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

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  1. SlyPokerDog

    SlyPokerDog Woof! Staff Member Administrator

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    (Reuters) - The U.S. House of Representatives on Thursday ignored a White House veto threat and passed legislation to repeal the estate tax that hits inherited assets worth $5.4 million or more.

    By a mostly partisan 240-179 vote, the Republican-backed bill will be sent to the Senate, where Democrats are expected to use procedural hurdles to try to block it. Even if it passes the Senate, it would likely fail to achieve a two-thirds majority needed to override a veto.

    House passage was timed for the week when most Americans file their tax returns. Conservatives, who refer to the estate tax as the "death tax," have long railed against it, arguing it hurts the families of small business owners and farmers.

    "It’s past time to repeal this unacceptable tax. Every American deserves the ability to pass their life’s savings to their kids," said Representative Tom Graves, a conservative Republican from Georgia.

    Repealing the tax would boost the federal deficit by about $269 billion over 10 years, according to Congress' Joint Committee on Taxation.

    Few Americans pay the 40 percent tax on assets above the $5.4 million exclusion amount. About 5,400 estates, equal to 0.2 percent of taxpayers, will owe such taxes in 2015, according to the JCT.

    http://www.reuters.com/article/2015...3C20150416?feedType=RSS&feedName=domesticNews
     
    SlyPokerDog, Apr 18, 2015
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  2. magnifier661

    magnifier661 B-A-N-A-N-A-S!

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    Works for me and my estate! :)
     
    magnifier661, Apr 18, 2015
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  3. Denny Crane

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

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    Cut spending by $269B over 10 years.

    What a concept!
     
    Denny Crane, Apr 18, 2015
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  4. BlazerCaravan

    BlazerCaravan Hug a Bigot... to Death

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    Sounds like the only hope my children have for the future is me amassing over $5.4 million in my lifetime and bequeathing it to them, because everyone who has less will be well and truly fucked.
     
    BlazerCaravan, Apr 18, 2015
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  5. MarAzul

    MarAzul LongShip

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    Ha! So you do have the capacity to reason? I knew it!
     
    MarAzul, Apr 18, 2015
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  6. bodyman5000 and 1

    bodyman5000 and 1 Lions, Tigers, Me, Bears

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    Don't be stupid, cut spending by 270 and give me the extra....WIN!!!!!
     
    bodyman5000 and 1, Apr 18, 2015
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  7. MARIS61

    MARIS61 Real American

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    Small business owners my ass.

    Few Americans pay the 40 percent tax on assets above the $5.4 million exclusion amount. About 5,400 estates, equal to 0.2 percent of taxpayers, will owe such taxes in 2015, according to the JCT.
     
    MARIS61, Apr 18, 2015
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  8. Denny Crane

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

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    Only 5400? Let's go after 5400 realtors instead.

    And barfo.
     
    Denny Crane, Apr 18, 2015
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  9. MarAzul

    MarAzul LongShip

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    despite veto threat?
    Seems like an odd way to send out the word. Why would members of the house give a rats ass what Obama thinks? They are sent there to represent the people. I am pretty sure
    the majority of people no long think Obama represents them in anyway.
     
    MarAzul, Apr 18, 2015
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  10. jlprk

    jlprk The ESPN mod is insane.

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    Inheritance tax doesn't hurt the inheritors. When my parents died, I wrote a check to the IRS for a quarter-million dollars of inheritance tax. I haven't missed it for a minute. Selfish conservatives try to survive behind their gated communities.

     
    jlprk, Apr 18, 2015
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  11. maxiep

    maxiep RIP Dr. Jack

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    Why didn't you write a check to the Federal Government for the entire inheritance? Why are you so greedy?

    It always amazes me that liberals only think the way the government will accept money from them at the point of a gun. Our government will be happy to cash an unsolicited check?

    You pay what you want, I'll pay what I want.
     
    maxiep, Apr 18, 2015
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  12. jlprk

    jlprk The ESPN mod is insane.

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    I'd love to do that, as long as I live under only the part of government I like. Your side pays for, and lives under, the wars, spies, and police. My side pays for, and lives under, the love and sharing. There would need to be a mechanism to keep us apart.

    Many years ago when I was designing my utopia, I wondered what it would look like to have multiple governments operating side by side. One town capitalist, one socialist, one fascist, one Confederacy, one feudalist, one caveman, etc. Everyone would get to move around and try them for as long as he wanted before settling down.

    There would be a sign on the road at each town's entrance, telling you the town's priorities of ideals, its hierarchy of gods. (There is an infinite number of permutations.) Then I realized that I was envisioning what the great liberal civilization of American Indians had before your war guys exterminated them. Totem poles.
     
    jlprk, Apr 19, 2015
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  13. 3RA1N1AC

    3RA1N1AC 00110110 00111001

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    This goes against fundamental republican ideology.

    Since when are handouts a good thing? These sycophant bourgeois leeches need to get a job. At least drug test them if they are going to get government assistance.

    Tax it at 100% and these bratty rich kids can pull themselves up by their bootstraps and join the workforce, maybe make something out of themselves. The american dream.
     
    3RA1N1AC, Apr 19, 2015
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  14. Denny Crane

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

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    I've done the legwork of looking at businesses for sale. This tax affects businesses like truck stops in Tennessee. Truck stop is worth $7M. To pay the tax, survivors have to cough up (or borrow) $millions. Or sell the business.

    It's bad enough the government TAKES peoples' incomes, but taking away life savings and source of income makes no sense at all.
     
    Denny Crane, Apr 19, 2015
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  15. 3RA1N1AC

    3RA1N1AC 00110110 00111001

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    So these poor inheritors only got 5 million of their 7million dollars?

    I can see why its such a heartbreaking story to you, that's just the saddest thing I've ever heard.
     
    3RA1N1AC, Apr 19, 2015
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  16. The_Lillard_King

    The_Lillard_King Westside

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    People complain about paying taxes . . . now there is a new topic.
     
    The_Lillard_King, Apr 19, 2015
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  17. Denny Crane

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

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    They lost their source of revenue for the family forever. The $5M can't replace that.
     
    Denny Crane, Apr 19, 2015
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  18. The_Lillard_King

    The_Lillard_King Westside

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    To me, if Joe the plumber's son has to take out a 2 million dollar business loan when he inherits a 7 million dollar business to keep the business going . . . well doesn't seem like that huge of a burden. If he is even half as good of a business person as his father, he should be OK.

    I wish I was in his predicament.
     
    The_Lillard_King, Apr 19, 2015
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  19. Denny Crane

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

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    $2M in debts that the business shouldn't have to take on. That's a lot of risk.

    EDIT

    Without the tax, the government still would collect capital gains taxes when the business is sold. At least the value/gain is actually realized at that point and by the seller's decision.
     
    Denny Crane, Apr 19, 2015
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  20. 3RA1N1AC

    3RA1N1AC 00110110 00111001

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    I mean Jeesh, like I said, its really sad. The poor kids only inherit 5 million dollars. I'll say a prayer for them.
     
    3RA1N1AC, Apr 19, 2015
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