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Eliminating the estate tax is stupid

Posted on: April 26, 2017 at 20:48:48 CT

tigerdb MU

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the exemption is already so high that very few are impacted by it. Unless they provide for a step-up in basis (that presently exists with the estate tax regime), eliminating that tax will be the largest tax increase in history on middle income america.

The estate tax provides a means for someone like trump - that has a massive increase in wealth while sheltering annual income from tax - to ultimately be subject to tax (or their heirs.) I could see tweaking it - by allowing one a credit for income tax paid on the appreciation.

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REPLY

MESSAGE THREAD

Raise the standard deduction - alzoo MU - 4/26 20:42:27

The whole death tax thing is almost comical on both sides(nm) - meatiger MU - 4/26 21:57:47

Eliminating the estate tax is stupid - tigerdb MU - 4/26 20:48:48

The estate tax is there to prevent American royalty - SparkyStalcup MU - 4/26 23:45:13

Lmfao. No it isn't (nm) - pickle MU

- 4/27 07:54:08

it's evil (nm) - pickle MU

- 4/26 23:02:55

eliminating estate tax will lead to largest tax increase - tiger4real MU - 4/26 21:18:48

RE: eliminating estate tax will lead to largest tax increase - tigerdb MU - 4/26 21:25:37

So elimination of estate tax would eliminate the step up? - tiger4real MU - 4/26 21:29:43

in present law - yes; as I said, unless they add a provision - tigerdb MU - 4/26 21:33:59

I see. I would be opposed to eliminating the step up - tiger4real MU - 4/26 21:40:51

Actually, here you go - it's from last year - tigerdb MU - 4/26 22:30:21

It is if your goal is to have another method of - GA Tiger MU - 4/26 20:53:53

agreed - cut spending across the board - tigerdb MU - 4/26 20:56:58

As to taxes - a rather hopeless discussion as long as - GA Tiger MU - 4/26 21:02:50

"Legit expense deductions" - meatiger MU - 4/26 21:59:12

True - El-ahrairah KC - 4/26 20:58:34

People like him have paid all taxes do on that money. Why - tman KC - 4/26 20:52:39

You really know absolutely nothing about taxes... - tigerdb MU - 4/26 20:54:36

RE: You really know absolutely nothing about taxes... - o'lineydisciple MU - 4/26 21:52:01

Assets not taxed? Never heard of capital gains?(nm) - GA Tiger MU - 4/26 21:04:09

Many ways around that(nm) - DevilsAdvocate MU - 4/27 06:42:56

there has to be a sale for their to be a taxable cap gain. - tigerdb MU - 4/26 21:10:09

You ignore that gains can become losses quickly. - RHAYWORTH MU - 4/26 21:41:59

losses offset gains(nm) - tigerdb MU - 4/26 21:43:25

In your world do we get carry over losses?(nm) - tman KC - 4/26 21:50:46

Sure, just like the current limit . 3K . - RHAYWORTH MU - 4/26 21:52:05

Wrong - there is no $ limit on loss carryforwards(nm) - tigerdb MU - 4/27 05:40:52

You're being obtuse. Still only 3K a year, dummy. - RHAYWORTH MU - 4/27 08:08:49

You are beyond stupid - tigerdb MU - 4/27 08:16:36

What taxes haven't they paid on it? They are not like - tman KC - 4/26 20:58:29

Appreciation; sheltered income - tigerdb MU - 4/26 21:00:02

So because they had deductions (usally depreciation I would - tman KC - 4/26 21:04:05

Or the appreciation should be subject to some form of - tigerdb MU - 4/26 21:11:39

The money that he bought that stock with was already - tman KC - 4/26 21:32:20

My position is that the exemption is fine where it's at - tigerdb MU - 4/26 21:38:42

so let's say someone bought land for 1000$ an acre - El-ahrairah KC - 4/26 21:03:26

what about the $7k/acre profit - are you saying that should - tigerdb MU - 4/26 21:07:20

It shouldnt. It was bought with already taxed money - tman KC - 4/26 21:34:40

that's ****ing stupid - tigerdb MU - 4/26 21:42:55

I applaud your resolve - Mo Texan MU - 4/26 21:53:44

LOL - tigerdb MU - 4/26 22:11:59

Says his liberal friend but keep,going(nm) - tman KC - 4/26 21:55:56

RE: Says his liberal friend but keep going(nm) - tman KC - 4/26 21:58:42

I just know that the $5.45M exemption is more than I need(nm) - Mo Texan MU - 4/26 22:05:14

Not more than I need if it is just a personal item - tman KC - 4/26 22:07:42

God Bless you, there are ways to do what you want through - Mo Texan MU - 4/26 22:16:17

We have. Thank you though. We are following a plan - tman KC - 4/26 22:22:26

No it isnt. You just want another cut at it - tman KC - 4/26 21:49:39

there's a difference between another and a FIRST - tigerdb MU - 4/26 22:15:14

It is another cut. It is simple concept. (nm) - tman KC - 4/26 22:17:26

It's not another cut - it's a first "cut" - tigerdb MU - 4/26 22:35:08

You are. The money to buy comes from somewhere - tman KC - 4/26 22:37:45

And the "money to buy" (I presume that you mean basis) - tigerdb MU - 4/26 22:42:44

Again. The point is it was already taxed. You just dont - tman KC - 4/26 22:58:02

No - the point is that is was NEVER taxed - are you really - tigerdb MU - 4/27 05:06:18

they actually pay more - El-ahrairah KC - 4/26 20:56:37

ok, that is even dumber than the op's inane argument - tigerdb MU - 4/26 20:58:12

Again. You appear to want an income tax without - tman KC - 4/26 23:13:01

I take it back - tigerdb MU - 4/27 05:57:40

You want a gain that hasn't been taxed to remain - SparkyStalcup MU - 4/27 00:40:48

They did. Assume you are advocating even more - tman KC - 4/26 20:43:51

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