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Marco Rubio is trying to kill the death tax
Posted on 1/11/17 at 7:00 am
Posted on 1/11/17 at 7:00 am
quote:
Imagine that your family has lived on the same land for 11 generations spanning nearly 400 years. Your family built a proud home on the banks of a beautiful river, cultivated the fields, and built a successful business on the land to support itself. But then the patriarch of your family dies and, to pay the death tax, your family is forced to sell parts or all of the land.
Your American Dream is dead, and your estate might as well have eroded into the river.
quote:
This week, Senator Marco Rubio, R-Fla. (C, 74%) and new Ohio Rep. Warren Davidson reintroduced H.R. 6100, the Protect Family Farms and Businesses Act, seeking to stop proposed rules that would change the way families assess the value of transferred assets. The proposed rules from the Treasury Department would make even more assets liable to the death tax.
LINK
Marco is on the warpath. He is spearheading multiple lines of effort right now putting the pressure on DJT to deliver on campaign promises. Killing the death tax is too easy and Marco is the only one with the cajones to do anything in Washington.
21
Posted on 1/11/17 at 7:04 am to OleWarSkuleAlum
(no message)
This post was edited on 1/10/21 at 8:37 pm
Posted on 1/11/17 at 7:05 am to OleWarSkuleAlum
Small man doing big work
Posted on 1/11/17 at 7:05 am to The Baker
We love our big Marco don't we folks?
Posted on 1/11/17 at 7:07 am to OleWarSkuleAlum
quote:
Marco is the only one with the cajones to do anything in Washington.
Posted on 1/11/17 at 7:07 am to OleWarSkuleAlum
I wouldn't say the only one. Rand comes to mind right off the bat. Good to see this tho, death tax makes no sense whatsoever
Posted on 1/11/17 at 7:09 am to OleWarSkuleAlum
Good!! 
Posted on 1/11/17 at 7:19 am to DrunkerThanThou
quote:
death tax makes no sense whatsoever
If you want to transfer wealth to those that have done nothing to earn it, the death tax makes perfect sense.
Posted on 1/11/17 at 7:46 am to drexyl
quote:
We love our big Marco don't we folks?
Hell not but the death tax is beyond retarded
Posted on 1/11/17 at 7:50 am to DrunkerThanThou
quote:
death tax makes no sense whatsoever
If we are going to have a tax death tax makes the most sense. You don't even have to pay it while your alive.
Further, apart from loopholes it could have, it would be the best tax at stopping generational wealth accumulation. It could make the country vulnerable to outside parties though since there wouldn't be the ultra rich natives. Then again, America would always have that threat being a new country and not actually having any real old money compared to places like Europe. Free market economies will get exploited regardless though, so maybe it doesn't matter.
Posted on 1/11/17 at 7:53 am to OleWarSkuleAlum
Other than the gang of eight/amnesty thing Marco has been pretty solid. He made the same mistake everyone made going after Trump but I'm glad he's still in the Senate
Posted on 1/11/17 at 7:55 am to DrunkerThanThou
quote:
I wouldn't say the only one. Rand comes to mind right off the bat. Good to see this tho, death tax makes no sense whatsoever
Rubio and Cruz were both supporters of Rand's balanaced budget proposal. Kennedy as well. Unfortunately there are only 14 senators with cojones.
Posted on 1/11/17 at 7:55 am to zatetic
quote:
it would be the best tax at stopping generational wealth accumulation
If generation A wants to leave a lot of money to generation B and they do alright and build more wealth and want to leave it to generation C than so be it. It's not the governments job to make sure people don't have too much money..
This post was edited on 1/11/17 at 7:58 am
Posted on 1/11/17 at 8:00 am to GIbson05
That's fine. But it doesn't change the fact that if you are going to have taxes, death tax would be the best. You literally don't have to pay it while alive.
Posted on 1/11/17 at 8:02 am to OleWarSkuleAlum
Proposing to change the proposed regs regarding FLPs? That is great...but it is not ending the estate tax. Just keeps the valuation discounts.
This post was edited on 1/11/17 at 8:03 am
Posted on 1/11/17 at 8:08 am to zatetic
Except you pay it while alive on income tax, property tax, sales tax, AND THAN they hit you with the death tax on top of it..
Posted on 1/11/17 at 8:11 am to OleWarSkuleAlum
quote:
effort right now putting the pressure on DJT to deliver on campaign promises.
Posted on 1/11/17 at 8:17 am to OleWarSkuleAlum
Ten Facts You Should Know About the Federal Estate Tax
UPDATED
SEPTEMBER 8, 2016
BY
CHYE-CHING HUANG AND CHLOE CHO[1]
The federal estate tax is a tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs. Only the wealthiest estates pay the tax because it is levied only on the portion of an estate’s value that exceeds a specified exemption level — $5.45 million per person (effectively $10.9 million per married couple) in 2016.[2] THE ESTATE TAX LIMITS THE LARGE TAX BREAKS THAT EXTREMELY WEALTHY HOUSEHOLDS GET ON THEIR WEALTH AS IT GROWS, WHICH CAN OTHERWISE GO UNTAXED.
The estate tax thus limits, to a modest degree, the large tax breaks that extremely wealthy households get on their wealth as it grows, which can otherwise go untaxed.
The estate tax has been an important source of federal revenue for a century, yet a number of misconceptions continue to surround it. This report briefly describes ten facts about the federal estate tax.
(While this paper focuses on the federal estate tax, taxes on inherited wealth are also a traditional and common revenue source for states.)
1. Roughly 2 of Every 1,000 Estates Face the Estate Tax
LINK
More at the link.
Don't whine about the giant federal deficit and then cry about the Estate Tax.
UPDATED
SEPTEMBER 8, 2016
BY
CHYE-CHING HUANG AND CHLOE CHO[1]
The federal estate tax is a tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs. Only the wealthiest estates pay the tax because it is levied only on the portion of an estate’s value that exceeds a specified exemption level — $5.45 million per person (effectively $10.9 million per married couple) in 2016.[2] THE ESTATE TAX LIMITS THE LARGE TAX BREAKS THAT EXTREMELY WEALTHY HOUSEHOLDS GET ON THEIR WEALTH AS IT GROWS, WHICH CAN OTHERWISE GO UNTAXED.
The estate tax thus limits, to a modest degree, the large tax breaks that extremely wealthy households get on their wealth as it grows, which can otherwise go untaxed.
The estate tax has been an important source of federal revenue for a century, yet a number of misconceptions continue to surround it. This report briefly describes ten facts about the federal estate tax.
(While this paper focuses on the federal estate tax, taxes on inherited wealth are also a traditional and common revenue source for states.)
1. Roughly 2 of Every 1,000 Estates Face the Estate Tax
LINK
More at the link.
Don't whine about the giant federal deficit and then cry about the Estate Tax.
Posted on 1/11/17 at 8:21 am to LSUSUPERSTAR
quote:
If you want to transfer wealth to those that have done nothing to earn it, the death tax makes perfect sense.
You sound jealous. You shouldn't let your emotions affect your stance on fiscal policy.
Posted on 1/11/17 at 8:26 am to OleWarSkuleAlum
This is stupid. First of all there is zero estate tax on any estate under 10 million dollars. Cry me a river for estates over that figure, those frickers are usually hardcore liberal anyway.
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