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Representative Barney Frank (D-MA) called the Republican scheme "the most ethically repugnant, intellectually dishonest, morally bankrupt ploy I have ever seen in a legislative body." He went on to say to House Speaker Dennis Hastert (R-IL) that "... apparently shame has become entirely irrelevant to you and your party."
Why should heirs have to pay exorbitant taxes on money that has already been taxed? Repealing or lessening the estate tax would benefit everyone, not just the rich. What's wrong with people keeping more of their own money?
Originally posted by The Big O
They're dead...they don't need the money. I mean, these are the super rich, why am I concerned with how much money they have again?
Originally posted by DYepes
See the reason government works to ease the plight of the rich is simple, and it all has to do with the veyr nature of capitalism. See rich people are rich because they have many MANY people buying their product/services, or they sell directly to the government. The rich people who make their empire from the people generate such an enormous volume of tax dollars for the government, that they have to pay them back in kind with reduced taxes to them.
Originally posted by DYepes
The dollar amount is obviously higher, because of the fact they have more. However in relation to percent of income (earned or passive) on the individual, I believe the non-rich rakes in less at the end of the day.
The top fifth of U.S. households (with incomes above $84,000) remain perennial targets of class-warfare enmity, but these families perform a third of all labor in the economy, contain the best educated and most productive workers, and provide a disproportionate share of the investment needed to create jobs and spur economic growth.
Nearly all are married-couple families, many with two or more earners. Far from shirking the tax burden, they pay 82.5 percent of total federal income taxes and two-thirds of federal taxes overall.
The bottom quintile pays 1.1 percent of total federal taxes.
Link to Information.
Originally posted by stanstheman
If an individual is willing to put his home and kids' college money on the line and work his rear end off while providing jobs to other people why should he be punished for his success? There should be some reward for risk taking.
Originally posted by Crakeur
...now look at it with slightly different angle. let's say, instead of an apartment, they owned a 4 floor building that they purchased in the same year. They lived on one floor and rented out the other three, producing enough income to live off of. Assuming the same values of real estate and savings, the heirs will lose a very valuable piece of income producing property all because they needed the cash to pay the taxes.