RE: Cruz tax plan
March 7, 2016 at 1:27 pm
(This post was last modified: March 7, 2016 at 1:41 pm by The Grand Nudger.)
(March 7, 2016 at 1:11 pm)Tiberius Wrote: Ah, I wasn't aware. In the UK anything over ~$500k is taxed at 40%, which means children who inherit relatively modest houses (in certain areas) from their parents could end up having to sell them in order to afford the taxes on them. It's utterly ridiculous; money/assets should only be subject to taxes once.Yeah, here in the states you have to hit @6mil per person......after deductions and writeoffs. If you do hit it...through abject ignorance and an utter lack of even -trying- to manage your multi-million dollar windfall(lol?), then you could be on the hook for @17% of it's value.
Amusingly, the politicians here stump on a story not unlike the one above..that people have to sell the family farm to pay the taxes on the family farm...despite the story being entirely - and transparently - fictional. At worst, they'll put on a lien on the property and set a payment plan (which..itself, can be gotten around -entirely- by further exemptions). Doesn't matter how many times you correct them on it either, they keep selling the lie, and the poor people at the bottom keep pulling the lever thinking that they may one day face such a tax. Murica!
Personally, I've never understood people's aversion to asset related taxes. It's not as if our military, for example, is guarding poor landless renters.
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