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Ending the estate tax: Walton's - $54 Billion / Koch Bros. - $38 Billion

Discussion in 'The War Room' started by giusti825, Mar 11, 2018.

  1. HIMBOB

    HIMBOB Steel Belt

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    You sure it was all taxed?

    The motivation is inbuilt into the system.

    The Delaware's of the world hold no attraction as every where else is tax free. Sure people could move production there but the whole idea is that tax/costs are paid where the work is carried out.
     
  2. Madmick

    Madmick Scholar of Taghaza Staff Member Senior Moderator

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    It's the most polarizing tax for me. I abhor it in theory, but admire it in practice.

    There are essentially only two taxes where all economists (of every political character except the zero-tax extremists like Grover Norquist) seem to agree the overall economy is made healthier by their presence: the Capital Gains tax and the Estate tax.

    But it's looting. It's unquestionably an act of looting. I wish we could figure out a more incentive/process-based means of targeting the wealthy rather than an arbitrary results-based strategy like this. It might be quite viable, economically, but it's indefensible, ideologically.
     
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  3. lifelessheap

    lifelessheap Silver Belt

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    On EBT with the latest iPhone. A total luxury phone on Verizon.

    Why not buy a cheap phone for 20 bux and get Cricket wireless, and then feed yourself.
     
  4. Rational Poster

    Rational Poster Scourge of the War Room

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    Actually, the deceased did do it willingly.

    They write it down in their will.
     
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  5. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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    Why would we tax earned wealth but not unearned wealth?

    Eliminating the estate tax just seems very UnAmerican
     
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  6. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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    I'm reading this thread and I will never understand why people can't differentiate between people and corporations.

    The estate tax would not eliminate Wal-Mart (which is good).

    You can have lower corporate tax rates which is beneficial to the economy while having a robust estate tax or other forms of wealth taxation.

    We need to realize that corporations are meant to create products, services and employment.

    Taxation should be aimed at individual income and wealth to sustain society.
     
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  7. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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    Lol

    Let's tax the entity that is providing a great service and employment instead of the people that did nothing but be born into a family?
     
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  8. giusti825

    giusti825 ßanned

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    Wanting to control what other people do with the little they have is usually a projection of a feeling of lack of control over one's own life.

    Why does seeing poor people with something nice bother you so much?

    You do know that EBT cant be used to buy iphones or pay phone bills, right?
     
  9. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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    I'm surprised you're against it ideologically.

    For me it comes down to earned versus unearned wealth.

    Practically and society benefits argument that it should have a $ or %threshold I can understand.
     
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  10. Bamboozled

    Bamboozled Brown Belt

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    Oh yeah, because the tax plan is cementing the oligarchy. In no way it couldn't have existed and been cemented beforehand in ya know, the 1990s.
     
  11. FIMN

    FIMN Brown Belt

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    I'm not sure what your point is?

    This policy strengthens the oligarchy, as applied in 2018. Whether it was already going that way in decades gone by is neither here nor there.

    Trump was supposed to be pro worker and pro middle class.
     
  12. Bamboozled

    Bamboozled Brown Belt

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    I don't think this strengthens an oligarchy. It's an attempt to keep business centralized to America. We already have lobbying, this doesn't do much in my opinion.
     
  13. kpt018

    kpt018 Gold Belt

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    I’m sure this post was addressed but these types of misconceptions are why people can’t have meaningful discussions about this. The idea that wealth generation is only about hard work or talent just shows a gross misunderstanding about wealth is generated unless you’re talking about athletes or entertainers.

    And “tax inequality” really made me laugh. Bravo.

    The fact remains that the estate tax is the least punitive of all taxes. You don’t get hit until you’re dead, your children did nothing to earn the wealth (destroying hatchets silly idea about work ethic) and it only hits large estates. It’s literally the most fair tax there is.
     
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  14. kpt018

    kpt018 Gold Belt

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    Ideologically any tax can be seen as “looting” as you put it. Do you agree with that or do you think the estate tax is more so? Is it the most polarizing because the transfer is to family instead of an outsider (like buying goods or paying employees)?
     
    Last edited: Mar 12, 2018
  15. ShadowRun

    ShadowRun error Platinum Member

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    Yes because the government does a great job with spending money wisely and why should they get to keep their money ??? oO
     
  16. Higus

    Higus Silver Belt

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    Criticims of Walmart aside, do you realize that Walton family and Walmart corporation are different entities? Like, when the senior Waltons die, they don't charge Walmart an estate tax.
     
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  17. bobgeese

    bobgeese Yellow Card Yellow Card

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    But that problem does face others.


    As you can tell by my rabid participation in this thread, it’s not a subject that I really care about. That being said, I don’t like the idea of the government taking a chunk of what you worked for when you die.

    I could envision a compromise (which would never happen btw) where instead of the government collecting the money, they compel a% the estate to be invested into the country as dictated by the estate holder.
     
  18. Falsedawn

    Falsedawn Mansa Platinum Member

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    Why is the beneficiary of the estate entitled to the proceeds of an estate that they didn't work for? If the government "taking" money that you worked for when you die is unjust, then it follows that the recipient receiving the unearned money is unjust as well. Whether or not you "approve" of it is secondary to the action itself.
     
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  19. Higus

    Higus Silver Belt

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    I doubt the distinction makes a difference to you, but the government isn't taxing the person who died, but the recipients of the estate.

    Such compromises already exist. The recipient of the estate can reduce their tax burden by donating to a charity for instance.
     
  20. Jack V Savage

    Jack V Savage Secretary of Keepin' It Real/Nicest Guy on Sherdog

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    Lots of economists criticize capital-gains taxes. The general rule is that if you tax something, you get less of that thing. So the taxes that will get wide support from economists (putting aside ideological issues) are taxes on things that are unavoidable or on things that you actually want less of. So land-value taxes (which actually encourage economic development, and which have support from economists from Milton Friedman to Joseph Stiglitz), estate taxes, carbon taxes, tobacco taxes, and more will get pretty much universal support.
     
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