Politics House GOP Tax Bill Keeps 39.6% Rate for High-Earners, Cuts Corporate Rate to 20%

What does 1.8M have to do with it? The lower limit on the estate tax is something like $5.5M.

barfo

 

But apparently a real libertarian doesn't know billions from trillions? SAD!

Your graphic does not in any way say that there is a 1:1 increase in the GDP as you are claiming.

barfo

 

Those who have net worth of $1.8M or more paid $15.5B in estate taxes, according to @dviss1's table.

How about we just tax you. On your net worth, no less.

 

But your kids, they earned that inheritance?

barfo

 

What a dumb post. What a waste of time.

"Size of economy" isn't GDP, but there is going to be a close correlation. Whatever is invested might return 2:1 or far more. Usually far more.

 

Sure, they worked the farm or in the hardware store.

 

No, that's not what the table says.

barfo

 

Where are you quoting "size of economy" from? That has no connection to your graphic.

barfo

 

If the kids sell the business or assets in the estate, they'll pay capital gains tax. And that's how you get to rob those who were successful before they died.

 

No, I said that I could see someone having that point of view, though I don't. I look at it as none of (the collective) your business who I give my money to, deserving or not.

 

Geez Denny, don't you realize that the top 1% are part of the top 5%? Just because the top 5% paid that amount, that doesn't mean that the lower end of the 5% paid anything at all. The estate tax cutoff is $5.5M, as I'm sure you know - so why are you arguing otherwise?

barfo

 

And that's a reasonable point of view. If you'd rather pay more taxes while you are alive rather than wait until you are dead, that's a tradeoff I can get behind.

barfo

 

You're reaching and you aren't reading the graphic correctly.

 

"My" graphic says that the $2.6T will actually be spent within the United States on making the economy bigger. Through "organic investment" and return of capital to investors (who will invest in something or spend it on goods and services).

And that the money is being held overseas, which doesn't fit your alternate facts.

 

And tangentially (b/c it's a you-and-Denny back-and-forth, so I'll see my way out), I'd say that the exemption (like many tax laws) carry enough loopholes so that the REALLY wealthy folks can afford to circumvent a lot of it. Not that I'm going to cry over too many non-forward-thinking millionaires losing cash, but it's probably not hitting where it's intended to hit.

Frankly, I think a compromise would be to tax capital gains on estate sales. If I leave my farm/business/property to my family and they keep using it, no tax imposed. If they sell so that they can get 10M in cash, then tax the proceeds as you would in any other investment.

 

It's their money. If you are successful in life and build some wealth, it is yours to do with what you want. Even giving it to your kids (what a horrible thing to do!)

You keep saying the estate tax is not a tax on net worth. By definition it is.

Let me repeat, by definition it is.



Net value of the estate means just that. It's not a tax on something else that YOU conjure up.

 

No Denny. People with estates of $1.8M do not pay any estate tax. That's the law, you can look it up. Your $1.8M number is pure bullshit in this context.

barfo