, have the charity sell it and then pay themselves a salary from that transaction.

    better yet lets get rid of this abomination--if its so great why apply it only to a small voting block? Because it is designed to further the power of those who pander to people who think like you. It is not designed as an efficient an fair revenue producer but a tool that political pimps use to get power



  7. #37
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by TurtleDude View Post
    You are incorrect because the estate is taxed on its worth not the income of the recipient. The entire purpose of that abomination was created when there was no income tax. With steep-almost confiscatory income taxes-the estate tax needs to be eliminated. If your argument is it is income then tax it as income for everyone. If your argument is that the heirs didn't "earn it" (setting aside the right of the donor to do what he wants) then that argument is even more valid when applied to greedy politicians who use this tool of class warfare to appeal to the envious
    Estate tax in the United States - Wikipedia, the free encyclopedia

    The estate tax in the United States is a tax imposed on the transfer of the "taxable estate" of a deceased person, whether such property is transferred via a will, according to the state laws of intestacy or otherwise made as an incident of the death of the owner, such as a transfer of property from an intestate estate or trust, or the payment of certain life insurance benefits or financial account sums to beneficiaries. The estate tax is one part of the Unified Gift and Estate Tax system in the United States. The other part of the system, the gift tax, imposes a tax on transfers of property during a person's life; the gift tax prevents avoidance of the estate tax should a person want to give away his/her estate.
    As far as I can tell, transfer = income. However, I would not be opposed to taxing it as income since that is what it is. At least the money portions of it. I think stuff or land should be taxed at the market rate from a base of $0 at the time of sale.
    Last edited by tacomancer; 07-29-10 at 09:46 AM.

  8. #38
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by TurtleDude View Post
    typical class warfare
    which has been brewing since the dawn of time, and will continue.
    do you think an estate of a couple million is "ultra wealthy"Of course, compared to me, most here seem to be "ultra wealthy"..
    And the wealthy conservatives will not give up until there is a 10% tax on all people, without any regard as to how a government can function....
    I think they just want to regress to an earlier time of lords , serfs, and slaves. And continual warfare between the haves and the have-nots.

  9. #39
    warrior of the wetlands
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by earthworm View Post
    And the wealthy conservatives will not give up until there is a 10% tax on all people, without any regard as to how a government can function....
    I think they just want to regress to an earlier time of lords , serfs, and slaves. And continual warfare between the haves and the have-nots.
    thanks-your responses to my comments is the mindset that the dem lords pander to.

    Its dems who really want a system of lords and serfs.. we have problems when too many people don't have to pay any taxes and yet feel a need to constantly raise them on others because they have the same mindset as you do--ultra wealthy is anyone making more than you



  10. #40
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by megaprogman View Post
    Estate tax in the United States - Wikipedia, the free encyclopedia



    As far as I can tell, transfer = income. However, I would not be opposed to taxing it as income since that is what it is. At least the money portions of it. I think stuff or land should be taxed at the market rate from a base of $0 at the time of sale.
    1977, a girl I grew up with had this happen. Her grandfather died of a sudden heartattack-he was a widower and in great health with 20 more years of predicted life. His ten millon dollar estate goes to her father and mother-sans seveal millons. Two months after his funeral a suicidal nutcase drives his pickupt 120 miles an hour the wrong way on Interstate 71 and slams into this girl's parents Porsche. She and her sister are orphaned. That remaining estate again gets hit with the death confiscation tax, In 2 months 10 Million is twice hit with confiscatory taxes.

    the death tax is an abomination-look at the arguments for it-its all based on envy and greed of those who are upset they didn't have wealthy parents.



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