The Benefit and the Burden

#1
milohimself

milohimself

RIP CITY
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Sep 18, 2004
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#1
Excellent book on tax reform by Bruce Bartlett. A fairly robust, facts-only look at the tax system as it is in layman's terms and suggests what we could do differently from examples from other countries and economics research, as well as many of the road blocks to achieving meaningful reform.
 
#2
#2
havent read it.

honest question... does it say I need to pay more in taxes or less?

just curious.
 
#4
#4
I've never encounter a single tax conversation where I am not either getting screwed hard or dropping down to 15% flat. It's either keep it all or give it all away.
 
#5
#5
NEOCON said:
I've never encounter a single tax conversation where I am not either getting screwed hard or dropping down to 15% flat. It's either keep it all or give it all away.
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He advocates strongly for a flat income tax among other taxes, but points out how a flat tax paradoxically is still somewhat progressive.
 
#7
#7
milohimself said:
Not really the point of it.
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suicide-2.gif
 
#8
#8
Just read an interesting point (somewhat related to the topic):

Thom Woods pointed out that guys like Bill Gates and Warren Buffet support an increase in the estate tax. Microsoft is a publicly owned company, so the owner never dies. A law like this can only help Microsoft by hurting family-owned competitors. If your parents pass down to you a business worth $2 million and you gotta pay $500K to Uncle Sam, you can't afford that. You'll have to sell the family business. And surprise! Warren Buffet is such a nice guy, he may be willing to buy that business. That's how he bought Dairy Queen, a local furniture retailer here in Utah, etc.
 
#9
#9
nbakerld said:
Just read an interesting point (somewhat related to the topic):

Thom Woods pointed out that guys like Bill Gates and Warren Buffet support an increase in the estate tax. Microsoft is a publicly owned company, so the owner never dies. A law like this can only help Microsoft by hurting family-owned competitors. If your parents pass down to you a business worth $2 million and you gotta pay $500K to Uncle Sam, you can't afford that. You'll have to sell the family business. And surprise! Warren Buffet is such a nice guy, he may be willing to buy that business. That's how he bought Dairy Queen, a local furniture retailer here in Utah, etc.
Click to expand...

i still haven't heard a justification for the estate tax other than one related to fairness (e.g. without the estate tax, families would maintain their wealth in perpetuity).
 
#10
#10
nbakerld said:
Just read an interesting point (somewhat related to the topic):

... Microsoft is a publicly owned company, so the owner never dies. ....
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The stock holders are the owners. They do die.

Beneficiaries of stock are subject to inheritance tax.
 
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