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Grassley explains why people don’t invest: ‘Booze or women or movies’

Common Sense 1 said:
Hey tell us what the grand Democratic party has done for the "working class Americans" in the last 20 years? Not a damn thing and that is one of the reasons why Crooked Hillary is not President today!
How can you post slop like this?
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One thing was they did not create a tax bill for the benefit of the rich.
 
American said:
Oh, so the purpose of the OP was petty complaining about what Grassley said, which is 100% true. People do waste lots of money. The fact that you make it class warfare is telling, since Grassley didn't.
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What a load of ****. Grassley implied if you are a multi-millionaire that you are an incompetent and irresponsible fiscal burden. That's the class warfare.
 
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tres borrachos said:
You obviously don't understand what this thread is about.

The recipients of the estate tax repeal are people who pass on assets of at least $5.5 million ($11 million for married couples). Those are the people who are "investing" and not spending "every darn penny they have on women, booze and movies", according to the Senator. Who do you think the people who don't have at least $5.5 million?

So are you spending every last penny you have on booze, women and movies, or are you one of those people who is going to leave many millions of dollars to your children? If he's being "honest", as you said, you're one or the other. Which one?
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Don't be jealous, they have already been taxed on that money. Why do you think the government has a right to tax it again upon death? It's theft. straight up/
 
ReverendHellh0und said:
Don't be jealous, they have already been taxed on that money. Why do you think the government has a right to tax it again upon death? It's theft. straight up/
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So it's not income for someone if the other person in the transaction died? That's plane silly. And capital gains isn't just estate tax. That notion is a fraudulent lie perpetrated on the people by the elitist republicans.
 
poweRob said:
So it's not income for someone if the other person in the transaction died? That's plane silly. And capital gains isn't just estate tax. That notion is a fraudulent lie perpetrated on the people by the elitist republicans.
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Is it an exchange of money for a final good or service that generates additional income, or a transfer of money between two people that does not?




If you take half my money as I gain my wealth, what right do you have to take more of it simply because I want to transfer it to a heir?


Why is alimony 100% tax deductable then? Should alimony and child support be taxable?
 
ReverendHellh0und said:
Is it an exchange of money for a final good or service that generates additional income, or a transfer of money between two people that does not?




If you take half my money as I gain my wealth, what right do you have to take more of it simply because I want to transfer it to a heir?


Why is alimony 100% tax deductable then? Should alimony and child support be taxable?
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When you die, it is no longer your wealth. It is transferred to someone else and it is their new income.
 
poweRob said:
When you die, it is no longer your wealth. It is transferred to someone else and it is their new income.
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If I have to pay alimony or child support, it's no longer my money, but new income for the person I have to pay if to.




Death tax if it were repealed would represent less than .02% of projected total revenues. It's a mere drop in the bucket. Therefore why do it? What's the real reason for supporting it?


It's a double tax, that does little to help the government collect revenue?


In fact, according to this article:

"According to a study by former Deputy Assistant Secretary for Economic Policy at the Department of the Treasury, Steven Entin, once these other sources of tax revenues are taken into account, repeal of the death tax would produce a net increase of $89 billion in tax revenues over that same 10-year period."

https://www.forbes.com/sites/charle...y-the-death-tax-is-the-dumb-tax/#44da98c16d0f


So if true why do you support it?
 
American said:
Leftwingers whine a lot but never solve any problems.
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"The problem" is politicians like Grassley: and you voted his Party and his attitude into power.
 
ReverendHellh0und said:
If I have to pay alimony or child support, it's no longer my money, but new income for the person I have to pay if to.

Death tax if it were repealed would represent less than .02% of projected total revenues. It's a mere drop in the bucket. Therefore why do it? What's the real reason for supporting it?


It's a double tax, that does little to help the government collect revenue?

