Current Events > So Trump's tax plan eliminates the estate tax

(+) Yeah! (+)

Tax plan for the middle class my ass lmao. That is a massive handout to only the richest Americans. It is indefensible and it doesnt create jobs. It is a freebie to the millionaires who backed Trump, and we will all pay for it.

This is exactly why hicks should not have the right to vote. Anyone with a brain saw this coming a mile away.
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https://taxfoundation.org/gets-tax-cut-tax-cuts-jobs-act/

Our results indicate a reduction in tax liability for every scenario we modeled, with some of the largest cuts accruing to moderate-income families with children and fixed-income retirees,

Do you not believe in inheritance?
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Hey posted...

Do you not believe in inheritance?

Money changes hands, it should be taxed. Period.
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jumi posted...

Hey posted...

Do you not believe in inheritance?

Money changes hands, it should be taxed. Period.

It's already taxed when it's earned as income, and then again when it's invested and earning interest.

FLUFFYGERM posted...

jumi posted...

Hey posted...

Do you not believe in inheritance?

Money changes hands, it should be taxed. Period.

It's already taxed when it's earned as income, and then again when it's invested and earning interest.

And when it's transferred through inheritance, it should be taxed again.
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jumi posted...

FLUFFYGERM posted...

jumi posted...

Hey posted...

Do you not believe in inheritance?

Money changes hands, it should be taxed. Period.

It's already taxed when it's earned as income, and then again when it's invested and earning interest.

And when it's transferred through inheritance, it should be taxed again.

No it shouldn't be.

@Hey posted...

Do you not believe in inheritance?

Irrelevant. This topic is not about whether or not the tax should exist, it is about the fact that trump is giving handouts to millionaires in his "middle class tax bill".

CiIantro posted...

@Hey posted...

Do you not believe in inheritance?

Irrelevant. This topic is not about whether or not the tax should exist, it is about the fact that trump is giving handouts to millionaires in his "middle class tax bill".

https://taxfoundation.org/gets-tax-cut-tax-cuts-jobs-act/

Our results indicate a reduction in tax liability for every scenario we modeled, with some of the largest cuts accruing to moderate-income families with children and fixed-income retirees,

FLUFFYGERM posted...

CiIantro posted...

@Hey posted...

Do you not believe in inheritance?

Irrelevant. This topic is not about whether or not the tax should exist, it is about the fact that trump is giving handouts to millionaires in his "middle class tax bill".

https://taxfoundation.org/gets-tax-cut-tax-cuts-jobs-act/

Our results indicate massive handouts for the wealthy disguised as a bill for only the middle class

ftfy

Hey posted...

Do you not believe in inheritance?

No. It is one of the biggest reasons that white supremacy continues to flourish.
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AIDSbeam posted...

Hey posted...

Do you not believe in inheritance?

No. It is one of the biggest reasons that white supremacy continues to flourish.

Non-white people benefit from passing down inheritance too. And most white people don't receive an inheritance. Don't be a bigot.

CiIantro posted...

@Hey posted...

Do you not believe in inheritance?

Irrelevant. This topic is not about whether or not the tax should exist, it is about the fact that trump is giving handouts to millionaires in his "middle class tax bill".

Im pretty sure thats exactly what the topic title suggests this topic is about.
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FLUFFYGERM posted...

AIDSbeam posted...

Hey posted...

Do you not believe in inheritance?

No. It is one of the biggest reasons that white supremacy continues to flourish.

Non-white people benefit from passing down inheritance too. Don't be a bigot.

Non-white people who uphold white supremacy by supporting a system that overwhelmingly benefits the wealthy white, sure.
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The estate tax only amounted to a very paltry fraction of the annual tax revenue (not even 1%). Admit it, you just hate successful people and wanted them to be punished for dying while rich.
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FLUFFYGERM posted...

jumi posted...

FLUFFYGERM posted...

jumi posted...

Hey posted...

Do you not believe in inheritance?

Money changes hands, it should be taxed. Period.

It's already taxed when it's earned as income, and then again when it's invested and earning interest.

And when it's transferred through inheritance, it should be taxed again.

