I.o.u.s.a. (2008)
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#1 Most important - I hate taxes too! I believe we should have all taxes (any income source that supports the government - including parking meters/tickets - you get the point); all government spending should be capped at 25%.
#2 I believe our economy is a game. Of course, I would like the government to set up this game so that I win…but if they don’t, I want them to set up this game so that our country wins.
#3 A 15% flat tax would be good for me…and I would support it because it is better than what we have now. (Note: the average American currently pays about 53% of their income in taxes.) The problem with the flat rate is that it favors Ultra-HNW individuals and families.
I’d like to see a 15% flat tax and a death tax equal to your age (max at 95%).
Possibly lower the gift tax, although 35% will work. I do not believe an inheritance (especially a tax free inheritance) is an entitlement.Inheritance should be up to the one leaving it. Of course, it is not an entitlement. But what gives the government the right to steal the wealth I have accumulated over my lifetime. What if I want to provide my family with a comfortable life after working hard? Leaving a legacy.
What will the government do with the money that my child won’t? Likely waste it like a crackhead. If you could put a spendthrift policy on the government, that would work if you had no children.
I would rather set up an organization that provided for causes I believe in. I don’t need my hard-earned money going to fund pay raises for Congress.
[quote=Billy Mays]I’d like to see a 15% flat tax and a death tax equal to your age (max at 95%).
Possibly lower the gift tax, although 35% will work. I do not believe an inheritance (especially a tax free inheritance) is an entitlement. [/quote] So you work your entire life, paying taxes on all earnings as you go, manage your money to the point that you can leave some behind, and you think the government is entitled to it? If this were the case, why not spend like a madman towards the end of your life and finish out on welfare? No unintended consequences there.Anyone on this site who hates the inheritance tax is nothing more than a republican party lackey. We are all working for our money. the inheritance tax is intended to hit trust fund babies. People who don't really work and don't deserve their wealth. Like the Kennedys.
I only believe it should be tied to age to give a reprive to people who die an early death before they can plan for their future. If you are worth $100MM and your children are 40, they've already received all the benefit they deserve. Tax that sh*t at 75%![quote=Billy Mays]
Anyone on this site who hates the inheritance tax is nothing more than a republican party lackey. We are all working for our money. the inheritance tax is intended to hit trust fund babies. People who don’t really work and don’t deserve their wealth. Like the Kennedys.
I only believe it should be tied to age to give a reprive to people who die an early death before they can plan for their future. If you are worth $100MM and your children are 40, they’ve already received all the benefit they deserve. Tax that sh*t at 75%! [/quote]
Why should it be taxed? Why is the government (or even The People) entitled to that money?
You say that if my children are 40, they’ve received all of the benefit they deserve, what sort of benefit does the government deserve, who have been taking 30+% of my income for that past 70 years?
Imagine a big saver: They finish college in 1964 at age 21 and take a job making $8,000/year (equal to $50,000/year in 2009 dollars). They save 10% of their income every year and invests it at 8% in the stock market.
They are a hard worker and get 10% raises every year from 21 to 45 years old. From 45 to 65 years old they get 5% raises. In 2009, they retire at age 65. Their final year of work, they made $209,000 and, like every other year, they saved 10% and spent the rest (better than most Americans) This person would have saved approximately $1.3MM - Add to that a $600,000 home, $450,000 vacation home and some jewelry and they still aren't even close to the $3.5 Million dollar Inheritance tax. The inheritance tax targets dynasties...not hard working Americans. It is better for our country if we have a tax policy designed to break up dynasties. It is stupid to think otherwise.[quote=Billy Mays]Imagine a big saver: They finish college in 1964 at age 21 and take a job making $8,000/year (equal to $50,000/year in 2009 dollars). They save 10% of their income every year and invests it at 8% in the stock market.
They are a hard worker and get 10% raises every year from 21 to 45 years old. From 45 to 65 years old they get 5% raises. In 2009, they retire at age 65. Their final year of work, they made $209,000 and, like every other year, they saved 10% and spent the rest (better than most Americans) This person would have saved approximately $1.3MM - Add to that a $600,000 home, $450,000 vacation home and some jewelry and they still aren't even close to the $3.5 Million dollar Inheritance tax. The inheritance tax targets dynasties...not hard working Americans. It is better for our country if we have a tax policy designed to break up dynasties. It is stupid to think otherwise. [/quote] So only the very successful should have their money stolen by the government. The HNW people are the ones paying the bulk of taxes while they are alive, and you think that after years of paying taxes as they earn it, now they should pay taxes again on what they were able to keep? Why wait for death? Why not just put a cap on the amount of wealth you can acquire at any one time in your life?[quote=Billy Mays]Imagine a big saver: They finish college in 1964 at age 21 and take a job making $8,000/year (equal to $50,000/year in 2009 dollars). They save 10% of their income every year and invests it at 8% in the stock market.
