Why is it that Dems are "waiting" for the money to come to them? Why can't you go out and get it yourself like all the CEOs and presidents of companies did for themselves?
Trump tax plan
- Thread starter CommuterBob
- Start date
Why is it that Dems are "waiting" for the money to come to them? Why can't you go out and get it yourself like all the CEOs and presidents of companies did for themselves?
Shhh- don't tell that to chemmie. It may wreck his entire butthurt snowflake complaint narrative.
Like most D's, chemmie is a poor wittle victim who can only become wealthier if someone in Washington passes a bill to directly funnel more money to his account. Other than that, how can anyone possibly become wealthier than they are today??
It's cruel to expect these people to give up time in their hipster beer bars or take jobs that don't explicitly align with their social justice viewpoints.
This is absolute fake news.
If an unrealized gain is passed to an heir, it WILL BE TAXED when it is realized or sold. Period. If, as you say, it's never actually exercised, then it's generally worthless anyways. An unrealized gain is essentially worthless until it's actually realized and the gain (or loss) is locked in. Your unrealized gain of 20% could go to 2% tomorrow if your asset goes to shit. It could also go from 2% to 60% in reverse. Neither matters until it's exercised.
Not to mention, the capital used to generate that unrealized gain was STILL already taxed as normal income before being used to buy an asset.
This is very simple: a family should have the absolute right to decide where and to whom their money goes after they die. The idea that the government has a right to money that was already taxed, sometimes 3 times, simply because a person dies is gross and immoral. Especially when this money is being left for a family owning a business.
The revenue generated from the death tax is irrelevant at the federal level. It's used only as a way for leftists to try and impose some faux moral crusade against what they perceive as evil rich people. It's time to end this and take the government out of dead man's pockets.
But not necessarily in the full proportion to what it's held.
Say you bought a property/investment for $100, and at the time of your death it was worth $100,000,100. You pass that property/investment on to your child, who decides to sell it for $200,000,100 after another 10 years.
With the estate tax, the first $100,000,000 gets taxed at your death, then the second ten years later as a capital gain.
Without the estate tax, only the second $100,000,000 gets taxed, as the child would not have to claim the capital gain from before he/she owned it.
I don't agree that the estate tax should be 40%, but should really fall under the same guidelines at capital gains. But there definitely should be some sort of action taken regarding capital gains at the handover to the next generation.
None of that matters. They earned the money/bought the property/etc. It's all already been taxed or being taxed yearly (property tax). It's not the governments to take. They already got their cut, end of story.
Without an estate tax, they absolutely would have to claim the entire $200m on the sale as there's no way to prove what the property was worth when it transferred without being sold.
If this was the case, they could just claim it was worth $300m when they inherited it and therefore can claim a loss of $100m on the sale when they sell it for $200m.
Lots of money is taxed multiple times. You pay income and payroll taxes on it, then pay sales taxes why you spend it, or pay capital gains taxes when you reap your investments, pay property taxes and registrations on other things, etc. It's not exclusive to rich people.
Don't forget you're paying sales tax on the corporate tax that is built into the price of what you buy.
I've never gone through it and obviously no one has gone through this proposed system, but I doubt the government would just excuse the tax on an unrealized gain after your death.
It isn't "Dems," Copernicus. It is roughly 99% of the entire population. You idealists need to separate yourselves from how you think the economy should work, and how it actually works. We've had 35+ years of stagnant income growth for the majority of the population to work with since Reagan's massive cuts. Learn from history, don't repeat it.
Exactly. So there is absolutely zero reason to take another 20-40% off the top. It's absolutely ridiculous.
I swear to Christ, it'll be 2040 and you'll still be blaming all of your ills on Reagan.
Only a simpleton of the lowest IQ would assign the entirety of blame for wage stagnation on tax cuts passed in the 80s, which most economics agreed were needed, which led to the largest increase in GDP growth since the post war era, and was passed by a Democratic congress.
So you're now arguing this using $100 turning into $100M as an example. Ok then.
