Jump to content

Donald Trump wants to get rid of the estate tax??!!


Recommended Posts

Bernie Sanders tweeted out the other day an interesting picture regarding Donald Trumps new plan to get rid of the estate tax. Essentially, he and his cabinet would be getting a tax break to the tune of $9 billion. Disgusting! No class! Very bad!

(but all kidding aside I think this is actually very disconcerting and we should discuss it)

Link to comment
Share on other sites

  • Replies 82
  • Created
  • Last Reply

Top Posters In This Topic

Bernie Sanders tweeted out the other day an interesting picture regarding Donald Trumps new plan to get rid of the estate tax. Essentially, he and his cabinet would be getting a tax break to the tune of $9 billion. Disgusting! No class! Very bad!

 

(but all kidding aside I think this is actually very disconcerting and we should discuss it)

 

Not a PROB!!!!

The estate tax is a tax on the transfer of a$$et$ at death.

 

When someone dies, his or her assets (the "estate") are distributed to heirs. If the total value of the estate is larger than the tax-exempt amount (currently $5.25 million for individuals and $10.5 million for couples), an estate tax is imposed on everything above the exemption before the remaining assets are distributed. Any amount of an estate given to a spouse or charity is tax exempt.

http://www.faireconomy.org/news/estate_tax_campaign

 

 

 

"It's just such a fair tax. I mean, it's just such an opportune, appropriate time to have repaid from the people who have benefited more than anyone else from the circumstances that this country makes available, from the conditions that make it possible to become....

 

There's nowhere else in the world, nowhere else in the world, that people can accrue the kind of fortunes that happen here. And that's because of the kind of country we have.

 

And the kind of country we have is a function of the taxes that we pay to provide security, we have a stable market, you can predict next week will be pretty much like the week before.

 

We have the most immense investment being made by our government in advancing businesses by supporting the enormous research industry that's going on in this country. And it's that piece of government expenditure that which has everything to do with the health and robustness of our economy." - Bill Gates Sr.

 

http://www.pbs.org/now/printable/transcript_inheritance_print.html

Link to comment
Share on other sites

AMEN!!..and how else are we going to subsidize the red states?

 

 

 

"It's just such a fair tax. I mean, it's just such an opportune, appropriate time to have repaid from the people who have benefited more than anyone else from the circumstances that this country makes available, from the conditions that make it possible to become....

Link to comment
Share on other sites

So in other words, it's perfectly great to TAX THE REWARDS of success that people used AFTER TAX DOLLARS to accumulate.

 

Seems like it's perfectly great for you liberrhoids to "transfer wealth" in a way that the wealth is only used to stock the government coffers to hand out to more millionaires and billionaires in the "crony capitalism" schemes you moron dream up.

 

Plus it keeps the CPA's, Estate planners, and Tax Attorneys in business.

Link to comment
Share on other sites

So in other words, it's perfectly great to TAX THE REWARDS of success that people used AFTER TAX DOLLARS to accumulate.

 

Seems like it's perfectly great for you liberrhoids to "transfer wealth" in a way that the wealth is only used to stock the government coffers to hand out to more millionaires and billionaires in the "crony capitalism" schemes you moron dream up.

 

Plus it keeps the CPA's, Estate planners, and Tax Attorneys in business.

 

The Estate Tax CREATES JOBS, AS WELL??!!!

big-thumbs-up-smiley-emoticon.gif . awesome-smiley-emoticon.gif . big-thumbs-up-smiley-emoticon.gif

 

The estate tax is reserved only for society's wealthiest elite. In 2013, just 0.14% of Americans (less than 2 out of every 1,000 people who die) are expected to owe any estate tax.

http://www.faireconomy.org/news/estate_tax_campaign

853.gif

Link to comment
Share on other sites

You are not really taxing the dead, since they died before they could spend their immense fortunes. One must have a huge fortune to even be required to pay an estate tax.

The dead will not, cannot take it with them. There are all manner of provisions by which they could have transferred huge amounts of their money to their heirs. The heirs did not earn this money, and the American capitalist system enabled the deceased to earn it in the first place, with all manner of laws like the commercial real estate deduction.

 

To wit:

Let us say that Moe buys a building for $1,000,000 and rents it out. Each year, he can deduct the cost of all maintenance, remodeling and repairs, and also he gets to depreciate it by 5%, or $50,000. After 20 years have passed, the building is, according to the tax laws, worthless, as it has been depreciated by 100%, its entire value. The reality is that the building is now worth $3,000,000, and Moe sells it to Larry. If Moe reinvests his $3,000,000 in another building, he owes NO TAX on the profit. Now Larry can depreciate it by $150,000 each year for the next 20 years for the next 20 years, and now the building is worth $9,000,000, and he sells it to Shemp, who gets to deduct $90,000 per year, and after that 20 years, the building is worth $27,000,000 in reality, but ZERO according to the IRS. All the sellers have to do is reinvest that money in some other building or buildings.

 

The tax code we have enables people to do this. It also explains one of the elements that drives inflation in this country, since those who rent these buildings will have to pay rent according to the value of the building when the last buyer purchased it. Most real estate is purchased using bank loans, so the bankers get a share of the profits as well, That explains why stock in financial institutions are so profitable, as well as why we have to pay more and more for the things we buy from retailers, who rarely own their own locations.

