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Valued Social Butterfly
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Re: New Tax Plan

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Message 31 of 179

@CriticalThinking wrote:

Don't know where or how Gail came up with her false comment that only family farms are impacted by the Estate Tax. Let me repeat what I wrote earlier. The main point to remember about the Estate Tax is it impacts less than 1% of Americans. In terms of family farms, check this out.

 

Only about 50 small business and small farm estates nationwide will face any estate tax in 2017, according to TPC. Furthermore, TPC estimates those roughly 50 estates will owe less than 6 percent of their value in tax, on average.

 

Hence, Trump was very deceptive with his speech on the estate tax portion of the new plan. On his other comments, he flat out LIED when he said the rich don't benefit from this new plan.


I see you have educated yourself well on this issue. Obviously many who defend eliminating this tax have not. I posted a link as an educational tool, here it is once again:

 

http://fortune.com/2015/04/13/death-tax-killing-american-family-farms/


"The only thing man learns from history is man learns nothing from history"
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Valued Social Butterfly
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Message 32 of 179

@GailL1 wrote:

@NOTHAPPENING wrote:


 

 


You are correct that the basis should remain and not change since the tax was never paid (on the growth from the original basis). Forcing tax to be paid when assets are passed via inheritance could cause family farms to be sold, stocks to be sold, or other things of value in order to pay the tax.


OK, I'll go either way.  But it should apply to everybody and every asset.

I do think keeping the original basis until, if and when, it is sold is a fair way to do it, then the tax is calculated and paid even if the current heir-owner is paying part of the tax for their ancestors.

 


Most of the claims defending the elimination of this inheritance tax are completely erroneous. Only 1% of the population are effected by this tax and farms are not being lost because of it. It is shocking how little most have educated themselves on this issue. The inherent hate for taxes clouds the minds of many.

 

Read the contents of this link:

 

http://fortune.com/2015/04/13/death-tax-killing-american-family-farms/


"The only thing man learns from history is man learns nothing from history"
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Message 33 of 179

@NOTHAPPENING wrote:

 

 

 


You are correct that the basis should remain and not change since the tax was never paid (on the growth from the original basis). Forcing tax to be paid when assets are passed via inheritance could cause family farms to be sold, stocks to be sold, or other things of value in order to pay the tax.


This is often true for the payment of many taxes, even income taxes. How many farms does this inheritance tax effect?

 

The vast majority of farms in America are not effected by the inheritance tax. Eliminating this tax is a boon for the wealthiest.


"The only thing man learns from history is man learns nothing from history"
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Valued Social Butterfly
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Message 34 of 179

   WOW - and off the deep end.    Some here seem to believe in the bs. "pay go" system, in which the wealthy get a free pass.      Why should the  middlle income people have to support the airports that we will never use?   

 

    The bs. argument is that because there are so few wealthy that they should have to pay the same tax as everyone else....and they do   AND then it get's worse, as much of their wealth is never taxed.   The RW applauds that - they are wealthy, they need a free pass - and to assure that, they want to be able to pass that wealth on to other members of their family that have contributed - but are living off the dole of their parents ( or grand parents).

 

     Whatever happened to the GOP meme:  that everyone (in the lower income brackets, of course) need to pull themselves up by their bootstraps - excepting the kids of the uber wealthy....nah, no hypocrisy there.../s

PRO-LIFE is Affordable Healthcare for ALL .
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Message 35 of 179

@ChasKy53 wrote:

@NOTHAPPENING wrote:

 

The wealthy are paying YOUR share right now and you and the libs want more.  What else is new?


Read this very carefully:    If a group of American earn 90% of the total earnings in America, that group should pay 90% of the total taxes collected. There is a group that earns 90% of the total earnings in America and they do not pay near 90% of the total taxes collected. I'll let you figure out who that is. Some just seem to Ike to play dumb.


You read THIS very carefully. Those that use 90% of the BENEFITS of the federal government should pay 90% of the tax. Some on the receiving end don't like paying their fair share or even one penny!

