KEEP THE FEDERAL ESTATE TAX!

from JoeUser Forums
Wednesday the House voted to end the Federal Estate Tax. Rep. Christopher Cox, R-Calif said those pushing to retain this tax "still want to pry lots of cash out of the cold dead fingers of America's deseased enterpreneurs". Lets be clear. This would cost between $30 -40 Billion EVERY YEAR from the federal tax revenue which is already $675 Billion short of a balanced budget in 2005. In 2009, the law would priovide a $3.5 Million per person exemption and then begin imposing the tax on estates above that amount. A couple could pass $7 Million without tax to their children.

Who will bebefit by eliminating the Federal Estate Tax? The Super Rich- with a $3.5 Million exemption less than 1% of the population! The question is where in this money needed more- to help with a budget that is already in trouble or to help a few that do not need the help. The idea that this tax will "pry lots of cash from the dead" is incorrect. The dead do not pay taxes. It is the living, the people that will receive this money, that will pay the Estate tax. Here is a starting point to say we must change what we are doing to begin finding ways to balance the Federal Budget. Keep the Estate Tax and establish exemptions of several million per person and then retain the tax on amounts that exceed a reasonable exemption. Allow the tax to be defered on family farms and businesses that pass to members of the family.

America holds the opportunity to make it on your own not simply from what your parents give you after their death! Write to Congress and President Bush to retain the Federal Estate Tax !
politics
10,074 views 25 replies
Reply #1 from JoeUser Forums Top

Not gonna do it! Sorry, but they're on the right track with this one. Why? Because the money in question WAS ALREADY TAXED! We are overtaxed as a nation, and I do not feel that hard work and fiscal responsibility should be punished with additional taxation.

The estate tax is rooted in socialist principles; in essence, that a person's property is REALLY property of the state. This insidioua philosophy needs to be chopped off at the head, and eliminating the estate tax is a good first step.

Reply #2 from JoeUser Forums Top
The thought of my kids getting taxed for money and aqusitions of mine that I worked damn hard for and have already payed taxes on just seems unfair, why should the government be allowed to tax my estate and my children for me dieing. no service rendered, nothing done for me. I die and get taxed for it.
Offworld Trading Company
Reply #3 from JoeUser Forums Top
Foolish COL, just plain foolish! It'll NEVER happen. Most Americans feel like I and the other posters feel. WHY should my children be taxed on money that I have ALREADY paid taxes on?
Reply #4 from JoeUser Forums Top
All you forget one thing, the taxes we are paying are short $675 Billion and to say we are over taxed is ridiculous. The fact is as a country we need substantially higher taxes to meet our obligations. It's the same old story who was going to pay to protect us or secure our borders. Who will pay to educator students, to ensure we have highways and the thousands of other things that enable us to enjoy our life. at the present time we are paying about 75% of the cost of those services. We have the lowest effective tax rates of any industrialized country in the world. The federal revenue does not equal our expenditures and there's no combination of spending cuts that is going to balance the budget. There is no reason why a portion of the wealth acquired should not be taxed. Who is going to pay the trillions of dollars of debt and the trillions of dollars in interest that our irresponsible fiscal policies are creating? The Estate tax impacts less then 1% and the other 99% need that revenue MORE! Why should the children be taxes you ask? Because we are not paying for the things we are getting by the unbalanced budget year after year! They will be the ones that will pay. If you are interested in your chldren you will insist we balance the budget and begin repaying the national Debt!
Reply #5 from JoeUser Forums Top
All you forget one thing, the taxes we are paying are short $675 Billion and to say we are over taxed is ridiculous. The fact is as a country we need substantially higher taxes to meet our obligations. It's the same old story who was going to pay to protect us or secure our borders. Who will pay to educator students, to ensure we have highways and the thousands of other things that enable us to enjoy our life. at the present time we are paying about 75% of the cost of those services. We have the lowest effective tax rates of any industrialized country in the world. The federal revenue does not equal our expenditures and there's no combination of spending cuts that is going to balance the budget. There is no reason why a portion of the wealth acquired should not be taxed. Who is going to pay the trillions of dollars of debt and the trillions of dollars in interest that our irresponsible fiscal policies are creating? The Estate tax impacts less then 1% and the other 99% need that revenue MORE! Why should the children be taxes you ask? Because we are not paying for the things we are getting by the unbalanced budget year after year! They will be the ones that will pay. If you are interested in your chldren you will insist we balance the budget and begin repaying the national


