It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Senator introduces legislation to shift tax burden back to billionaires

page: 1
11
<<   2  3  4 >>

log in

join
share:

posted on Jun, 25 2010 @ 11:25 AM
link   

Senator introduces legislation to shift tax burden back to billionaires


rawstory.com

Independent Sen. Bernie Sanders (I-VT) is sick of the super-rich avoiding estate taxes.

On Thursday, he made good on his word: he today introduced legislation to restore the estate tax on the wealthiest Americans, which he says would bring in at least $264 billion in the next ten years to help reduce the national debt.


(visit the link for the full news article)




posted on Jun, 25 2010 @ 11:25 AM
link   

“This legislation would ensure that the wealthiest Americans in our country, millionaires and billionaires, pay their fair share while exempting 99.7 percent of Americans from paying any estate tax whatsoever,” Sanders said in a release. “At a time when we have a record-breaking $13 trillion national debt and a growing gap between the very rich and everyone else, people who inherit multi-million and billion dollar estates must not be allowed to avoid paying their fair share in estate taxes."

Sander's release notes that the estate tax was abolished this year "as a result of tax law changes signed into law by President George W. Bush in 2001. For the first time since 1916, heirs to multi-million and billion dollar fortunes may receive their entire inheritance free of any federal taxes, a giveaway that will cost the U.S. treasury at least $14.8 billion in lost revenue this year alone."

Please visit the link provided for the complete story.


I'm not really a fan of any taxes on individuals, however if your going to have taxes, then this "Billionaire-Tax" seems like the best one to have.

Apparently, W. Bush passed a law that abolished the estate tax for heirs to extremely wealthy estates, putting the entire tax-burden of the US on the "little people", of course. Since we aren't getting rid of taxes anytime soon, I support this one. I think it is more than obvious why W. and Congress passed this law and I believe that Sen. Sanders is doing the right thing.

As it stands, I don't support any unfair tax, even if that tax is targeted at the super-rich, however this tax seems more than "fair", relatively speaking. This country's billionaires already profit so much at the expense of tax-payers, it's about time that they start "ponying" up a little.

--airspoon


rawstory.com
(visit the link for the full news article)



posted on Jun, 25 2010 @ 11:42 AM
link   
heirs to multi-million and billion dollar fortunes may receive their entire inheritance free of any federal taxes, a giveaway that will cost the U.S. treasury at least $14.8 billion in lost revenue this year alone."

Please visit the link provided for the complete story.


i like how they say it cost the U.S. 14.8 billion in lost revenue. Its not the goverments in the first place. the income has already been taxed by the goverment! now they want to re take 50% of my inheritance. Its not theres. it belongs to the family that already "payed there fair share" in income taxes. i hate the goverment and there gready hands trying to take my familys money away!

[edit on 25-6-2010 by camaro68ss]



posted on Jun, 25 2010 @ 11:47 AM
link   
[edit on 25-6-2010 by JBA2848]



posted on Jun, 25 2010 @ 11:48 AM
link   
Considering how all these newly rich billionaires got their money through fraudulent means, raising taxes on the rich who benefitted the most by far from the huge deficits built up under corporate welafare is only fair.

The people who benefitted the most from the creation of these huge debts should pay back these huge governments debts. and that has been the super rich.



posted on Jun, 25 2010 @ 11:48 AM
link   
Isn't that the same Sanders who completely backstabbed Ron Paul and his Audit the Fed bill? I believe he is the scumbag who is responsible for switching it at the last moment with a greatly watered-down version, making it so bad that Ron Paul - the creator of the bill - voted against it?

Yes, it's him - check this out.

What he's doing here sounds good, but that man is not to be trusted. He is sold out to the very people he claims to be fighting.



posted on Jun, 25 2010 @ 11:48 AM
link   
reply to post by camaro68ss
 


The problem is, many of these families haven't paid their "fair" share of taxes. In fact, many if not most of these families have this money because of the little guy paying his taxes. I don't really think any idividual taxes are fair but if your going to have them, then this one seems more fair than others.

--airspoon



posted on Jun, 25 2010 @ 11:54 AM
link   

Originally posted by camaro68ss
now they want to re take 50% of my inheritance.


Right there is the whole crux of the problem of right wingers.


NEWSFLASH...YOU AREN'T A BILLIONAIRE NOR WILL YOU EVER BE A BILLIONAIRE.

So why on God's green Earth would you fight to protect them when they could give a rats arse if you live or die.

The rich have done a masterful job convincing regular ordinary people like you that you too will be super rich one day. Defend out interests to the hilt with your tea parties and trust us, you will be rich soon too.

