Yes, those $50Billion ‘family farms’.
eyeroll
Inflation hasn’t gotten that bad, but the Biden proposal is taking almost half of everything over $5M in total. Just like watching your bank for $600 moves to catch those tax cheating billionaires…
Pathetic! If true, $5M family farm would mean Biden has gone crazy.
Of coarse crazy, no just a demented man. Trying instead to tear our country down in every aspect. After watching his Town Hall last night, even Democrats have problems carrying his banner much longer.
From the moment he entered the White House, his motto “get rid of anything Trump”. And he is doing it. If he completes 3 more years of the presidency (and he may not) what more harm can he do?
A strong person must be allowed to come onboard and be able to turn around Biden’s damage. We all remember how great Americans will get out of the doldrums and move on up again. MAGA! 
1 Like
There are literally 614 billionaires in the country and only 14 worth 50 bil (and literally all of them have donated or willed donations of more billions than the democrats could ever imagine legally stealing from them). If you think that a party trying to generate real tax revenue is only going to tax the estates of 614 people, you are dumber than you look.
All you are doing by making a comment like that is showing how little you understand about the dollar values we are talking about.
I see what you did there 
.
I suppose it may seem wrong to force children to sell off assets they’ve inherited. But does it seem wrong to force the estate to sell off assets to pay taxes before the beneficiaries receive the remainder? Not inherently.
It’s always the estate paying creditors and estate taxes. Heirs do not inherit anything until creditors are paid first, then taxes are paid.
Either way, it’d be semantics. But I don’t see anything wrong with having an estate tax above a certain threshold to lessen the issue of generational wealth. I agree that $5M is too low. Split that among 3-4 children and it’s not that much money that you need to tax it. To me, that’s not the kind of amounts that create generational wealth. It’s mom and pop working hard all their lives to leave a little bit to their kids. For reference, the average farmland + buildings value in the US is worth about $1.5M.
But once you get to $50M or $100M net worth, I think it’s a different ballgame. Even if heirs inherited “only” say 60% of it and split it 3-4 ways, they’d still be pretty well set for the rest of their life, even with these lower after-tax amounts.
And I don’t see an issue with actually enforcing the current 40% max estate tax on billionaires by disallowing tricks like GRATs and so on. It’s not a matter of creating new laws. It’s simply making them abide by the current ones without finding loopholes to avoid what the country has decided in is a fair amount of estate tax. Too bad for their heirs if they have to sell their NFL franchise to pay the bill. I’m sure they’ll still manage to survive somehow.
2 Likes
Success - the one unpardonable sin against our fellow Democrats. Having failed to raise enough support for theft from the merely well off ($400k+), they’re aiming their confiscation at under 1000 successful businessmen or investors in an attempt to get the votes they need.
Under the “Billionaire Income Tax” proposal, a summary of which was obtained by The Washington Post, the federal government would require billionaires to pay taxes on the increased value of assets such as stocks on an annual basis, regardless of whether they sell those assets. Billionaires would also be able to take deductions for any annual loss in value of those assets.
The plan would also set up a system for taxing assets that are not easily tradable, such as real estate. The tax would apply to billionaires and people earning more than $100 million in income three years in a row.
1 Like
Color me really suspicious that this could actually raise anywhere near enough to make a difference. There’s just that much you can tax 700 people when it comes to raising several trillion dollars in new taxes. Seems like hot air with no substance aimed at pleasing the Dems base but everybody knows it’ll never go anywhere.
1 Like
It’s a distinction without a difference. But you already knew that.
What exactly is the “issue” with generational wealth?
Why should heirs not be allowed to inherit football teams? Why not just confiscate the money while the owner is alive? Why are we waiting until he is dead? If a football team’s worth of money is wrong for a few heirs to inherit, isn’t it just as wrong for one man to own?
2 Likes
More on the “not really a wealth tax” for taxing billionaires paper gains.
The proposal is expected to have provisions dealing with enforcement, unrealized losses and the tricky administrative challenge of valuing illiquid assets such as closely held businesses and artwork. And it is likely to encounter well-financed legal challenges over whether it fits within the 16th Amendment’s definition of an income tax.
