A couple weeks ago, Chris was bitching about deficits and debt, which is great, about time. Now you're on here acting like we're all going to die if there are meager cuts to any area of the massive bureaucracy.
We are doomed. It'll be the debt that takes down this great nation. And it'll be all of our faults.
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That's insane.
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Or is a %100 tax different than a 100% tax?
A 100% inheritance tax just creates morelawyers and tax accounting jobs. No one would own anything. everything would be owned in ongoing trusts. only the poor would get screwed by a 100% inheritance tax.
Do you not own stuff you didn't inherit?
That way, the state would get nothing when I die. My house, my cars, my furniture, my savings, etc. would be held in trust for my benefit...but I would not own it, so it would not pass to the state upon my death. My kids would become the new beneficiaries of the NedoftheHill Multi-generational Trust. They would then start contributing to the trust. But, they would own nothing.
I don't think it is possible to get wealth with a 100% inheritance tax. Even if you go after trusts like that, the rich will create another financial mechanism to pass wealth on to whomever they want, and the poor will get screwed. Or, the rich just go off shore. In the mean time, you create a cottage industry of people who work to effect the desires of the rich, while adding nothing to the economy. The rich continue status quo; the poor get screwed; and, the economy is dragged down by procedural nonsense just so people can say they don't own what they in fact control.
How would you handle the "lose the farm" problem?
If farm land went up for sale when the owner died there'd be a lot more opportunity to get into farming if someone desired to do so. I don't see this as a problem. If trust fund babies didn't exist anymore, I am not sure that's a problem either. And of course, I want my children to earn their place in life. I'll probably leave most of my estate to charity.
My kids already have their inheritance in the form of an education.
I'm not earning to hand over money to my kids on my death. I'm earning on the theory that I might live to 100. I probably won't, in which case they will inherit if I do this right. I sure as hell don't want the government to take it just because I happened to die early...that would be a double punishment for me.
With a 100% inheritance tax, your plan to give to charity would be thwarted.
It can either be willed to charity or the government.
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I have investments for my children's educations, 529s, but part of me wonders if that is a good thing for them. We'll see.
what a Liar.
Plus it’s one of the few core govt functions that justifies spending.
Yes, the debt will do us in, and I fear sooner rather than later.
In the meantime the champagne and oysters on the Potomac continue to flow.
I blame conservatives greatly. Where is the Tea Party? Like Orange spending is somehow different then Barry’s? Or those that embraced this irresponsible tax cut without any spending decreases. We have lost our principles and we deserve what we get.
Odd that people now act surprised that they gave up.
History will not be kind.
P.S. Sad thing is Chairman Berne will make it even worse if you guys put him up.
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swindler while it happened.
Was Hillary going to enact a completely irresponsible tax cut on top of this spending?
better on the deficit. Trump doesn't care. She would have merely pretended to care...same result..
One of the reasons I voted for neither....
But there wasn’t much between them there.
Also, the D’s are not going to be of any help on the subject and will only make it worse.
That leaves the GOP which is supposed to have a consistent and principled position on the issue. They have sold out on it for power. That’s what history will say.
The GOP did not want Trump but could not stop him...and yet without Trump they would have lost.
So, now they’ve made a devil’s bargain to try and get some of their agenda in place as opposed to none.
Say Sanders actually wins and Then drives America off the cliff?
History’s gonna focus on Trump?
At lot will happen that is way beyond your or my power to predict.
“My name is Ozymandias...”
Yes history is going to focus on Orange and his enablers no matter what.
I agree with them both too on these issues