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Tax reform

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Rich123

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We are being told that this newly proposed Tax reform bill will benefit all tax payers. I would just like to examine one aspect of this proposal, "Estate Tax".

While most people would think that the elimination of an estate tax would be beneficial to all tax payers , the truth is it only benefits people who's estate is valued of more than 5.49 million for a single person and 10.98 million for a married couple. That is, those amounts are totally estate tax free. Only amounts in excess of 5.49 or 10.98 million is subject to estate tax. So if your estate is worth 5.50 million as a single payer, then only .01 million or $10,000.00 is subject to estate tax. So my question is, how does the elimination of the estate tax benefit the average blue collar worker? Why is this even part of this bill? This bill gives rise to many questions but let's take one question at a time and see if this bill really benefits all of us.:2razz:
 
Whenever I hear someone like Paul Ryan or Trump use the term "blue collar" or "middle class" I usually just translate it as millionaire. What they do always makes more sense that way.
 
Rich123 said:
We are being told that this newly proposed Tax reform bill will benefit all tax payers. I would just like to examine one aspect of this proposal, "Estate Tax".

While most people would think that the elimination of an estate tax would be beneficial to all tax payers , the truth is it only benefits people who's estate is valued of more than 5.49 million for a single person and 10.98 million for a married couple. That is, those amounts are totally estate tax free. Only amounts in excess of 5.49 or 10.98 million is subject to estate tax. So if your estate is worth 5.50 million as a single payer, then only .01 million or $10,000.00 is subject to estate tax. So my question is, how does the elimination of the estate tax benefit the average blue collar worker? Why is this even part of this bill? This bill gives rise to many questions but let's take one question at a time and see if this bill really benefits all of us.:2razz:
Click to expand...

How does stealing from the rich benefit blue collar workers?
 
MrPeanut said:
Whenever I hear someone like Paul Ryan or Trump use the term "blue collar" or "middle class" I usually just translate it as millionaire. What they do always makes more sense that way.
Click to expand...

You mean kinda how Obama referred to people making $250,000 as "millionaires and billionaires"?

Good grief, if libs didn't have hypocrisy, they wouldn't have anything. :roll:
 
countryboy said:
You mean kinda how Obama referred to people making $250,000 as "millionaires and billionaires"?

Good grief, if libs didn't have hypocrisy, they wouldn't have anything. :roll:
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That's a weird response. Where did Obama come from?
 
It is the kind of benefit that the average household got from PPACA - have you not appreciated having that extra $2,500 every year?

What they meant to say is that since the federal government is going to take less total income taxes from everybody then everybody is going to be better off. Whether you personally benefit is of absolutely no concern to those congress critters unless, of course, you no longer offer them your customary campaign contribution. The hope, of course, is that everybody that likes their current tax deductions, credits or exclusions will offer their favorite congress critters a special bonus campaign contribution just to ensure that their special tax perks are left off the chopping block.
 
MrPeanut said:
That's a weird response. Where did Obama come from?
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Lol, yes I know libs would love it if inconvenient facts were never brought up. Sorry about your luck.
 
Rich123 said:
We are being told that this newly proposed Tax reform bill will benefit all tax payers. I would just like to examine one aspect of this proposal, "Estate Tax".

While most people would think that the elimination of an estate tax would be beneficial to all tax payers , the truth is it only benefits people who's estate is valued of more than 5.49 million for a single person and 10.98 million for a married couple. That is, those amounts are totally estate tax free. Only amounts in excess of 5.49 or 10.98 million is subject to estate tax. So if your estate is worth 5.50 million as a single payer, then only .01 million or $10,000.00 is subject to estate tax. So my question is, how does the elimination of the estate tax benefit the average blue collar worker? Why is this even part of this bill? This bill gives rise to many questions but let's take one question at a time and see if this bill really benefits all of us.:2razz:
Click to expand...

The elimination of the estate tax allows small to medium business and farms to be transferred to the family to continue the concern.
 
