Please pardon the long-winded reply.... I missed a few posts.
Quote:
|
Originally Posted by topher1181 I would favor moving to a flat sales tax. I also favor raising the minimum wage, at least for full-time workers. |
Full time workers aren't the ones who need to worry about minimum wage. It's the part-time sales clerk at your huge neighborhood discount store. Also, lack of healthcare is more of a problem than minimum wage. Those at or near the minimum wage level are generally w/o healthcare as well for a double kick in the nuts. If you must give them something, give them healthcare, not higher minimum wage.
Quote:
|
Originally Posted by gberardi It sounds like being taxed for giving away your property, a gift tax, only it is involuntarily. |
This is essentially what it is... a gift tax.
Quote:
|
Originally Posted by topher1181 Also, are you a member of the top 2% of the country that actually has to worry about the estate tax? |
I am not currently, but I plan on it. According to
Wikipedia, I am in the upper class. (top 5%... if my went back to work, we'd be top 1.5%)
Quote:
|
Originally Posted by topher1181 As for income taxation, a flat tax wouldn't be "fair" since a dollar is worth more to someone who has less. $100 in taxes is a huge hit to someone on minimum wage, but $1000 isn't nearly as painful to someone who has millions. |
Sure it is! The rich get rich by paying attention to the pennies. The poor stay poor by not paying attention. That 100 bucks is every bit as painful to the rich guy as the poor guy. The poor guy knows that it's a hundred bucks. The rich guy knows the value of that hundred bucks.
I know both sides of this coin. As a kid, family income was around 17,500 a year. Now, it's considerably more. This is due, in part, because now I realize the value of 20 bucks instead of just knowing what a 20 dollar bill was. Mindset.
Quote:
|
Originally Posted by topher1181 But then, I am probably middle class financially, and maybe I just don't see it objectively enough. |
Correct. The main problem that people have with taxes is that it is an emotional issue. They can't sit back and look at it intellectually.
Quote:
|
Originally Posted by Brutha Why isn't the middle class also able to move their bucks like the lower middle class? |
I think that Stephen was talking about the lower middle class's ability to spend money before they earn it, then wonder why they are in debt.
Quote:
|
Originally Posted by Brutha The right question is: "Why should some people who have rich parents get money without working for it?"
The estage Tax is some sort of compromise, you get something which you didn't earn but not as much as when you would get the whole heritage. |
Because they are your children. Does the state charge your children tax on the toys you give them? the food? the clothes? No. You have already paid the tax.
Quote:
|
Originally Posted by Karma Police 6. I don't care whether you think I'm "in agreement with the basis of America or capitalism." State your position or opinion, but please don't characterize me or my beliefs. By the way, many American capitalists, like Warren Buffett, agree with me. Quote: |
Originally Posted by KevinG Because Warren Buffett has so much money he doesn't care who takes it. In fact, he likes to give it away, something the people pushing for the death tax don't like to do (statistically conservatives donate far more money to charity than liberals). | |
Buffett's oposition is an extension of one of his other statements: ""I want to give my kids enough so that they could feel that they could do anything, but not so much that they could do nothing."
Buffett absolutely DOES care who gets it. That is why he has picked his charities and donated the money now so that there is not much of anything left when he kicks it.
I will do the same for my children, and will probibly give away much of my wealth as I have been doing all throughout my career. I do not, however, feel that the government should steal from my children to re-distribute how it sees fit. My wealth distribution should be my choice... same as Buffett.
Quote:
|
Originally Posted by gberardi Can you point me to info that states how many actually get hit with the estate/death tax? |
12,600 people in 2006. Quote:
|
Originally Posted by gberardi I don't know if you missed it above, but no one addressed my argument against the claim that taxes had already been paid and shouldn't have to be double-taxed.
You can argue against capital gains or the gift tax, but then I think eventually you will just be arguing against any tax. |
I paid the tax before I put the money into the RothIRA. There is no tax on withdraw. I paid the tax before I bought the stock. Transfer ownership at the cost basis that I bought it at. I paid the tax before (income), and when I bought the house(transfer), and while I lived there(property). Transfer as-is. If they want to sell, that's their choice.
My main point here is that I feel that the government should not be able to dictate how much of my money I can give to my children.