Not true most convenience stores are owner operators ie owner works the whole operation with wife,kids,family...we have 10 family stores and no family working any therefore probably 75 workers vs having 10 stores run by 10 Indian families supporting 1 household..don't believe me look at most gas station employees
Jobs for Indian families are jobs, too. And the amount of labor hours requires to run a store is presumably the same. It is good to give some immigrant families a chance to build their own business instead of having a bunch of low paid jobs. Are all 75 employees full time, with good enough pay and benefits like medical insurance so that each of them can support one family as a sole earner? I really don't know why you hate Indian families. Do you want to just keep them on reservations?
Umm I'm Indian...just explaining we employ people vs having me,mom,dad and cousins running the shops which doesn't really benefit the community bc either way the dad would usually make all the money and just save on labor vs creating jobs like we do...the $8/hr jobs aren't great but they're something.benefits for a gas station worker? Um no
Question: If everybody saved up 100%, would you have a job? Answer: No, because there is no consumption, hence nobody is spending and so nobody would have jobs. An extreme example obviously, but there's a reason why there's something called 'paradox of thrift'
Not if they are unrealized capital gains. But it's not a real point anyway because all monies are taxed more than once. (I pay sales tax when I spend the money for which I have already paid income tax) Taxes are collected on transactions. Which brings up my theoretical 'will never happen' theory that you could better fund the finances of the nation by taxing every financial transaction, i.e. stock sales, bond sales, bank loan, bank to bank loans etc. so that the burden spreads evenly and in the background for events that are already highly regulated and easily accounted for.
Wrong. Money are taxed more than twice. The problem with taxing the estate is that money is taxed one extra time over anything else. After you inherit an estate, when you use it for purchase, you have to pay a sale tax as well. If you care about spreading the burdens of tax, you have to rethink it.
This isn't true. When you get an estate, you inherit it with a cost-basis at market value. I buy $10000 worth of stock. I die and it's worth $100,000. You inherit my stock. You sell it for $120,000. You are only taxed on the $20,000 gain. The original $90,000 gain was never taxed as a capital gain. Or if you sell it for $90,000, you actually get a $10k capital loss deduction.
If this is true, it's a hole in taxing the capital gain part of it. It has nothing to do whether you tax an inheritance. I'll look it up.
To some extent, it makes sense - you (as the inheritee) didn't make that gain, so you wouldn't be taxed on it. Same things goes for land you inherit, etc. For you, whether you get $100,000 in stock vs cash vs land, it's all the same: you were given $100,000. It's one of the reasons for the estate tax in the first place - so wealth can't transfer generation to generation avoiding taxation.
I am reading more on estate tax. It's more complicated than I thought with the law changes enacted on 2010 and re-introduced in 2011. I still have a lot to learn.
So what? The water you drink has been drunk before. Do you expect to find virginal dollars somewhere that have never been taxed? Taxing is a method to raise money to pay for government functions and it is crafted in a way to shape how much of the burden is carried by each citizen. If we decide (through negotiation in our Congress) to tax a rich man's wealth twice, so be it. I pay a tax on the wages I earn and then use those wages to pay a sales tax on the things I consume. Am I then double-taxed?
Wealth Transfer Taxes: Who pays the estate tax? http://www.taxpolicycenter.org/briefing-book/key-elements/estate/who.cfm The estate tax is highly progressive. The top ten percent of income earners pays virtually all of the tax; over half is paid by the richest 1 in 1,000. Much of the political debate about the estate tax cen-ters around its impact on family farms and small businesses. In fact, very few farms or businesses actually pay the tax. Underlying Data: Download ■TPC estimates that 8,600 individuals dying in 2011 will leave estates large enough to require fil-ing an estate tax return (estates with a gross value under $5 million need not file a return in 2011). After allowing for deductions and credits, an estimated 3,270 estates will owe tax. Roughly 90 percent of these taxable estates will come from the top ten percent of income earn-ers and nearly half will come from the top one percent alone (see table). ■Estate tax liability will total an estimated $10.6 billion in 2011. The top ten percent of income earners will pay 98 percent of this total. The richest 1 in 1,000 will pay $5.4 billion or 51 percent of the total. ■Less than 50 small farms and businesses - estates with farm and business assets making up at least half of gross estate and totaling $5 million or less - will pay any estate tax in 2011. Such estates will represent just 1.2 percent of all taxable estate tax returns. ■TPC estimates that small farms and businesses will pay under $10 million in estate tax in 2011, less than one tenth of 1 percent point of the total revenue the tax will collect. http://crooksandliars.com/jon-perr/15-things-gop-doesnt-want-you-know-about-taxes-debt#ten The Republican scam over the so-called "death tax" is as bogus now as it was when President Bush first perpetrated it during the 2000 election. Both Paul Ryan and Mitt Romney want to eliminate the tax - and the billions in annual revenue it generates for the U.S. government - altogether. As former Nevada Senator John Ensign griped, "It destroys a lot of small businesses and a lot of family farms and ranches in America," House Minority Leader John Boehner (R-OH) groused: "People who aren't wealthy, who may have built up value in land over generations and many family farms find themselves in situations where they've got to sell the farm in order the pay the taxes." Sadly for conservative myth-makers, that claim, too, is completely false. That tax is currently paid by less than a quarter of one percent of American estates each year. Despite Republican mythology to the contrary, the Tax Policy Center reported that in 2009 fewer than 2,700 family farms and businesses owed the tax to Uncle Sam. But thanks to successful Republican brinksmanship, the December 2010 tax cut compromise lowered the rate from 45 percent to 35 percent while boosting the estate tax exemption to $10 million per couple, dropping the number of families impacted to just 40 a year. Now, Mitt Romney wants to make sure those 40 richest estates estimated to now pay the tax each year could keep billions of dollars away from the federal government.
If they don't get your gas station jobs instead of some Indian family, can't they just go back to working in their tribal casinos?
I'll never be wealthy enough for it affect me and I don't know how much reducing it would impact the federal budget (for it to have been around and so high for so long means we probably "need" the money), but I don't think people should be taxed more than 50% on anything, from either a "moral" or even economic standpoint.