Trump Plan to Overhaul Tax Code.

[Forty Two]

Let's see what this is all about!

https://www.washingtonpost.com/business ... 7a405766a4

Lower rates sound good! But, does it reduce amount ultimately paid....?

[Brian Peacock]

$2tn is a price worth paying for higher dividend payments and executive pay outs?

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[Tero]

There is only estate tax for millionaires, other than maybe state estate tax. Now he wants:
Eliminate the estate tax: This would eliminate a tax on assets being transferred via a will after someone dies.

This in the long run will lead to the 1% owning 90% of America. We just pay rent.

[Forty Two]

That's really not the case, Tero. Honestly, the 1% deal with their assets outside of probate. The ones that pay estate tax are the middle class folks, who have a lifetime of savings and an insurance policy and who get dinged by the estate tax because they don't have tax accountants setting them up to avoid probate.

You honestly think Mit Romney will pay estate tax when he dies? His will will have something between Jack and Squat in it. All the hard assets are owned by business entities and trusts, and anything not already put in his kids' names will be set such that they automatically transfer on death without being part of the "estate" which gets taxed.

This is the big fraud the democrats play - they tell you the rich need to get soaked by the estate tax, but they aren't soaking that really rich crowd they pretend to be soaking. They soak the middling o.k.-to-do folks who already paid all their income tax on that money, and squirreled it away for decades to give something to their kids when they croak. Then they croak the feds want 30 or 40% of what was left after they taxed it 30 to 40% in the first place.

It's a giant scheme of double taxation.

[Tero]

Q.How many people pay the estate tax?
A.
About 9,500 estate tax returns were filed for people who died in 2011, of which only 4,400 were taxable, less than 1 in 500 of the 2.5 million people who died in that year.

http://www.taxpolicycenter.org/briefing ... estate-tax

[pErvinalia]

It's a race to the bottom. I liken it to a Tragedy of the Commons type problem. Once one country breaks ranks and theoretically takes more business out of the worldwide business pool, the others have to act or be taken advantage of. It's fucking dumb and can only end in disaster. But that's lobbyist and popular politics for you - fucken dumb.

[Scot Dutchy]

There is only estate tax for millionaires, other than maybe state estate tax. Now he wants:
Eliminate the estate tax: This would eliminate a tax on assets being transferred via a will after someone dies.

This in the long run will lead to the 1% owning 90% of America. We just pay rent.

I thought that was the case already.

[Forty Two]

Q.How many people pay the estate tax?
A.
About 9,500 estate tax returns were filed for people who died in 2011, of which only 4,400 were taxable, less than 1 in 500 of the 2.5 million people who died in that year.

http://www.taxpolicycenter.org/briefing ... estate-tax

Sure, it's not a tax on "income" really - it's a tax on savings. That's the big problem with the estate tax. A person can be the ant in the Fable of the Ant and the Grasshopper, and save all their lives to accumulate the money they have - they forego vacations, work their tail off to run a business and accumulate something for their family, and then it's taken away because somehow it's unfair for people to leave the assets they accumulated to their kids.

[pErvinalia]

So when you said "This is the big fraud the democrats play...", it's not, right?

[Forty Two]

No, it is, because they claim that this is a tax meant to "soak the rich" as in high income earners. It isn't. The high income earners have all their money set aside in trusts and other vehicles that allow transfer outside of probate, and in avoidance of tax. The ones that get hit by this are the ones who saved over decades and decades, perhaps generations, and who accumulate enough "wealth" (as distinct from "income") to hit the limits. They are the ones who don't put the $ offshore and such. It's just sitting in bank accounts, and in the net worth of homes, cars, boats and other assets. Remember, the tax is on the value of the estate, not just cash.

[pErvinalia]

You said it was to "soak the middling..". It's clearly not, if only 0.2% of stiffs paid the tax.

[Brian Peacock]

It's not a 'tax on savings' either, it's a tax on assets.

The myth commonly trotted out by the fabulously wealthy is that they all worked hard for their money, and their wealth is a due reward for that effort. Mostly though they just lucked out or, more likely, their ancestors lucked out - and the narrative of earned or just desserts is what psychologists call Hindsight Bias.

[Tero]

The huge estates of Bill Gates or Apple folk were generated in modern times and were largely created via technology invented by folks whose education we paid for. The government made Gates possible. Obama explained this all, debating with Romney.

[laklak]

Good on The Donald.

[Brian Peacock]

Is anyone actually surprised that Trump's giving himself a massive tax cut? Though if the rumours are true he's not paid any tax since 1988 anyway.