The President caught in another flat our lie, one he has repeated regularly,

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"Donald Trump's Pants on Fire claim about the estate tax, small businesses and farms"

"During a speech in Indianapolis launching his proposal for tax overhaul legislation, President Donald Trump said that one element of the plan -- elimination of the estate tax -- would lift a burden on many family businesses and farms"

"That means, especially for all of you with small businesses that are really tremendous businesses, you’ll be able to leave them to your family, and your family won’t have to run out and do a fire sale to try and get the money to pay the tax. ... The farmers in particular are affected. They have wonderful farms, but they can't pay the tax, so they have to sell the farm. … So that death tax is a disaster for this country and a disaster for so many small businesses and farmers."

"For 2017, the Tax Policy Center estimated, based on past tax data and modeling, that 11,310 individuals will have estates big enough to file an estate tax return. "After allowing for deductions and credits, 5,460 estates will owe tax," the center concluded. "Over two-thirds of these taxable estates will come from the top 10 percent of income earners and close to one-fourth will come from the top 1 percent alone."

"The top 10 percent of income earners would pay 88 percent of estate tax revenues, the center found, while the richest 0.1 percent could pay 27 percent."

How about small businesses and farms? The center projected that only about 80 small farms and closely held businesses would pay any estate tax in 2017. That would amount to about 1 percent of all payers of the estate tax that year"

http://www.politifact.com/truth-o-m...-trumps-pants-fire-claim-about-estate-tax-sm/

One who does benefit from eliminating the estate tax, and benefit big time, is the the President, beautiful
 
Stretch said:
An estate or inheritance on which taxes have already been paid shouldn't be taxed again.
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Been a consistent for over a hundred years and in reality effects very few individuals, obviously the President being one, it's no wonder he has been promoting it so much
 
archives said:
Been a consistent for over a hundred years and in reality effects very few individuals, obviously the President being one, it's no wonder he has been promoting it so much
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Guess you never had a family member leave you a little something from their hard earned estate on which taxes were already paid during their lifetime.
 
Stretch said:
Guess you never had a family member leave you a little something from their hard earned estate on which taxes were already paid during their lifetime.
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Obviously you missed the point, the estate tax only effects a very small number of people in the US, a very small number, and those people largely fall within the top one to ten percent income levels, unless you got some one in your family worth millions neither you nor I every had a family member leave us something that fell under the estate tax
 
archives said:
Obviously you missed the point, the estate tax only effects a very small number of people in the US, a very small number, and those people largely fall within the top one to ten percent income levels, unless you got some one in your family worth millions neither you nor I every had a family member leave us something that fell under the estate tax
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I think the real point is that monies once taxed should not be taxed again for the heirs.
 
Stretch said:
I think the real point is that monies once taxed should not be taxed again for the heirs.
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Perhaps, but if the moral quagmire hasn't been considerd enough of a problem throughout the entire last Century why is it such an issue now?
 
archives said:
Been a consistent for over a hundred years and in reality effects very few individuals, obviously the President being one, it's no wonder he has been promoting it so much
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So if it only impacts a few people that makes it ok?

Using your logic that means cops shooting blacks is ok because it only effects a few people right?

It is their money why do you think they don’t have a right to keep it?
 
Stretch said:
I think the real point is that monies once taxed should not be taxed again for the heirs.
Click to expand...

An estate tax on the wealthiest is 100% consistent w/ the values of the founding fathers - who gained independence from a country where inherited wealth created a permanent aristocracy.
 
The current tax exclusion for inheritance is $5.43 million per person. That means if you inherit less than $5.43 million you have NO obligation to pay any taxes at all on that inheritance and each person that receives value from that inheritance is entitled to the same $5.43 million deduction. I wonder how many in the USA might inherit wealth like that and who they are? I often hear that taxes have already been paid on those inheritances. How do you figure? If I inherit or earn monies that I spend then those monies are taxed again by the persons or businesses where I spend it. In fact, the way our macro-economic system works every dollar that is produced by our government eventually sees it's way back to the government in one form or another. For whatever reason I just can't get too excited about people that inherit $5.43 million and only paying taxes on any amounts above that. I would also remind you that people that inherit that kind of wealth are also protected with thousands of ways to write off their newly found wealth. But this seems to be a great source of consternation with some that are likely not going to inherit more than a thousand or 2 dollars and thinking they're going to have to pay inheritance taxes on it. Educate yourself on the subject. Here is a decent start:

https://www.forbes.com/sites/ashlea...2015-estate-and-gift-tax-limits/#720899ec7e82
 
Stretch said:
I think the real point is that monies once taxed should not be taxed again for the heirs.
Click to expand...

Money is taxed whenever it changes hands...
The money your boss pays you for the work you have done was taxed when his company made it.
Pay your fucking taxes and shut the fuck up, you cheap bastard.
 
Zippity Doo Da said:
The current tax exclusion for inheritance is $5.43 million per person. That means if you inherit less than $5.43 million you have NO obligation to pay any taxes at all on that inheritance and each person that receives value from that inheritance is entitled to the same $5.43 million deduction. I wonder how many in the USA might inherit wealth like that and who they are? I often hear that taxes have already been paid on those inheritances. How do you figure? If I inherit or earn monies that I spend then those monies are taxed again by the persons or businesses where I spend it. In fact, the way our macro-economic system works every dollar that is produced by our government eventually sees it's way back to the government in one form or another. For whatever reason I just can't get too excited about people that inherit $5.43 million and only paying taxes on any amounts above that. I would also remind you that people that inherit that kind of wealth are also protected with thousands of ways to write off their newly found wealth. But this seems to be a great source of consternation with some that are likely not going to inherit more than a thousand or 2 dollars and thinking they're going to have to pay inheritance taxes on it. Educate yourself on the subject. Here is a decent start:

https://www.forbes.com/sites/ashlea...2015-estate-and-gift-tax-limits/#720899ec7e82
Click to expand...
Incorrect
 
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