For those who support hillary's tax plan. A question.

#1
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droski

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#1
She wants to raise the maximum tax bracket for those making over $250K a year, yet raise the estate tax expemption. In other words those that actually make the money and work for it get taxed, at what 60%, but those who have done nothing to earn the money (except that they have rich relatives) will have zero taxes on money they inherit. Does this seem fair? Why does it seem that hillary wants the laziest of americans to benefit while the hardest working get screwed? Doesn't she realize that low income people and trust fund babies don't vote?

Cuban has an interesting take: Cuban: Sure Warren, I’ll pay more taxes if ... - Stocks & economy - MSNBC.com
 
#2
#2
droski said:
She wants to raise the maximum tax bracket for those making over $250K a year, yet raise the estate tax expemption. In other words those that actually make the money and work for it get taxed, at what 60%, but those who have done nothing to earn the money (except that they have rich relatives) will have zero taxes on money they inherit. Does this seem fair? Why does it seem that hillary wants the laziest of americans to benefit while the hardest working get screwed? Doesn't she realize that low income people and trust fund babies don't vote?
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Because most rich democrats inherited their money? :dunno:
 
#4
#4
My dad is in for a visit this weekend. I may go home and kick him in the nuts for not being rich.
 
#7
#7
Sidebar, but IMO the election will be a referendum on the Iraq War.........and the Republicans will lose the presidency and more seats in congress, just like 2 years ago.
 
#10
#10
OK. So if someone happens to have a rich relative who wills the wealth to them, that makes them stupid? How is being related to a rich relative being stupid?
 
#11
#11
CSpindizzy said:
OK. So if someone happens to have a rich relative who wills the wealth to them, that makes them stupid? How is being related to a rich relative being stupid?
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If that's the definition of stupid, then I dream of becoming a moron.
 
#13
#13
CSpindizzy said:
OK. So if someone happens to have a rich relative who wills the wealth to them, that makes them stupid? How is being related to a rich relative being stupid?
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as someone who regurally deals with heirs of very wealthy people let me tell you that growing up rich and knowing you will never have to really work a day in your life breeds stupidity and a lack of motivation. the overwhelming of majority of people inheriting millions don't get it from some random rich relative they have never heard of.
 
#14
#14
I personally don't think inheritance should be taxed. I don't agree with the rest, however. The guy that earned that money spent his entire life paying taxes on it. When he dies, why shouldn't he be allowed to leave it all to his loved ones?
 
#16
#16
droski said:
as someone who regurally deals with heirs of very wealthy people let me tell you that growing up rich and knowing you will never have to really work a day in your life breeds stupidity and a lack of motivation. the overwhelming of majority of people inheriting millions don't get it from some random rich relative they have never heard of.
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Laughable. If you truly were dealing with these types you'd know that the stretch of stereotype you apply here are the ones who are earning that much money in investments and are in jobs they were placed in by said rich relative. So I guess since so many overlap into both categories, you're implying a complete stereotype that everyone making over $250K a year never has to worry about an honest day's work and are overwhelimingly lazy and stupid.

While your universe may only focus on Paris Hilton there are quite a few people even outside the bounds of this who inherit what the government considers a wealth estate.
 
#17
#17
i'm not understanding your logic here. the current estate tax exclusion is $3.5 mil. raising it means that only the ultra wealthy will get taxed. i don't understand your $250k a year reference. obviously those who make that money legitimately aren't stupid and lazy.
 
#18
#18
kptvol said:
I personally don't think inheritance should be taxed. I don't agree with the rest, however. The guy that earned that money spent his entire life paying taxes on it. When he dies, why shouldn't he be allowed to leave it all to his loved ones?
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personally i don't believe in intergenerational wealth. what did these people do to deserve it?

it'd be nice to eliminate taxes on a lot of things. This isn't a high priority IMO.
 
#19
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droski said:
personally i don't believe in intergenerational wealth. what did these people do to deserve it?

it'd be nice to eliminate taxes on a lot of things. This isn't a high priority IMO.
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It isn't about what people deserve, it is about what dead people want to do with their previously taxed income. As you have probably heard...you can't take it with you.
 
#20
#20
Lexvol said:
It isn't about what people deserve, it is about what dead people want to do with their previously taxed income. As you have probably heard...you can't take it with you.
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virtually every investment and/or tax is on previously taxed income. by that theory capital gains tax should be eliminated, or sales tax, or interest on bonds, etc etc.
 
#21
#21
What happens if a person hands all of their wealth to another person? Both are living. What occurs? Who gets taxed, etc?
 
#22
#22
CSpindizzy said:
What happens if a person hands all of their wealth to another person? Both are living. What occurs? Who gets taxed, etc?
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currently whatever money they give over $12k a year is deducted from the estate tax exclusion. if they go over the $3.5 mil in a lifetime the recipient is taxed at the estate tax rate, currently 50%. i see no problem with that system.
 
#25
#25
droski said:
so what do we tax then?
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You don't tax gifts, or base your economic theory on who deserves what. The value judgement there is too much of a stretch for my taste.

I am obviously no economist. I have no idea what you decide to tax. I would definitely expand the minimum for capital gains, and create a more comprehensive sales tax. I would cut taxes on other investment income to create a little more incentive to build wealth.

Maybe I have just read too many Reagan biographies.
 
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