In fact, according to this article:

"According to a study by former Deputy Assistant Secretary for Economic Policy at the Department of the Treasury, Steven Entin, once these other sources of tax revenues are taken into account, repeal of the death tax would produce a net increase of $89 billion in tax revenues over that same 10-year period."

https://www.forbes.com/sites/charle...y-the-death-tax-is-the-dumb-tax/#44da98c16d0f

So if true why do you support it?
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Post I made in another thread. "Death taxes" is just a way to make it sound horrific. It's capital gains taxes and it goes far beyond inheritance. Calling it a death taxes is just an emotional selling point to cut taxes on those selling stocks and making huge business sales.

poweRob said:
For the 99 percent of taxpayers making less than $500,000, salaries and wages account for 75 percent of their adjusted gross income for 2012, the latest period available from Internal Revenue Service returns. Of the remaining income, about half came from retirement programs such as pensions, annuities and Individual Retirement Accounts.

For taxpayers making $500,000 to $1 million, salaries and wages account for more than half of earnings.

But for those making $10 million or more, salaries and wages only account for around 15 percent of their income. Their real money comes from capital gains, with capital gains accounting for about half of their earnings. Another 15 percent to 20 percent came from interest and dividends. About 25 percent of their income came from business income, which means they owned or held a stake in a private company.

It's no surprise that the really rich make their money from, well, money. But Roberton Williams of the Tax Policy Center said the data doesn't mean that all of the wealthy are just sitting around making millions from the stock market every year. Many of the people in that $10 million-or-more group don't repeat their mega-earnings every year. Their income came from a one-time sale of a business or asset, leading to a capital gain.

link...​

The bolded shows why personal income tax sun-setting on the bulk of us doesn't really effect the true income on the rich. Their income isn't wages they pay tax on so sun-setting theirs has little to no effect. Now check out the bolded red... I know you recall the GOP's constant bashing of the so-called "death taxes" which is capital gains tax. That's the tax they really want to kill. It's because of that last line. It has nothing to do with being forced to pay taxes on inheritance being handed down after they die as they always portray it to be... it has to do with carving out a different tax standard the rich get so that they don't pay taxes on their true income.

In short. We pay income tax. The rich pay capital gains tax.
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ReverendHellh0und said:
Don't be jealous, they have already been taxed on that money. Why do you think the government has a right to tax it again upon death? It's theft. straight up/
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Pay attention to my post next time. I never said the government has a right to tax anyone upon death. WTF.
 
Does anyone know anyone who is spending their last penny on movies? I can understand booze, women, drugs, gambling, etc.... but movies? :lol: What world does this guy live in?
 
8000 Americans have estates valued above $5mil. That's .1%. Why is someone making $50k/y so damn worried about it?

Seems Mr. Grassley and other wealthy members of Congress may be acting in their own interest.
 
tres borrachos said:
You obviously don't understand what this thread is about.

The recipients of the estate tax repeal are people who pass on assets of at least $5.5 million ($11 million for married couples). Those are the people who are "investing" and not spending "every darn penny they have on women, booze and movies", according to the Senator. Who do you think the people who don't have at least $5.5 million?

So are you spending every last penny you have on booze, women and movies, or are you one of those people who is going to leave many millions of dollars to your children? If he's being "honest", as you said, you're one or the other. Which one?
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Tres

I dont like the way he put it....but i do understand the sentiment behind what he said

Way too many people live over their means...spend every nickel of their check

Have to have the newest car, biggest house, etc

They get into debt, and never save....and when the rainy day comes, as it always does, they have nothing put away

My family has 3 members that fit this pattern....my brother has earned far more than me over his lifetime, and yet doesnt have a pot to piss in

Do i like what he said? no....

Do i think we can and NEED to do better individually and as a country in the savings department? you bet

If all goes as planned i will actually leave my kids an inheritance....a nice 7 figure sum

It has taken me a lifetime to build that up....starting with nothing

I think that is what he was trying to say....but just royally screwed the pooch on saying it
 
americanwoman said:
Does anyone know anyone who is spending their last penny on movies? I can understand booze, women, drugs, gambling, etc.... but movies? :lol: What world does this guy live in?
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I spend thousands of dollars a year in porn, but that's just me.
 
He was pretty tone deaf. But y'all can decide which people in which category are running down each week and dropping down their installment payments on their next tattoo. if you are being honest...Im betting you know who it is....and I bet you know those people are likely to be proud consumers in teh vaping and video gaming industry as well. You know...the essentials.

