• Fareed Zakaria: Death Tax should be 50%
    54 replies, posted
[quote=Daily Caller]Time magazine columnist and CNN host Fareed Zakaria says Republican presidential candidate Herman Cain’s “9-9-9” tax reform plan is “sloppy and, in parts, bizarre.” So he offered his own version of a tax reform plan in his weekly column in Time. In it, Zakaria argues that Americans should give the federal government half of what they inherit. [b]“I would enact a 50 percent inheritance tax, because nothing is more un-American than an inherited elite that perpetuates itself,” Zakaria wrote for the magazine. [/b] The columnist, however, didn’t attack Cain’s plan — which throws out the current tax system in favor of a 9 percent corporate tax, a 9 percent income tax and a new 9 percent national sales tax — with the ferocity others have. “Cain’s idea has caught the public’s attention, and for good reason,” Zakaria wrote. “I am going to defend not Cain’s specific policy proposals but their general thrust. His plan is sloppy and, in parts, bizarre. But the impetus behind it — tax simplification and reform — is not.” Zakaria went on to propose a federal tax structure that is “flatter but not flat.” “I would keep a few straightforward deductions — state and local income taxes and charitable contributions,” he wrote. “I would lower the corporate rate to 18 percent and impose a VAT of 9 percent.” Zakaria ended his column writing, “Don’t expect it to catch fire on the campaign trail anytime soon.” Reached for comment, Dick Patten of the anti-death tax group American Family Business Institute said “the death tax ought to be repealed immediately” and referenced a new study from Steve Entin which claims that reducing the tax could actually increase federal revenues.[/quote] Remember, wanting to give your children the fruit of your labors after you die is UNAMERICAN! [url=http://dailycaller.com/2011/10/23/fareed-zakaria-america-should-give-half-of-what-they-inherit-to-government/]SOURCE[/url]
I read that in Time magazine just today. I agree with it. People should earn their money, not be born into it. This is America, not Medieval Europe. [B]Edit: [/B]My opinion's changed. Please see Keyblockor's post. Have a nice day.
I've never really liked him or his show (GPS). 50% is far too much, that practically nullifies any benefit that could be brought on by inheritance, besides being anti-capitalist.
[QUOTE=nicatronTg;32947425]I've never really liked him or his show (GPS). 50% is far too much, that practically nullifies any benefit that could be brought on by inheritance, besides being anti-capitalist.[/QUOTE] :eyeroll: Yeah cus 20 million instead of 40 million is nothing!
[QUOTE=Atlascore;32947394]Yeah okay so if some guy with a wife and two kids dies his family shouldn't be able to live off [B]any[/B] savings he had? Controlling who gets your money after you're DEAD is just ignorant.[/QUOTE] 50%
I think there should at least be a death tax although a very small 10% as to not to fuck over the families who're in need. Or make the death tax applicable to people who have over ten million dollars.
[QUOTE=Keyblockor;32947450]Or make the death tax applicable to people who have over ten million dollars.[/QUOTE] Pretty damn good idea. I second that. Families in the bottom 50% would be stressed by an across-the-board death tax. [QUOTE=Atlascore;32947481]50% is too much. I can understand that much being taken if you make millions but they're wanting to force this on EVERYONE regardless of income.[/QUOTE] Keyblocker's comment is pretty enlightening. Just have it affect the top 1 or 10 or 20 percent. After typing that, I wonder if we are going too far and are just singling out the rich.... Hmm...
[QUOTE=Hidole555;32947532]Pretty damn good idea. I second that. Families in the bottom 50% would be stressed by an across-the-board death tax.[/QUOTE] Exactly, it would fuck them over more-so as middle class families would end up struggling to get the healthcare they need, while people who end up having more money than they require would fork out 50% of their money to the government to help the people [sp] or useless abortion banning bills if republicans get their way [/sp].
Problem is that a 50% tax on inheritance will only apply to people under a certain level of money. As everyone that's rich enough will create some sort legal mediary which will be given ownership of all the persons assets before his death. And which his inheritors will control, but not own.
You don't just tax people because you can. An inheritance is a sort of gift not a buisness transaction, the government has no right to any of your personal belongings after you die, it's up to you to decide who gets you money and things.
[QUOTE=Hidole555;32947233]I read that in Time magazine just today. I agree with it. People should earn their money, not be born into it. This is America, not Medieval Europe.[/QUOTE] I am fine with the work for your own money idea, but it's your money and the state shouldn't take 50% away just because you died. Many parents save money so that they can support their children later. And just because someone got a bunch of cash off their dead parent, doesn't mean they are instantly rich.
And you know what, to circumvent this I bet rich people would just give away all their stuff before they die to whoever they please. You can't tax gifts now can you?
