Proposed Tax Reform - Estate "Death" Tax

If you sleep with the dogs, you're gonna' get a few ticks ... POLITICKS!
Posts: 58
Joined: September 26th, 2017, 6:12 am
Location: Albuquerque NM

Re: Proposed Tax Reform - Estate "Death" Tax

Post by bieramar » October 14th, 2017, 11:53 pm

auntmartymoo wrote:
October 14th, 2017, 9:51 pm
Ummmm... huh?

The guy with the big estate pays a ton of taxes. And not at anyone's expense.
Yes, some of the big estates (above $5,340,000) paid a lot of taxes; some paid nothing; and those that did pay, paid different real percentages, as compared to "bracket" amount.
I linked how many, and how much, in my lead off post - here it is again:

You are still protesting "the estate accumulated during relatively low income tax periods at the expense of other taxpayers."

I posted the top income tax brackets during the years when Americans of all classes were equitably sharing the wealth via progressive taxes — from 1936 through 1981 the top rate was between 70% and 94, averaging 80%, more than twice the top rate since 1982.

Here's an example of "at others expense" using hypothetical gross numbers indexed for inflation, and real percentages.

• Let's say from 1936-1981 taxes from millionaires at 80% brought $75 billion into the Treasury each year; other taxes brought $25 billion. All $100 billion was spent to maintain the security and infrastructure enabling U.S. businesses to operate and to make profits (there's not a huge profit in beachfront property in Somalia or North Korea).

• From 1981-2017 because of the lower top rate of 28% to 39.6% only %36 billion came into the Treasury from the millionaires; other taxes had to bring in $64 billion in order to spend the same $100 billion to maintain the security and infrastructure for people to make profits.

• So there's the first part of "at others expense."

• Those whose average annual income taxes dropped from 80% to 35% thus accumulated the 45% income each year to build their Estate "at others expense."

User avatar
Posts: 30
Joined: September 25th, 2017, 11:48 pm

Re: Proposed Tax Reform - Estate "Death" Tax

Post by Coebul » October 15th, 2017, 12:30 pm

bieramar wrote:
October 9th, 2017, 6:37 pm
The threshold before an estate files is $5,340,000 - and 0.187% of the estates filed in 2014 paid estate tax.

So the number of people affected is small negates any concern? Mighty nice of you..
bieramar wrote:
October 9th, 2017, 6:37 pm
Anyone who has accumulated $5.3 million in one lifetime had done so because of the U.S. infrastructure, and the safety and security provided by millions of other taxpayers in their lifetime.
And they have paid taxes and other expenses during that time period... Just like any other tax payer. They have also used their wealth and income to employ others and expand the business.
bieramar wrote:
October 9th, 2017, 6:37 pm
To begrudge paying a pittance on the estate above $5.3 million is consummate greed, and illustrates a profound ignorance of the U.S. government, created by all the people.
Pittance? To each according to need from each according to ability.. they've tried that and failed.

Post Reply