No it shouldn't be.

Why?
When should money be taxed?
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AIDSbeam posted...

FLUFFYGERM posted...

AIDSbeam posted...

Hey posted...

Do you not believe in inheritance?

No. It is one of the biggest reasons that white supremacy continues to flourish.

Non-white people benefit from passing down inheritance too. Don't be a bigot.

Non-white people who uphold white supremacy by supporting a system that overwhelmingly benefits the wealthy white, sure.

The vast majority of white people do not have wealth or inheritances. Substantial numbers of non-white people have wealth and pass down inheritances. To make this an issue about white people is to demonstrate that the human mind is a fragile thing indeed.

Any rich af person already has a financial adviser telling them to put their money into a trust or something to avoid the estate tax.
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emblem boy posted...

FLUFFYGERM posted...

jumi posted...

FLUFFYGERM posted...

jumi posted...

Hey posted...

Do you not believe in inheritance?

Money changes hands, it should be taxed. Period.

It's already taxed when it's earned as income, and then again when it's invested and earning interest.

And when it's transferred through inheritance, it should be taxed again.

No it shouldn't be.

Why?
When should money be taxed?

I'm not answering why because he didn't answer that when he said it should be taxed again. Should and should not are equally valid (or invalid) arguments.

If you feel like it should be taxed again during inheritance, make your case.

jumi posted...

FLUFFYGERM posted...

jumi posted...

Hey posted...

Do you not believe in inheritance?

Money changes hands, it should be taxed. Period.

It's already taxed when it's earned as income, and then again when it's invested and earning interest.

And when it's transferred through inheritance, it should be taxed again.

Lol what? Wtf is wrong with you? How does taxing inheritance money make sense to you?
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lilORANG posted...

Any rich af person already has a financial adviser telling them to put their money into a trust or something to avoid the estate tax.

The irony is that there'd be more tax revenue in the system if there weren't idiots trying to regulate people into parting with more of their cash through force.

The only thing killing the estate tax would benefit is the growth of an American aristocracy
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Hey posted...

Do you not believe in inheritance?

I think the current $11 million exemption limit is more than fair.
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FLUFFYGERM posted...

emblem boy posted...

FLUFFYGERM posted...

jumi posted...

FLUFFYGERM posted...

jumi posted...

Hey posted...

Do you not believe in inheritance?

Money changes hands, it should be taxed. Period.

It's already taxed when it's earned as income, and then again when it's invested and earning interest.

And when it's transferred through inheritance, it should be taxed again.

No it shouldn't be.

Why?
When should money be taxed?

I'm not answering why because he didn't answer that when he said it should be taxed again. Should and should not are equally valid (or invalid) arguments.

If you feel like it should be taxed again during inheritance, make your case.

Seems like it should be taxed because it's income.
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bkkorps posted...

Hey posted...

Do you not believe in inheritance?

I think the current $11 million exemption limit is more than fair.

So if someone earned $20 million, why is passing that down to their kids less fair than passing down $11 million?

FLUFFYGERM posted...

emblem boy posted...

FLUFFYGERM posted...

jumi posted...

FLUFFYGERM posted...

jumi posted...

Hey posted...

Do you not believe in inheritance?

Money changes hands, it should be taxed. Period.

It's already taxed when it's earned as income, and then again when it's invested and earning interest.

And when it's transferred through inheritance, it should be taxed again.

No it shouldn't be.

Why?
When should money be taxed?

I'm not answering why because he didn't answer that when he said it should be taxed again. Should and should not are equally valid (or invalid) arguments.

If you feel like it should be taxed again during inheritance, make your case.

How do you answer "No it shouldn't be."

Yes, it should be.

Money changes hands, it should be taxed. Inheritance is not and should not be exempt.
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Seems like it should be taxed because it's income

It's only "income" if we choose to define it that way. We might as well define housing and food to be unearned income.

bkkorps posted...

Hey posted...

Do you not believe in inheritance?

I think the current $11 million exemption limit is more than fair.

I don't think the limit is important. If you're going to say a 11 million is fair, why not 11.5 million.
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jumi posted...

