GOP estate tax repeal

[Cuddles]

Party of no entitlements they said
Party of fiscal & personal responsibility they said
Party of pulling yourself up by the bootstraps they said

https://www.washingtonpost.com/us-p...r-than-americans-year/?utm_term=.35749de9db53

Top GOP senators propose repealing estate tax, which is expected to be paid by fewer than 2,000 Americans a year

Three Republican Senators introduced a plan Monday to repeal the federal estate tax, moving to eliminate a tax on a small number of the wealthiest households just as leading Democrats ramp up calls to tax the richest Americans.

Senate Majority Leader Mitch McConnell (R-Ky.) joined Sens. Charles E. Grassley (R-Iowa) and John Thune (R-SD), members of the Senate Finance Committee, in releasing legislation to permanently repeal the federal estate tax, which conservatives refer to as “the death tax.”

The Republican tax law passed in 2017 already dramatically weakened the estate tax, allowing couples with $22 million to pass on their estates without facing the tax.

 

[Tony Stark]

Fucking ridiculous.How can Republican voters keep voting for these assholes when they their only priority is the rich.I know Dems wont go along I just hope they cant pass this with reconciliation.

 

[El OchoCinco]

The problem with the estate tax is it becomes a double taxation. That makes it a hard sell to keep in place although GOP is wrong for targeting the highest level - as usual only focused on ultra rich.

However there are estate taxes on estates much less than $22 million. When Bush put the exemption in place and was set to expire under Obama, we did some family planning to avoid any estate taxes when Dad passed. I am certainly not a 1%-er but did not want the government coming in and taking another swipe at money they already taxed. (estate taxes are on EVERYTHING and this kills LLC and partnership owners).

That being the sentiment it makes it very hard to find support for it even on the Dem side where there are a lot of wealthy donors who, although don't have estates of $22 million, are still paying something even on $5 million estates. Remember an estate tax is not on cash sitting in the bank, it is on all assets- real estate, company ownership (i.e. affects a ton of small business owners), investments.

GOP targeting the estate tax on top $22 million estates is stupid because of teh tiny impact. If they truly feel the estate tax is wrong eliminate it at lower levels as well. But no, GOP only focused on the most wealthiest of people and dont want any tax breaks for the middle class.

 

[Cuddles]

The problem with the estate tax is it becomes a double taxation. That makes it a hard sell to keep in place although GOP is wrong for targeting the highest level - as usual only focused on ultra rich.

However there are estate taxes on estates much less than $22 million. When Bush put the exemption in place and was set to expire under Obama, we did some family planning to avoid any estate taxes when Dad passed. I am certainly not a 1%-er but did not want the government coming in and taking another swipe at money they already taxed. (estate taxes are on EVERYTHING and this kills LLC and partnership owners).

That being the sentiment it makes it very hard to find support for it even on the Dem side where there are a lot of wealthy donors who, although don't have estates of $22 million, are still paying something even on $5 million estates. Remember an estate tax is not on cash sitting in the bank, it is on all assets- real estate, company ownership (i.e. affects a ton of small business owners), investments.

GOP targeting the estate tax on top $22 million estates is stupid because of teh tiny impact. If they truly feel the estate tax is wrong eliminate it at lower levels as well. But no, GOP only focused on the most wealthiest of people and dont want any tax breaks for the middle class.

The whole double taxation story falls apart when you bring up the point that the spawn's only job to earn that money was be lucky to come out of a well manicured axe wound.

 

[TJustice]

There should be no income nor estate tax.
There... now we don't have to worry about what is fair.
If it causes inflation... because we chose to stop borrowing the money...
OK, we should all share the burden of fiscally irresponsible governance.

There are much better ways to fund government.

 

[El OchoCinco]

The whole double taxation story falls apart when you bring up the point that the spawn's only job to earn that money was be lucky to come out of a well manicured axe wound.

It is sort of a baby and the bath water situation. I don't like the way it hits small businesses in LLC/Partnership formats but fine with the mega rich who have trusts and things to deal with it and pass it down with no work (like Baron Trump will ever work in his life...)

 

[Cuddles]

It is sort of a baby and the bath water situation. I don't like the way it hits small businesses in LLC/Partnership formats but fine with the mega rich who have trusts and things to deal with it and pass it down with no work (like Baron Trump will ever work in his life...)

Which is what this crux of this proposal. I think it only benefits 10+ million dollar earners
Three Republican Senators introduced a plan Monday to repeal the federal estate tax, moving to eliminate a tax on a small number of the wealthiest households just as leading Democrats ramp up calls to tax the richest Americans.

 

[Wallet]

The problem with the estate tax is it becomes a double taxation. That makes it a hard sell to keep in place although GOP is wrong for targeting the highest level - as usual only focused on ultra rich.

However there are estate taxes on estates much less than $22 million. When Bush put the exemption in place and was set to expire under Obama, we did some family planning to avoid any estate taxes when Dad passed. I am certainly not a 1%-er but did not want the government coming in and taking another swipe at money they already taxed. (estate taxes are on EVERYTHING and this kills LLC and partnership owners).

That being the sentiment it makes it very hard to find support for it even on the Dem side where there are a lot of wealthy donors who, although don't have estates of $22 million, are still paying something even on $5 million estates. Remember an estate tax is not on cash sitting in the bank, it is on all assets- real estate, company ownership (i.e. affects a ton of small business owners), investments.

GOP targeting the estate tax on top $22 million estates is stupid because of teh tiny impact. If they truly feel the estate tax is wrong eliminate it at lower levels as well. But no, GOP only focused on the most wealthiest of people and dont want any tax breaks for the middle class.

Exactly, an Estate Tax at any level is double taxation and wrong.

 

[El OchoCinco]

Exactly, an Estate Tax at any level is double taxation and wrong.

But GOP only seems to think it is wrong for the super rich and fuck everyone else....

 

[Tsing Tao]

But GOP only seems to think it is wrong for the super rich and fuck everyone else....

Sorry, what does this mean?

The GOP believes it is wrong to double tax income. You said it yourself above. Where is the "fuck everyone else" part?