PILOT SPIN
Spin Zone => Spin Zone => Topic started by: Lucifer on September 22, 2016, 11:21:34 AM
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http://www.foxbusiness.com/politics/2016/09/22/hillary-clinton-proposes-65-tax-on-largest-estates.html
Tax tax tax tax tax...............
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http://www.foxbusiness.com/politics/2016/09/22/hillary-clinton-proposes-65-tax-on-largest-estates.html
Tax tax tax tax tax...............
which will "generate" revenues for the tax lawyers (and accountants), lobbiests, campaign coffers, and zip for the Government.
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which will "generate" revenues for the tax lawyers (and accountants), lobbiests, campaign coffers, and zip for the Government.
And if you donate, say to a charitable foundation....., should be some nice tax breaks figured in.
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Of course her foundation skips all that. She sucks.
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The Estate Tax was instituted by the founders. They didn't want the formation of the sort of hereditary aristocracy they had left in Europe. As is it only hits about 4000 estates a year. Pretty paltry for an election issue. And not one that will affect anyone reading this I bet.
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The Estate Tax was instituted by the founders. They didn't want the formation of the sort of hereditary aristocracy they had left in Europe. As is it only hits about 4000 estates a year. Pretty paltry for an election issue. And not one that will affect anyone reading this I bet.
Yeah, it generally hits the ones that didn't know to or were unable to plan for it.
Oh and the stamp tax, the first estate tax in the US was temporary, lasted about 5 years, and was a rate of 1:622 or about 0.2% of the estate. The founders would have lynched modern politicians for the tax policies of today. Finally I'd like to see a source, other than occupy democrat or whatever for the "hereditary aristocracy" line.
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The Democrats (Communists), like Hillary do not want us to have Private Property Rights. They can keep their property through rigged, phony foundations, but we have to have our property CONFISCATED by government. Come and try to get it Bolsheviks.
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And if you're a farmer with lots of land and equipment but very little cash, what will your children do? Sell everything to a mega corp to pay the taxes?
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And if you're a farmer with lots of land and equipment but very little cash, what will your children do? Sell everything to a mega corp to pay the taxes?
Again, the perfessor fails to understand the implications of this law. His liberal talking points says "it only affects the rich" so it's ok.
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And if you're a farmer with lots of land and equipment but very little cash, what will your children do? Sell everything to a mega corp to pay the taxes?
Without drawing any conclusions on the validity of the estate tax.. I'm sure you did a bit of sleuthing and found the answer to your question. Apparently, not much happens.
http://www.taxpolicycenter.org/briefing-book/how-many-people-pay-estate-tax
http://www.cbpp.org/research/federal-tax/ten-facts-you-should-know-about-the-federal-estate-tax
http://fortune.com/2015/04/13/death-tax-killing-american-family-farms/
The Hillary 65% tax is a new one to me, haven't taken a look at what it covers and how it is implemented.
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Soak the rich.
Penalize the achievers.
Demonize the job creators.
So far, I've never gotten a job from a poor person.
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Without drawing any conclusions on the validity of the estate tax.. I'm sure you did a bit of sleuthing and found the answer to your question. Apparently, not much happens.
http://www.taxpolicycenter.org/briefing-book/how-many-people-pay-estate-tax
http://www.cbpp.org/research/federal-tax/ten-facts-you-should-know-about-the-federal-estate-tax
http://fortune.com/2015/04/13/death-tax-killing-american-family-farms/
The Hillary 65% tax is a new one to me, haven't taken a look at what it covers and how it is implemented.
It does depend on size. Smaller farms (the majority of family farm estates) pay little tax. It's a bigger problem for medium and large farms:
"Amber Waves, June 2009), an estimated 13.3 percent of the estimated 1,350 mid-size and large family farm estates are likely to owe Federal estate taxes for tax year 2015. In contrast, less than 1 percent (0.2 percent) of small farm estates is estimated to owe a tax."
http://www.ers.usda.gov/topics/farm-economy/federal-tax-issues/federal-estate-taxes.aspx
However, in the larger scheme of things the estate tax generates little tax revenue:
"The raw facts may not entirely support the case against the estate tax, but increasingly this does not seem to matter. It has become a philosophical issue, even if in the end the data shows that that relatively few small farms or businesses appear to be affected."
https://www.washingtonpost.com/news/fact-checker/wp/2015/04/14/the-facts-about-the-estate-tax-and-farmers/
It rose to my notice due to a friend dealing with estate planning and aging farmer parents. The only ones who are doing well are the lawyers trying to find loopholes.
