The Estate Tax as-is is ****ed up. The Estate Tax as-is ****s a whole lot of people who would never be considered "rich". The Estate Tax as-is under****s the actual filthy rich. The Estate Tax should be reconfigured, no doubt. Let's do that. Drive an hour outside of Austin into the Hill Country and see how tax burden>>sell family land (wilderness be damned)>>subdivision. Literally, come look at it. I see it every day.
For tax reasons but then when Ireland raised taxes Apple moved all its money to Jersey. Point being that you can get into a tax bidding war around the world to try to woo companies but the net result is minor. The HQ isnt where most of the employees are, it's where they do their financials so they can avoid taxes. Same reason companies incorporate in Delaware even though they higher 99% of people outside the state. What you are saying is we should lower taxes to attracted a few hundred jobs when we are in an environment of full employment. Most of Apples employees are in the U.S - they just keep a lot of their cash overseas. They still pay billions of dollars in US corporate taxes by the way. My point is that there isn't a real benefit to cutting corporate taxes. Companies are more likely to invest when taxes are higher - or higher workers - so they can hide profit and expand in good times like now. Where it might help to cut corporate taxes are in bad times, when companies don't want to invest. But if you want to lower corporate taxes fine - then don't lower it on the right and raise it on the middle class.
They should be able to find a way that only give people in the top 1% tax cuts, that is what they really want.
So Trump acolytes which I think there is only one of on this message board(Rocketslegend), is this how fighting globalists looks like?
The exemption is so high that it affects almost no one now. Surviving spouse can elect to "port" over their dead spouse's exemption...doubling the total exemption to over $10 million. So unless your estate is over $10 million (for a married couple), you're never going to be exposed to any estate tax. When I got out of law school, the estate tax exemption was $675,000/person. Today it's over $5 million/person. It affects so few.
Something never mentioned in the "death" tax repeal debate is that without estate taxes the step-up in basis also goes away. Death would stop being a taxable event. Selling the inherited asset becomes the taxable event.
They are physically removing money from the pockets of teachers and poor children and placing it into the pockets of Jared, Ivanka, Tweedle's Dee-ric and Dumb Jr, and the rest. This is redistribution, Republican style. It's incredible after the so-called populist appeal of Trump, this is what they go to. i mean, I knew they always would, but even blowhard Jelly Donut Bannon seemed to get that if you want the non-rich to vote for you, you have to have some sort of a welfare program for them to vote for you (though, he kind of wanted a nazi one, but still, at least it realized plutocracy was not good? I guess?) This is not going to drive people to the polls in 2018 and 2020, at least not the way they want. If they want Bernie style socialsm and Eisenhower era tax rates - this is the fastest way to get there. They better hope Putin has some better hacking tools stolen from the NSA next time.
Yeah, my understanding of Bannon was: (1) massive infrastructure bill actually helping middle America while driving up deficits to undercut future social programs, and (2) keep liberals bickering over identity politics and sweep to victory in next election cycle. I don't think tax cuts were very central to his thinking. Have no idea what's going on now other than pure oligarchy and near kleptocracy. But again, the little things taken from teachers and students w' debt... that **** is just cruel, to no economic benefit of anyone. Not sure what model that comes from unless the Kochs requested it back-channel to just test their supreme power with these supplicating clowns in Congress.
We've also had multiple Republicans, including Lindsey Graham this morning, say on the record that they've been told by donors they'll get no more contributions if this doesn't pass. How does anybody not making over $1 million per year continue to fall for this crap? Doesn't it feel embarrassing to fall for the same rhetoric for over 30 years?
So many people in this country does not care about their healthcare or living standard, but they do care about things like what bathroom a TG person can use.
Trump entire election agenda has somehow morphed into Congressional Republican Agenda. Trump appears to go along with this as long as he gets credit for it all. That is why he is so pissed, since no major Congressional bills have landed on his desk.
I don't mind the tax effects on educational institutions. They've been inefficiently gouging on all levels for years while hiding behind tenure and unions. These incentives to make school and housing affordable end up driving up the price in both industries. The amount we spend per student annually is astronomical and much of it gets eaten up by bureaucrats and benefits and unions and not spent in the classrooms rewarding great teachers and on supplies.
Well......that sucks. It's only $250, but teachers, with their low salary and school under funding have been the whipping boy since forever.
Are you seriously implying that the group of humans that are sitting on the most wealth in mankind history would become middle class if they don't receive a tax cut? Are you trolling?
You still claim that you aren't making a point about this. Like I said: Why should I care if their taxes go up or down?
Why? Tax revenue? Half our grade school public education is quite ****. Or if you care about things such as the deficit. 1.8 trillion dollars over 10 years. Why? So a group of people who are holding on to the most wealth in human history can have even more wealth? Why?
