U.S. House passes estate tax repeal

Always looking out for the right kind of minority, the US House of Representatives passed a bill that would repeal a tax that effects 0.2% of all US taxpayers taking $269 billion over 10 years out of the federal revenue.

Source

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.

The estate tax, called by opponents the 'death tax,' is a tax specifically aimed at preventing generational wealth accumulation and, in modern times, hindering the growing wealth gap. The president has threatened to veto the bill if it makes it to his desk.

a reply to: links234

Doesn't it eliminate taxing money twice? I mean, it's income, that has been taxed, then given to a survivor or relative after a persons death, then you want to tax it again, just because it was given to someone else.

Sooo glad to hear about this repeal. I see absolutely nothing wrong with accumulation of generational wealth.

a reply to: beezzer

I think the point is that it IS a tax break....only for the wealthy.

a reply to: links234

The average for the estate tax by federal government is 16.6% there is a sliding amount from 7.7% with the statutory Cap of 40%. Starting at a net worth of $5 million.

With the starting point of 5 million the estate tax only affects the wealthy. So wonders never cease because finally Obama has made a veto threat I agree with.

originally posted by: intrepid
a reply to: beezzer

I think the point is that it IS a tax break....only for the wealthy.

It is a tax break.

And I am all for tax breaks,, simply because government doesn't spend wisely.

Are you working under the assumption that government spends wisely?

I hope to pass whatever I have on to me children. Why should the Government have my after tax wealth? They can bugger off.

originally posted by: beezzer

originally posted by: intrepid
a reply to: beezzer

I think the point is that it IS a tax break....only for the wealthy.

It is a tax break.

And I am all for tax breaks,, simply because government doesn't spend wisely.

Are you working under the assumption that government spends wisely?

Never even implied it. The point is that it's a tax break for those that need it the least. Screw everyone else.

originally posted by: Metallicus
I hope to pass whatever I have on to me children. Why should the Government have my after tax wealth? They can bugger off.

Are you worth over 5 million? If not this doesn't apply to you.

This is only the beginning folks

Once they cut ALL things for the poor the GOP will go about reducing ALL taxes for the rich

They are ONLY in politics to protect the wealth of the rich

That's ALL they are concerned with

originally posted by: intrepid

originally posted by: beezzer

originally posted by: intrepid
a reply to: beezzer

I think the point is that it IS a tax break....only for the wealthy.

It is a tax break.

And I am all for tax breaks,, simply because government doesn't spend wisely.

Are you working under the assumption that government spends wisely?

Never even implied it. The point is that it's a tax break for those that need it the least. Screw everyone else.

Ahh, sorry.

This is a class warfare thread.

Hate on those who have more. Let's take it and give it to government because government knows how to spend it better!

a reply to: intrepid

How do you know they don't need it? Maybe they are trying to keep their businesses above water, retain more of their earnings for later expansions, add additional employees to their work force, etc. etc. etc.

I hate it when people perceive all wealthy families with your kind of attitude.

originally posted by: queenofswords
a reply to: intrepid

How do you know they don't need it? Maybe they are trying to keep their businesses above water, retain more of their earnings for later expansions, add additional employees to their work force, etc. etc. etc.

They are going to have a helluva time doing any of that from the grave.

I hate it when people perceive all wealthy families with your kind of attitude.

I hate it when the gov't caters to the wealthy at the detriment of the lower classes.

originally posted by: links234
Always looking out for the right kind of minority, the US House of Representatives passed a bill that would repeal a tax that effects 0.2% of all US taxpayers taking $269 billion over 10 years out of the federal revenue.

Source

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.

The estate tax, called by opponents the 'death tax,' is a tax specifically aimed at preventing generational wealth accumulation and, in modern times, hindering the growing wealth gap. The president has threatened to veto the bill if it makes it to his desk.

you know what? The father and mother do have a right to bestow their estate to the heirs. The heirs do have a right to inherit it. the government is a damned thief and the people that use the envy and resentment of the poor as a wedge are sorry excuses for individuals.

