U.S. House passes estate tax repeal despite veto threat

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  1. maxiep

    maxiep RIP Dr. Jack

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    You're adorable. I'm for limited government. You're for limitless government. You think just paying more taxes solves all problems. I think starving the beast is the way to go. Therefore, if you wish to promote your position, then your money should follow. Obviously, you happily wrote a $250K check; you're the evil 1%.

    And the cutest thing is your implicit assumption that all money should flow through the government. My money does follow my ideals. I not only pay my taxes, but I also write checks for private charities and organizations in whose mission I believe.
     
    maxiep, Apr 24, 2015
    #81
  2. maxiep

    maxiep RIP Dr. Jack

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    And don't you think it's right for you and your grandparents to have that choice? Whether or not they want their family farm sold and for you to have the money or if you just get the land to decide to do with it what you wish? After all, taxes have already been paid on the monies to acquire the farm, for property taxes on the farm, from income from the farm. It's the double taxation that is so galling to me. That death is a taxable event.

    I think people should be able to do what they wish with their assets, both when they're living and on the event of their death. And when it comes to these farms, what most hilarious is that those who promote the idea of the death tax are the first scream about mega-agribusiness and the death of the family farm. :smh:
     
    maxiep, Apr 24, 2015
    #82
  3. maxiep

    maxiep RIP Dr. Jack

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    Tens of millions of Obama and Clinton supporters implicitly endorse this sentiment.
     
    maxiep, Apr 24, 2015
    #83
  4. 3RA1N1AC

    3RA1N1AC 00110110 00111001

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    Agreed wholeheartedly.
     
    3RA1N1AC, Apr 24, 2015
    #84
  5. MARIS61

    MARIS61 Real American

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    They didn't, unless it was already failing. As you point out they can sell it and buy another business for $640,000 less which should be easy, maybe even a better deal. Or if it's a thriving business they can easily get a loan and pay it off from profits.

    Inheritance is a liberal dream for Phish fans who want nothing more than to be trust-fund babies and follow Phish through their entire tour , not something a true conservative would go near.

    Anyone with a bit of grit would rather earn their success starting with nothing but his or her wits and determination, and most people have made their mark and are nearing retirement age by the time they inherit anyway.
     
    Last edited: Aug 3, 2015
    MARIS61, Aug 3, 2015
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  6. MARIS61

    MARIS61 Real American

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    Actually, they keep $5.4mil tax-free and pay 40% only on the $1.6mil for a tax of $640k.

    This means they keep $6,360,000 of the $7mil, or a little over 90% of the total inheritance.
     
    MARIS61, Aug 3, 2015
    #86
  7. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    $640K is chump change.

    How moronic.
     
    Denny Crane, Aug 3, 2015
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  8. MARIS61

    MARIS61 Real American

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    It is less than 10% of the "family's source of income" as you call it.

    I, and most Real Americans, pay close to 30% tax on our "family's source of income".
     
    MARIS61, Aug 3, 2015
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  9. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    You don't pay tax on the equity in your house. Not until you sell.

    It's akin to 10% of the equity in the business. No it IS 10% of the equity.

    The government can tax the sale, if or when the family decides to sell.

    It's outrageous to tax unrealized equity.
     
    Denny Crane, Aug 3, 2015
    #89
  10. barfo

    barfo triggered obsessive commie pinko boomer maniac Staff Member Global Moderator

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    Property tax may not be precisely a tax on equity, but it's pretty similar.

    barfo
     
    barfo, Aug 3, 2015
    #90
  11. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    LOL

    It has nothing to do with equity. It's a sales tax based on purchase price, not equity.

    If you buy a house for $100K in cash, you pay the same tax if you have 0% or 100% equity.

    So tell us if you agree with Hillary that the Bill of Rights should be repealed.
     
    Denny Crane, Aug 3, 2015
    #91
  12. barfo

    barfo triggered obsessive commie pinko boomer maniac Staff Member Global Moderator

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    You don't have any idea what property tax is, do you? Thought you owned a house?

    Or do you just pitch the tax bills in the trash?

    barfo
     
    barfo, Aug 3, 2015
    #92
  13. barfo

    barfo triggered obsessive commie pinko boomer maniac Staff Member Global Moderator

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    Sorry, I see what you mean now. I wasn't thinking of equity in terms of 'how much of this house do I own vs. the bank', on account of I paid off my mortgage 20+ years ago.

    And, I forgot that you californians decided to tie your assessed value to the last sale price, most of the time, which does make it more like a sales tax, albeit it one that you pay over and over again.

    barfo
     
    barfo, Aug 3, 2015
    #93
  14. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    You don't know how property tax works, clearly.

    It has ZERO to do with equity.

    If you have $0 equity or own the home outright, the tax is the same, and it's based upon the sale price. In California, it's 1% of the purchase price. Depending on where you live in California, the state, county, there may be other taxes added on, but none of those can be tied to the property's value at all.

    The little old lady in the house next door to yours pays tax based upon the $4,000 purchase price she paid in the 1950s, even though the house is worth $300K now. Even tho she paid off her mortgage and you bought next door for $300K with a $270K mortgage. You'll pay ~100x the tax she does, even though she owns outright and you have 1/10th the equity she does.

    The ongoing business will pay tax and employees who will pay tax. A closed down place of business generates nothing for anyone. The owners pay capital gains tax when they sell. A cooking store near us just folded. The owner retired and the tax on giving the business to his kids was too much, so it's an empty storefront obamaville style.
     
    Denny Crane, Aug 3, 2015
    #94
  15. barfo

    barfo triggered obsessive commie pinko boomer maniac Staff Member Global Moderator

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    Well, no, because the little old lady next door to me lives in Oregon, and we have different tax rules here.

    barfo
     
    barfo, Aug 3, 2015
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  16. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    By law, the assessed value of her home could not rise by more than 3% per year, so yeah, she's paying a tiny fraction of the tax you do.

    http://www.oregonlive.com/politics/index.ssf/2014/03/three_misconceptions_about_ore.html

    In Oregon, assessed values can rise a maximum 3 percent each year -- so long as the market value is greater.

    $4000 with 3% interest compounded for 60 years is ~$23.5K assessed value.
     
    Denny Crane, Aug 3, 2015
    #96
  17. barfo

    barfo triggered obsessive commie pinko boomer maniac Staff Member Global Moderator

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    Except that we didn't pass our version of prop 13 in 1950. assessed values in oregon are tied to 1996 assessed values, not 1950 sale prices.

    barfo
     
    barfo, Aug 3, 2015
    #97
  18. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    Except the voters revolted when this sales tax grew with their non captured capital gain.

    The voters, even in a liberal state, revolted over way less tax than an even more DESTRUCTIVE inheritance tax represents.
     
    Denny Crane, Aug 3, 2015
    #98
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