They are a hard worker and get 10% raises every year from 21 to 45 years old. From 45 to 65 years old they get 5% raises. In 2009, they retire at age 65. Their final year of work, they made $209,000 and, like every other year, they saved 10% and spent the rest (better than most Americans) This person would have saved approximately $1.3MM - Add to that a $600,000 home, $450,000 vacation home and some jewelry and they still aren't even close to the $3.5 Million dollar Inheritance tax. The inheritance tax targets dynasties...not hard working Americans. It is better for our country if we have a tax policy designed to break up dynasties. It is stupid to think otherwise. [/quote]Are uh Socialist?
Maybe ya should move ta China, where wealth iz mo' evenly distributed
Ya'll is mad stupid.
Y’all have your heads shoved so far up Rush Limbaugh’s ass that you can’t see the real world.
This ain't socialism...this is real capitalism. More players means more competition. You people need to turn off Fox News and read a little about economics.[quote=Billy Mays]Y’all have your heads shoved so far up Rush Limbaugh’s ass that you can’t see the real world.
This ain't socialism...this is real capitalism. More players means more competition. You people need to turn off Fox News and read a little about economics. [/quote] You are missing the one tenant of capitalism that is always true, money will find it's way to those that earn it. If you are talking about trust fund babies, they will blow the money, therefore redistributing it to it's rightful place. What you are talking about however is having politicians steal rightfully earned money to give to those who have not earned it at the discretion and whim of the politicians. This is as far from capitalism as you can get.[quote=Billy Mays]Imagine a big saver: They finish college in 1964 at age 21 and take a job making $8,000/year (equal to $50,000/year in 2009 dollars). They save 10% of their income every year and invests it at 8% in the stock market.
They are a hard worker and get 10% raises every year from 21 to 45 years old. From 45 to 65 years old they get 5% raises. In 2009, they retire at age 65. Their final year of work, they made $209,000 and, like every other year, they saved 10% and spent the rest (better than most Americans) This person would have saved approximately $1.3MM - Add to that a $600,000 home, $450,000 vacation home and some jewelry and they still aren't even close to the $3.5 Million dollar Inheritance tax. The inheritance tax targets dynasties...not hard working Americans. It is better for our country if we have a tax policy designed to break up dynasties. It is stupid to think otherwise. [/quote] If this person dies in 2011, it's only $1,000,000 that is shielded. Don't forget about the states taking their share.[quote=Jebediah][quote=Billy Mays]Y’all have your heads shoved so far up Rush Limbaugh’s ass that you can’t see the real world.
This ain't socialism...this is real capitalism. More players means more competition. You people need to turn off Fox News and read a little about economics. [/quote] You are missing the one tenant of capitalism that is always true, money will find it's way to those that earn it. If you are talking about trust fund babies, they will blow the money, therefore redistributing it to it's rightful place. What you are talking about however is having politicians steal rightfully earned money to give to those who have not earned it at the discretion and whim of the politicians. This is as far from capitalism as you can get.[/quote] Most HNW individuals are small business owners. A large percentage of these are Doctors, Lawyers, Accountants, and Professional Engineers. All of these professions require passing a state issued examination. States adjust the difficulty of these exams to control the supply of professionals in these fields. This is done to reduce competition and keep salaries high. How can you agree with states artificially inflating the salaries of these professionals and disagree with the state taxing their wealth after their death? Do you also believe patents should be perpetual? Should you be paying Edison's great-great-grandchildren for every lightbulb you use? Do you homework and stop watching Fox News!!! The Inheritance Death Tax is one of the most important taxes in our country.[quote=Billy Mays][quote=Jebediah][quote=Billy Mays]Y’all have your heads shoved so far up Rush Limbaugh’s ass that you can’t see the real world.
This ain't socialism...this is real capitalism. More players means more competition. You people need to turn off Fox News and read a little about economics. [/quote] You are missing the one tenant of capitalism that is always true, money will find it's way to those that earn it. If you are talking about trust fund babies, they will blow the money, therefore redistributing it to it's rightful place. What you are talking about however is having politicians steal rightfully earned money to give to those who have not earned it at the discretion and whim of the politicians. This is as far from capitalism as you can get.[/quote] Most HNW individuals are small business owners. A large percentage of these are Doctors, Lawyers, Accountants, and Professional Engineers. All of these professions require passing a state issued examination. States adjust the difficulty of these exams to control the supply of professionals in these fields. This is done to reduce competition and keep salaries high. How can you agree with states artificially inflating the salaries of these professionals and disagree with the state taxing their wealth after their death? Do you also believe patents should be perpetual? Should you be paying Edison's great-great-grandchildren for every lightbulb you use? Do you homework and stop watching Fox News!!! The Inheritance Death Tax is one of the most important taxes in our country. [/quote]Billy, you did not answer my question. Why does the government have a right to the money I earned, even after I died? Why should they be the wealth re-distribution machine?
