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Trump is #2 in GOP Field - Page 376

post #5626 of 8748
I wouldn't call a $5M estate "wealthy." But anyway, most of the people I interact with online and in real life who fit the description of the person in that cartoon are against confiscatory taxes not because they think they're going to be rich (many of them are already at or near retirement), but they oppose it on moral grounds and a belief in limited government/taxation.
post #5627 of 8748
Quote:
Originally Posted by suited View Post

I wouldn't call a $5M estate "wealthy." But anyway, most of the people I interact with online and in real life who fit the description of the person in that cartoon are against confiscatory taxes not because they think they're going to be rich (many of them are already at or near retirement), but they oppose it on moral grounds and a belief in limited government/taxation.

By any sane definition $5 million is wealthy. It's not stupid, fuck you type money but it's certainly wealthy.
post #5628 of 8748
Is it wrong to be opposed to hereditary wealth class on moral grounds?
post #5629 of 8748

How is inheriting money or bequeathing money upon one's death immoral?

post #5630 of 8748
Quote:
Originally Posted by brokencycle View Post

How is inheriting money or bequeathing money upon one's death immoral?

Some people don't understand mean reversion and think we'll get a landed gentry again.
post #5631 of 8748
Quote:
Originally Posted by Piobaire View Post

By any sane definition $5 million is wealthy. It's not stupid, fuck you type money but it's certainly wealthy.

I guess I should caveat that my post was based on rich and wealthy being used to describe different amounts of money. I would certainly agree that $5M is well off and "rich," but people often use "wealthy" to describe massive estates.
post #5632 of 8748

I always assumed Medwed was landed gentry and inherited his wealth, so I can see why he thinks it is immoral.

post #5633 of 8748
Quote:
Originally Posted by Piobaire View Post

By any sane definition $5 million is wealthy. It's not stupid, fuck you type money but it's certainly wealthy.

Once you consider the lifetime gift exemption, it's really more like $11 million. That's pretty solidly wealthy.



It seems to me like normal people have a really distorted picture of estate taxes. I'd bet the average middle class voter probably thinks that estate taxes would apply to them, when that's almost certainly not the case (at least at the federal level).
post #5634 of 8748
Quote:
Originally Posted by Gibonius View Post

Once you consider the lifetime gift exemption, it's really more like $11 million. That's pretty solidly wealthy.



It seems to me like normal people have a really distorted picture of estate taxes. I'd bet the average middle class voter probably thinks that estate taxes would apply to them, when that's almost certainly not the case (at least at the federal level).

The average middle class voter doesn't understand the concept of "marginal tax rates" either. I really would not be against some kind of intelligence test in order to vote and suspect it would hit both sides fairly hard.
post #5635 of 8748
The "I vote for Trump cuz Hillary is going to raise the estate tax" seems rather out of touch considering like .2% of all households will pay any estate tax and like maybe 20 households a year pay it
post #5636 of 8748
Quote:
Originally Posted by indesertum View Post

The "I vote for Trump cuz Hillary is going to raise the estate tax" seems rather out of touch considering like .2% of all households will pay any estate tax and like maybe 20 households a year pay it

 

If I'm not mistaken, Hillary wants to go back to the 90s estate tax which would affect significantly more people (not that it affected all that many to begin with).

Quote:
Originally Posted by Piobaire View Post


The average middle class voter doesn't understand the concept of "marginal tax rates" either. I really would not be against some kind of intelligence test in order to vote and suspect it would hit both sides fairly hard.

 

The problem is the test would be administered by government officials.

Quote:
Originally Posted by Gibonius View Post


Once you consider the lifetime gift exemption, it's really more like $11 million. That's pretty solidly wealthy.



It seems to me like normal people have a really distorted picture of estate taxes. I'd bet the average middle class voter probably thinks that estate taxes would apply to them, when that's almost certainly not the case (at least at the federal level).

 

The problem is the only people it hurts are families of people who die unexpectedly or small business owners (more difficult to slowly gift a business).  The wealthy have trusts and good lawyers to avoid the tax.

post #5637 of 8748
Quote:
Originally Posted by indesertum View Post

The "I vote for Trump cuz Hillary is going to raise the estate tax" seems rather out of touch considering like .2% of all households will pay any estate tax and like maybe 20 households a year pay it

A quick Google-foo indicates between 5-600 estates in 2015 for nearly $19 billion collected. http://www.taxpolicycenter.org/briefing-book/how-many-people-pay-estate-tax

That's a pretty good chunk of change to raise off tops 600 people.
post #5638 of 8748
Quote:
Originally Posted by brokencycle View Post

The problem is the test would be administered by government officials.
This is always my objection when people talk about making driving tests routine. I don't want to lose my ability to drive because some idiot didn't mail out my reminder letter, or didn't process the form, or failed me for trivial bullshit because they were in a bad mood. I'd rather have more terrifying drivers on the road than have to deal with that.
Quote:
The problem is the only people it hurts are families of people who die unexpectedly or small business owners (more difficult to slowly gift a business).  The wealthy have trusts and good lawyers to avoid the tax.
Like a lot of taxes, the estate tax turns into an idiot tax. You can always find some legal structure to minimize or eliminate the bill, just takes a little more thought. I'm not sure idiot millionaires are a terribly sympathetic group, as far as taxation victims go.
post #5639 of 8748
Quote:
Originally Posted by Gibonius View Post

Like a lot of taxes, the estate tax turns into an idiot tax. You can always find some legal structure to minimize or eliminate the bill, just takes a little more thought. I'm not sure idiot millionaires are a terribly sympathetic group, as far as taxation victims go.


While they may not be sympathetic, I'm not sure I want to live under a system of government that makes decisions because a group is small and unsympathetic.
 

post #5640 of 8748
As my link above shows people are indeed paying this tax so I don't think we can dismiss it under the thought it's just idiots getting caught up in it.
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