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. #1
    Educator Gabriel's Avatar
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    Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Should Jim DeMints proposed amendment of unemployment benefits removing the estate tax have failed?

    An Old Fashioned Debate on Tax Fairness

    Last edited by Gabriel; 07-24-10 at 03:56 PM.

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

    The estate tax primarily affects the ultra wealthy - they can afford it.
    This character is a conservative, and we know who they serve.

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

    Quote Originally Posted by Gabriel View Post
    Should Jim DeMints proposed amendment of unemployment benefits removing the estate tax have failed?

    An Old Fashioned Debate on Tax Fairness

    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 was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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

    Quote Originally Posted by earthworm View Post
    The estate tax primarily affects the ultra wealthy - they can afford it.
    This character is a conservative, and we know who they serve.
    Sounds like you have class envy. It's their property and the government wasn't there when the person earned it. 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?

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    Educator Gabriel'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.
    Whatever the details are on the matter you already do have one.

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    Educator Gabriel's Avatar
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    Re: Should Jim DeMints proposed amendment, removing the estate tax have failed?

    Quote Originally Posted by earthworm View Post
    The estate tax primarily affects the ultra wealthy - they can afford it.
    This character is a conservative, and we know who they serve.
    A conservative with interest in advancing libertarian economics.
    Last edited by Gabriel; 07-24-10 at 05:14 PM.

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

    Quote Originally Posted by Gabriel View Post
    Whatever the details are on the matter you already do have one.
    I know but the fact remains that it also targets not monetarily wealthy people.
    It has unintended consequences.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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    Equal Opportunity Hater
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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.
    Except that creates perverse incentives. If the tax was on only liquid assets, then those who were going to die would simply buy up lots of illiquid assets leaving only the necessary amount to live on til they die. When they die, a tax on only liquid assets wouldn't touch them. Effectively they'd managed to hide large portions of otherwise liquid assets from the tax. And this would create sizable amounts of bubbles in assets with trillions of dollars in potential estates trying to buy illiquid assets. And you and I don't like bubbles.

    A better way is simply raise the exemption to $10 million.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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

    Quote Originally Posted by obvious Child View Post
    Except that creates perverse incentives. If the tax was on only liquid assets, then those who were going to die would simply buy up lots of illiquid assets leaving only the necessary amount to live on til they die. When they die, a tax on only liquid assets wouldn't touch them. Effectively they'd managed to hide large portions of otherwise liquid assets from the tax. And this would create sizable amounts of bubbles in assets with trillions of dollars in potential estates trying to buy illiquid assets. And you and I don't like bubbles.

    A better way is simply raise the exemption to $10 million.
    Index it to inflation and that would be fine with me.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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

    Quote Originally Posted by Harry Guerrilla View Post
    Index it to inflation and that would be fine with me.
    I don't think that's necessary. Virtually no one ever hit $10 million. I bet we could leave it alone for 20 years without problems.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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