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BBONDS25 
LSU Fan
Member since Mar 2008
11724 posts
| taxing the rich...estate tax (Posted on 1/19/13 at 10:14 pm)
The rhetoric from the left is that the rich need to pay their "fair share". If that is the case why did they make permanent the 5MM dollar portable estate tax exemption?
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Patrick O Rly 
New Orleans Saints Fan
y u do dis?
Member since Aug 2011
25678 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:18 pm to BBONDS25)
I'm not aware of what you're referring to, but if I had to take a blind guess, I would say that they love the huge "revenue" the rich provide. Not to mention a lot of them are wealthy themselves.
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Scoop
LSU Fan
Bayou State
Member since Sep 2005
24637 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:19 pm to BBONDS25)
It would be awesome if someone could explain why stopping breathing means the government can take a shite ton of the money you left behind that has already been taxed extensively while you were breathing.
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BBONDS25
LSU Fan
Member since Mar 2008
11724 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:20 pm to Patrick O Rly)
They extended the 5MM estate tax exemption, and extended portablilty...making the exemption 10MM. But I thought the left was all about sticking it to the man. Could it be that they care more about rhetoric than actual substance?
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Patrick O Rly
New Orleans Saints Fan
y u do dis?
Member since Aug 2011
25678 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:21 pm to Scoop)
quote:
It would be awesome if someone could explain why stopping breathing means the government can take a shite ton of the money you left behind that has already been taxed extensively while you were breathing.
Elizabeth Warren would say that we (the government) have been so nice as to let you run a business, build roads and rails so that you could run your business, so you need to give a little back.
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Newbomb Turk 
Navy Fan
perfectanschlagen
Member since May 2008
9851 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:24 pm to BBONDS25)
quote:
The rhetoric from the left is that the rich need to pay their "fair share". If that is the case why did they make permanent the 5MM dollar portable estate tax exemption?
I would also add that the estate tax truly does tax "the rich" in that it taxes actual WEALTH. Whereas taxing people who make more than $450,000 just means that you're taking more from people who actually work for that money.
And, the really "rich" people in this society don't want to pay more in taxes ... Bill Gates and Warren Buffet are F*cking liars. They want OTHER people to pay more in taxes. That's why they hide all their wealth away in trusts and fight the IRS at every f*cking step.
This post was edited on 1/19 at 10:27 pm
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Scoop
LSU Fan
Bayou State
Member since Sep 2005
24637 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:27 pm to Patrick O Rly)
No tax makes less sense than the estate tax.
What is the justification?
There isn't one.
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BBONDS25
LSU Fan
Member since Mar 2008
11724 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:27 pm to Newbomb Turk)
Correct! If you want to tax the rich...tax estates. But that's not the goal, is it.
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Patrick O Rly
New Orleans Saints Fan
y u do dis?
Member since Aug 2011
25678 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:29 pm to Scoop)
quote:
No tax makes less sense than the estate tax.
What is the justification?
There isn't one.
I don't disagree.
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BBONDS25
LSU Fan
Member since Mar 2008
11724 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:30 pm to Newbomb Turk)
(no message)
This post was edited on 1/20 at 9:19 am
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Zed 
Alabama Fan
Member since Feb 2010
5754 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:30 pm to BBONDS25)
quote:
If that is the case why did they make permanent the 5MM dollar portable estate tax exemption?
A bone thrown to republicans? Protection of "small" family businesses? I doubt liberals wanted it.
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cwill
New Orleans Saints Fan
Member since Jan 2005
18885 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:31 pm to Scoop)
Meritocracy scoop...estate tax may be the only tax that actually furthers that ideal.
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Newbomb Turk
Navy Fan
perfectanschlagen
Member since May 2008
9851 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:32 pm to Patrick O Rly)
The Estate Tax is the "fairest" tax of all.
Let me ask you this -- if you were given a choice of paying ZERO DOLLARS in taxes your entire life (income, property, sales) on the money you bust your hump EARING, BUT, when you die the government would take 75% of what you die with ....
OR
You can keep paying through the f*cking nose on the money you actually EARN like you're doing now ...
Which would you choose?
Which do you think Warren Buffet and Bill Gates would choose -- especially if we close all of their favorite estate tax loopholes that they paid lawyers and politicians BILLIONS to put in their to shield their actual wealth?
This post was edited on 1/19 at 10:35 pm
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BBONDS25
LSU Fan
Member since Mar 2008
11724 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:34 pm to Zed)
What amount would you exempt?
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texashorn
Member since May 2008
1089 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:35 pm to BBONDS25)
I was curious to see which Democrats were most adamant against fiddling with the estate tax, and it appears the ringleader is one of your own, Sen. Mary Landrieu.
quote:
"This particular tax is inherently unfair," Ms. Landrieu said, adding that she would oppose any year-end deficit-reduction package that raises the estate tax. "That's a make-or-break for me."
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On this particular issue, these three Democrats, who are up for re-election in 2014, face a choice of supporting their president or their constituents, many of whom oppose any increase in the estate tax.
Wall St. Journal
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Newbomb Turk
Navy Fan
perfectanschlagen
Member since May 2008
9851 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:37 pm to texashorn)
quote:
many of whom oppose any increase in the estate tax.
The VAST majority of people who oppose the estate tax have no f*cking clue how it works. I've had "arguments" with friends who will never be worth anywhere near $5 million when they die (hell, most won't even be worth $1 million), and they will swear to me that the government is going to take half their money when they die.
Why? Because they've been purposely misled by the likes of Steve Forbes, Sean Hannity, etc.
This post was edited on 1/19 at 10:39 pm
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Zed
Alabama Fan
Member since Feb 2010
5754 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:39 pm to BBONDS25)
quote:
What amount would you exempt?
I believe the point of the estate tax was to prevent a European style aristocracy, a handful of extremely rich and powerful old money families controlling the country. If that is the intended purpose, not just getting more revenue, it should be reserved for the very rich. I would exempt well above 5 million.
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texashorn
Member since May 2008
1089 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:42 pm to Newbomb Turk)
quote:
Though just a small portion of estates are large enough to incur the tax, the issue is emotionally charged, partly because the levies can force heirs to sell off land or businesses that have been in a family for years.
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Jbird 
Iowa Fan
Odramaville with EthanL
Member since Oct 2012
4967 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:43 pm to Newbomb Turk)
About 600-650 acres of Iowa farm land gets you to 5 million in ground alone. I know I will never be worth 5 mil, but I know people with 700-1,000 acres.
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Newbomb Turk
Navy Fan
perfectanschlagen
Member since May 2008
9851 posts
| re: taxing the rich...estate tax (Posted on 1/19/13 at 10:44 pm to Zed)
quote:
not just getting more revenue, it should be reserved for the very rich. I would exempt well above 5 million.
Don't kid yourself ... today it's all about generating more revenue.
And, every particular type of taxes' "fairness" should be judged against every other type of potential tax that could raise the revenue we need to sustain the country.
Don't get me wrong -- the first thing we need to do is cut spending ACROSS THE BOARD so that we don't "need" to generate that amount of revenue. But, once we cut government spending (GOOD LUCK with that given the complete piece of f*cking filth in the White House who views class warfare spending as his key to political power -- at the expense of the well being our country), then we should look at the "fairness" of every tax you can think of to raise that amount of revenue.
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