Government

When is government confiscating 65% of ones accumulated life assets fair?

I will never pay an estate tax (unless I hit it big in the lottery which I plan on doing).

You may not care a hoot about this issue, I doubt many Americans do.

However, this is under the same concept as taxing Social Security benefits; few people affected initially but don’t index the trigger points and more people are effected each year.

Nevertheless, to me it is a travesty for government to confiscate ones life accumulated wealth regardless of the amount. That money was taxed probably twice along to way and to take another 65% to be distributed at the behest of politicians somehow just stinks.

You may say hey, if you have a $100 million, so what; you don’t deserve it and certainly your kids don’t. Who does deserve it then, society?

uncle_sam_get_down_lg_clrIf I ever do hit the lottery, I will pay 39% to the federal government and more to the state and when I die my estate will pay another 40% to 65% on what’s left. Fair you say? Why, because I didn’t deserve it?

And the irony of it all is that the super rich will use trusts to minimize the tax. And the responsible ones will give their money to charity where it will do more good than giving it to government. Politicians aren’t going to get Buffet’s, Gate’s or Zuckerberg’s billions.

That leaves the successful farmer or small businessman successful saver/investor on the hook.

Is this how we define “fair share?”

She (Clinton) wants the votes of Republicans who are troubled by Donald Trump, but you wouldn’t know it from her continued left turns on the economy. On Thursday she decided that her proposal to raise the death tax to 45% from 40% isn’t enough and endorsed even higher levies that would apply to thousands of estates.

Though she defeated Bernie Sanders in the primary, she is adopting the socialist’s death-tax rate structure. She’d tax all estates over $10 million at 50%, apply a 55% rate on estates over $50 million, and go to 65% on assets above $500 million. The 65% rate would be the highest since 1981 and is another example of how she is repudiating the more moderate policies of her husband and the Democrats of the 1990s. WSJ 9/23/16

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4 replies »

  1. When did “FAIR” have anything to do with an Estate Tax? It’s looking more and more like people who save are truly rubes. Gigantic government debt and ever increasing deficits can’t go on forever and when the great reckoning comes it will be the savers or their heirs who pay the bill. Why? Because in the words of Willie Sutton, “That’s where the money is.” Those who didn’t save will become blissful wards of the State and even though their standard of living falls they will at least be able to revel in the “Schadenfreude.”

    noun: Schadenfreude
    pleasure derived by someone from another person’s misfortune.

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  2. Totally agree with your comments. We are taxed when we earn, taxed on our retirement earnings which were already taxed and taxed when we die which again was already taxed. Who benefits? The left wing who takes it for themselves, gives it away with poor planning to crooked federal programs and other countries. I’m sick and tired of being sick and tired.

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  3. Don’t forget the sales taxes and etc. if you try to spend your lottery winnings. Buy a yacht and the government probably can hit you with a luxury tax. Now if you don’t have dreams of being rich, the government will give you everything you need for free. Some how that is just backwards to me.

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  4. Like most democrats and all progressives, she believes all you have belongs to the government. To quote President Obama, “you didn’t build that.” That you have NO right to retain the net, after paying taxes, that you earned – that only by the grace of … government, did you have the capability of building a business or earning a living, anyway. It all flows to and from the beltway, don’t cha know?!

    Just don’t forget to remind them that Hillary and Barack have been net tax users (taking money out of the system) when it comes to taxpayer dollars for the last 20 or 30 or more years, while you have been a net positive taxpayer – paying their salaries and providing their benefits – benefits DRAMATICALLY greater than anything you will ever see.

    They should be a little more appreciative, do ya think?!

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