So I take it from your attitude that you don't care for children? Just an FYI for the most part we ARE over-taxed! I think the only part of our lives that are NOT taxed is having sex. So paying taxes twice on something we have earned and payed taxes on is NFG! And you can talk about this till your blue in the face! You will NOT change ANYONES attitude on this.
Reply #6 from JoeUser Forums Top
No matter what you say, we can not continue to only pay for 75% of our spending. The day is comming when the next generation will pay for our irresponsible behavior. You talk about double taxing. Social Security is the triple taxing. You pay income tax and Social Security tax when you earn the money and then most people pay income on 85% of their benefits. That affects everyone who works including the poor, the middle income as well as a rich. I don't hear any groundswell to fix that problem. But double tax the top 1% and all hell breaks out
Reply #7 from JoeUser Forums Top
But double tax the top 1% and all hell breaks out


Get a CLUE! This does NOT just affect the top 1%! This affects "everyone" who get an inheritance! I don't like the triple tax we pay on SS either (All in good time). And no matter what *you* say that tax will NOT be brought back.
Reply #8 from JoeUser Forums Top
This doesn't effect the ultra wealthy, they have the cash on hand to take care of it. This penalizes people who pass on hereditary farms and property who have little or no cash to pay the taxes. In other words all those struggling farmers, small business owners, etc., that the Left just LOVES to pretend they are batting for.

The Col and others like to talk about the "divide" in this country. Here is a great example of how that "divide" is perpetuated by the Left. The middle class land and small business owners are punished for leaving an estate and not being rich.

The estate tax is just an underhanded way for the government to seize property from people who can't pay their extortion fee.
Reply #9 from JoeUser Forums Top
drmiler

You are full of s*it There is a $1.5 million per person exemption. That means a married couple can give $3 million to their familty and there is NO Federal Estate tax. Anything above the $3 million is taxed at 50%. In 2009, that exemption is $3.5Million per person or $7 million per married couple. Where do you get your information from?
Reply #10 from PolMach Forums Top
1. Income Tax is Incoming money from somewhere and it has been placed into you bank account or wallet. When anyone receives money from an estate it is income. You may not like it, but it is true.

2. If the Government does not get the money from this tax, they will get it from another tax. I would rather be taxed from money that I did not earn (all though my mom has made me feel like I have earned it), then from the money I did earn with my hard work.

While I don't believe in Col Gene's basic Robin Hood theories of progressive taxing the rich, just to give it to those he calls under employed. But IMO he is right on this subject. Because someone must pay for all these programs that our elected officials have enacted.

That's My Two Cents
Reply #11 from JoeUser Forums Top
The Col is finally showing his stripes. There's no way this person who so nonchalantly brushes of 50% taxation on an estate could have ever really been a Republican.

Over and over and over he whines about the deficit, and his only solution is to tax more. Wolf in sheep's clothing...

Reply #12 from JoeUser Forums Top
BakerStreet

Show us how to balance the budget without tax increases!
Reply #13 from JoeUser Forums Top
drmiler

You are full of s*it There is a $1.5 million per person exemption. That means a married couple can give $3 million to their familty and there is NO Federal Estate tax. Anything above the $3 million is taxed at 50%. In 2009, that exemption is $3.5Million per person or $7 million per married couple. Where do you get your information from?


I'm full of it? I think not! I get my info from having to pay tax on a lousy $50K inheritance. So don't tell me I'm full of shit. Tell the IRS!
Reply #14 from JoeUser Forums Top
"Show us how to balance the budget without tax increases!"


To me, that is the most ignorant question. How the hell can you pay all your bills without making more money!!??!?! You don't spend as much. If your kid blows his weekly allowance in the first day, do you give him more?

If you want to ship more money to the people that wasted all that we already sent, fine, but don't try to send mine to.
Reply #15 from JoeUser Forums Top
drmiler

I do not know what tax you paid but it was not the Fedarel Estate Tax the subject of this Blog. Two years ago I settled my Mother's estate and there was NO FEDERAL ESTATE TAX

Baker Street

You never answer the question. When a family can not pay their bills one or more get a part time job or a job that pays more. that is what the fed must do. That is called a TAX INCREASE. It is not possible to spend $675 Billion less and you know it!
Reply #16 from PolMach Forums Top
I get my info from having to pay tax on a lousy $50K inheritance.