How do you answer "No it shouldn't be."

Yes, it should be.

Money changes hands, it should be taxed. Inheritance is not and should not be exempt.

Why shouldn't inheritance be exempt?

FLUFFYGERM posted...

Seems like it should be taxed because it's income

It's only "income" if we choose to define it that way. We might as well define housing and food to be unearned income.

How is food unearned income? You mean if someone gave you x amount of food that's worth y dollars?
I mean, don't we do that already? If you're giving a car or a house, you pay tax on that if I'm not mistaken
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emblem boy posted...

FLUFFYGERM posted...

Seems like it should be taxed because it's income

It's only "income" if we choose to define it that way. We might as well define housing and food to be unearned income.

How if food unearned income? You mean if someone gave you x amount of food that's worth y dollars?
I mean, don't we do that already? If you're giving a car or a house, you pay tax on that if I'm not mistaken

Giving a house or a car requires paying taxes and fees, yes. Might as well do that with food and housing in general.

And we should also tax oxygen.

FLUFFYGERM posted...

jumi posted...

Hey posted...

Do you not believe in inheritance?

Money changes hands, it should be taxed. Period.

It's already taxed when it's earned as income, and then again when it's invested and earning interest.

That's not how taxes work. If it was all personal income taxes should be abolished. After all, the money a company uses to pay it's employee's wages was already taxed when the company made it.
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FLUFFYGERM posted...

jumi posted...

How do you answer "No it shouldn't be."

Yes, it should be.

Money changes hands, it should be taxed. Inheritance is not and should not be exempt.

Why shouldn't inheritance be exempt?

Why should it be exempt? So rich people can get more handouts they didn't earn?
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geno_16 posted...

FLUFFYGERM posted...

jumi posted...

Hey posted...

Do you not believe in inheritance?

Money changes hands, it should be taxed. Period.

It's already taxed when it's earned as income, and then again when it's invested and earning interest.

That's not how taxes work. If it was all personal income taxes should be abolished. After all, the money a company uses to pay it's employee's wages was already taxed when the company made it.

The company earns income. It pays income tax. It pays workers. Those workers pay income tax on their income.

Pretty simple. Inheritance is not earned money. It's a taxpayer choosing to give their earned wealth (that was already taxed as income) to their offspring.

jumi posted...

FLUFFYGERM posted...

jumi posted...

How do you answer "No it shouldn't be."

Yes, it should be.

Money changes hands, it should be taxed. Inheritance is not and should not be exempt.

Why shouldn't inheritance be exempt?

Why should it be exempt? So rich people can get more handouts they didn't earn?

You said it should be taxed. Why should it be taxed? You made the first claim.

FLUFFYGERM posted...

emblem boy posted...

FLUFFYGERM posted...

Seems like it should be taxed because it's income

It's only "income" if we choose to define it that way. We might as well define housing and food to be unearned income.

How if food unearned income? You mean if someone gave you x amount of food that's worth y dollars?
I mean, don't we do that already? If you're giving a car or a house, you pay tax on that if I'm not mistaken

Giving a house or a car requires paying taxes and fees, yes. Might as well do that with food and housing in general.

And we should also tax oxygen.

So yes, we already define income as many things in regards to gifts. Like cars, housing, etc. I'm saying inheritance should be the same.

Not wanting to tax inheritance is choosing to make inheritance special and different from the norm. Why do you think it should be? If I die and leave someone 20 million why shouldn't they be taxed that amount. We tax most everything else. What makes inheritence special?

I'll ignore the oxygen comment.
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FLUFFYGERM posted...

emblem boy posted...

FLUFFYGERM posted...

Seems like it should be taxed because it's income

It's only "income" if we choose to define it that way. We might as well define housing and food to be unearned income.

How if food unearned income? You mean if someone gave you x amount of food that's worth y dollars?
I mean, don't we do that already? If you're giving a car or a house, you pay tax on that if I'm not mistaken

Giving a house or a car requires paying taxes and fees, yes. Might as well do that with food and housing in general.

And we should also tax oxygen.

