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Surprise, Surprise. Mr. Drain the swamp is repealing the estate tax
invite response
2016 Dec 10, 8:09am 7,465 views 22 comments
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Why should ANYONE have to pay a big chunk of their estate to the useless government when they die?
Why should ANYONE have to pay any taxes ever?
FortWayne
2016 Dec 10, 8:18am
Do you losers realize that Trump is not the president yet even? Obama is still holding the office... geez clueless morons.
Gary Anderson
2016 Dec 10, 8:25am
Why should ANYONE have to pay a big chunk of their estate to the useless government when they die?
Because an estate tax only hits the wealthy, who already get massive tax breaks. It just puts less money into the pockets of the regular people and increases the wealth divide. Ironman, if you aren't part of the .1 percent, you are arguing against your self interest.
It is like retired people voting for Trump only to see Trump hurt benefits to the retired people in the future. You have no clue, Ironman. If the government doesn't get money from the uber rich, Ironman, guess what? You are next in line to have your taxes raised!
I do agree that large estates (like more than $10M) being passed down need to be taxed. With wealth inequality being as bad as it is, the wealthy gotta pay more.
anotheraccount
2016 Dec 10, 9:28am
I do agree that large estates (like more than $10M) being passed down need to be taxed.
Come on, those rich kids might not be able to afford their private jets, might have to flight first class commercial. It's ok,the middle class can handle the tax burden that the rich don't pay. Look how well that worked in the last 16 years
Strategist
2016 Dec 10, 9:40am
I do agree that large estates (like more than $10M) being passed down need to be taxed. With wealth inequality being as bad as it is, the wealthy gotta pay more.
A billionaire should end up paying minimum 50% death tax. If i become a billionaire i will change my mind.
Tenpoundbass
2016 Dec 10, 12:28pm
So why would you want to use the roads, schools and security ( army, police ) provided by the government
Liberals get down the basic nitty gritty when they defend high taxes don't they?
What a bunch of dinndunuffins.
In fact our roads are being hijacked by Sun Pass let them pay for the fucking roads they are sending me a bill for using the damn things!
Why should I have to pay one cent of tax to support Rep/Con/Tea/Neo-Nazis
that are sucking the big govt.SOCIALIST teat dry?
There you go, we'll have to listen to the whining duck as he gets richer and richer the next 4 years.
Maybe that's why he's so angry. He's conflicted about his beliefs and doesn't know what to do. Cognitive dissonance?
The estate tax was one of the many overlooked reasons Shillary lost. There are plenty of hard-working families who are not wealthy at all but have passed down some estate worth millions. Once sold the proceeds would be divided among the many family members, giving them a nice break/relief, but certainly not making them wealthy. A huge tax as proposed by Shillary would have been legalized robbery.
The estate tax was one of the many overlooked reasons Shillary lost. There are plenty of hard-working families who are not wealthy at all but have passed down some estate worth millions. Once sold the proceeds would be divided among the many family members, giving them a nice break/relief, but certainly not making them wealthy. A huge tax as proposed by Shillary would have been legalized robbery.
I understand your perspective, but there comes a point at which gigantic estates should be taxed in order to keep extreme wealth disparity from getting worse. Maybe the threshold is $50M and not $10M, but I believe that there has to be a threshold.
The estate tax was one of the many overlooked reasons Shillary lost. There are plenty of hard-working families who are not wealthy at all but have passed down some estate worth millions. Once sold the proceeds would be divided among the many family members, giving them a nice break/relief, but certainly not making them wealthy. A huge tax as proposed by Shillary would have been legalized robbery.
I understand your perspective, but there comes a point at which gigantic estates should be taxed in order to keep extreme wealth disparity from getting worse. Maybe the threshold is $50M and not $10M, but I believe that there has to be a threshold.
I have no problems with a small tax, even progressive. But it should be temporarily and have to be renewed every time the fiscal budget is passed/considered, maybe even be voted for by referendum. No more than 25% IMO. I'm also fine with taxing land use while it is in use, again at a very low percentage (similar to property tax). In general anytime you see something approaching 50% tax it's just legalized robbery and - worst - here to stay.