It's a small club Jack and you ain't in it. But please continue on acting like your are rich (in your head) and continue to defend these monsters while they ass rape you some more.

[edit on 25-6-2010 by AllexxisF1]



posted on Jun, 25 2010 @ 11:56 AM
link   

Originally posted by airspoon
reply to post by camaro68ss
 


The problem is, many of these families haven't paid their "fair" share of taxes. In fact, many if not most of these families have this money because of the little guy paying his taxes. I don't really think any idividual taxes are fair but if your going to have them, then this one seems more fair than others.

--airspoon


Exactly estates over a quarter million are exempt.
Yet if I inherent 60 thousand from my parents estate I pay taxes on it.
The current policy is clearly biased.



posted on Jun, 25 2010 @ 12:01 PM
link   

Originally posted by airspoon
reply to post by camaro68ss
 


The problem is, many of these families haven't paid their "fair" share of taxes. In fact, many if not most of these families have this money because of the little guy paying his taxes. I don't really think any idividual taxes are fair but if your going to have them, then this one seems more fair than others.

--airspoon


how is it fair taking half the money from a family that just lost a father or mother? those who want to tax the "RICH" are the gready ones! because the "RICH" came up with a better idea to make money then you did ( talking in general) its there falt and now they have to pay for it. They already pay in income tax, state and fedrel, payroll tax, corprate tax, capital gains tax, property tax and emplyee tax. now they have to get taxed on all the money that already when through all the other taxes. that is not fair. whats left?

My family owns a company and last years revenue was 250 million. we get taxed up the butt and there is only a few million left after all the taxes. im talk 3 to 4 million left. we take a risk of 250 million in a year to bring in 3 to 4 million after all said and done. thats the risk we take and now you want to take more away from us. not fair.



posted on Jun, 25 2010 @ 12:02 PM
link   
I agree that the rich need taxed....our government is geared so that politicians and already rich people get away with all the money that the little pay...look at where all the bailouts went...to banks and huge companies...and the bailouts became CEO bonuses....



posted on Jun, 25 2010 @ 12:14 PM
link   
wow you are all brain washed by CNN and MSNBC. let me throw so numbers at you. my dad is a CEO. you know one of the gready CEO's. i dont know the exact numbers but lets just throw them out.

say we get taxed 10 million this year for income tax. thats 10 million lost that can not be re used in the company to grow it. it takes about 1 million to open a branch in another location and hire plus forking out the credit to run it till you get a revenue stream flowing in it. so lets say the family pockets a million for bonus and we have 9 million going back to the company. That 9 more branches opening each hiring 10 people in each branch to start it up. We just added 90 people to the workforce if we were able to keep the 10 million. That’s what we do and those are facts. Now you want to take more money so we cant expand our company. Your tying our hands to fail.

[edit on 25-6-2010 by camaro68ss]



posted on Jun, 25 2010 @ 12:15 PM
link   
Bernie Sanders (I-VT)


We knew this was coming. Isn't this senator the one who's a democrat socialist? That's neither here nor there.

Seems that 99.7 of Americans, give or take a margin or error, as has already been demonstrated in this thread, would be for this. We all know that unlike us poor working and unemployed schlubs, the rich get to keep their money...more money that anyone I know could ever spend. They have free-bees and boondoggles and loopholes and tax shelters and high priced accountants and attorneys to pay for the best advice too.

At some point this has got to give, and if everyone was honest? Truly honest about this? They won't even feel it.

Wish they'd take a look at corporations too. Their status. Their contribution. Sure don't understand it all, but with all that's been going on, it seems this needs to be done. I'm sure many pay their fair share, but many more do not. Bet more of them are ready to HQ themselves offshore if they're picked on though. Isn't extortion fun?

We should now. We've been being extorted for decades now.



posted on Jun, 25 2010 @ 12:17 PM
link   
Here's a little history regarding taxation and prosperity in America. pay attention to the data after 1981, when Reaganomics started up.

Economic Destruction of America

Also note that the last time the wealthiest of the wealthy held as much of our financial resources as they do now was back in 1917.



posted on Jun, 25 2010 @ 12:23 PM
link   
Raising taxes on the super rich WILL NOT solve our problems.

There is just way too much crap that needs to be taken care of first. I really don't care if the rich cry about paying more in taxes, but like I said this really won't solve anything at all.

Should mention I meant just putting one tax back on the rich, like the above.


[edit on 25-6-2010 by Judohawk]



posted on Jun, 25 2010 @ 12:27 PM
link   

Originally posted by Judohawk
Raising taxes on the super rich WILL NOT solve our problems.

