Estate Taxes (Steinbrenner)

[Hacp]

Not only that, but even after paying the tax the heirs will still be wealthier than the vast majority of taxpayers. Cry me a fuckin' river, it's not like they'd be kicked out on the street.

Ya, steal from the well-off so you can give their sweat and tears to some drug-lord in Africa.

 

[Fear No Evil]

Republicans want to build an aristocracy in this country where people who work for a living pay all the taxes, while people who invest for a living pay privileged dividend and capital gains taxes and get to give that money through generations tax free. So someone who works his way up from the ground, contributes to society, and reaps the rewards gets taxed 40%, but a someone who gets inheritance from his grandpa without lifting a finger pays nothing in taxes.

And Democrats was to build a society where people can't become rich. They want generations of people to depend on government to pay for their every need to protect their power. People are too stupid to decide anything for themselves so government should do it.

Besides, someone getting taxed at 40% is rich already aren't they? Every time people mention cutting taxes thats the argument the left makes. You aren't suggesting we should cut income taxes are you? You supply side righty wingnut! Go back to your Tea Party rally!

 

[Pens1566]

Ya, steal from the well-off so you can give their sweat and tears to some drug-lord in Africa.

Haha. No.

 

[Hacp]

Republicans want to build an aristocracy in this country where people who work for a living pay all the taxes, while people who invest for a living pay privileged dividend and capital gains taxes and get to give that money through generations tax free. So someone who works his way up from the ground, contributes to society, and reaps the rewards gets taxed 40%, but a someone who gets inheritance from his grandpa without lifting a finger pays nothing in taxes.

So a dad can't want nice things for his kids? Instead he needs to give half his money to people who were lazy all their life and sucked the government nipple while having 5 kids?

 

[Red Dawn]

So a dad can't want nice things for his kids? Instead he needs to give half his money to people who were lazy all their life and sucked the government nipple while having 5 kids?

It's not nice talking about people from the Red Sates that way

 

[Fear No Evil]

So a dad can't want nice things for his kids? Instead he needs to give half his money to people who were lazy all their life and sucked the government nipple while having 5 kids?

Exactly. So the left simply wants to distribute the money from a limited number of people who 'didn't lift a finger for it' to a larger group of people who 'didn't lift a finger for it'.

Why is it OK for the government to take the money of others and give it away to people but not OK for people who EARNED the money to give it to whom they want?

 

[Jmman]

Man, envy is alive and well.......

 

[shira]

If you had been paying attention Democrats are pushing to make it 1 million.

I don't know what you've been smoking, but a $7 million/couple exemption has already passed the House. And in the Senate, an even more generous Democrat proposal has been introduced:

http://news.yahoo.com/s/cq/20100714/pl_cq_politics/politics3701066

Senators seeking to advance a new, less onerous estate tax to replace the version that expired last year hope to attach their proposal to a small-business lending bill awaiting Senate action.

Sens. Blanche Lincoln, D-Ark., and Jon Kyl, R-Ariz., have laid down an important marker in the continued fight over the tax, which expired Dec. 31 but will kick in again next year. Although Republicans and some moderate Democrats are likely to support their plan, the issue is highly contentious and Democratic leaders have not signaled whether they intend to allow a vote on it.

The Lincoln-Kyl proposal, backed by many business groups, would be more generous to heirs and estate owners than the version favored by the White House and most Democrats.

The House passed a bill last December that would set the estate tax at the parameters in effect in 2009 -- a 45 percent top rate, with a $3.5 million per-person exemption [= $7 million per couple; Shira].

The Lincoln-Kyl proposal would gradually drop the top estate tax rate to 35 percent, set the per-person exemption at $5 million [= $10 million per couple; Shira] and index it to inflation.

So under the two Democrat-sponsored propsoals, at worst $7 million of a couple's estate would be completely exempt from federal estate taxes, and at best $10 million would be.

Only if nothing is done would the estate-tax rates go back to the 2001 levels.

 

[PeshakJang]

Republicans want to build an aristocracy in this country where people who work for a living pay all the taxes, while people who invest for a living pay privileged dividend and capital gains taxes and get to give that money through generations tax free. So someone who works his way up from the ground, contributes to society, and reaps the rewards gets taxed 40%, but a someone who gets inheritance from his grandpa without lifting a finger pays nothing in taxes.

Not that you are capable of forming a rational argument... but tell me this

Why would "we republicans" be in favor of taxing the working class and letting the rich off easy? How do I benefit from that? I am not rich, and the chances that I will fall in to the current category of having my estate taxed when I pass on is small... so why would I care if they take all his money? According to you, only a fraction of the people in this country... a fraction of the rich people in this country... will ever be affected... so why are so many people opposed to it? If anything, according to your logic, it hurts people like me.

So tell me, why do I oppose it?

 

[Pens1566]

ideology

 

[kage69]

Thats the republican equivalent of crossing the streams ... way to go.

You owe me a new monitor! Best lawls I've had all day though.

One of the better bible quotes there is, few others can produce such cognitive dissonance with the christians crowd that worships money over the one they call Jesus.

 

[PeshakJang]

ideology

So explain my ideology instead of acting like an idiot.

 

[Toastedlightly]

Well if you go by Christian Morality it is.

Mark 10:25

"It is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God."
New Living Translation (©2007)

What about your morals? I don't give a rats ass about christian morals.