If they had an estate to bequeath or inherit they would be singing out the other side of their two faces. I don't. I'm not rich and i will inherit nothing but debt most likely. But i do not envy wealth. I do not envy those that inherit. I do not covet. I do not begrudge those in a better position than I and I utterly loathe those that make hay of the natural right of inheritance.

I loathe them. If the TOS would allow it i would tell you all exactly how i feel about the issue and those that politically use it in uncesnored words.

I happen to believe that the son of a farmer should not have to destroy his father's life work upon the death of the father. I think family farms and family businesses are rightfully passed down to thier descendants. if you don't like it; screw you. Go buy a farm and work it your entire life. Then have it destroyed by the envy, greed and resentments of those unworthy because they didn't earn it. They could have. but they didn't. They didn't build anything. They are destroyers.

originally posted by: intrepid

originally posted by: queenofswords
a reply to: intrepid

How do you know they don't need it? Maybe they are trying to keep their businesses above water, retain more of their earnings for later expansions, add additional employees to their work force, etc. etc. etc.

They are going to have a helluva time doing any of that from the grave.

I hate it when people perceive all wealthy families with your kind of attitude.

I hate it when the gov't caters to the wealthy at the detriment of the lower classes.

I'm not talking about the parents...I'm talking about the heirs needing it.

And I hate it when the lower classes -- as YOU put it -- think someone else's family owes them anything other than normal taxes.

originally posted by: queenofswords
a reply to: intrepid
How do you know they don't need it? Maybe they are trying to keep their businesses above water, retain more of their earnings for later expansions, add additional employees to their work force, etc. etc. etc.

In the specific case of the estate tax, they don't need it because their parents are dead and are leaving them with more than $5.4 million dollars. This isn't about making a monthly payroll because you were a little short last month on revenue. If you are someone depending on your parents dying so that you can keep your business afloat then maybe you shouldn't own a business in the first place.

This is about mommy or daddy leaving their $5.4 million estate (non-liquid asset) to you at a measly, one-time 7.7% tax rate.

a reply to: links234

I would love to see this eliminated. I'm not a class warfare kinda person, but if it's set at $5 million right now what's to stop them from lowering the scaled to where it will eventually hit those in my and others brackets. So, yes, right now it will only benefit the wealthy and have no effect on me, however, I also realize that by getting rid of it for them it means that I will NEVER have to concern myself that it could be scaled down to where my family would be effected by this.

a reply to: beezzer



Let me tell you something beez I will fall on the bottom tier of the inheritance tax. I've managed to avoid the state tax by establishing and maintaining a resident in Florida where there is no inheritance tax.

Yet I am all for the Federal inheritance tax. The reason is that tax will affect me minimally, but it's severely penalizes the upper 1% in America.

originally posted by: Greathouse
a reply to: beezzer



Let me tell you something beez I will fall on the bottom tier of the inheritance tax. I've managed to avoid the state tax by establishing and maintaining a resident in Florida where there is no inheritance tax.

Yet I am all for the Federal inheritance tax. The reason is that tax will affect me minimally, but it's severely penalizes the upper 1% in America.

Not going for it.

Class warfare is class warfare.

I don't begrudge anyone who is successful nor do I think they should be punished for it.

Until such time that anyone can show me that government is spending every dime wisely, I'm going to be against giving them anything.

originally posted by: links234

originally posted by: queenofswords
a reply to: intrepid
How do you know they don't need it? Maybe they are trying to keep their businesses above water, retain more of their earnings for later expansions, add additional employees to their work force, etc. etc. etc.

In the specific case of the estate tax, they don't need it because their parents are dead and are leaving them with more than $5.4 million dollars. This isn't about making a monthly payroll because you were a little short last month on revenue. If you are someone depending on your parents dying so that you can keep your business afloat then maybe you shouldn't own a business in the first place.

This is about mommy or daddy leaving their $5.4 million estate (non-liquid asset) to you at a measly, one-time 7.7% tax rate.

Thinking small. Do you think $6 million dollars is a lot of money for a small business owner that would like to grow the business, create more jobs, modernize their facilities and equipment, etc.? You do realize that a SMALL business can be one whose receipts are under $21 million with employees up to 1000. His/her family inheritance may be his/her make-or-break it relief.