As for the estate tax...its bull**** and always has been. Income is taxed. There is zero justification for the government to re-tax personally owned family wealth. Its corrupt. The only people that are for that kind of a tax system...well...see above. Because they frankly dont have much skin in the game.
 
tres borrachos said:
I spend thousands of dollars a year in porn, but that's just me.
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What i don't get out of Grassley and these idiots is...

1) he's wrong
2) what business is it of anyone how someone else spends their money?

Why does he think he think criticizing the middle class and poor is the reason he can justify giving tax breaks to the rich? It came off as "well the working class don't deserve tax breaks like the rich because I don't like what they do with their money!" who the **** made him the arbiter of what is and isn't right in any one else's family spending?
 
americanwoman said:
Does anyone know anyone who is spending their last penny on movies? I can understand booze, women, drugs, gambling, etc.... but movies? :lol: What world does this guy live in?
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Grassely was trying to peddle the Bull**** the estate tax would affect "farmers"....The reality was he was going to bat for the wealthy whites that support him and took a not to disguised jab at minorities....Believe it
 
poweRob said:
What i don't get out of Grassley and these idiots is...

1) he's wrong
2) what business is it of anyone how someone else spends their money?

Why does he think he think criticizing the middle class and poor is the reason he can justify giving tax breaks to the rich? It came off as "well the working class don't deserve tax breaks like the rich because I don't like what they do with their money!" who the **** made him the arbiter of what is and isn't right in any one else's family spending?
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Agreed, it is none of anyone's business how someone else spends their money, but why isn't it fair to say: "what business is it of anyone how someone acquires their money?"

As currently constructed, the estate tax is a tax break for most people. They get a $5.5 exemption which is great than most estates.

What percent do you think the government should get of an estate and at what asset level should that rate be paid?
 
Saladin4 said:
Grassely was trying to peddle the Bull**** the estate tax would affect "farmers"....The reality was he was going to bat for the wealthy whites that support him and took a not to disguised jab at minorities....Believe it
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Oh I do believe it. I live next to Iowa and know what a lot of them are about.
 
WCH said:
Why do you think "Drain the swamp" is so popular?
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Because people that believe that Trump is doing that are idiots. All Trump and Republicans are doing is filling the swamp up more with ****. And don't think for a moment Trump is against this bill, he'll sign ANYTHING the GOP congress gives him so he IS part of that swamp.
 
tres borrachos said:
Does anyone seriously think this was a good idea, insulting working class people in this way? I don't, and I really regret that Senator Grassley said this. This is the kind of **** that is destroying the Republican Party, block by block, led by a President whose children will benefit from the change to the Estate Tax.

Come on Republicans, pull yourselves together. PLEASE.

As Republicans continue to sell the details of their tax bill, some are reaching for more colorful language to liven up complex policies that tend to put the average voter to sleep.

Case in point: over the weekend Sen. Charles E. Grassley (R-Iowa) hashed over the plan with his home state’s Des Moines Register. Turning to the party’s idea to do away with the estate tax, Grassley framed the current law as a hindrance to responsible saving.

“I think not having the estate tax recognizes the people that are investing,” Grassley told the Register. “As opposed to those that are just spending every darn penny they have, whether it’s on booze or women or movies.”

The estate tax, often described by Republicans as the “death tax,” is levied only on the very rich, individuals who pass on assets of more than $5.5 million, $11 million for married couples.

Grassley, a member of Senate Finance Committee responsible for writing the tax proposal, immediately was hit with criticism online over the comments.

The suggestion — that anyone not socking away their savings in the bank or investments must be profligately throwing their money away — played directly into the critique that Republicans are disconnected from the majority of working Americans.

More here:

https://www.washingtonpost.com/news/morning-mix/wp/2017/12/04/grassley-explains-why-people-dont-invest-booze-or-women-or-movies/?utm_term=.34d589840a31
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Conservatives rail about elitists being disconnected from Main Street America... and then they go and vote for fools like Grassley. :doh
 
American said:
Very upsetting when you're pro-tax.
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So you are an anarcho-capitalist? If you think there is any precedent for the government to tax then you are "pro-tax."
 
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