Not to be insensitive, but how much free money did you get? That inheritance is income, and income is to be taxed. If I had a choice of you paying tax on free income or me having my taxes raised. I'm going to be a just as greedy as you and want you to pay from money you didn't put hard work into. It's either you paying for free money or me paying from my pay check.

If you don't like paying for Government services, then elect someone who will cut the services. Until then someone is going to have pay for those CIA spy satellites.

I remember a time when the Republicans demanded a balanced budget (they earned my respect on that point). Well you’re in power now, now let’s put your money where your mouth is. I have no problem cutting taxes during a depression or after all the bills are covered. Neither of which is happening right now.

That's My Two Cents
Reply #17 from JoeUser Forums Top
drmiler

I do not know what tax you paid but it was not the Fedarel Estate Tax the subject of this Blog. Two years ago I settled my Mother's estate and there was NO FEDERAL ESTATE TAX


Please do NOT tell me what I paid and what I did not pay! I got the same answer from the IRS AND a CPA. And that being this was an estate tax.
Reply #18 from JoeUser Forums Top
Call the damn tax what it really is "death TAX" Only in a liberl state of mind is it ok to tax someone for dieing.!!!! and speaking of drmiler not answering your questions, YOU are a master at ignoring any question that might shed some light on how you really think, you liberal in republicans clothing.!!!!!!!!!
Reply #19 from JoeUser Forums Top
I don't understand your thought processes here. We were taxed when my grandparents died, the gov took 33% of the money they worked hard to earn and had paid taxes on already. The inheritance was supposed to be a gift to their children and to pay for their final expences, not to give the gov more money.

Is my boss going to give me more money just because I can't figure out how to spend my money wisely? I don't think so. My boss would tell me to deal with it and learn how to butget my money so that I can pay for what I want. The Goverment works for us, we are their employers, if we didn't pay them, they wouldn't have money to spend now would they, then (they say) our economy would go to hell, well then they had better learn how to spend the money they are given wisely, maybe, all those Senitors and Reps don't need a pay raise whenever they want, and since when did the employee become more important the the employer?
Reply #20 from JoeUser Forums Top
Okay COL that's two of us who have called your bluff! And I don't know about msladydeath but I've got documents to back me up!
Reply #21 from JoeUser Forums Top
Even according to the Col's standards, how many small farms/businesses amounting to $3 million in total value have 50% of the value laying around to pay the estate tax with? How many $3 million dollar business are flush enough to have $1.5 million just laying around?

As I said before, just because you own a business or a hereditary farm, etc., it doesnt' mean you a wealthy. It's one thing to pay a reasonable amount of property tax, as we do every year, but under the system the Col describes you basically have to buy back the estate from the government at a 50% off sale. Why should we buy from them what they never owned?
Reply #23 from PolMach Forums Top
The Federal Estate Tax is a progressive tax which begins at 37% and escalates to a top bracket of 55% at the $3,000,000 level.
-Taken from USALaw.com

Okay, let's see if I can get this straight... If I die, and the value of my estate is $3,000,000, and I left it all to my son "Bob," he would have to pay $1,650,000 in estate taxes. Something's not right here.
Reply #24 from JoeUser Forums Top
drmiler

You could have paid an estate tax from the state you live in but not Federal Estate tax. Unless the estate was over 1.5 Million there was no federal Estate Tax!

Baker Street

I said that the Estate Law could be changed to defer ALL estate taxes if the Business or Farm passes to a family member. That mesans there is NO tax until the Farm or Business is sold to a non-family member. The current exemption works like this for all other estates:

The gross estate is reduced by the exemption which is 1.5 milliion ( 3.0 for a couple) and the tax which starts at 37% and goes to 55% is applied to the amount ABOVE the exemption. Thus in an estate of 6 million, 3 million is the exempted (assuming mother and father) and you pay on the remaining 3 million . The total tax on the 6 million estate would be less then 1.5 million. By 2009, the exemptyin jumps to 3.5 million per person or 7 million for two.


Why have any taxes- Income , sales estate. To pay for the things that make our society possible. At the current time all that tax revenue is only paying for 75% of the cost of these items. That can not continue!
Reply #25 from PolMach Forums Top
We did not have to face trillions of debt from our parents and we should not pass that debt to our children!


This statement was made on a diffrent thread, but it has relavents here.

If those who built up the national debt and earned the services provided making it and do not pay for all those service during their life time. Why is it wrong for the Government to get the money back for services provided up on their death when the person no longer needs it?