Posted on 10/16/2019 9:11:43 AM PDT by SeekAndFind
In America, if you play by the rules, working to earn a living and saving to provide for the future, taxes take a piece of your earnings. If you win a state lottery, you owe tax. But if you get lucky in the lottery of life and land an inheritance, you owe no federal tax. That isn’t fair, is it? Extending the federal tax code to include inheritances would end that inequity. Inheritance taxes — regulated differently in the states that have them — are a levy paid by a person who inherits money or property of a person who has died.
Extreme inequality is troubling both because it fosters gross and wasteful consumption and because it undermines the principle of political equality: Nearly unencumbered transfers of wealth permitted under current law perpetuate those imbalances, creating dynasties of the rich and hampering economic and social mobility.
“Ah,” you may be thinking, “Don’t we have an estate tax to break up wealth dynasties?” We had one once. But now it arguably exist only in name.
As recently as 1976 the estate tax applied to more than 7 percent of all descendants at a top rate of 70 percent. In 2019, however, just 0.07 percent of all descendants will owe any estate tax, a 99 percent decrease. Successive increases in the estate tax exemption over the last political generation have let all but the wealthiest — and those who neglect to consult lawyers and accountants — escape estate tax almost entirely. Ed McCaffery, a law professor at the University of Southern California, has described it as being akin to a “voluntary tax.”
(Excerpt) Read more at nytimes.com ...
RE: you need to stash it overseas in Swiss bank accounts or other safe places.
Swiss Bank accounts aren’t private any longer when it comes to the IRS. The USA has succeeded in bullying the Swiss into revealing who their clients are.
Whether or not kids can spare some of their inheritance is irrelevant. It’s not ours to redistribute. That inheritance is the private property of the parents and those parents have a right to pass it on as they see fit. Bernie, the Annoying Oblivious-Commie, and the rest currently have no legal right and will never have a moral right to steal that property.
Let’s start with whatever assets Henry has.
Let’s start with liberal trust fund babies
This is nothing more than covetousness writ large.
Read James 4:1.
The owners of the Slime need to liquidate their assets and send all their money to me—reparations for their decades of lying and propaganda.
That is what I call _fairness_.
Wonder if Mr. Aaron is willing to hand over som of his ill-gotten cash my way; after all it is only fair I am a widow living on $750 a month.
Fork it over bub.
(Wonder what his response would be if someone were to use that argument against him?)
From the article:
“If inheritances above $1 million were included and the minimum tax rate was 40 percent, the yield would be nearly $1 trillion.”
Not going to happen. This would blow up California. California liberals would never go for this. Neither would New York liberals, etc..
And, We shall do so because we are Thieves by nature, knowing no other course in life but to live off of others...
and that the donor has already paid income taxes.....
New York Times should give up all their assets considered the quality of their reporting. Just give it up!
Here’s an idea: stop stealing money from Americans.
So I guess the place to stash money will be Ukraine. After Trump is impeached, no one will ever dare to investigate in Ukraine again.
With some the word liberty may mean for each man to do as he pleases with himself, and the product of his labor; while with others the same word may mean for some men to do as they please with other men, and the product of other men’s labor. Here are two, not only different, but incompatible things, called by the same name — liberty. And it follows that each of the things is, by the respective parties, called by two different and incompatible names — liberty and tyranny."
- Abraham Lincoln
Actually that is the one phrase in the whole article that actually made sense to me. I was lucky enough to be born to parents wealthy enough to pay my college tuition. A friend of mine who was born to poorer parents had to take out loans. I do not see that I did anything better than my friend (in many ways he is a smarter and better person than I am) yet I escaped a lifetime of indebtedness while he is still barely getting by because of those loans. Before you ask, his degree is in chemistry, not something like underwater basket weaving.
I am opposed to the estate tax, death tax, inheritance tax, whatever you want to call it, in all its forms. But let’s not kid ourselves into believing that everyone was dealt the same cards in life.
If you own property in pa they will get you even if you did in Ohio.
Why should anyone have the right to inherit any money or other wealth? Why not just set a fixed amount of legal inheritance based on “privilege”? Sarc.
I challenge the idea that wealth comes from luck. Somewhere at sometime a lot of hard work and original ideas were likely at play.
Lead By Example, Mr Times.
Leftists are perpetually angry and jealous about anyone who is doing better than they are.
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