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| 11/23 |
| 2005/4/13-15 [Reference/Tax] UID:37185 Activity:moderate |
4/13 http://tinyurl.com/4bzl9 This is gonna make the Gates' kids, Walton kids, and Paris Hilton very very happy. \_ Like it matters. If you're as rich as Gates etc. you would have already figured out ways to let the next generation inherit your property with minimal taxation. The people who are going to benefit the most probably are medium rich people, people with assets between 2-10 million bucks. \_ why do you hate rich people? \- gates is a bad example in this case. --psb \_ Why is he a bad example? \_ It also makes people who care about the principle happy. -emarkp \_ Which principle is that? Getting rid of all taxes and just borrowing money indefinitely? \_ I'm sure you're capable of thinking of one. I'll leave the exercise to the anonymous troll. -emarkp \_ I sure like to see the IRS get a chunk of wealth from the super rich to finance social programs that benefits me and my family, but what justification is there to tax them when a father passes his wealth to his son while there is no business activity or employment involved? \_ I had to pay a ton of AMT taxes on virtual wealth I no longer have. The question is, which taxes do you want to raise to compensate for the loss of tax revenue to make up for the money we will no longer be getting from rich dead people. Small businesses and family farms are already protected, so the "passes his wealth to his son" argument is bogus. \_ How are family farms already protected? \_ 1. Rich dead people don't necessarily pay tax when they were alive. People who simply hold on to a lot of money don't (and shouldn't) pay tax. Only people who use that big money to generate income does (and should) pay tax. 2. Do you mean which tax we raise comes down to which tax the majority of people want to raise, rather than which tax is justified to be raised? \_ What about the gift tax? \_ Also immoral and socialist. |
| 11/23 |
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| tinyurl.com/4bzl9 -> news.yahoo.com/news?tmpl=story&ncid=703&e=1&u=/ap/20050414/ap_on_go_co/estate_tax&sid=84439559 Politics - U S Con gress By MARY DALRYMPLE, AP Tax Writer WASHINGTON - The House voted Wednesday to eliminate federal estate taxes in 2010 and beyond, a repeal that Republicans hailed but many Democrats said would reward the richest families at the steep cost of deeper feder al deficits. AP Photo House lawmakers voted 272-162 to prevent the tax on inherited estates fro m reappearing after its one-year disappearance in 2010. The bill would e nd the tax at a cost of roughly $290 billion over the next decade. The House has passed bills repealing the tax several times since enacting the 2001 law that lifted the tax for a year. Supporters hope a bigger Republican majority there coul d mean the difference this year. National Federation of Independent Business President Jack Faris said mil lions of small businesses are "looking for senators who are committed to supporting full repeal." President Bush called the elimination "a matter of basic fairness." H e said, "The death tax results in the double taxation of many family ass ets while hurting the source of most new jobs in this country America' s small business and farms." Other Republicans agreed and said an estate tax discriminates against som e families simply to raise money for government spending. "Do we want to continue reckless Republican tax policies or to return to a fair system of taxation?" Democrats lost in their bid to pass an alternative that quickly would inc rease the size of estates that are exempt from tax but leave the tax in place for the wealthiest estates. Current laws gradually increase the size of an estate exempt from tax and decrease the top tax rate before complete repeal in 2010. The Democratic plan would increase the exemption to $3 million for an ind ividual and $6 million for a couple, beginning in 2006. voting record) of North Dakota, who offered the $70 billion Democratic alternative, said it would save many heirs from paying capital gains taxes that they should expect to ow e if the estate tax were repealed. "For every one it helps, it adds capital gains tax for many more," he sai d of the GOP's plan. The informati on contained in the AP News report may not be published, broadcast, rewr itten or redistributed without the prior written authority of The Associ ated Press. |