Raising Taxes On The Rich Would Reduce Income Inequality
- Thread starter Yoda
- Start date
The estate threshold is about 5 million dollars....the rich...its THEY who will pay federal estate tax....step up or no step up
The rest of us, under that threshold will skate free and clear....step up or no step up...no federal estate tax.
The step up basis is available for everyone that could use it....from Joe the garbage man whose home is valued at 75,000 dollars to
Jarod the lawyer whose home is valued at 3 million dollars....
Joe only paid 15,000 for it 20 years ago and his kid will inherit it and sell it netting the 75,000 without any cap. gain tax and the very same treatment will apply to
Jarod's kids....no one gets screwed because the law is the same for everyone....
usless you are rich, ie, have an estate over the threshold....then, other taxes appear...
and very rich Mr. Dude's home is 5 million dollars and his estate tops out at another 5 million....his 10 million dollar estate is subject to an estate tax that
is probably over 40% these days....his home will go to his kids and be treated just like Joes and Jarods....
The feds got their cut, about 4 million dollars, money that the kids would have gotten otherwise....but they will get the same treatment on the cap. gains realized from the selling of the house....
Probably not as long ago as you imagine.....but his children will not be subject to the dreaded federal 'estate tax' as the rich are...and will benefit from the same
cap. gain rules as the rest of us....
maineman
Banned
tap dance all you like.... it is the wealthy who have the VAST majority of assets that benefit from the step up basis rule. The fact that it is AVAILABLE to the poor is about as meaningful a fact as saying that the full inventory of the rolls royce dealership is available to the poor as well.
A liar claiming others are liars; irony.
Originally Posted by maineman View Post
nor have the chance to use the step up basis rule to avoid paying boatloads of capital gains taxes.... The tax code is rigged to make the rich richer and you support it.
Are you ever going to stop being a dishonest moron?
maineman
Banned
no irony here at all. I don't lie and YOU, as the next two posts will clearly show, DO LIE.... which makes you a LIAR!
Now... be a good little lying boy and either find any post where I lied, or crawl back under your little rock. shit-for-brains. moron. LIAR.
maineman
Banned
so... a tax law that is aimed at yacht owners is not written to exclude all but the rich, but only non-yacht owners. got it.
And after all your dishonest and desperate bloviating; you still avoid the reality and cold hard FACT that the rich are not the reason for income inequality and have, instead, done much to reduce such inequality by creating wealth for millions.
But alas, you're a dishonest dunce stuck on that special brand of stupid of yours; one that compels you to defend a Marxist class envy message from DNC dullards who know that they cannot promote their agenda without lying, deflecting and re-inventing history.
I'm still waiting for a response to how many poor saw their incomes reduced by Bill Gates or Steven Jobs or the myriad of other successful billionaire entrepreneurs. I'm still waiting for a response to how many poor were created by the efforts of these people.
I am looking for evidence that trust fund babies like Paris Hilton have caused this income disparity that is a strawman argument in the first place.
LMAO; you truly are a repugnant dunce...but alas, you read, but seldom comprehend.
maineman
Banned
you need to understand english beyond a third grade level. There is no blame in that statement at all. I don't blame anyone for wanting to be richer than they are. Not one bit of blame.
maineman
Banned
are you going to explain how you didn't claim they didn't benefit all the while claiming exactly the opposite and show us how that wasn't a flip flopping lie?
I'm all ears.
LIAR
Originally Posted by maineman
nor have the chance to use the step up basis rule to avoid paying boatloads of capital gains taxes.... The tax code is rigged to make the rich richer and you support it.
Only a dishonest moron can claim that you are not blaming the rich in this post in a thread devoted to blaming the rich for income inequality.
You're too stupid for words shit-for-brains.
maineman
Banned
I am looking forward to you producing one single post from me where I ever said that rich people have CAUSED the income disparity.
maineman
Banned
again.... blame is irrelevant. I have never blamed the rich for causing the income disparity. not once. I don't blame anyone for trying to make more money today than they made yesterday. no one.
The point of contention is that its not a loophole for only the rich people.
What you're saying is like contending that zoning laws that allow in-ground pools is a loophole only for those that can afford the pool....get it.
The fact that only those with money using that law is irrelevant....
Having something available is the point, whether you can put it to use is not the point....that can be said about just about anything.
Most law that single out the rich are there to take their money, not to let them keep it.....
Certainly there are instances that give the rich a 'special' break to entice them to invest, to hire more, to give more to charity, etc.....things that most
would say further the needs of the country and people as a whole..
Democrat presidents and congresses have been in positions to make changes in the tax code and all thats ever done is to take more money from some, driving a wedge between certain groups, and make the code more complicated so that few ordinary people can do even the simplest returns..laws upon laws and regulation on top of regulation...
but of course both partys have taken a hand in that over the years....but only one party seeks to simplify the code so that even those 90 IQ's could
do their own taxes...
There is no justice in having 10% of the taxpayers pay 70% of the bill...but with 47% getting free ride, its almost impossible to change
zappasguitar
Well-known member
Which doesn't change the fact you got caught contradicting yourself and now are just too petty to admit as much.
All your petty foot stamping and your crybaby blubbering isn't going to change the words YOU YOURSELF posted, which corroborate our claim.