Barney Frank: Death Tax Not Punishment; Heirs Didn’t Do Anything to Deserve Inheritance

breitbart ^

[ChicagoConservative27]

Mr. Frank's attitude seems to be that Americans need to justify why they should keep the money they inherit instead of the government needing to justify why they should be allowed to confiscate it.

Video at link.

[DaxtonBrown]

Barney has no idea how family wealth is created. My dad worked hard and built up a small nestegg which went to mom on his death. My brothers and I helped mom grow that into a reasonable chunk of change. The entire reason we still work building that sum up is to pass it on to the kids. If we thought it would all be confiscated, we’d be moving it out of the country already. Oh wait . . .

[Iron Munro]

Typical leftist class warfare.

[American Constitutionalist]

( "He exposes himself more profoundly every time he opens his mouth" )
" Irony I don't need to expound upon. "

Yes, we don't need that picture image and details.

[American Constitutionalist]

Hey Bwaney Fwank ? how many of your boyfriends are you leaving your inheritance ?

[samtheman]

Pure theft of assets from people who already paid massive taxes and wish to give the family farm/business to his/her kids.

Frank is a typical democrat party professional parasite, who has never worked an honest day in his evil life.

He's a parasite, alright, but he's a parasite with good press.

Because the presstitudes are themselves parasites, and worshipers of parasites.

[traditional1]

This rump ranger is telling us that what people WORK FOR for their entire lives to make a better place for their children is not theirs? The government should confiscate those earnings, and dole it out to a bunch of low-life, never worked a day in their lives, non-productive assholes?

Gimme a break!

You already were taxed on the funds as they were earned, and we're taxed again when we die already....but now, they want basically a 100% Inheritance Tax on whatever funds you haven't spent?

[unixfox]

See tagline.

[BCR #226]

The Government hasn’t done anything to deserve it either. They trample our Rights, spy on us, treat us like the enemy and then rob us blind. Then they expect us to be happy that they are raping this nation????

[Talisker]

Barney Frank: Death Tax Not Punishment; Heirs Didn’t Do Anything to Deserve Inheritance

It's not about the heirs, you fat, mumbling, jackass-hypocrite garbage-eater, it's about the right of the person who earned it to leave it to whom they want.

Oh Lord, save us from these liberal scumbag insects!

[ohioman]

Frank is one faggott worth hating. But the only thing more hateful than him are the idiots that keep voting for him. They ought to be run off to Canada along with Frank.

[right way right]

Is there anything homos can’t mess up?

Yes, freerepublic.com!

http://www.freerepublic.com/focus/f-news/2644629/posts

[WorkingClassFilth]

A person is given so many hours to live.
A person makes a contractual bargain to trade their time for money.
A person gives the hours of their lives and expends energy working for the money.
Money, then, represents a segment of human life.
The gub’mint takes a bite of the symbolic value of life in the form of tax.
The person banks the money (the measure of their spent life).
The gub’mint takes a slice of the earnings on the invested money.
The person spends some of the money and is taxed again.
Finally, a portion of the the lifetime of work is set aside and not spent and is beyond taxation - this is an estate.
The person dies and these earnings represent the life they sacrificed.
The gub’mint now moves to take the sum of the life spent simply because the original person (labor unit) has ceased to exist.
The gub’mint now denies people their basic human right to control and own the economic value of their labor.
People are temporary owners of state property and economic value of all lives belong to the state.
The conclusion of this continuum lies in the exact value of your fillings, hair, body fats and ashes. Tattooed skin will be a bonus profit.
People have become slaves and the gub’mint is the master.

[IM2MAD]

Those in congress and others set up foundations to avoid the death/estate tax. Meanwhile, John Q Public is at the mercy of these law-mmaking scumbags. Oh that we could tax their foundations.

[Poincare]

... but children sometimes do earn their inheritance. They worked like slaves on farms etc.

Thank you. You are so correct.

[WorkingClassFilth]

He exposes himself more profoundly every time he opens his mouth.

Correction: He opens his mouth everytime somebody else exposes themselves.

[yooling]

I think that in Bawney’s crowd, asshole is used as a term of endearment.

[Lowcountry]

To be sure, there is an intellectual argument here that must be understood or we will continue to lose this battle in the arena of ideas.

Liberals believe that the person who dies is not being taxed as they are dead. They believe that the heirs are being taxed for the unearned value they received from the estate. To a large degree, they have a point as to who is being taxed. The question is: does the heir actually receive any taxable value from the simple receipt of the estate.

Conservatives believe that the value of an estate is the "after-tax" savings of a life of work. Therefore the tax on that income has already been taken by the government and they have no remaining claim to the assets of the estate. Again, the estate is not being taxed, the heirs are. The question still remains: does the heir actually receive any taxable value from the simple receipt of the estate.

Here is the conservative argument. The heirs, more often than not, have not YET had a taxable event. If the estate passed along cash you could say there was a taxable event. However, most people with an estate large enough to incur an estate tax rarely pass along cash. The assets are typically in stocks, bonds, real estate or business assets. In order for the heir to unlock any value from those assets, they would have to be sold. That should be the taxable event.

As it is, the Estate Tax forces assets to be sold or liquidated to pay the tax. This is because the asset does not typically hold enough cash or working capital to pay the tax. The easiest example to explain is the large family farm which has hundreds of acres of land, barns, and equipment. More times than not this farm has a great asset value, but is cash poor due to cost of operation and variable nature of cash flow and the time it is received. The Estate Tax would force the sale of the farm and is a prime culprit in the death of family farms.

Another example is the small to medium size business that has plant and equipment worth $10mm to $20mm, but only enough "cash" to run the operation. It must be sold to unlock the resulting cash to pay the tax.

On a larger scale, imagine the son or daughter who inherits the stock of the Father who was CEO of a Fortune 500 company. If the stock pays dividends, you have a taxable event. If the children sell their stock, there is a taxable event. Until that time, the heirs may have inherited a fortune, but they have not realized any value from it. To tax them for something they have not received should be a crime. That is the effect of the estate tax. And it should be outlawed.

[ruralvoter]

Thank you for posting this reminder. We can never forget the basis for their motivations.