Why do you have such a hard time admitting the fact that wages for 99% of Americans have been stagnant for the last 35 years and your solution is to do more of the same thing that hasn't worked for the last 35 years?
Going from 35% to 15% corporate in one fell swoop isn't happening. Not really even worth arguing.
Do us a favor chemmie and show proof of the 99% number because I'm willing to bet that it's closer to 50% and of that, most is due to specific industries and education.
It'll get down to 20-22. Trump wants 15, it won't get through the House at that rate.
Well... here's proof of at least 90% of the population. Knowing the top 1% own roughly 35%-40% of the nation's wealth, it isn't hard to conclude that the trend continues for that other 9%.
https://www.cbo.gov/system/files/115th-congress-2017-2018/presentation/52373-presentation.pdf
Oh if only what you posted was what you were complaining about. There is a difference between wealth and wages. Nice try.Well... here's proof of at least 90% of the population. Knowing the top 1% own roughly 35%-40% of the nation's wealth, it isn't hard to conclude that the trend continues for that other 9%.
https://www.cbo.gov/system/files/115th-congress-2017-2018/presentation/52373-presentation.pdf
Cancer researchers and advocacy groups are denouncing President Trump's proposed budget, warning that its 19 percent cut for the National Institutes of Health could cripple or kill former vice president Joe Biden’s cancer “moonshot” initiative and other important biomedical efforts.
Among people who work in the life sciences, Demetri said, “there is a stunned speechlessness.”
https://www.washingtonpost.com/news...esearch-advocates-say/?utm_term=.3b2b9ef5d556
Among people who work in the life sciences, Demetri said, “there is a stunned speechlessness.”
https://www.washingtonpost.com/news...esearch-advocates-say/?utm_term=.3b2b9ef5d556
^^ Plenty of money for bombs, wars and tax cuts for the rich plus $10T in deficit spending in Trump's pathetic attempt to prop up his legacy. No true Republican will go for this budget or tax cuts. .
Something that is so fundamental for the greater good like cancer research and protecting the environment get the ax while wars and bombs gets all the glory. Awesome.
Something that is so fundamental for the greater good like cancer research and protecting the environment get the ax while wars and bombs gets all the glory. Awesome.
It won't be government that finds the cure for cancer, if there really is a desire to in the first place. It's much more profitable to treat it.
So you are in favor of the Trump plan to cut cancer research by 20%?
BTW, the "government" doesn't research cancer, it sprinkles a bunch of money to fund research in the for profit and non-profit research sectors via grants and other mechanisms. In other words, it's money well spent, even if it never reaches it's desired goal as it provides for jobs for research scientists, biologists, etc. - jobs that will not exist without that funding.
Better than building a shitload of bombs and funding coke and ho's for the military industrial complex and big banksters on wall street.
^^ and what is truly hilarious is that if Melania or little Baron (whatever his brat kid name is) got the big casino you can bet that Trump would probably double the cancer research budget via emergency executive order. Anything to benefit him , his family first. What a joke this guy is.
You are a complete and total asshat
Quoting just so we can see that more than once.
Lol.
Asinine. If anything, the wealth numbers support my post more than wage numbers would, as total wealth is an aggregate of wage (and other numbers.) You're arguing semantics. Bottom line: wages and wealth and earnings and every other monetary computation you can come up with, have been stagnant for 90%+ of Americans over the last 35 years while a tiny segment of the population has continued to grow.
But don't worry... it'll trickle down any day now after Trump cuts their taxes some more.
The best part, is guys like Bob and 85 who have no idea that they are stuck in that bottom 90%. They actually believe they benefit from proven failed economic policy. The last 35 years are the proof.
So wait, now it's 90% and not 99%, oh got it. No one is stuck in the bottom 90%, it takes hard work. Will you get to the top 5% of wealth, probably not. To be considered in the top 10% of American wealth one would have to be worth $942,000 today. The average American that falls within the top 10% of wealth is worth $4,000,000. I can think of dozens of people I started out with that are worth that and they sure as hell didn't start there. I have many friends at Publix that have worked for them for 20 plus years that are in some sort of middle management that have more than that in Publix stock alone.
