• Fareed Zakaria: Death Tax should be 50%
    54 replies, posted
Republican tax 100% [editline]24th October 2011[/editline] [QUOTE=Madman_Andre;32948140]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.[/QUOTE] ITF Don't read Reply
[QUOTE=Madman_Andre;32948140]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.[/QUOTE] Did you read the original article? He was dead serious.
[QUOTE=Madman_Andre;32948140]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.[/QUOTE] Death tax isn't even bad, 50% has been the norm here for what, 50+ years? It could do with being progressive instead of flat, but I don't see the issue.
It shouldn't be a flat tax, it should be bracketed like income tax is 50% for the people inheriting hundreds of millions maybe, but not for the college student getting $8k from his dead uncle
[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] I don't think anyone has ever argued for 50% inheritance tax on people who have less than a certain amount of money. The last time there was a sizable inheritance tax it only applied to every dollar over $5 million or something.
[QUOTE=ultra_bright;32947749]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] Don't give them ideas.
[QUOTE=Keyblockor;32948118]I feel it's more safe in the government's hands than some charities, imho.[/QUOTE] I can sympathize with that sentiment, but I also like the idea of giving people some kind of alternative to paying it to the government. The whole point is to cut down on inherited, mulitgenerational wealth and facilitate wider distribution of wealth. Either option accomplishes both.
[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] Yes you can and yes you do. [QUOTE=Used Car Salesman;32949285]I can sympathize with that sentiment, but I also like the idea of giving people some kind of alternative to paying it to the government. The whole point is to cut down on inherited, mulitgenerational wealth and facilitate wider distribution of wealth. Either option accomplishes both.[/QUOTE] The problem is, that introducing a high enough tax would probably have the opposite effect. Would make it harder to become richer for those that aren't already rich. And would probably mean a lot more wealth into companies.
Why is there any death tax? I paid tax on my income, the things I bought (sales), and all investments (again, income). I shouldn't have an item or cash that magically got there untaxed. Just ensure that all cash flow is taxed like any other and it should matter if it has a new owner. Death tax only hurts those in need, not millionaires.
[QUOTE=bord2tears;32950010]Why is there any death tax? I paid tax on my income, the things I bought (sales), and all investments (again, income). I shouldn't have an item or cash that magically got there untaxed. Just ensure that all cash flow is taxed like any other and it should matter if it has a new owner.[/quote] Because your money becomes income for somebody else, since that is a transaction it is taxed. And you're dead anyway, so who cares? [quote] Death tax only hurts those in need, not millionaires.[/QUOTE] No it doesn't. As I stated before, the last time we had a real death tax it only applied to every dollar past $5 million. If you're inheriting that much money, I'm sorry but you're not in need.
To those against the death tax in the previous posts (too many to count), do bare in mind that for the mmajority of Americans, this tax doesn't even apply. It's only on estates over 5million dollars in sum. This isn't anti-capitalist, it is anti stagnation and anti-plutocracy.
You guys do realize that the term "death tax" was created by a Republican strategist with the intention of making the tax look unattractive to people who don't know anything about it. [i]Martin gained an important ally in GOP pollster Frank Luntz, whose polling revealed that "death tax" sparked voter resentment in a way that "inheritance tax" and "estate tax" couldn't match. After all, who wouldn't be opposed to a "tax on death"? Luntz shared his findings with Republicans and included the phrase in the GOP's Contract with America. Luntz went so far as to recommend in a memo to GOP lawmakers that they stage press conferences "at your local mortuary" to dramatize the issue. "I believe this backdrop will clearly resonate with your constituents," he wrote. "Death is something the American people understand." Apparently, he's right. Spurred by Luntz, Republicans have employed the term "death tax" so aggressively that it has entered the popular lexicon. Nonpartisan venues like newspapers and magazines have begun to use it in a neutral context--a coup for abolitionists like Martin.[/i] [url]http://prospect.org/cs/articles?article=meet_mr_death[/url] [url]http://en.wikipedia.org/wiki/Frank_Luntz[/url] This guy does nothing but spin words around to support republicans. So stop calling it the "death tax" you are only perpetuating the republican talking points.
