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Bernie Sanders’s estate tax plan would reduce the federal debt and help even the playing field

dherd

dherd

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Feb 23, 2007
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IT WILL not be a question of whether prominent 2020 Democratic presidential candidates favor hiking taxes on the very wealthy. It will be a question of how they propose to do it. Sen. Elizabeth Warren (D-Mass.) last month suggested a wealth tax of 2 percent per year on fortunes of more than $50 million, an idea that isconstitutionally questionable and logistically difficult. Sen. Bernie Sanders (I-Vt.) entered the scene Thursday with a better plan:substantially hiking the estate taxon huge inheritances, an alternative to taxing someone’s fortune during his or her lifetime.

https://www.washingtonpost.com/opin...edb0c92dc17_story.html?utm_term=.bf05d41aacaf
 
Estate tax only soaks poor planners. Poor planners don't make it to the 1% very often. This would impact small and medium family business owners. Rich guys form generational family trusts, bypassing estate tax with the vast majority of their assets.

Of course you know this since you are an accountant.
 
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Bankerreturns said:
Estate tax only soaks poor planners. Poor planners don't make it to the 1% very often. This would impact small and medium family business owners. Rich guys form generational family trusts, bypassing estate tax with the vast majority of their assets.

Of course you know this since you are an accountant.
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here is an idea - why don't you read what she is talking about - then comment on it.
 
Keep on Chevy. I actually like it when you all go off the deep end. It is actually entertaining.

Gonna make another big upset even more fun again.

Somebody get me an ibuprofen. My head hurts and I need to loosen my arm up for more spiking of the ball in a couple of years. It is still sore from 2016. I normally do not want to do a touchdown dance, but I am going to rub that in again. Normally hand the ball to the ref.

Here we go. When Trump wins this is what I do.

 
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Yeah....I'm f'n looney. Let's review what I said that brought us to that conclusion:

You have to generate revenue to pay down debt.

I know that's an abstract concept for you "born again" republicans.

Anyone running for a republican office preaching anything other than "Cut Taxes! Reduce Regulations!" has gone off the deep end.

And it goes without saying, anyone bringing a plan to the table that would increase taxes wouldn't find favor with the evangelical republican. Well, Trump could say it, and it would be eagerly consumed and accepted by The Base, but we know he wouldn't raise taxes on himself even though during the campaign he said he would (BTW, Trump lies a lot).

Below is what Reagan's Budget director, David Stockman, had to say before being committed to the New Republican Party Fiscal Indoctrination Camp - they're hoping to get his mind right:

"Republicans used to believe that prosperity depended upon the regular balancing of accounts—in government, in international trade, on the ledgers of central banks and in the financial affairs of private households and businesses, too. But the new catechism, as practiced by Republican policymakers for decades now, has amounted to little more than money printing and deficit finance—vulgar Keynesianism robed in the ideological vestments of the prosperous classes."

BTW, me, your family, the entire Marshall University athletic staff - hell, the entire University - the city of Huntington, WV, the combine population of WV and NC as well as everyone on this board are happy and proud you're doing well. But I'm pretty sure you can't spike the ball and dance like Billie "White Shoes" Johnson. However, I did greatly enjoy the video as well as your above post.
 
When did Chevy become dherd?

Every economist on planet Earth will tell you increasing taxes will lower revenue as those willing to pay those taxes move to lower tax states.

Or, just look near my house as all these Yankees and Mecklenberg County residents move to housing developments in South Carolina.
 
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wvkeeper(HN) said:
When did Chevy become dherd?

Every economist on planet Earth will tell you increasing taxes will lower revenue as those willing to pay those taxes move to lower tax states.

Or, just look near my house as all these Yankees and Mecklenberg County residents move to housing developments in South Carolina.
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The Yankees come here and do exactly what they do up north. Tax and govt is answer to everything.
 
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wvkeeper(HN) said:
When did Chevy become dherd?

Every economist on planet Earth will tell you increasing taxes will lower revenue as those willing to pay those taxes move to lower tax states.

Or, just look near my house as all these Yankees and Mecklenberg County residents move to housing developments in South Carolina.
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My mom lives in Madison park, very desirable neighborhood, off of park road and her property taxes just more than doubled
 
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extragreen said:
Give me 3.5 million and I'll reimburse you 45%.
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That's the problem. The rob from the rich and give to the poor type think most of these people were "given" fortunes so they should be more than happy to give up almost half of it.

If you want to give me 3.5 million I didn't otherwise have with the condition I give up 45%? Sure, why not. But I'll be damned before I'd ever be ok with the government taking almost half of my families inheritance if I had worked for my money. Like most millionaires have.
 
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wvkeeper(HN) said:
When did Chevy become dherd?

Every economist on planet Earth will tell you increasing taxes will lower revenue as those willing to pay those taxes move to lower tax states.

Or, just look near my house as all these Yankees and Mecklenberg County residents move to housing developments in South Carolina.
Click to expand...

And when did this become a discussion on state taxes vs federal? OR a discussion on corporate taxes vs. individual? The proposal initially discussed was an inheritance tax on the super wealthy....you've attempted to make it a NY Taxes vs SC Taxes. Give me a break....at least dherd can stay on topic.

Candidate Trump believed the wealthy should pay more:
https://www.bloomberg.com/news/arti...trump-says-he-wants-to-raise-taxes-on-himself

As we're reminded nearly hourly, we're at damned near full employment - yet the debt continues to grow. If you can't reduce the debt during full employment, when do you?
 