PirateMk1 said:
The elimination of the estate tax allows small to medium business and farms to be transferred to the family to continue the concern.
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Using proper estate planning, (that has existed for years), farms and businesses worth millions can be passed on with little liability.
 
PirateMk1 said:
The elimination of the estate tax allows small to medium business and farms to be transferred to the family to continue the concern.
Click to expand...

Those businesses are almost never affected by the estate tax. It's the myth they use to sell estate taxes elimination that only benefits the richest of the very rich.

small-farm-tax_450_copy.png


The estate tax affects so few small farms and businesses because the first $5.49 million of assets per person ($10.98 million per couple) are entirely exempt from it. Moreover, most farmers and business owners with estates large enough to owe the tax have sufficient liquid assets (such as bank accounts, stocks, and bonds) to pay the tax without having to touch other assets or liquidate their farm and business, a 2005 Congressional Budget Office (CBO) study found. Today’s estate tax rules are even more generous than those CBO assumed in its analysis. Special estate tax provisions also allow estate tax filers to spread their payments over a 15-year period at low interest rates.
Click to expand...
 
countryboy said:
Lol, yes I know libs would love it if inconvenient facts were never brought up. Sorry about your luck.
Click to expand...

I have no idea what you're talking about. I accept that the politicians we elect are disconnected from regular people. I was pointing out how obvious it is when bills that primarily benefit the very wealthy are spun as big benefits for ordinary Americans.
 
PirateMk1 said:
The elimination of the estate tax allows small to medium business and farms to be transferred to the family to continue the concern.
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But why should that not be taxed? If these estates are worth these large amounts surely $10,000 on a 5.5 million dollar estate hardly impacts the inheritance and future money making ability of the estate. It affects the tiniest fraction of people.
 
countryboy said:
How does stealing from the rich benefit blue collar workers?
Click to expand...

So deducting taxes from the middle class is paying your fair share. Taxing those who benefit the most is "stealing"? You do realize that without all of those 90% below them, the top 10% wouldn't have squat.
 
trblmkr said:
So deducting taxes from the middle class is paying your fair share. Taxing those who benefit the most is "stealing"? You do realize that without all of those 90% below them, the top 10% wouldn't have squat.
Click to expand...

Leftist propaganda. The rich have always paid the lion's share of taxes.
 
countryboy said:
How does stealing from the rich benefit blue collar workers?
Click to expand...

How is it stealing from the rich? My mom left me $50k when she died. I didn't freeze waiting for a bus to go to work, she did. If the government comes along and says I owe a % of that to pay for defense or food stamps, why should I complain? But conservatives are not saying that. They are saying that if I work and make 80 grand a year I have to pay taxes, but if the lazy kid down the street who never held a job gets 100 million from an aunt he never cared for, he doesn't owe a dime to the society that protects him.

And inheritance taxes can benefit blue collar workers to fund OSHA, or black lung disease treatment, or pesticide regulations for farmworkers... lots of ways.
 
Rich123 said:
We are being told that this newly proposed Tax reform bill will benefit all tax payers. I would just like to examine one aspect of this proposal, "Estate Tax".

While most people would think that the elimination of an estate tax would be beneficial to all tax payers , the truth is it only benefits people who's estate is valued of more than 5.49 million for a single person and 10.98 million for a married couple. That is, those amounts are totally estate tax free. Only amounts in excess of 5.49 or 10.98 million is subject to estate tax. So if your estate is worth 5.50 million as a single payer, then only .01 million or $10,000.00 is subject to estate tax. So my question is, how does the elimination of the estate tax benefit the average blue collar worker? Why is this even part of this bill? This bill gives rise to many questions but let's take one question at a time and see if this bill really benefits all of us.:2razz:
Click to expand...

It's part of the bill so that Trump's kids don't have to be taxed.
 
countryboy said:
Leftist propaganda. The rich have always paid the lion's share of taxes.
Click to expand...

