GOP wants to add 3 trillion to the debt

[pageyjim]

We had a tax and will again that if you are a person, as an example, that built your way up to a rich level of life in a business, say 5 billion dollars, and you die, then your heirs must pay a 50% estate tax on your assets.

This tax has killed the majority of business which are the core of our nation such as the individual farmer, the local manufacturer, etc.

Their are ways to deal with it but it must be done legally and way before the prime holder of the assets die.

Family farms have many added exemptions to protect them.

[pageyjim]

the death tax is only applicable to estates over 1 million dollars and it could be up to 3 million. Its been awhile since I looked at it.

Regardless the Tax code is written so taxpayers can get as much of their money back as they can. You do it with credits and deductions, a lot of which a person working for wages will never be able to take advantage of. I suggest you start doing your own taxes and you'll see what I mean.


It's not illegal to avoid paying taxes, it is illegal to evade paying taxes.

Thank you, I know I just refuse to acknowledge that term.

[daytonafan]

"Median annual earnings of all postsecondary teachers in 2006 were $56,120. The middle 50 percent earned between $39,610 and $80,390. The lowest 10 percent earned less than $27,590, and the highest 10 percent earned more than $113,450"

If we have all volunteers in office we will only succeed in electing even more millionaires.

Many of the people you are criticizing are calling for taxes to be raised on themselves.

If we really want politicians to look out for us we should take money out of campaigns and overturn "Citizen's United."

And as far as taxes and the corporate tax being too high.

"The 36% figure is for the OECD countries as a group. However, the range is wide, from 50.1% in Sweden to a low of 26.7% in South Korea. The U.S., at 28.2%, ranked in the fifth quartile along with Greece, Japan and South Korea."
http://hubpages.com/hub/Are-US-Taxes-Too-High

“two out of every three United States corporations paid no federal income taxes from 1998 thru 2005."
http://thinkprogress.org/2010/04/06/exxon-tax/

Yeah, what a bunch of selfless philanthropists we have in Hollywood and Academia. O.K. 50,000 a year to work one hour a week. Meanwhile, the single mother of 4 who is trying to escape her past and make something of herself has to go in debt so she can get an associates degree and make 8 bucks an hour at a doctor's office.

Why don't those who are calling for taxes to be raised on themselves simply figure 70% of their income and have it forwarded to DC?

I never said taxes were too high on corporations. The federal government needs to check itself, thats all.

[acmanko]

We had a tax and will again that if you are a person, as an example, that built your way up to a rich level of life in a business, say 5 billion dollars, and you die, then your heirs must pay a 50% estate tax on your assets.

This tax has killed the majority of business which are the core of our nation such as the individual farmer, the local manufacturer, etc.

Their are ways to deal with it but it must be done legally and way before the prime holder of the assets die.

If I was going to inherit 2.5 billion out of 5 billion, for some reason I don't think I would complain

[pageyjim]

Yeah, what a bunch of selfless philanthropists we have in Hollywood and Academia. O.K. 50,000 a year to work one hour a week. Meanwhile, the single mother of 4 who is trying to escape her past and make something of herself has to go in debt so she can get an associates degree and make 8 bucks an hour at a doctor's office.

Why don't those who are calling for taxes to be raised on themselves simply figure 70% of their income and have it forwarded to DC?

I never said taxes were too high on corporations. The federal government needs to check itself, thats all.

I too feel for people getting associate degrees and struggling to get 8 bucks an hour. You have to realize that most professors have Phd's and do not get rich by any means. There are some high profile professors that do what you say but they earn their salaries many times over in other ways. My son is going to be a professor and will not make much money for his phd.

[bwalley]

If I was going to inherit 2.5 billion out of 5 billion, for some reason I don't think I would complain

why should the government be able to take money that taxes has already been paid on just because it was transferred due to a death?

[DeltaT]

If I was going to inherit 2.5 billion out of 5 billion, for some reason I don't think I would complain

You missed the whole point. Most of the business have their value tied up in the business and assets itself. So when the principal dies the family will need to sell the business in order to pay the tax.

This literally kills family farms, HVAC businesses, plumbing businesses, hardware stores and most any other business you can think of which makes up the backbone of this country and built on the backs of very hard working, risk taking people and families.

[pageyjim]

why should the government be able to take money that taxes has already been paid on just because it was transferred due to a death?

Most of the assets in inheritance are unrealized capital gains and on top of that there are huge exemptions given.

[pageyjim]

You missed the whole point. Most of the business have their value tied up in the business and assets itself. So when the principal dies the family will need to sell the business in order to pay the tax.

This literally kills family farms, HVAC businesses, plumbing businesses, hardware stores and most any other business you can think of which makes up the backbone of this country and built on the backs of very hard working, risk taking people and families.

(The American Farm Bureau Federation acknowledged to the New York Times in 2001 that it could not cite a single example of a farm having to be sold to pay estate taxes.)
Family farms and businesses are already eligible for special treatment under existing law.

http://www.cbpp.org/cms/index.cfm?fa=view&id=1965

[printer2]

Should we not make as much as we though we would, then we cut back on our expenses. If the Feds don't get open access to our pay checks they should also live within the money they receive..but it has not been this way for years. All they do is take just because they can and no one person is doing a thing about it.

What seems to be forgotten was that when Bush gave the tax cuts back then he did not reduce government spending. Just let the difference add to your debt. The government was living within its means until it reduced its means by giving you more to spend. Seems irresponsible in hindsight.

[printer2]

Yeah, what a bunch of selfless philanthropists we have in Hollywood and Academia. O.K. 50,000 a year to work one hour a week. Meanwhile, the single mother of 4 who is trying to escape her past and make something of herself has to go in debt so she can get an associates degree and make 8 bucks an hour at a doctor's office.

Why don't those who are calling for taxes to be raised on themselves simply figure 70% of their income and have it forwarded to DC?

I never said taxes were too high on corporations. The federal government needs to check itself, thats all.

And who said they only work one hour a week. I spent three years working in Academia and most put in more than 40 hrs a week. I taught 21 hrs a week (class time) and spent double that between preparing for lectures, making up/marking exams, meeting with students, developing labs, putting in for funding to keep the lab equipment relevant to industry...

[jim147]

3 TRILLION?

I haven't heard a number that small in a few years.

jim

[acmanko]

3 TRILLION?

I haven't heard a number that small in a few years.

jim

Maybe you should visit more often, these guys are complaining about less the 10k