HerdFan73 said:
If you want to give me 3.5 million I didn't otherwise have with the condition I give up 45%? Sure, why not.
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That's what an estate tax is. The estate is taxed before distributing it to the heirs. You, as an heir, would be getting something you wouldn't otherwise have.
 
extragreen said:
That's what an estate tax is. The estate is taxed before distributing it to the heirs. You, as an heir, would be getting something you wouldn't otherwise have.
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So, someone works hard and wants to pass it down and you find it acceptable that the govt take 45% of it?

That is literally theft and something King George would have done.
 
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extragreen said:
That's what an estate tax is. The estate is taxed before distributing it to the heirs. You, as an heir, would be getting something you wouldn't otherwise have.
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That's why I wasn't speaking from the point of view of an heir.
 
i am herdman said:
Ok, Good Gravy. This is the US of A. We left the King for a reason.
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They've been consistently part of US tax structure since the Civil War.
From the article:
During the 1920s through the 1940s, estate taxes were used as another way to attempt to redistribute income. Tax rates of up to 77 percent on the largest estates were supposed to prevent wealth becoming increasingly concentrated in the hands of a few.
 
extragreen said:
That's what an estate tax is. The estate is taxed before distributing it to the heirs. You, as an heir, would be getting something you wouldn't otherwise have.
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So you assume the family had no hand in the building of the estate?

How about this. Let's say you had actually been a great, and ambitious, cabinet maker. You consistently invested in equipment and hiring and retaining the best employees. You built your company to where you were mass producing quality cabinets that were sold in fine stores throughout the United States. As your business grew your children came into the company, eventually getting to the point where you had a daughter who was President and a son who ran production. Not only were they part of the company, their ideas and hard work had helped grow the business.

One day you are flying home after meeting with key vendors and your plane crashes and you die. You had a will and left the business to your children.

At the time of your death, the company was doing $25 million a year in sales and had an EBITDA of $4 million, which values the company around $16 million. As I stated, you had always been diligent about reinvesting in your company, so the company is the vast majority of your assets.

Do you think it's fair that your son and daughter have to sell the company to meet the inheritance tax? Where do they come up with the $7 million to pay the taxes to keep it? What if they can't find a buyer due to the company's location?
 
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i am herdman said:
So, someone works hard and wants to pass it down and you find it acceptable that the govt take 45% of it?

That is literally theft and something King George would have done.
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Depends on how much is being handed down. If it's a lot, I want the tax to be more than 45%.
 
Chevy1 said:
They've been consistently part of US tax structure since the Civil War.
From the article:
During the 1920s through the 1940s, estate taxes were used as another way to attempt to redistribute income. Tax rates of up to 77 percent on the largest estates were supposed to prevent wealth becoming increasingly concentrated in the hands of a few.
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that doesn't make it right
 
Bankerreturns said:
Do you think it's fair that your son and daughter have to sell the company to meet the inheritance tax?
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Fair has nothing to do with it. The country has to have income. Someone has to pay, and the poor can't do it. Furthermore, the only thing you think is fair....is less tax.

Bankerreturns said:
Where do they come up with the $7 million to pay the taxes to keep it?
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It wouldn't be 7 mil. It would be 3,5. And if you can't sell the company worth 16 million for 3.5, then it wasn't worth 16 million.
 
Bankerreturns said:
So you assume the family had no hand in the building of the estate?

How about this. Let's say you had actually been a great, and ambitious, cabinet maker. You consistently invested in equipment and hiring and retaining the best employees. You built your company to where you were mass producing quality cabinets that were sold in fine stores throughout the United States. As your business grew your children came into the company, eventually getting to the point where you had a daughter who was President and a son who ran production. Not only were they part of the company, their ideas and hard work had helped grow the business.

One day you are flying home after meeting with key vendors and your plane crashes and you die. You had a will and left the business to your children.

At the time of your death, the company was doing $25 million a year in sales and had an EBITDA of $4 million, which values the company around $16 million. As I stated, you had always been diligent about reinvesting in your company, so the company is the vast majority of your assets.

Do you think it's fair that your son and daughter have to sell the company to meet the inheritance tax? Where do they come up with the $7 million to pay the taxes to keep it? What if they can't find a buyer due to the company's location?
Click to expand...


There is no way he can possibly answer this. He never had the capability for this scenario to ever enter the realm possibility.
 
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extragreen said:
It wouldn't be 7 mil. It would be 3,5. And if you can't sell the company worth 16 million for 3.5, then it wasn't worth 16 million.
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So, you think your kids should be forced to sell off all or part of a business they worked to help build?

If you had actually accomplished such a success, we all know what your answer would be. It's easy now to say "yes, you have to sell it" when the value of your business ultimately went to $0.
 
raleighherdfan said:
So, you think your kids should be forced to sell off all or part of a business they worked to help build?

If you had actually accomplished such a success, we all know what your answer would be. It's easy now to say "yes, you have to sell it" when the value of your business ultimately went to $0.
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It's easy to give other people's money away.
 
raleighherdfan said:
So, you think your kids should be forced to sell off all or part of a business they worked to help build?
Click to expand...

Yes, liarherdfan, you idiot. If they can't get enough out of a business worth $16 million to pay 3.5 million for taxes and have some left over, they don't deserve the business.
 
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