Yes and they now have an even larger share of the wealth. And when our parents were part of the expansion of the middle class of the 50's and 60's they paid a much higher percentage in taxes. Yet they still got richer and more joined the class of the 1%. Why would someone named country boy shill for those who don't give a rat's ass about him?
 
Rich123 said:
We are being told that this newly proposed Tax reform bill will benefit all tax payers. I would just like to examine one aspect of this proposal, "Estate Tax".

While most people would think that the elimination of an estate tax would be beneficial to all tax payers , the truth is it only benefits people who's estate is valued of more than 5.49 million for a single person and 10.98 million for a married couple. That is, those amounts are totally estate tax free. Only amounts in excess of 5.49 or 10.98 million is subject to estate tax. So if your estate is worth 5.50 million as a single payer, then only .01 million or $10,000.00 is subject to estate tax. So my question is, how does the elimination of the estate tax benefit the average blue collar worker? Why is this even part of this bill? This bill gives rise to many questions but let's take one question at a time and see if this bill really benefits all of us.:2razz:
Click to expand...

Bottom line is the tax hits the plutocrats. Eliminating the estate tax is just a payoff for the $billionaire class and years of funding the GOP.

For the rest of us, the estate tax is a big tax benefit, because we can all inherit appreciated property, write it up to FMV on the date of death, and sell it without paying a penny in tax on the capital gain never taxed in mom or dad's life or at death. This simplifies estate administration, eliminates the need for decades of record keeping on houses, cars, collectibles, even stocks and bonds. Point is the estate tax works really well for about 99% or more of the population, and only 0.2% pay the tax and only a small part of those pay a significant tax given the size of the estate. So we're messing with a tax because a few $billionaires want a permanent family dynasty, an American Aristocracy, and they have bought some members of Congress and Congress is giving them what they paid for. Stupid.
 
JasperL said:
Bottom line is the tax hits the plutocrats. Eliminating the estate tax is just a payoff for the $billionaire class and years of funding the GOP.

For the rest of us, the estate tax is a big tax benefit, because we can all inherit appreciated property, write it up to FMV on the date of death, and sell it without paying a penny in tax on the capital gain never taxed in mom or dad's life or at death. This simplifies estate administration, eliminates the need for decades of record keeping on houses, cars, collectibles, even stocks and bonds. Point is the estate tax works really well for about 99% or more of the population, and only 0.2% pay the tax and only a small part of those pay a significant tax given the size of the estate. So we're messing with a tax because a few $billionaires want a permanent family dynasty, an American Aristocracy, and they have bought some members of Congress and Congress is giving them what they paid for. Stupid.
Click to expand...

Stop calling it the estate tax, we need to call this the Paris Hilton tax. That is exactly who it is meant to benefit. Remind conservatives and voters who it is who will benefit from this.
 
countryboy said:
How does stealing from the rich benefit blue collar workers?
Click to expand...
The first real problem is considering taxation the equivalent to theft.
The second real problem is wondering why a middle class "country boy" needs to stick up for the rich, who pay lobbyists, lawyers and accountants to stick up for them.
The third real problem is revenue. The estate tax generates $269 billion over a decade -- only from estates worth more than $5.5 million -- or 2 out of 1,000 Americans. If those taxes are eliminated, the revenue must be replaced by taxes on you and me or added to the debt.
 
countryboy said:
Leftist propaganda. The rich have always paid the lion's share of taxes.
Click to expand...

Fitting, since they pull in the lion's share of money, much of it not involving actual work.
 
ttwtt78640 said:
It is the kind of benefit that the average household got from PPACA - have you not appreciated having that extra $2,500 every year?

What they meant to say is that since the federal government is going to take less total income taxes from everybody then everybody is going to be better off. Whether you personally benefit is of absolutely no concern to those congress critters unless, of course, you no longer offer them your customary campaign contribution. The hope, of course, is that everybody that likes their current tax deductions, credits or exclusions will offer their favorite congress critters a special bonus campaign contribution just to ensure that their special tax perks are left off the chopping block.
Click to expand...

So everybody will better off with higher deficits and more debt? The Govt. needs more income not less.
 
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