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Message 36 of 179

Only about 50 small business and small farm estates nationwide will face any estate tax in 2017, according to TPC. Furthermore, TPC estimates those roughly 50 estates will owe less than 6 percent of their value in tax, on average.

estate tax.png

 

Under current law, kids like Timmy would pay no Estate Tax. That's good to know.

 

lassie.JPG

 

 

 

 

 

 

 

 

 

 

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Message 37 of 179

@NOTHAPPENING wrote:

 

The wealthy are paying YOUR share right now and you and the libs want more.  What else is new?


Read this very carefully:    If a group of American earn 90% of the total earnings in America, that group should pay 90% of the total taxes collected. There is a group that earns 90% of the total earnings in America and they do not pay near 90% of the total taxes collected. I'll let you figure out who that is. Some just seem to Ike to play dumb.


"The only thing man learns from history is man learns nothing from history"
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Message 38 of 179

@rker321 wrote:

@GailL1 wrote:

@CriticalThinking wrote:

The main point to remember about the Estate Tax is it only impacts less than 1% of Americans. In terms of family farms,


Family farms are are the only businesses affected by the Estate Tax.  It is ANY business that is set up as a sole propriator or closely held partnership which has been successful and/or had assets that add up to the current legislated level of who pays estate taxes. And what are those levels?

 

And it should affect everybody that comes away with an inheritance, not based on the $ size of the inheritance.  I agree, because my kids would not be able to benefit from any of this LOL

 

Keep the original basis in the asset and when it is sold by a current heir, they pay tax based not only on their gain but also on the gains from their ancestors. That sounds reasonable. but the people with money won't agree with you.


 


I fail to understand your point, rker321.  Can you clarify, please.

* * * * * * It’s Always Something - Roseanne Rosannadanna
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Message 39 of 179

@CriticalThinking wrote:

Don't know where or how Gail came up with her false comment that only family farms are impacted by the Estate Tax. Let me repeat what I wrote earlier. The main point to remember about the Estate Tax is it impacts less than 1% of Americans. In terms of family farms, check this out.

 

Only about 50 small business and small farm estates nationwide will face any estate tax in 2017, according to TPC. Furthermore, TPC estimates those roughly 50 estates will owe less than 6 percent of their value in tax, on average.

 

Hence, Trump was very deceptive with his speech on the estate tax portion of the new plan. On his other comments, he flat out LIED when he said the rich don't benefit from this new plan.


Sorry, CriticalThing - my 2nd "are" in my sentence was suppose to be a "not" - my brain works faster than my typing.

 

To me it doesn't matter how few it affects - in fact, to be fair, it should affect everybody who gets an inheritance but in a different way. 

 

Like I said when an asset is inherited, because of recharacterizing the basis of the asset at the time of death, we lose taking all the gains which an asset has experienced during the lifetime of the deceased or actually it could even go back for generations.

 

If we retain the original basis value of the asset, when the asset is sold all those gains should be taxed regardless of the size or nature of the estate.

* * * * * * It’s Always Something - Roseanne Rosannadanna
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Message 40 of 179

@easyed598 wrote:

Critical wrote-Trump Cult members never take the time to do research to ascertain if something's true or false. Hence, they keep repeating the same myth, "Obama added $700 billion to the medicare rolls to people who pay little or nothing into it -which will cause Medicare to go broke 10 years sooner"

 

That lie about President Obama has been disproved repeatedly, but Trump Cult members desperately want to believe the lie.--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------The Bernie Sanders cult members believe that everyone can have  medicare and won`t affect our deficit------

(1) Obamacare's price tag is almost double what Democrats said it would be over the first full decade of implementation.

(2) Obamacare does add to the deficit, despite the Medicare raid.  (Paul Ryan exposedthese accounting gimmicks at the healthcare summit)

(3) The national healthcare cost curve has actually been bent up, with costs expanding faster than if Democrats hadn't passed Obamacare at all.

(4) Medicare "as we know it" is still scheduled to become insolvent in 12 year


Mine didnt go up this year. Just got the bill today.

So it begins.
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