Clinton’s 65% Killer Death Tax......

Another tax by Hillary. As the article points out this is part of her fiscal plan to grow the economy. What say ye?



Hillary Clinton says she wants the votes of Republicans who are troubled by Donald Trump, but you wouldn’t know it from her continued left turns on the economy. On Thursday she decided that her proposal to raise the death tax to 45% from 40% isn’t enough and endorsed even higher levies that would apply to thousands of estates.

Though she defeated Bernie Sanders in the primary, she is adopting the socialist’s death-tax rate structure. She’d tax all estates over $10 million at 50%, apply a 55% rate on estates over $50 million, and go to 65% on assets above $500 million. The 65% rate would be the highest since 1981 and is another example of how she is repudiating the more moderate policies of her husband and the Democrats of the 1990s.

She also knows most of her rich friends will set up foundations, as she and Bill Clinton have, to shelter most of their riches from the estate tax. As Americans have learned, these supposed charities can be terrific vehicles for employing political operatives while they wait for Chelsea to run for the Senate.

In any case, Mrs. Clinton is now promising total tax hikes of $1.5 trillion over a decade if elected President. Keep in mind this is part of her fiscal plan to grow the economy.

Mr. Trump has proposed to eliminate the death tax, and along with his other reforms (see nearby) the differences with Mrs. Clinton on taxes may be more stark than in any presidential race in decades.....snip~

http://www.wsj.com/articles/clintons-65-killer-death-tax-1474586639

 

haha I see what you did there, that was a trick question, I mean taxes don't grow the economy, they grow the government... haha sneaky there!

P.S. this is why I propose converting all taxes we have today into a single property tax, nobody can escape it, and it would be at the same rate for us all, except the wealthy enjoying their luxury places would end up paying the lions share, a truly equal tax plan, if a millionaire wants to live in the slums to save on taxes, I say let them, they will have to employ a lot of security to keep it safe which will mean more jobs! but likely they will continue to live in mansions and mega-penthouses, paying a lot of taxes on it... it'll also spur economic conditions since we eliminated the vast majority of the IRS and the complicated exemptions and subsidies that are the bane of america... I mean what corporation wouldn't want to relocate their headquarters back to america since property taxes will be FAR less than any income tax structure, imagine all those white collar jobs moving back to america, getting us the non-manufacturing jobs we want and need for a strong middle class... but mostly, less government waste/control...

 

Oh, those poor people with estates over 500 million dollars! Whatever shall they do?! It's time someone stepped up to defend these oppressed near billionaires!

 

how about doing something simple like I suggest, converting all the methods we tax people today into a single tax, the property tax... then americans will finally pay the taxes for the conditions they live within... those living in the slums will pay next to nothing, those living on the mansions will pay the lions share, and nobody gets to escape it... and regressive taxes like sales taxes, will be eliminated making the cost of living cheaper for americans on the lower rungs, which means more buying power, which means more economic spending, which means more jobs, which means a higher median income...

both sides get everything they want, the right gets far less government, the left gets to bend the curve of taxes towards the wealthy... but both will balk at it... because it means they give up massive amounts of control over our lives, so neither will ever go for it, because it was never about equality or fairness, it was about power and control...

 

Yeah, it doesn't apply to me so tax the bastards.

I could explain how it is good for the economy independent of the government getting any revenue out of the deal, but its Friday, so why bother...

 

Let's drop it to $100k and see how people respond.

 

the first 5 million of the death tax are tax free, so any increases to the tax only effect the top 10%

I am sure republicans would rather push the tax increases on the middle class then the upper class though

.

 

The left don't want equality and fairness when it comes to those with money. They want to take more. Even from those that die and leave it to their relatives. Even if their relatives have nothing. Then its take most of what they are left.

Only when its their ass on the line then they want some fairness that favors themselves. Then they want their version of equality.

 

But that's not happening, so what's your point? Are you a billionaire?

 

No I make slightly under $100k.

 

I'll bet there's a loophole somewhere in there so Chelsea won't have to pay a dime when her parents' times come.

 

Maybe those with that type of money will do what she and her friends do.....start up Foundations. Then what would she get? Hows her plan work out then, if all do what her and her pals do?

She’d tax all estates over $10 million at 50%, apply a 55% rate on estates over $50 million, and go to 65% on assets above $500 million. The 65% rate would be the highest since 1981 and is another example of how she is repudiating the more moderate policies of her husband and the Democrats of the 1990s.

 

Odd. I imagined you as a liberal hippie in disguise on a library computer.

 

As Americans have learned, these supposed charities can be terrific vehicles for employing political operatives while they wait for Chelsea to run for the Senate.....snip~

 

Yeah I'm extremely progressive.

 

Your concern with those with $10M estates is heart warming!

 

as long as they were foundation like Clinton's and not like Trumps, that would be great.....

Trumps foundations seems to be for Trump himself

but if a rich person wants to donate their money to Charity before they die, I am all for the donation being 100% tax free

.

 

um....they are dead.

they won't mind.

 

Yeah and your concern isn't about what makes the country richer and more productive, Right? Just the delusion that it hurts those on the Right, huh? Doesn't matter if the policy works or not, eh?

An analysis by the Tax Foundation found that if the federal estate tax were repealed, 139,000 jobs would be created, the GDP would receive a boost, U.S. capital stock would increase by 2.2 percent and federal revenue would also eventually increase.

 

what percent of Americans are affected by this?

1%?

call me unconcerned

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over one year? that's less than 13,000 jobs a month.

 

How about their Children.....or other relatives. So you are against the concept that we should leave our children or relatives better off than we ourselves received Right?

 

That's just removing the tax by itself. Tell us how all other job creation stops?

 

FACT:

capital gains earned on any pre-tax investments, become IMMUNE from taxation after the person dies.

if they gave the money to relatives, they only pay taxes on any capital gains earned AFTER the date of death.


so call me, unconcerned.

 

My uncle saved a (*)(*)(*)(*) load of pre-tax dollars in investments.

made a ton of capital gains.

after he died, all of those capital gains he earned over all those years, became IMMUNE from taxation.

when my Mom inherited the money, she only had to pax taxes on capital gains earned AFTER he died.




this little loophole, is why I am not concerned about the rich.

 

If you inherit stock, you are not responsible for taxable gains that occurred before the date of death. For example, if the stock was originally purchased for $10 per share and the price was $20 on the date of death, the $20 figure is your cost basis and is subtracted from the proceeds when you eventually sell the shares. Another way of stating this is to say the cost basis is “stepped up” from $10 to $20. The IRS forgives any tax liability for gains that occurred while the original owner was alive.

http://finance.zacks.com/taxes-stocks-after-death-4462.html




so if someone leaves $50 million in stock to his children, they pay no capital gains on those stocks even if they had a starting value of $5, 30 years ago.


so, I am unconcerned for the financial needs of the rich.