Obama to announce increase in taxes for businesses and wealthy

[Landis82]

Quote from smilingsynic:

You are a disgrace to this country.

I am embarrassed for you that you are so weak that you need your parents' wealth. I have already told my parents thanks but no thanks--I do not need it.

I am a man--I do not need an allowance from mommy and daddy. What are you?

You may be a "Man" but you are also an Idiot with a capital "I".

Giving the Govt. the right to legislate what is deemed to be "hard" work is downright scary . . . not too mention your support of "double-taxation" when it comes to a person's assets, let alone at a 45% tax.

The fact that you are unable to "see" this is quite absurd.

Welcome to ET.

 

[Thunderdog]

Quote from gnome:

But why is the Gummint more entitled to the efforts of someone before his family? That's how Liberals and Socialists think.

In an effort to discourage dynastic, unearned wealth which can occur over time and with compounding, thereby dramatically skewing the socioeconomic composition of the country at an accelerating pace, and which generally spoils the heirs who didn't work for it or earn it in the first place. And the tax would kick in after a reasonable level under Obama's plan. It's actually good policy. You complain that people on welfare are discouraged from earning a living, but you want excessive privilege to be passed down unfettered to heirs who will also be discouraged to work? Where's the logic in that?

Yes, it may be "double taxation" but it is the cost of having the incredible opportunity to create such wealth in the first place. Further, the government needs to balance its budget and begin paying down the national debt. If taxes must be paid, then estate taxes should not be overlooked. Unless, of course, you'd just like to see the social net, school systems and so on cut away so that the US can go Third World.

 

[Landis82]

Quote from Thunderdog:

If taxes must be paid, then estate taxes should not be overlooked.

This is nothing new.
It just depends on what your idea of a REASONABLE tax is.

But for many here on ET who don't even have an ounce of knowledge on Estate Taxation, here is some background:

Right now Obama wants the first $3.5 million of an Estate exempt from the Estate Tax, with anything > $3.5 million to be taxed at 45%.

As current legislation stands, the Estate Tax "sunsets" after 2010, and if Congress does nothing to extend the law before Jan. 1st, 2011, it would revert back to everything > $1 million being taxed at a whopping 55%.


Old Law New Law
Year Top Rate Exemption Top Rate Exemption

2001 55% $675,000 55% $675,000
2002 55% 700,000 50% 1,000,000
2003 55% 700,000 49% 1,000,000
2004 55% 850,000 48% 1,500,000
2005 55% 950,000 47% 1,500,000
2006 55% 1,000,000 46% 2,000,000
2007 55% 1,000,000 45% 2,000,000
2008 55% 1,000,000 45% 2,000,000
2009 55% 1,000,000 45% 3,500,000
2010 55% 1,000,000 0% No tax
2011 55% 1,000,000 55% 1,000,000

If you look at the above schedule of taxation, you get an idea of just how absurd it is. If you die in 2010, there is no taxation. If you die in 2011, you get taxed at 55% on assets above $1 million.

Just ridiculous.

If you are on life support, make sure that they don't pull the plug until 2010.

 

[gnome]

Quote from Thunderdog:

In an effort to discourage dynastic, unearned wealth which can occur over time and with compounding, thereby dramatically skewing the socioeconomic composition of the country at an accelerating pace, and which generally spoils the heirs who didn't work for it or earn it in the first place. And the tax would kick in after a reasonable level under Obama's plan. It's actually good policy. You complain that people on welfare are discouraged from earning a living, but you want excessive privilege to be passed down unfettered to heirs who will also be discouraged to work? Where's the logic in that?

Yes, it may be "double taxation" but it is the cost of having the incredible opportunity to create such wealth in the first place. Further, the government needs to balance its budget and begin paying down the national debt. If taxes must be paid, then estate taxes should not be overlooked.

Disagree. The Gummint plan is to tax again and again.... as much as they can get away with.... which is considerable in as much as they make the rules.

One must weight the potential dynastic ills of huge wealth accumulation vs. the moral depravity of double/multiple taxation.... the greater evil.

 

[AlpineTrout]

Quote from Thunderdog:

You complain that people on welfare are discouraged from earning a living, but you want excessive privilege to be passed down unfettered to heirs who will also be discouraged to work? Where's the logic in that?

It is not the responsibility of the federal government to determine what is "excessive priviledge". They have already taxed the money once. At this point their job is done.

 

[Landis82]

Quote from AlpineTrout:

It is not the responsibility of the federal government to determine what is "excessive privelidge". They have already taxed the money once. At this point their job is done.

Agreed 100%.

 

[gnome]

Quote from Thunderdog:

"... the government needs to balance its budget and begin paying down the national debt. If taxes must be paid, then estate taxes should not be overlooked. Unless, of course, you'd just like to see the social net, school systems and so on cut away so that the US can go Third World.

The Gummint "needs to balance the budget".. what the Hell is wrong with refusing "deficit spending"? Generations ago, it was thought a moral obligation of the Government to be "guardian of the public purse"... nowdays, they abuse the CRAP out of it, then ask for more.

Estate taxes are IMMORAL. The estate's valuation has already been made, AFTER TAX. ONCE IS ENOUGH! The Gummint is NOT morally entitled. Oh sure, they get away with it because there are not enough people who understand and are therefore not willing to bitch... still wrong.

And for you Socialists... as you're so envious of "those with more than you", why don't you get off of you ass and do something significant yourself? Then, I think, you'd be much less likely to see the moral side of confiscating one's wealth for the benefit of those who did less than you... perhaps did nothing at all.

 

[AlpineTrout]

Quote from Thunderdog:

Yes, it may be "double taxation" but it is the cost of having the incredible opportunity to create such wealth in the first place.

The federal government's responsibility is not to create opportunity. Individual people create opportunity. The federal government is here to protect individual and company rights, maintain a military, make coinage, maintain infrastructure and a few other misc. things. Other than that, they are stepping out of bounds.

 

[Thunderdog]

Quote from gnome:

...And for you Socialists...

And so, the name calling begins. I used to think you were better than that, gnome. Even so, thanks for the insight. But where was all your piss and vinegar when the exemption was only $1 million?

 

[Thunderdog]

Quote from AlpineTrout:

The federal government's responsibility is not to create opportunity...

It helps create the environment for opportunity.