 

Since this FREE MONEY is produced by the tax code as it stands, it makes very good sense to tax it when the bazillionaire dies. In that way a fraction of the taxes on the profits from the sale of commercial real estate can be recovered. We are supposed to believe that the heirs who pay this tax are all struggling sons of the Earth, hardworking farmfolk, but that is not the case. After all, farmers could be exempted from the tax, without exempting the Kochs, the Trumps, the Icahns, and yes, even George Soros, Warren Buffett and Bill Gates are giving most fo their money away to worthy causes via foundations,and they would not be affected so much.

Link to comment
Share on other sites

Pretty comical, I'll betcha dollars to donuts there's not a Con on this forum who will ever have to worry about an estate tax. Most of them will end up pennyless by the time their craggy asses end up in a nursing home because the majority of Cons are too dumb to do any type of planning for old age and retirement.

Part I enjoy the most is almost every Con on this forum will have to forfeit what little they have left in old age and end up on MEDICAID!!! ROTFLMAO!!!

But the Republican leadership they vote for will make sure that there is no Medicaid eventually and that their children will flip the bill for their diapers and other old age expenses, Ha Ha Ha Ha Ha Ha!!

Link to comment
Share on other sites

Pretty comical, I'll betcha dollars to donuts there's not a Con on this forum who will ever have to worry about an estate tax. Most of them will end up pennyless by the time their craggy asses end up in a nursing home because the majority of Cons are too dumb to do any type of planning for old age and retirement.

Part I enjoy the most is almost every Con on this forum will have to forfeit what little they have left in old age and end up on MEDICAID!!! ROTFLMAO!!!

But the Republican leadership they vote for will make sure that there is no Medicaid eventually and that their children will flip the bill for their diapers and other old age expenses, Ha Ha Ha Ha Ha Ha!!

 

 

Exactly right.

Link to comment
Share on other sites

You are not really taxing the dead, since they died before they could spend their immense fortunes. One must have a huge fortune to even be required to pay an estate tax.

The dead will not, cannot take it with them. There are all manner of provisions by which they could have transferred huge amounts of their money to their heirs. The heirs did not earn this money, and the American capitalist system enabled the deceased to earn it in the first place, with all manner of laws like the commercial real estate deduction.

 

To wit:

Let us say that Moe buys a building for $1,000,000 and rents it out. Each year, he can deduct the cost of all maintenance, remodeling and repairs, and also he gets to depreciate it by 5%, or $50,000. After 20 years have passed, the building is, according to the tax laws, worthless, as it has been depreciated by 100%, its entire value. The reality is that the building is now worth $3,000,000, and Moe sells it to Larry. If Moe reinvests his $3,000,000 in another building, he owes NO TAX on the profit. Now Larry can depreciate it by $150,000 each year for the next 20 years for the next 20 years, and now the building is worth $9,000,000, and he sells it to Shemp, who gets to deduct $90,000 per year, and after that 20 years, the building is worth $27,000,000 in reality, but ZERO according to the IRS. All the sellers have to do is reinvest that money in some other building or buildings.

 

The tax code we have enables people to do this. It also explains one of the elements that drives inflation in this country, since those who rent these buildings will have to pay rent according to the value of the building when the last buyer purchased it. Most real estate is purchased using bank loans, so the bankers get a share of the profits as well, That explains why stock in financial institutions are so profitable, as well as why we have to pay more and more for the things we buy from retailers, who rarely own their own locations.

 

Since this FREE MONEY is produced by the tax code as it stands, it makes very good sense to tax it when the bazillionaire dies. In that way a fraction of the taxes on the profits from the sale of commercial real estate can be recovered. We are supposed to believe that the heirs who pay this tax are all struggling sons of the Earth, hardworking farmfolk, but that is not the case. After all, farmers could be exempted from the tax, without exempting the Kochs, the Trumps, the Icahns, and yes, even George Soros, Warren Buffett and Bill Gates are giving most fo their money away to worthy causes via foundations,and they would not be affected so much.

 

Psssst. MORON.

 

Your entire premise is FLAWED since there is NO DEDUCTION for "depreciation" of real estate the way YOU say it happens.

 

IF the value of a property INCREASES based on the Tax Appraisal of the property, there is only a LIMITED Depreciation deduction you can take.

 

AND, you DO pay taxes on any property you have retained and sold over a year old in which you make a PROFIT from the sale. PERIOD. It's called Capital Gains tax.

 

Add to it, ANY rental income you make, less legal deductions for maintenance and upkeep, are taxed at ORDINARY INCOME TAX RATES.

 

Damn, you MORONS are about as fucking STUPID as they come.

Link to comment
Share on other sites

 

Psssst. MORON.

 

Your entire premise is FLAWED since there is NO DEDUCTION for "depreciation" of real estate the way YOU say it happens.

 

IF the value of a property INCREASES based on the Tax Appraisal of the property, there is only a LIMITED Depreciation deduction you can take.

 

AND, you DO pay taxes on any property you have retained and sold over a year old in which you make a PROFIT from the sale. PERIOD. It's called Capital Gains tax.

 

Add to it, ANY rental income you make, less legal deductions for maintenance and upkeep, are taxed at ORDINARY INCOME TAX RATES.

 

Damn, you MORONS are about as fucking STUPID as they come.

Depends on which state you live in....

Link to comment
Share on other sites

Starve the gov. Cut spending and giveaways. Army, Navy, and State dept. are all we need from the feds. Trump has the right idea. Eliminate entire departments.

Err he wants to increase the military..did you not listen to his blabber?? He wants to make it GREAT!!

Link to comment
Share on other sites

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share


×
×
  • Create New...