I hate economics
I'm going to have my millions buried/burned with me. Suck my dick kids.
Death tax is retarded. You have no right to that money, why do you think you have any right to the money. If they wanted to not give it to their children they would donate it themselves. It does not belong to the government it is their own money they earned.
So the Government already takes some of your money while you're earning it, and now they want to take some while you're giving it away? Ha.
[QUOTE=JinkoMK;32953560]So the Government already takes some of your money while you're earning it, and now they want to take some while you're giving it away? Ha.[/QUOTE] This doesn't apply to any of us, only those who get 5 million or more from inheritance.
..... died (( I always look here [url]http://yourdeathdate.info/1/index.html[/url] Death when it comes will have no denial.
The death tax is one of the few safeguards we had in this country against wealth disparity. And if you truly think that Herman Cains 9-9-9 bullshit is a solid idea, let the washington post sooth you with a graphic. [url]http://www.washingtonpost.com/rf/image_296w//WashingtonPost/Content/Blogs/ezra-klein/StandingArt/Average-tax-change-from-9-9-9-plan-10-18-2011-OPT.jpg?uuid=QRY0DvpcEeCAMtfdh-994g[/url]
[QUOTE=Bluesummers;32953536]Death tax is retarded. You have no right to that money, why do you think you have any right to the money. If they wanted to not give it to their children they would donate it themselves. It does not belong to the government it is their own money they earned.[/QUOTE] It's not, but a lot of it depends on how well it's handled. For instance under a certain amount most of this tax merely goes to pay the administrative fees, whereas over a certain amount, it helps to balance out some income issues. The longterm issue with it is though, that if you make it too high, people with enough money will find a way to get around it very well.
This wasn't the purpose of Fareed's article. I have the original article with me right here. Here is an excerpt from the end of the article, titled "[B]Complexity Equals Corruption[/B] Herman Cain's "9-9-9" plan isn't perfect, but it's less crazy than you might think." [QUOTE=Fareed Zakaria][B]Ironically, the heavy reliance on income[/B] taxes makes the American tax system more progressive than those in Europe. The federal government gets about 41% of its total tax revenue from taxes on individual incomes and profits, compared with 29% in France. (The balance for France and Germany comes from the VAT, which is highly regressive.) One recent Organisation for Economic Co-operation and Development study showed that the top 10% in any of the 24 countries examined. (In Germany they pay 31% of the taxes; in France, 28%.) My version of Cain's proposal would be flatter but not flat: 9% for the first 90% of Americans, 18% for the next 9% (incomes starting at $150,000) and 27% for the top 1% (incomes starting at about $500,000). I would keep a few straightforward deductions—state and local income taxes and charitable contributions. I would lower the corporate rate to 18% and impose a VAT of 9%. Finally, I would enact a 50% inheritance tax, because nothing is more un-American than an inherited elite that perpetuates itself. So my proposal is a bit more complex—the 9-18-27-18-9-50 plan. Don't expect it to catch fire on the campaign trail anytime soon.[/QUOTE]
Death tax needs to be bracketed. If you are poor you can give everything to your family, however if you are loaded you can't maintain a new world "Nobility" with your money. Low income families-0% Middle class families-10% Amounts in excess of 150,000 liquid cash( not assets like houses) 20% Amounts in excess of 500,000 liquid cash( not assets like houses) 30% Amounts above 1,000,000$ including assets 40% Amounts above 5,000,000$ including assets 50% Amounts above 15,000,000$ including assets 60% Amounts above 25,000,000$ including assets 75%
I just want to praise Hidole555. I'm not being sarcastic either. It's not very often someone changes their opinion and he's a better man than most people for doing so.
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