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 . . .
Typical leftist class warfare.
Hey Bwaney Fwank ? how many of your boyfriends are you leaving your inheritance ?
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?
See tagline.
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????
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!
Is there anything homos can’t mess up?
Yes, freerepublic.com!
http://www.freerepublic.com/focus/f-news/2644629/posts
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.
One of America’s most strident - and misguided - hacks demonstrates why the Democrats are simply socialists mislabeled; this character indicates beyond any shadow of a doubt that the party considers that all assets are properly the property of The State, and citizens are allowed to keep a small fraction at the sufferance of The State, as its minions feel the whim to allow.
And what in the Constitution allows or requires the Federal government to make that judgement?????
Barney is jealous that he is unable to create any heirs.
How many family farms and businesses have been ruined you little queer communist.
I was a mite surprised when I first read it.
Zero Hedge. Look at the comments to this piece if you don't believe me.
On the family farm, the heirs did nothing but work alongside Grandpa, Grandma, Dad and Mom for a lot of long hours when they could have been doing something else.
Did a fag do anything to deserve federal money to help pay for his HIV/aids treatment?
The biggest sucks ( baby mommas, queers, etc) talk about how others don’t deserve what was earned and already taxed while they demand something for nothing.
The colossal arrogance of these people entrenched in government, are truly beyond belief.
It doesn’t matter if a heirs did nothing to earn the money. The money has already been taxed multiple times. The death tax (love how they say estate tax) represents triple and sometimes quadruple taxation of the same money. I’d say pi$$ on Barney Frank but he’s the kind that might enjoy it.