What?
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emblem boy posted...

So yes, we already define income as many things in regards to gifts. Like cars, housing, etc. I'm saying inheritance should be the same.

Why?

FLUFFYGERM posted...

emblem boy posted...

So yes, we already define income as many things in regards to gifts. Like cars, housing, etc. I'm saying inheritance should be the same.

Why?

Because inheritance is no different than any other type of income.

Not wanting to tax it makes sense if you think inheritance should hold a special place. If so that's fine. Cause then you're saying you want the government to create an incentive for people to pass down money because it holds a benefit
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emblem boy posted...

FLUFFYGERM posted...

emblem boy posted...

So yes, we already define income as many things in regards to gifts. Like cars, housing, etc. I'm saying inheritance should be the same.

Why?

Because inheritance is no different than any other type of income.

Not wanting to tax it makes sense if you think inheritance should hold a special place. If so that's fine. Cause then you're saying the government wants to create an incentives for people to pass down money.

Who says inheritance is income to begin with? If I give a sibling or my parents a $100 bill, is that a $100 income for them? Should they rush to report it to the IRS as 1099 income for that period?

FLUFFYGERM posted...

emblem boy posted...

FLUFFYGERM posted...

emblem boy posted...

So yes, we already define income as many things in regards to gifts. Like cars, housing, etc. I'm saying inheritance should be the same.

Why?

Because inheritance is no different than any other type of income.

Not wanting to tax it makes sense if you think inheritance should hold a special place. If so that's fine. Cause then you're saying the government wants to create an incentives for people to pass down money.

Who says inheritance is income to begin with? If I give a sibling or my parents a $100 bill, is that a $100 income for them? Should they rush to report it to the IRS as 1099 income for that period?

Well there is a gift tax for amounts over I think 14k
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emblem boy posted...

FLUFFYGERM posted...

emblem boy posted...

FLUFFYGERM posted...

emblem boy posted...

So yes, we already define income as many things in regards to gifts. Like cars, housing, etc. I'm saying inheritance should be the same.

Why?

Because inheritance is no different than any other type of income.

Not wanting to tax it makes sense if you think inheritance should hold a special place. If so that's fine. Cause then you're saying the government wants to create an incentives for people to pass down money.

Who says inheritance is income to begin with? If I give a sibling or my parents a $100 bill, is that a $100 income for them? Should they rush to report it to the IRS as 1099 income for that period?

Well there is a gift tax for amounts over I think 14k

Inheritance is not defined as income. Try again, you're woefully wrong and it's becoming painful.

"We shouldn't tax money twice!"

So basically we should just get rid of every tax? Because all money has been taxed at some point and then changed hands to be taxed again.
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FLUFFYGERM posted...

Inheritance is not defined as income. Try again, you're woefully wrong and it's becoming painful

I know inheritance is not considered income for federal tax purposes. I'm saying I don't see why it shouldn't be.
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emblem boy posted...

FLUFFYGERM posted...

Inheritance is not defined as income. Try again, you're woefully wrong and it's becoming painful

I know inheritance is not considered income for federal tax purposes. I'm saying I don't see why it shouldn't be.

Well that sounds like your problem lmao

FLUFFYGERM posted...

emblem boy posted...

FLUFFYGERM posted...

Inheritance is not defined as income. Try again, you're woefully wrong and it's becoming painful

I know inheritance is not considered income for federal tax purposes. I'm saying I don't see why it shouldn't be.

Well that sounds like your problem lmao

?
So your answer is "because the federal tax code says so"?

I'm not trying to prove anyone wrong or right. I thought we were having a discussion
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emblem boy posted...

FLUFFYGERM posted...

emblem boy posted...

FLUFFYGERM posted...

Inheritance is not defined as income. Try again, you're woefully wrong and it's becoming painful

I know inheritance is not considered income for federal tax purposes. I'm saying I don't see why it shouldn't be.

Well that sounds like your problem lmao

?
So your answer is "because the federal tax code says so"?

I'm not trying to prove anyone wrong or right. I thought we were having a discussion

No. My answer is "why should it be taxed?"