Daily Caller:
Democratic Senator Ron Wyden of Oregon claimed on Twitter that the estate tax applies only to estates worth more than $11 million while fact-checking President Donald Trump’s tax reform speech Wednesday.
16 Comments on FACT CHECK: Does The Death Tax Only Apply To Estates Worth More Than $11 Million?
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As long as the estate tax only applies to estates worth more than 11 bucks, I’ll be O.K.
🙂
When my dad died years ago, we siblings met with the funeral director to make the arrangements. As the five of us sat at a round table with him, we had just finished and my little brother leaned back in his chair and said, “Ok. Is this the part when we fight over Dad’s estate?”
After half a second, we all started laughing. You should have seen the look on the director’s face until he realized that we were joking.
To whom it’s applied, or the cut off figure is of no consequence.
It’s the PRINCIPLE that is obnoxious. This is exactly how we got saddled with the onerous Income Tax – through the efforts of the Demonrats and their incessant lies – the Income Tax was sold to the public as a tax of 1% for incomes over $50,000/yr (at that time a grand fortune, equivalent to ~ $1 Million/yr).
The greedy maggots in Office will always – ALWAYS – use existing law to steal more (as they have done with the Income Tax, Socialist Security, Medicare, &c.) – thus – the Death Tax must needs to be eliminated.
Trusting any politician is akin to hiring Woody Allen to babysit your pre-schoolers.
izlamo delenda est …
@ Tim Exactly. That principle applies everywhere with them.
Like Gun laws – “Why can’t you compromise?” Excuse me, but every gun restriction on the books is a compromise away from the 2A already. Let’s reset all those laws to zero and start again, shall we? “We don’t want to take your guns!” Yes you do, liar. “Universal background checks aren’t unconstitutional!” Of course it is. It requires a massive gun registry and makes everyone not complying a criminal that wasn’t the day before.
The lie there is you want to register all guns and make private sales and gifts of guns illegal – most importantly, the family guns that are passed down the generations that you want to intercept with this. F.Y. This would be an ultimate victory of the gun grabbers.
But it all sounds so “common sense” they way they present it. Liars.
Without the estate tax billionaires like Bill Gates, Zuckerberg, Bezos and the Kennedys will pass along billions of inherited assets that have never paid one penny of tax. I hate that idea.
Bill Gates paid like $60,000 for Microsoft stock that is now worth $60 billion. That appreciation has never been taxed. It would be taxed on death, unless they remove the estate tax. I don’t think billionaires should get such a tax break. Do not allow that estate tax to go away.
Mr. Anth Ropy, my assets have already been taxed MULTIPLE times. The Death Tax taxes it all again. God knows I won’t have much to pass along to my heirs, but why should they pay MORE on top of what’s already been taxed “to death”? I couldn’t care less what Gates, Zuckerberg, or any of those others paid – that would just be envy. They’re the exception – if they haven’t paid taxes then fix that, don’t take more from me or my family.
$5.5 million sounds like a lot but it’s not. A farmer’s acreage, equipment, and the value of this year’s harvest can easily add up to that. Same with a small business with property, inventory, etc. That tax is 40% cash money NOW. The family could easily be forced to sell everything just to pay taxes. Talk about adding insult to injury – you lose a loved one, then the government negates a huge chunk of what he/she worked for their whole life.
The politicians who want this tax are nothing less than grave robbers.
Buffet made his money on estate tax fire sales.
The really rich have ways around paying. Notice the Kennedys didn’t need to sell when Ted died.
Insurance policies aren’t taxed. They love that.
Give a $10 million exemption with a 10% tax if you must.
Again, Wyden is getting his information off bumper stickers in Berkeley. He’s fulla shit, makes Schumer look honest. Have not researched but willing to bet he’s hiding one helluva lot more than 11 million somewhere.
States may also inflict a death tax above the federal tax.
Mr. Anth Ropy,
That’s pure unadulterated jealousy, nothing more and nothing less.
What had a bunch of greedy maggots in politics to do with the amassed fortunes of entrepreneurs? The drooling greedy slobs had nothing to do with it! And how many Bill Gates’ are there, anyway? And why stop at 40%? If the drooling greedy maggots are “entitled” to money earned by others, than why not take all of it?
The simple fact of the matter is that no matter how much they steal, they won’t reduce YOUR tax burden by nary a cent! They are greedy. They are insatiable. Their lust for the production and wealth of others is boundless.
You are simply sucking into their lie.
izlamo delenda est …
If you all are okay with letting these multi-billionaires that have NOT paid any tax on their amassed fortunes to continue never paying taxes you are probably going to get your wish.
I just do not understand why most of us pay taxes on earned income, but you would allow these mega-millionaires to accumulate massive capital gains without paying taxes. Ever. Multi-generational wealth that will only grow more massive with each generation. Because you want to protect these poor billionaires from ever paying taxes.
I am right on this. You just tout the Republican party line of the rich elites.
Phuzzy Logick
Okay.
Set the estate tax above $20 million of capital gains.
Make it $50 million.
Pick a number that is fair.
But don’t make it infinite.
Republicans like to say everyone should have skin in the game. Tax everyone. Then you want to go exempt billionaires from paying tax on massive capital gains.
And that is wrong.
I didn’t say exempt them, I said fix the tax code. I don’t envy them for having money and I don’t envy them for using the badly-written tax code to legally avoid paying taxes. If you or I were in the same position we’d do exactly the same thing, and you know it. The word ‘fair’ is always a preamble to ordinary people needing 55-gallon drums of KY jelly. Who decides what’s fair? So far, it ain’t been us.
We voted for the politicians – Dems AND Repubs – who wrote the tax code. This is why tax reform is so important – to fix the inequities, remove the loopholes, and reduce the amount the middle class gets shafted, at least as much as possible. The rich can afford to hire people to find and use the loopholes, so the answer is to close the loopholes, plus stop allowing lobbyists to write the laws the politicians enact.
And just for the record, the proper amount of estate tax is ZERO. That money and those assets HAVE.ALREADY.BEEN.TAXED.
Blind Trusts.
The End.
Phuzzy Logick
You are wrong.
Those people with massive capital gains have not paid tax on those gains.
If you bought $1,000,000 worth of Amazon 20 years ago and it’s worth $200 million now you would not have paid any tax on that stock gain. Not until you sell the stock. Or you die and your family has to pay the estate tax. No tax has been paid on that gain, and if the estate tax is eliminated no tax will ever be paid. And that would be a mistake and a horrible drain on the Treasury.
Can you read or do you just like making straw man arguments?
I said FIX THE TAX CODE.
If I bought that stock and made $199 million profit because the tax code let me, I’d be F’in stupid not to take full advantage of it. If I followed all the laws, what did I do wrong?
It’s not “fair”? That’s the politics of envy and what I expect from lefties (when it’s not them making the money).