Chemmie, it takes hard work and good decisions and while I don't know what 85 or Bob does for a living outside of engineering, I have no doubt that if they don't blow their money on stupid $hit and keep working they will get to the top 10%.
You want to say that income and wealth are connected, maybe but I know plenty of people that made a lot of money that spent it foolishly and are now broke and I know people that made $75,000 a year and are worth millions. Just tell me this Chemmie, I'm 47 years old, I have been working since I was 15, my father passed away when I was young. I worked two jobs to put me through UCF and by the time I was 30 I was broke and living off of cash advance check cashing stores due to medical issues with my son. If it can't be done, how did I do it? The answer is simple, while you wait on the government to help you, I chose to do it for myself.
I'm not a millionaire. Or billionaire. So maybe I am in this "90%".
However, unlike your kind, I'm not a whiny victimization bitch. I have seen my wages increase, I have seen my investments appreciate, I have seen my housing value appreciate, I have hardly any debt, and my wife and I have a considerable nest egg in case shit hit the fan.
See, I did not spend the past decade whining and moaning about how rich others are getting. I didn't whine about the fact that some billionaire is only paying 30% instead of 39% on money they earned.
I worked hard, made choices that the left wing would laugh at (such as not doing drugs), and actually saved and invested. Instead of blowing money on asinine, stupid stuff.
Please don't drag me into your wallowing about how failed your life apparently is.
Just because you guys THINK you're doing so wonderful, doesn't mean you are. You can't THINK your way past facts, and the facts are that the vast majority of the population has seen stagnant economic growth over the last 35 years, meanwhile the economy as a whole has grown at a much, much, faster rate.
85, your $100K in your 401K, if you even have that much, isn't shit. The quicker you realize this, the quicker you can stop supporting failed economic policies.
85, your $100K in your 401K, if you even have that much, isn't shit. The quicker you realize this, the quicker you can stop supporting failed economic policies.
So now you are smart enough to know their economic situations. You really are an amazing creature
Getting back on the original topic. I'm a huge fan of the simplification of Trumps tax plan, getting rid of the absolutely ridiculous deductions maze is great. I'm not so confident that the deficit won't grow, but we shall see. The craziness that is our current tax system only serves companies like H&R Block and Intuit, who provide no true services to our economy other than artificial ones due to the complicated tax system.
Jesus Christ.
Fine, go into the streets and lead a revolt then. Wave your Karl Marx flag and rally the legions of braindead morons to follow you.
You just might want to consider getting into shape. It's hard to lead a revolt with diabetes.
I actually heard someone on the news make the case that this plan is bad because it would eliminate the tax services jobs that people only require due to how ridiculous our tax system is. Just incredible.
So, you're resigning yourself to the fact that you are supporting at least two economic policies that have already been proven failures?
LOL
I told you straight away that I was doing just fine and you gave me some insane, rambling response that pretended to know what I have in my 401K or something. You're like a manic, desperate child trying to scream until everyone agrees with you, just to get you to shut up.
Obama significantly raised taxes on those evil rich people and massively expanded welfare spending, yet GDP growth is pathetic and wages still barely budged. Your own thesis is destroyed in that fact alone.
He passed a $1T "stimulus bill" that did absolutely nothing to benefit the middle class in the long term.
I don't know why I even argue with you considering you still don't know the difference between deficits and debt.
H&R Block, Jackson Hewitt, and Intuit aren't the ones who would lose as much as all the individual tax lawyers across the country. They'd lose out on stuff for sure, but can still offer their basic services to people who still won't be able to understand IRS filings. Yet to be seen is how the business tax system is simplified, so maybe not.
![[roll]](http://l.yimg.com/j/assets/img/emoticons/classic/roll.r191677.gif "roll [roll]")
No I know I'm doing fine. Would I like a private plane, a nicer house and a personal chef you damn right. Don't tell me you can't change status or income class though because I did and so have millions of other. Your problem is you feel you deserve what others have instead of accepting you have what you've earned.
Similar threads
