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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: jlallen who wrote (850169)	4/15/2015 9:46:20 PM
From: Mongo2116	Read Replies (1) \| Respond to of 1578565

I WONT :-) Don't rupture your vagina

To: jlallen who wrote (850169)	4/15/2015 10:08:51 PM
From: Mongo2116	Respond to of 1578565

GOP Inheritance Tax Repeal – Billionaires Pay Less – You Pay More ou know an April 15th Tax Day couldn’t go by without the GOP using the occasion to try to help their billionaire benefactors get out of paying their fair share of the cost of running the country that made them rich. 2015 is no exception. This year, their sights are set on the Estate Tax, or as they like to refer to it, “the Death Tax,” since it is levied on property passed on to heirs when the property holder dies. Their repeal vote is being billed as an effort to “make sure Americans keep more of their hard earned money.” Unfortunately, since the minimum threshold for the estate tax to kick in is $5.43 million, very few Americans will see an extra dime because of it. In fact, of the 2.6 million deaths in 2013, only 4700 (roughly 1/5th of 1%) owed any estate tax at all. While the statutory rate of the tax is 40%, since it only applies to the balance of property valued above the $5.43 million threshold, the effective rate is more like 16%. Completely forgotten, now that the GOP has wrested control of Congress from those spendthrift Democrats is any concern at all for the deficit that seemed so important just two years ago. Apparently now, we’re back to Dick Cheney’s “deficits don’t matter”, at least not when they come as the result of a handout to the rich. Last year the Estate tax brought in $19.3 billion dollars. Repealing it now is projected to add $269 Billion to the deficit over the next 10 years. [iframe width="300" height="250" frameborder="0" marginwidth="0" marginheight="0" vspace="0" hspace="0" allowtransparency="true" scrolling="no" allowfullscreen="true" id="aswift_1" name="aswift_1" style="box-sizing: border-box; max-width: 100%; margin-bottom: 20px; left: 0px; position: absolute; top: 0px;"][/iframe] Opponents of the tax love to make the claim that they are looking out for owners of farms and small businesses. As John Thune said in the Rapid City Journal, “This tax doesn’t just hit the big guy. It hits the little guy—like the small business and the family farm. It is both unwise and unfair, and it needs to go.” The reality though, does not meet the rhetoric. The Department of Agriculture estimates that, with the exemptions built into the law, only .6% of farms would owe any tax. One argument the right will trot out is the charge that it amounts to double taxation, since the decedent may have already paid taxes on the money as it was earned and now the heirs will pay again when the money passes to them. Never mind that we are double taxed all the time, like when we use our after tax cash to buy gasoline, cigarettes or any other taxed commodity, that argument falls flat in its own right. In many cases an estate tax is the only way taxes will ever be paid. Take the example of an enterprising young man who used his savings to put 20% down on a house he bought in the 1950s for $15,000. In the late 60s, with the house appraised for $50,000, he used his equity to buy another house just like it with rental income that just met the level of deductible expenses. By 1980, his investments had increased to the point where could buy two more, and so on. Today that old man dies with a real estate portfolio worth millions and even at that only the portion over 5.5 million is taxable. The same is true if that money was in the stock market or any other investment medium. Going after the Estate tax on tax day is calculated to appeal to people who are frustrated today at working out their own taxes, even if most of them are working out how much their refund will be. The GOP hopes that doing so will garner support for a tax cut that not only won’t help those people in the least but, by not collecting taxes from the wealthy, will end up costing the regular guy more.