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Old August 20th, 2017, 08:56 AM   #1
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What Happens If Billionaires And Know Nothings Rewrite The US Tax Code?


Have I got a deal for you — Trust Me You’re Gonna Love it


The estate and gift tax exemption from federal income tax is currently $5.45 million per individual. So a married couple can give away 11 million without the recipients paying a dime in federal income tax on those gifts. www.forbes.com/... Must be nice.

The straw man in this argument is that family farms and farmers are hurt when children can’t inherit farms without having to sell land to pay inheritance taxes — but this is completely bogus. Estate planning and tax policy allowing gifts of nearly 11 million per means few ‘family farm’ should be hurt by these taxes. Billionaires on the other hand — might take a hit — as they should.

About 11,300 estate tax returns were filed for people who died in 2013, of which only 4,700 were taxable, less than 1 in 550 of the 2.6 million people who died in that year. For decedents in 2017 (with an exemption of $5.49 million), the Tax Policy Center estimates there will be only about 11,300 estate tax returns filed, of which 5,500 will be taxable. Estate tax liability will total $19.9 billion after credits. Tax Policy Center...

Within my lifetime, the marginal tax rate on the rich has gone from 91 percent, that was the tax rate owed on a person's income over $300,000 — to the current 28 percent federal-tax-rates.insidegov.com/... . The rich have had a long smooth and very profitable ride on the tax cut train. No wonder they donate big money to politicians, it pays reliable dividends year in and year out.


https://www.dailykos.com/stories/201...he-US-tax-code
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Old August 20th, 2017, 09:24 AM   #2
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Here's the buzzer going off: "Why in heaven's name would anyone trust this president and his enablers to undertake so momentous a project as the total revision of the federal tax code at this moment in history." Bingo.

Anyone who trusts this administration to "FIX" the tax code has rats on their roofs. The extremely wealthy have no intention of helping the working poor. Beware...and don't buy what they are selling.

Oligarchy, the rule of the few, is the problem we are facing – not fascism. If the wealthiest of the wealthy get to determine our tax code we can kiss the Republic goodbye.
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Last edited by Clara007; August 20th, 2017 at 10:23 AM.
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Old August 20th, 2017, 10:17 AM   #3
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Originally Posted by Clara007 View Post
Here's the buzzer going off: "Why in heaven's name would anyone trust this president and his enablers to undertake so momentous a project as the total revision of the federal tax code at this moment in history." Bingo.

Anyone who trusts this administration to "FIX" the tax code has rats in their roofs. The extremely wealthy have no intention of helping the working poor. Beware...and don't buy what they are selling.

Oligarchy, the rule of the few, is the problem we are facing – not fascism. If the wealthiest of the wealthy get to determine our tax code we can kiss the Republic goodbye.
What never ceases to amaze me is how Reagans tax cuts are always regarded as a great economic success.

So why did George H W Bush inherit a recession?

George W Bush cut taxes by $2 trillion, and we had the worst depression since 1930.

Clinton raised taxes and had the largest peace time economic expansion in history.

Obama raised taxes and had 80 straight months of equal economic expansion, with business profits at all time record highs that is still happening right now.

But the same kool aid drinkers will believe yet again that tax cuts grow the economy, and create opportunities for the middle class and working poor.

Help me out here Clara. What do you call the same dolts that believe the same crap over and over again that hurts their own families, but goes along with it anyway?

The word escapes me for the moment.
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Old August 20th, 2017, 10:31 AM   #4
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Originally Posted by skews13 View Post
What never ceases to amaze me is how Reagans tax cuts are always regarded as a great economic success.

So why did George H W Bush inherit a recession?

George W Bush cut taxes by $2 trillion, and we had the worst depression since 1930.

Clinton raised taxes and had the largest peace time economic expansion in history.

Obama raised taxes and had 80 straight months of equal economic expansion, with business profits at all time record highs that is still happening right now.

But the same kool aid drinkers will believe yet again that tax cuts grow the economy, and create opportunities for the middle class and working poor.

Help me out here Clara. What do you call the same dolts that believe the same crap over and over again that hurts their own families, but goes along with it anyway?

The word escapes me for the moment.