[QUOTE=wraithcat;32947638]Problem is that a 50% tax on inheritance will only apply to people under a certain level of money. As everyone that's rich enough will create some sort legal mediary which will be given ownership of all the persons assets before his death. And which his inheritors will control, but not own.[/QUOTE] A work-around to that work-around might be that any transactions between a relative and the deceased or transaction that was routed through a third party to a relative would be void. This would stop Scrooge McDuck selling his fortune for a dollar 2 days before he dies.
I understand what Zakaria wants to say, but this is just stupid.
[QUOTE=Hidole555;32947233]I read that in Time magazine just today. I agree with it. People should earn their money, not be born into it. This is America, not Medieval Europe.[/QUOTE] There are 'better' ways of preventing that, though. Especially since, by the time a rich person dies, their children will already have a bunch of money from them, have high-cost educations, and have a bunch of connections to other rich people. Plus, as others have said (and you've agreed with), it needs to scale with wealth, like other taxes do.
I don't understand why, if I work hard and earn a lot of money - MY money - I can't leave all of it to someone, or a group of persons, when I expire. That's my fucking choice. The government shouldn't be able to claim that big of a stake in my earnings.
[QUOTE=Leonmyster;32947711]I understand what Zakaria wants to say, but this is just stupid.[/QUOTE] Next thing you know there will be a $5000 birthing fee and if you don't pay it the government aborts your baby. :v: Fuckin dumbasses.
[QUOTE=ultra_bright;32947705]And you know what, to circumvent this I bet rich people would just give away all their stuff before they die to whoever they please. You can't tax gifts now can you?[/QUOTE] Just dump all of your money into stocks i guess. Or buy warehouses full of resources or something. Too easy really.
It's already 50% here in holland.
I don't think it matters whether you earn ten thousand a year or ten million a year, the only person who should decide where the money you earned goes is you, not the government.
[QUOTE=teh pirate;32947746]I don't understand why, if I work hard and earn a lot of money - MY money - I can't leave all of it to someone, or a group of persons, when I expire. That's my fucking choice. The government shouldn't be able to claim that big of a stake in my earnings.[/QUOTE] "Render unto Caesar that which belongs to Caesar." More seriously, this is why it should only affect the wealthiest parts of society. The bottom part of society would be hurt more than helped if it affected them.
Inheritance is a transfer of wealth, and therefore eligible to be taxed. 50% is a little steep, but I agree with the sentiment that we shouldn't be prolonging the wealth dynasties of this country. Maybe a better idea is a 20-30% inheritance tax that could also be paid in charitable donation? The world isn't going to end if your billion dollar inheritance is 20% less, and it also means people can donate money if they're pissed about the government stealing their wealth after they die. You just have to have a system in place to make sure it's not all being laundered through charity to their children.
[QUOTE=Miskav;32947813]It's already 50% here in holland.[/QUOTE] We also have a tax on gifts so that loophole is taken care of too.
Just because someone wants his money to go to his son, doesn't mean he should. Have some IRS-like crap to assess some rating and keep the money accordingly to that rating.
[QUOTE=Leonmyster;32947711]I understand what Zakaria wants to say, but this is just stupid.[/QUOTE] Seconded. I understand his reasoning, but the outcome is just wrong. The death of a person is hard enough for a family. They don't need the government stealing from them on top of it. Edit: Please, don't just rate me dumb, actually respond to me and tell me why you think I'm wrong.
Death Tax, especially such a high rate, should only affect the rich.
Ok a progressive death tax is like the best thing you can do to prevent aristocracy. [editline]24th October 2011[/editline] [QUOTE=nicatronTg;32947425]I've never really liked him or his show (GPS). 50% is far too much, that practically nullifies any benefit that could be brought on by inheritance, besides being anti-capitalist.[/QUOTE]Oh ok because every other show on CNN is shit compared to his, the rest of the shows might as well be on HSN.
[QUOTE=Used Car Salesman;32947850]Inheritance is a transfer of wealth, and therefore eligible to be taxed. 50% is a little steep, but I agree with the sentiment that we shouldn't be prolonging the wealth dynasties of this country. Maybe a better idea is a 20-30% inheritance tax that could also be paid in charitable donation? The world isn't going to end if your billion dollar inheritance is 20% less, and it also means people can donate money if they're pissed about the government stealing their wealth after they die. You just have to have a system in place to make sure it's not all being laundered through charity to their children.[/QUOTE] I feel it's more safe in the government's hands than some charities, imho.
Thinking of making a Mass Debate thread based on this thread. "What would you do if you were in charge of making an inheritance tax?" We'd then be able to talk freely without the influence of Zakaria or post ratings. [B]Edit:[/B] [URL="http://www.facepunch.com/threads/1135168"]Thread created.[/URL]
Wow, just wow. Good job Facepunch for[I][B] COMPLETELY MISSING THE POINT[/B][/I] of the bolded part. He wasn't at all serious when he said that, in context in relation to the question it was a reply too, it was meant to be taken as a [I]joke[/I]. But [I]Bravo[/I], nonetheless. [editline]fff[/editline] Nevermind, re-read.
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