There is just way too much crap that needs to be taken care of first. I really don't care if the rich cry about paying more in taxes, but like I said this really won't solve anything at all.

Should mention I meant just putting one tax back on the rich, like the above.


[edit on 25-6-2010 by Judohawk]


How about we start by having the 48% of americans that dont pay taxes at all start paying there fair share? why is it the rich must always pay? we are the ones that hire everyone!



posted on Jun, 25 2010 @ 12:27 PM
link   

Originally posted by camaro68ss
Say we get taxed 10 million this year for income tax. thats 10 million lost that can not be re used in the company to grow it.


If your Dad's company is getting taxed 10 million after all deductions, loop holes and legitimate tax breaks then losing 10 million to taxes should seem like pennies.

But then again you are completely lying out your arse and have no freaking clue about how corporate taxes are dealt with. Because if you looked at multiple studies released in the last two years over 90% of U.S. companies pay little to no taxes at all.

But let's stick to Billionaires shall we, because this bill deals directly with individuals, not corporations. Being a kid of a rich dad you figure your education would show that.

If your Dad is a CEO of a corporation that is paying upwards of 10 million in taxes then maybe you would have no problem telling us who that company is?



posted on Jun, 25 2010 @ 12:28 PM
link   
Folks, take a pause and consider:-

1. What does the govt do with the tax money?

More wars? More gold plated toilet seats for Generals? Annual upgrades for software and hardware for IT depts? Spanking new govt buildings while those who live in tents today shift to dirty canals and drains to live? How much of the tax monies actually goes into welfare or job creation?

Think carefully, long and hard before you support such bills. Used to think taxing the rich was the way to go, but after watching the moronic Bush spent more than a trillion on senseless wars while Americans live in tents, its the wrong way. Better the legislatives show what they intend to do with the money than the electorate give them a blank cheque again.


2. Billionaires do have the money. Better to make them, using legislative means, to use their monies go into manufacturing of needed hitech products within America and share their wealth in this manner than to tax them or let them play the wall street casino or make them donate loose pocket change to charities!

Americans need no undignified pity or charity. Americans need jobs with reasonable life sustaining salaries! Work to live and NOT live to work!

[edit on 25-6-2010 by SeekerofTruth101]



posted on Jun, 25 2010 @ 12:31 PM
link   
reply to post by suicydking
 


After or during WWI? That's almost 100 years. And the amount they hold now, most of which probably isn't (don't know how to put this because I'm a financial and economic, not to mention math, failure) even IN this country working for this country, even though they call themselves Americans. Guess they're more citizens of the world now.

reply to post by Judohawk
 


Takes a lot of little drops to fill an ocean. I think it can go a long way. Particularly if it refocuses priorities? Could backfire too, but it's certainly something new (again) and different. What we're doing now sure isn't working. Money's flowing out of this country like a severed carotid artery and has been for the better part of half a century at least.



posted on Jun, 25 2010 @ 12:44 PM
link   

Originally posted by AllexxisF1

Originally posted by camaro68ss
Say we get taxed 10 million this year for income tax. thats 10 million lost that can not be re used in the company to grow it.


If your Dad's company is getting taxed 10 million after all deductions, loop holes and legitimate tax breaks then losing 10 million to taxes should seem like pennies.

But then again you are completely lying out your arse and have no freaking clue about how corporate taxes are dealt with. Because if you looked at multiple studies released in the last two years over 90% of U.S. companies pay little to no taxes at all.

But let's stick to Billionaires shall we, because this bill deals directly with individuals, not corporations. Being a kid of a rich dad you figure your education would show that.

If your Dad is a CEO of a corporation that is paying upwards of 10 million in taxes then maybe you would have no problem telling us who that company is?




These loophole you talk about don’t apply to all company like you may think. You have no idea what you are talking about and from the looks of it I bet you work for the government or are unemployed. This 10 million I’m talking about is to get my point across about what that extra money can do for a company and how it can hire more people rather than sending it to the government and being lost in all oblivion. i dont know what the gross gross profit is after all the tax but i do know our revenue and i can make a guess at it. (revenue was around 250 million last year.)I’m not giving you the name of the company because one, I’m at work right now and should be working, all threads are time stamped and if you wanted to be messed up you can call in and rat me out.

My family owning the company has nothing to do with the facts I gave you. We don’t get loop holes and trust me we already pay our “fair share” now if my father dies I lose half of the money he has earned making his hole life and I can’t recycle it back into the company to make it grow.



new topics

top topics


active topics

 
11
<<   2  3  4 >>

log in

join