Posted on 07/28/2005 5:40:10 AM PDT by OESY
(Denny Crane: "Sometimes you can only look for answers from God and failing that... and Fox News".)
Death to the death tax bump.
Sounds like income tax and payroll tax too!
When you think about it, the estate tax is the confluence of life's two certainties.
Every time I hear a report or read an article on the estate tax, I wonder how many family farms and businesses have been destroyed by it. The liberals like to think it only hurts the rich but it also steals from those that die cash poor but property rich when the survivors need to sell the business to cover the tax bill.
Or spend tons of $ estate planning - if you can.
If the government eliminates the death tax, how can it afford all it does for us after we're dead?
Nations without an estate taxDo the people of most of those nations even have estates to tax?
Why would we want to be like any of them? Why not show the states that have no estate tax instead?
I'm not in favor of estate taxes but at least show some countries who have no estate tax that are better off than us...Otherwise what's the point?
omitted on previous post - apologies
http://www.ncpa.org/pi/taxes/pd062899a.html
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John Linder in the House(HR25) & Saxby Chambliss Senate(S25) offer a comprehensive bill to kill all income and SS/Medicare payroll taxes outright and replace them with with a national retail sales tax administered by the states.
H.R.25,S.25
A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national retail sales tax to be administered primarily by the States.Refer for additional information:
The flat tax will take 17% of your taxable income plus 7.65% of wages up to 90k(?).That's 24.65% for most folks - without the necessary increase.
The Fair Tax nrst takes 23% of what you spend - taking the prebate on necessity spending into account, most folks will pay closer to 12% of spending.
Important to note that any amounts saved or invested have no tax paid on them.
INCOME TAX CODE: 60,000 PAGES and growing.
The key phrase there is "better off than us".
Neal Boortz's Fair Tax book is currently #1 on Amazon's non-fiction bestseller list and #2 overall (behind Harry Potter). It hasn't even come out yet. Steve Forbes' "Flat Tax Revolution" is currently #49 on the nonfiction list. It came out in July.
http://www.amazon.com/exec/obidos/tg/new-for-you/top-sellers/-/books/53/ref=pd_ts_b_nav/102-2016428-7344963?ts-parent-id=1000
"According to the Federal Reserve, household wealth in the U.S. has doubled in the last 10 years from $21.5 trillion in 1988 to $43.2 trillion in 1998. Since the population has only risen about 10 percent, wealth per capita has increased enormously."So what's your point? Can you post something that can say the same for one of those countries without a death rax?
If you think one of those high tax countries are better just because it doesn't happen to have a death tax...move there.
Like I said before. What's the point of touting that a country doesn't have an estate tax when the citizens probably don't have estates to tax?
The flat tax will take 17% of your taxable income plus 7.65% of wages up to 90k(?).That's 24.65% for most folks - without the necessary increase.Define "taxable income" before making comparisons to taxing 100% of your spending.
One thing you haven't addressed is if the "Death" tax is repealed, so will the step-up in basis that heirs receive on inherited property. For example, if you and your sister inherit your parent's residence in which they have a $100,000 basis, and it is worth $500,000 you and your sister will have a $400,000 capital gain to share.
Under current law, there would be no capital gain to the heirs if the property were sold for the FMV at the date of death.
Uncle Sam giveth, and Uncle Sam taketh away.
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