Quote: How can his supporters still believe that Trump is 'a man of the people'?

Most of them are fucking stupid.  The rest are rich scumbags.

A day in the life of a rich scumbag tbh. This is news to anyone? haha

(April 26, 2017 at 6:37 pm)Tazzycorn Wrote: @Min, my thread was first!

(April 26, 2017 at 3:22 pm)mh.brewer Wrote: I'm for eliminating inheritance tax. A person dies (death or inheritance tax kicks in) and the family now gets taxed extra on money/income/property that the deceased has already paid taxes on. 

For you fellow old farts, I suggest you take the right steps to eliminate as much death tax as possible.

That being said, I don't anticipate much support for his proposal. It does not make financial sense.

You're looking at inheritance tax wrongly, first of all it is not a tax on the deceased, but on the unearned capital windfall of the deceased's inheritors. Therefore you are wrong in saying that it already has taxes paid on it, if that were the case all taxes levied on property changes would be equally as wrong as you say inheritance tax is.

Secondly, inheritance tax limits in the USA are already set with ridiculously high limits on them, meaning that if you end up leaving anything to your wife or children, then the chances are at around 98% that not a penny tax will be paid on. Unless I'm much mistaken the cutoff point at which inheritance tax starts being paid in the US is c. $10m.

Nope, you are wrong. 

The limits are not the issue.

(April 26, 2017 at 8:59 pm)mh.brewer Wrote: Nope, you are wrong. 

The limits are not the issue.

Yes, the real issue is that lots of people have gotten fooled into thinking that a tax on unearned income is a death tax.

The fact at the heart of inheritance tax is that by far the vast majority of people get rich not by the sweat of their own brows (nor even the sweat of other people's brows) but by inheriting the family silver. And in quite a lot of cases that family silver has never been taxed either as a capital tax or tax on earnings made from the capital. Therefore one of the few ways to ensure that rich people pay at least some taxes is to slap a tax on inherited wealth.

And that is why, also, up until very recently inheritance taxes were popular with most people, because they understood what they were for.

(April 27, 2017 at 7:33 pm)Tazzycorn Wrote:

(April 26, 2017 at 8:59 pm)mh.brewer Wrote: Nope, you are wrong. 

The limits are not the issue.

Yes, the real issue is that lots of people have gotten fooled into thinking that a tax on unearned income is a death tax.

The fact at the heart of inheritance tax is that by far the vast majority of people get rich not by the sweat of their own brows (nor even the sweat of other people's brows) but by inheriting the family silver. And in quite a lot of cases that family silver has never been taxed  either as a capital tax or tax on earnings made from the capital. Therefore one of the few ways to ensure that rich people pay at least some taxes is to slap a tax on inherited wealth.

And that is why, also, up until very recently inheritance taxes were popular with most people, because they understood what they were for.

Not fooled, my money was made/earned and taxed (and still is). Sorry, it's double dipping.

(April 27, 2017 at 7:40 pm)mh.brewer Wrote: Not fooled, my money was made/earned and taxed (and still is). Sorry, it's double dipping.

By your metric every tax is double dipping.