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It all depends on what the threshold is. Here in NC it is 5 million. In Raleigh, it looks like land is somewhere around 300k an acre, getting less expensive as you head out out of town. If you have a 20 acre farm, you owe Hillary 3.25 million on the value of that property. But just because you own a well developed far does not mean you have the money to pay her taxes. Kiss great-grandpa's farm good bye. Plus that is just the value of the land, you might get 2 million of land and 3 million of cash and still be unable to pay it.
What happens to the land if you cannot sell it and you cannot pay the taxes? The state seizes it, right?
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It all depends on what the threshold is. Here in NC it is 5 million. In Raleigh, it looks like land is somewhere around 300k an acre, getting less expensive as you head out out of town. If you have a 20 acre farm, you owe Hillary 3.25 million on the value of that property. But just because you own a well developed far does not mean you have the money to pay her taxes. Kiss great-grandpa's farm good bye. Plus that is just the value of the land, you might get 2 million of land and 3 million of cash and still be unable to pay it.
What happens to the land if you cannot sell it and you cannot pay the taxes? The state seizes it, right?
follow the money....
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It all depends on what the threshold is. Here in NC it is 5 million. In Raleigh, it looks like land is somewhere around 300k an acre, getting less expensive as you head out out of town. If you have a 20 acre farm, you owe Hillary 3.25 million on the value of that property.
Not following this part. If land is $300k/acre and you have 20 acres, that's $6,000,000 in land value. The Federal exemption is $5,000,000, leaving $1,000,000 as taxable. At the maximum rate of 40%, the tax owed is $400,000. Still, a big chunk. Not a tax expert, perhaps someone more knowledgeable can confirm, but think that's how it works.
What happens to the land if you cannot sell it and you cannot pay the taxes? The state seizes it, right?
No idea... auction??
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(sarcasm)
What da hell does this guy know?
http://video.foxbusiness.com/v/5138176700001/david-stockman-economy-is-on-the-edge-of-ruin/?#sp=show-clips
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I was a math major. I can't multiply, subtract or add.
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Again, the perfessor fails to understand the implications of this law. His liberal talking points says "it only affects the rich" so it's ok.
The Income Tax was supposed to apply to only the "rich".
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The Income Tax was supposed to apply to only the "rich".
The income tax was levied as a way to get the nation away from Whiskey taxes to facilitate prohibition. As I said, the estate tax was instituted by the founders to avoid the establishment of hereditary aristocracies.
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The income tax was levied as a way to get the nation away from Whiskey taxes to facilitate prohibition. As I said, the estate tax was instituted by the founders to avoid the establishment of hereditary aristocracies.
Once again, source please.
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Once again, source please.
Try this. I know its only The Economist, and not one of the right wing blogs you guys depend on for veracity:
http://www.economist.com/blogs/lexington/2010/10/estate_tax_and_founding_fathers (http://www.economist.com/blogs/lexington/2010/10/estate_tax_and_founding_fathers)
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As I said, the estate tax was instituted by the founders to avoid the establishment of hereditary aristocracies.
It's almost cruel...taking someone who has known nothing but luxury and then throwing them into poverty upon their parent's death.
Like the AMT, I think the estate tax affects people it wasn't intended to while missing the target audience who have the means to plan to avoid it.
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Soak the rich.
Penalize the achievers.
Demonize the job creators.
So far, I've never gotten a job from a poor person.
You never dated a poor girl when you were young?
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What happens to the land if you cannot sell it and you cannot pay the taxes? The state seizes it, right?
Unless you're Al fucking Sharpton
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The Estate Tax was instituted by the founders. They didn't want the formation of the sort of hereditary aristocracy they had left in Europe. As is it only hits about 4000 estates a year. Pretty paltry for an election issue. And not one that will affect anyone reading this I bet.
It was? I didn't know the founders were still around in 1916. Huh.
Limiting aristocracies is not the job of government. At least not a Republic. Communist governments do that well, but simply transfer wealth from oligarchs to the political elite. It's quite the scam.
And as for how many estates it hits, that's simply a matter of the law. When my father in law, a professor in the college of education at Illinois State University,died in the late 1990s, the exemption was $650,000. Life insurance, state pension and a home, and his two daughters ended up paying significant estate taxes.
All a Congress has to do is lower the exemption, and it will hit thousands more in the blink of an eye.
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The power to tax is the power to destroy.
Chief Justice John Marshall was at his axiomatic best in the Supreme Court opinion set forth in McCulloch v. Maryland
The party of unfettered taxation is the party that seems intent upon destroying America.