Sure wish I could help you out, my friend, but alas! RW Main St gets snookered every single time--over and over and over.......
They honestly believe that the wealthy GIVE A CRAP about them and that people like Donald Trump WANT TO HELP THEM. It's the greatest joke of the century.
They have continued to vote against their own welfare for eons. Trump lied his way across the country and they bought it--Mexico will pay for the wall. Taxes will go down. Jobs will go up. Better PAY--a chicken in every pot...a stitch in time saves nine--how much wood would a wood chuck chuck.....life is like a box of chocolates. Trump says it. They believe it.
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Old August 20th, 2017, 10:32 AM   #5
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Did Clinton's tax raise stimulate the economy? Not by a long shot, the economy sputtered for four years. That expansion didn't happen until four year after Clinton's tax hike and that was because the Republicans got the tax hike reduced. Time lines matter. You better check yours.

Last edited by caconservative; August 21st, 2017 at 10:04 AM.
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Old August 20th, 2017, 10:33 AM   #6
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The formula is simple, when the after tax rate of return on investment is higher than the growth rate of the economy, wealth becomes more concentrated, this has been the case since 1981.
When the after tax rate of return on investment is lower than the growth rate of the economy, wealth becomes more broadly dispersed. This was the case from 1930 to 1980, the period of the greatest growth in the US economy.

Congress can not legislate the growth rate of the economy, nor the rate of return on investment, congress can influence the after tax rate of return on investment.

Congress has one lever to influence the distribution of wealth, and they are using it to concentrate wealth in the hands of the few.

There is a faction in this country that would like to have a hereditary aristocracy, based on inherited wealth. These people have purchased the Republican Party to do their bidding. They have purchased a few Democrats also.
But they want the thrust of the government to make it easy for wealthy people to accumulate more wealth, and they do this with the tax code.
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Old August 20th, 2017, 10:37 AM   #7
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Quote:
Originally Posted by skews13 View Post
What never ceases to amaze me is how Reagans tax cuts are always regarded as a great economic success.

So why did George H W Bush inherit a recession?

George W Bush cut taxes by $2 trillion, and we had the worst depression since 1930.

Clinton raised taxes and had the largest peace time economic expansion in history.

Obama raised taxes and had 80 straight months of equal economic expansion, with business profits at all time record highs that is still happening right now.

But the same kool aid drinkers will believe yet again that tax cuts grow the economy, and create opportunities for the middle class and working poor.

Help me out here Clara. What do you call the same dolts that believe the same crap over and over again that hurts their own families, but goes along with it anyway?

The word escapes me for the moment.
Your numbers are wrong, your data is incorrect, you can't read tables correctly, I have seen the actual secret numbers no one else in the world knows about and they show you to be completely wrong, as I have proven multiple times before.

Sin;

Jimmyb
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Old August 20th, 2017, 10:41 AM   #8
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TEE HEE, RNG! You're on a roll today!

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Old August 20th, 2017, 11:07 AM   #9
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When did Clinton sign the WTO agreement? What part in that helped produce the recession Bush inherited?
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Old August 20th, 2017, 11:16 AM   #10
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The formula is simple, when the after tax rate of return on investment is higher than the growth rate of the economy, wealth becomes more concentrated, this has been the case since 1981.
When the after tax rate of return on investment is lower than the growth rate of the economy, wealth becomes more broadly dispersed. This was the case from 1930 to 1980, the period of the greatest growth in the US economy.

Congress can not legislate the growth rate of the economy, nor the rate of return on investment, congress can influence the after tax rate of return on investment.

Congress has one lever to influence the distribution of wealth, and they are using it to concentrate wealth in the hands of the few.

There is a faction in this country that would like to have a hereditary aristocracy, based on inherited wealth. These people have purchased the Republican Party to do their bidding. They have purchased a few Democrats also.
But they want the thrust of the government to make it easy for wealthy people to accumulate more wealth, and they do this with the tax code.
But Congress can stifle expansion of business. And that's just what Clinton's tax hike did. Fallow that with Clinton signing onto the WTO agreement and it's not hard to figure out why Bush inherited a recession.
Redistribution? Aren't you talking about socialism? Taking from those that earned it and giving it to those that didn't. A radical idea that doesn't just affect the rich but also the middle class. Why anyone would think they have a right to what others earned is beyond me.
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