I do wonder if they’ll be able to justify these paper profits as “income” under the law in order to justify taxing them. But maybe the point is just to pretend they can balance the budget for their blowout spending bill, ram it thru via reconciliation, and then when the courts throw out their billionaire wealth tax as unconstitutional, they just stick the country with another fraction of a trillion in debt and bad policies that weren’t paid for.
2 Likes
No, it’s a huge difference. What you wrote makes it sound like “the children” are being forced to sell something that already belongs to them. What I wrote clarifies that what is being sold does not yet belong to the children, because it is part of the decedent’s estate. You might as well say: “it is inherently wrong to force dead people to sell some of their assets to pay death taxes”. And I’d still disagree, since there’s nothing inherently wrong with that. It’s a perfectly reasonable way to prevent monarchies and monarchy-like dynasties.
You might also say that all taxes, tax-deferred retirement contribution limits, and RMDs are also “inherently wrong.” LOL.
This country has voted in estate taxes for curbing it. No need to hate. Fixing the loopholes is not an additional tax.
I don’t think there is anything wrong with generational wealth per se especially considering it typically does not last past 3 generations. The only issue is the ultra-wealthy exploiting loopholes in the laws to not pay what they were intended to.
Bottom line, it doesn’t seem out of line to ask billionaires to just pay their fair share as intended. If they have a complaint, or are somewhat unsatisfied with only passing 60% of billions to the next generation, I can guarantee that my kids would be willing to indulge them and trade inheritances with theirs.
That is what I am saying. Because they already paid taxes on their income when they were living. There’s no reason they should have to pay tax again after they are dead. That’s the inherent wrong. The date of sale (which should be voluntary) is the taxable event, not the date of death.
Now, there’s nothing inherently wrong about forcing the heirs to keep the same basis as the dead, so if you want to argue for the elimination of the step up, you won’t get the same “inherently wrong” argument out of me.
1 Like
Since it’s a budget reconciliation, if part of the bill was deemed unconstitutional which, in the case of something that was planned to provide tax revenues, leads to a budget deficit, wouldn’t that trigger sequestrations as per Pay-As-you-go Act rules? Wouldn’t these sequestrations in programs associated with the bill, not also be defined in the reconciliation itself?
Otherwise, wouldn’t it be all too easy to add overly generous estimates for revenues or like you mentioned even provisions that you suspect to be unconstitutional (but only added to milk the boost in revenues), just to make these reconciliations revenue neutral?
I’m not sure but it sounds like those rules never actually kick in, ala the debt ceiling which always gets raised.
Meanwhile, heres a non billionaire’s take on those tax proposals.
The fetid stench of socialism hangs heavy in the air surrounding these two. ˄˄˄˄˄
No poor person ever offered me a job.
The rich and the ultra rich evoke in me not the sort of envy and resentment Democrats attempt endlessly to cultivate. Instead I (together with sensible capitalists like me) am motivated to work harder in an effort to become rich myself. And I am grateful to live in a country where anyone can acquire wealth if they are willing to put in the work.
It is not cultivation of envy which once made America great. It is people with opportunity to reach their highest potential. To the despicable envy hustlers I commend the words of the Tenth Commandment:
“You shall not covet your neighbour’s house, you shall not covet your neighbour’s wife, nor his manservant, nor his maidservant, nor his ox, nor his ass, nor any thing that is your neighbour’s.” Exodus 20:17
Since many of the envy hustlers don’t believe in Almighty God or the Bible, the above has little to no impact on them. Pity. But no shock there.
4 Likes
Experts estimate that over 32 billion coins are collected in Mario games every year, and all of those gains go completely untaxed, allowing gamers to reap the benefits of power-ups and extra lives without sending any money to the government.
“This is, like, totally unjust,” said AOC, the world’s smartest socialist. “Greed is literally killing people and killing our planet. It’s time to tax Mario coins.”
2 Likes
The stench you imagine is enshrined in the very founding of this country, which included abandoning and preventing a monarchy.
That’s so messed up. If you don’t like the law, just ignore it. You build safeguards in reconciliation bills against deficits and instead of planning what will get cut if revenues are not as high as you plan, you just vote for a moratorium on the cuts and embrace the deficits. What was the bleeping point of pretending to have safeguards? Why bother even having the CBO score these bills if you gonna ignore sequestration provisions when they don’t go your way? System is beyond hope. Makes you really doubt we’re in a country of laws rather than a banana republic with a veneer of laws nobody follows.