Posted on 08/08/2016 6:30:53 AM PDT by Blue Turtle
This is a good play to working parents without setting up new government programs. And simple to implement - this line deduction goes up!
The death tax is ridiculous.
The very rich just set up foundations that filter the money back to them.
Excellent move.
I like this. The people it helps are actual tax paying middle class wage earners.
The death tax is ridiculous.
YOU da MAN ! ! ! !
The problem I see with this, is that, for everything that becomes “fully tax deductible”, the rates go sky-high. Seems that there should be an incentive to cost-share in a more equitable manner. This is probably a good move by DJT, however, to attract some of the young parents’ votes.
I like this.
Would like it better if 1/2 the expenses were tax-deductible for each parent living with the child (or deceased while living with the child). Of course that would be called an attack on single moms so has no chance.
Excellent start. Now let’s kill off the income tax as well and the mission will be complete.
A double win:
1: Parents keep more of their own money.
2: Helps starve Fedzilla.
Rates don’t go up because of the deduction, they go up because regulations prohibit those who would provide childcare at reasonable expense from entering into that business.
A good portion of current child care expenses goes to pay the salaries, healthcare, and retirement benefits of those government workers whose job it is to harass the caregiver.
If the death tax goes away but also the stepped up basis, people will be faced with trying to figure out the tax basis of assets bought many years earlier - a nightmare.
I’m not for killing off the death tax except when it deals with tangible land property like family Farmland. There are probably others instances and types of ownerships where the death tax shouldn’t apply or should be less.
Perhaps death tax funds should be earmarked and accounted for in the budget.
The death tax is the fairest economic equalizer when applied properly.
A lot of families lose their family farms to ADM when dad dies because they can’t afford the death tax on the property and holdings.
There are many regulations for special valuation if the family members are still farming. Family members NOT FARMING, a different story.
Want to eliminate the “death tax” fine, then they will have to pay capital gains. With the inheritance tax, they get a stepped up basis and have no capital gain tax when they sell it.
Besides, small estates , the family farms you are most concerned about, have a decent exemption amount before that tax is paid. so there is an argument that the estate tax REDUCES tax for the few remaining middle class people.
He will have to compete with Queen Hillary’s plan.
FREE CHILD CARE FOR EVERYBODY!
Hard to compete with Santa Claus.
10% hard flat tax. No deductibles, credits or loopholes.
I saw this happening in Iowa.(born there)
As I told my Florida-raised son, the entire state is made of "potting soil" like you'd buy at Walmart and anything that can over-winter with subzero temps, should grow well. The government "takes care of $$$" the wealthy farmers who can afford to buy politicians who scoop up the subsidies while the smaller farms go into bankruptcy trying just to stay alive.
Cut taxes and shrink the government!
You are correct. The best and most fair way.
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