 

[Toastedlightly]

It is Amoral.

Then you must have a comment on the morality of children inheriting their parent's wealth. You've taken a position. Claiming it is amoral means you don't have a position on the subject at hand.

Let your morals guide you!

 

[keird]

How will this affect family farms? These properties have been have been in the families for generations, but if all the land, property and equipment is suddenly valued at above the threshold *poof* the family farm is gone. 3.5 million dollars isn't that difficult a threshold to get to in this scenario and the family that's poured their sweat and treasure into making a modest living... well screw 'em, they should have incorporated.

 

[GuitarDaddy]

I don't know what you've been smoking, but a $7 million/couple exemption has already passed the House. And in the Senate, an even more generous Democrat proposal has been introduced:

http://news.yahoo.com/s/cq/20100714/pl_cq_politics/politics3701066



So under the two Democrat-sponsored propsoals, at worst $7 million of a couple's estate would be completely exempt from federal estate taxes, and at best $10 million would be.

Only if nothing is done would the estate-tax rates go back to the 2001 levels.

Don't present Spidey with facts, they just get in his way


And how do all the estate tax haters reconcile with the fact that the wealthiest and most conservative people in our country almost unanimously support strong estate taxes? Just to name a couple Bill Gates and Warren Buffet.

I find if quite comical how all the ultra conservative he men, who hate social welfare and freebie government handouts and espose the virtues of hard work and earning what they have, are all for creating a society of silver spoon brats who never work a day in their life and live high off of inherited wealth. The truth is these ubber morals they claim to have are shit, and they would be more than happy to live fat dumb and happy of the hard work of others.

 

[WHAMPOM]

So it looks like the Steinbrenner family will not have to pay estate taxes.
http://www.nbcnewyork.com/news/local-beat/Steinbrenner-Family-Exempt-From-Estate-Tax-98418909.html

Had he died next year the family would have to pay 55% meaning they would most likely have to sell the team Steinbrenner worked so hard to build to pay off uncle sam.

So.....
Should the estate tax be abolished? Should the estate tax be allowed to reset to 55% forcing families to sell off their small businesses?

If your mother saved her entire life to give her children and grand children a better life should the government force you (upon her death) to sell the family house and give the lions share to them?

Pity the poor rich who may have to pay an inheritance tax on $Billions, while the poor poor lose all of their estate to pay for their final stay in the Old Folks Home. Blowing smoke out of his ass suits the OP.

 

[Thump553]

It still absolutely astonishes me when average people whine and cry about estate taxes. In the US federal estate taxes are nonexistent for all but the most wealthy, and even then reasonable estate planning can greatly reduce or even eliminate them. I haven't had a client pay federal estate tax since Ronald Reagan was president.

But then again, why let facts intercede in a political rant?

 

[Red Dawn]

What about your morals? I don't give a rats ass about christian morals.

Ok, I would be perfectly fine giving the government 550 million dollars if that meant I was to get 450 million dollars. The next 5 generations of my family will never want for money.

 

[cubby1223]

It still absolutely astonishes me when average people whine and cry about estate taxes.

Why does it astonish you? Should we support any tax hikes so long as it only applies to someone we hate?

I don't smoke, and yet I also do not agree with the crazy-high cigarette taxes. Does this astonish you?

 

[GTaudiophile]

What right does the government have to take money from someone just because a successful person died?

They have no right.

 

[Turin39789]

Do you even read your own posts? You said thats because he made 900 million to 1.5 billion (Whatever the #) it SHOULD be taxed. I asked you where the cutoff is? Because YOUR implication was that because he made SO MUCH it obviously should be taxed. So where's the point where it becomes excessive?

You completely ignored my question by claiming that normal income isn't taxed that way (It certainly is, but lets just ignore your factual inaccuracy there). So why not tax everyone's estate no matter how small? Unless you are claiming the 600k exception or whatever it is at now is the cutoff? I wouldn't know because you won't answer the question.

Lol read it again. His implication was that the growth of the businesses hasn't been taxed, the 900 million to 1.5 billion was just talk of how much growth has occured.

He bought the Yankees for X million, did work and added value to them, held them forever until they are now worth X billion. If he sold them to someone he would be taxed on the gain he realized, but so far he hasn't.

Or at least that is what I read.

 

[WHAMPOM]

Not that you are capable of forming a rational argument... but tell me this

Why would "we republicans" be in favor of taxing the working class and letting the rich off easy? How do I benefit from that? I am not rich, and the chances that I will fall in to the current category of having my estate taxed when I pass on is small... so why would I care if they take all his money? According to you, only a fraction of the people in this country... a fraction of the rich people in this country... will ever be affected... so why are so many people opposed to it? If anything, according to your logic, it hurts people like me.

So tell me, why do I oppose it?

Magical thinking, you are a wanna be rich and deify them.

 

[Toastedlightly]

Ok, I would be perfectly fine giving the government 550 million dollars if that meant I was to get 450 million dollars. The next 5 generations of my family will never want for money.

Do you think it is moral for the government to tax the assets that has already been taxed (via income tax, sales tax, property tax, capital gains, etc)?

 

[Turin39789]

What right does the government have to take money from someone just because a successful person died?

They have no right.

They have plenty of right.

What right do they have to institute a draft?

What right do they have to take money from me just because I have a job?