MisdemeanorRebel
2016 Dec 10, 1:46pm
It's funny, but under Neoliberals around the world, companies are hiding their profits via inversions and confidential deals... Google already pays like 2% on worldwide income. Amazon pays almost nothing.
Amazon paid just 9% over a 4-year period in US Corporate Tax.
http://www.taxjusticeblog.org/archive/2015/12/trumps_criticism_of_jeff_bezos.php
(This is why we need a Corporate AMT)
Amazon keeps almost 20% of Utah Sales Tax it collects in special deal. The agreement is confidential.
https://www.ksl.com/?sid=42508324&nid=148
Amazon's notorious and aggressive tax dodging is out of control.
http://www.newsweek.com/2016/07/22/amazon-jeff-bezos-taxes-479814.html
Amazon's European Headquarters booked 5.3M Pounds in sales from UK Shoppers - and paid only 11M pounds in tax!
https://www.theguardian.com/technology/2015/jun/24/amazons-uk-business-paid-119m-tax-last-year
Now you know why Bezos fears the Trump and uses his rag to smear him non-stop. And why Jean-Claude Junker hates transparency and loathes referendums.
The estate tax was one of the many overlooked reasons Shillary lost.
Yes, I'm sure that played a part. However, my take on it is that the democrats kept crying that "Don't bother to vote, Hillary has it sewn up." in an attempt to help repress the republican vote, hoping they figured they'd already lost and would just stay home. It backfired, the republicans did come out just cause they were ticked off and the democrats (mostly millennials) stayed home, knowing that Hillary had already won. As Gomer Pile would say, "Surprise, surprise, surprise".
Patrick
2016 Dec 10, 3:59pm
if you aren't part of the .1 percent, you are arguing against your self interest
I just so happened to have posted a graph today that nicely shows how much assets you (maybe your household) would have to have to be in the 0.1 percent:
https://patrick.net/1300044/net-worth-percentiles-graph
The answer is a bit over $30M.
BTW, I don't ever get tired of pointing out that Georgism is the fair and economically efficient answer to taxation, making it the correct answer. It's fine if those massive estates get passed down, as long as they are paying fair taxes on land values. And it does really all come down to land (and other natural resources like wireless spectrum).
Rew
2016 Dec 10, 10:04pm
Have to make sure to cement the legacy for the Trump children. (sigh)
How much more transparently self interested policy making can you get?
MisdemeanorRebel
2016 Dec 11, 9:19am
What does drain the swamp have to do with the Estate Tax?
Draining the Swamp has to do with getting rid of lobbyist shit like the California Democrat Delegations boondoggle F-35.
What does drain the swamp have to do with the Estate Tax?
Easy--This shows Trump is no different than Jeb or Rubio or any other Republican nominee. This is step 1 of the Heritage Foundation/Club for Growth playbook. Next, I'd imagine will be cap gains cuts.
How many more standard Republican playbook policies do you need to see before you realize you've been conned?
So why would you want to use the roads, schools and security ( army, police ) provided by the government
The government is supposed to pool the taxpayer money. Then they hire contractors to do the surveying and construction.
When the last time you saw a government worker driving the Asphalt truck?
Its not the goverments funds - its the taxpayers funds. This is why we need to shrink beauracrasy!
The government is supposed to pool the taxpayer money. Then they hire contractors to do the surveying and construction.
When the last time you saw a government worker driving the Asphalt truck?
Its not the goverments funds - its the taxpayers funds. This is why we need to shrink beauracrasy
Do you have a point here? Are you implying it's OK to massively increase the national debt now that Trump is in charge?
"President-elect Donald Trump, who won the hearts and minds of millions of working-class voters, may help deliver a multibillion-dollar bonanza to America’s wealthiest families."
http://finance.yahoo.com/news/estate-tax-repeal-under-trump-100000422.html?hl=1&noRedirect=1
How long will it take for the blue collar voters to realize that they got played bigly?