Let's say I earned over my lifetime $100 million dollars. Let's further assume I paid taxes of about 48% (that's probably about right, maybe more). I now have $52 million dollars in my checking account. Let's say I spent $10 million. I die at 80. The government takes $33.6 million dollars., leaving $8.4 million dollars to my heirs.
That means that over my lifetime, from birth to death, the government has taxed me at 81%!
Nobody is up Rush's butt here. But you are clearly in the tank for socialism. The inheritance (death) tax is an abomination.
What makes them more responsible than my daughter? What if my daughter decided that she would use that money to set up a non-profit that helps under privileged kids get medicines? Or sets up a place that helps veterans get back on their feet after being in war? Or battered women? Business is far more efficient than government at doing that.
Just because there are trust fund babies who waste money, doesn't mean I shouldn't be given the choice to how MY money is spent.
For ever dollar the government takes, more than 70 cents gets wasted.
[quote=Moraen] [quote=Billy Mays][quote=Jebediah][quote=Billy Mays]Y’all have your heads shoved so far up Rush Limbaugh’s ass that you can’t see the real world.
This ain't socialism...this is real capitalism. More players means more competition. You people need to turn off Fox News and read a little about economics. [/quote] You are missing the one tenant of capitalism that is always true, money will find it's way to those that earn it. If you are talking about trust fund babies, they will blow the money, therefore redistributing it to it's rightful place. What you are talking about however is having politicians steal rightfully earned money to give to those who have not earned it at the discretion and whim of the politicians. This is as far from capitalism as you can get.[/quote] Most HNW individuals are small business owners. A large percentage of these are Doctors, Lawyers, Accountants, and Professional Engineers. All of these professions require passing a state issued examination. States adjust the difficulty of these exams to control the supply of professionals in these fields. This is done to reduce competition and keep salaries high. How can you agree with states artificially inflating the salaries of these professionals and disagree with the state taxing their wealth after their death? Do you also believe patents should be perpetual? Should you be paying Edison's great-great-grandchildren for every lightbulb you use? Do you homework and stop watching Fox News!!! The Inheritance Death Tax is one of the most important taxes in our country.[/quote]
Billy, you did not answer my question. Why does the government have a right to the money I earned, even after I died? Why should they be the wealth re-distribution machine?
Let's say I earned over my lifetime $100 million dollars. Let's further assume I paid taxes of about 48% (that's probably about right, maybe more). I now have $52 million dollars in my checking account. Let's say I spent $10 million. I die at 80. The government takes $33.6 million dollars., leaving $8.4 million dollars to my heirs.
That means that over my lifetime, from birth to death, the government has taxed me at 81%!
Nobody is up Rush's butt here. But you are clearly in the tank for socialism. The inheritance (death) tax is an abomination.
What makes them more responsible than my daughter? What if my daughter decided that she would use that money to set up a non-profit that helps under privileged kids get medicines? Or sets up a place that helps veterans get back on their feet after being in war? Or battered women? Business is far more efficient than government at doing that.
Just because there are trust fund babies who waste money, doesn't mean I shouldn't be given the choice to how MY money is spent.
For ever dollar the government takes, more than 70 cents gets wasted.
[/quote]
I don't know if this is an official stat or not, but I believe it. What happened to the "I am going to go through the national budget line-by-line and cut out waste" thing that Obama was talking about? I voted Obama, and don't think he is doing a bad job, I just am damn sick and tired of seeing beaurocrats waste my money on stuff that no reasonable person would spend money on.
The government has the "right" do do whatever they believe is best for the country. They can issue inheritance taxes or kill people. Government can do whatever the f*** they want - and they have the lawyers to make it all "legal". Government absolutely will not spend your money wisely. Like always, they will waste most of it. That's just the way it is. If you want it to be spent wisely, set up a charitable trust before you die. Your kids can earn an income working for this charity until the funds run out. I am absolutely not a socialist. You didn't respond to my question: Should you be paying royalties to Thomas Edison's great-great-grandchildren. This is the foundation to my arguement that your children to not have an absolute right to the money you earned. It sounds like you belive you should.Billy, you did not answer my question. Why does the government have a right to the money I earned, even after I died? Why should they be the wealth re-distribution machine?
Let’s say I earned over my lifetime $100 million dollars. Let’s further assume I paid taxes of about 48% (that’s probably about right, maybe more). I now have $52 million dollars in my checking account. Let’s say I spent $10 million. I die at 80. The government takes $33.6 million dollars., leaving $8.4 million dollars to my heirs.
That means that over my lifetime, from birth to death, the government has taxed me at 81%!
Nobody is up Rush’s butt here. But you are clearly in the tank for socialism. The inheritance (death) tax is an abomination.
What makes them more responsible than my daughter? What if my daughter decided that she would use that money to set up a non-profit that helps under privileged kids get medicines? Or sets up a place that helps veterans get back on their feet after being in war? Or battered women? Business is far more efficient than government at doing that.
Just because there are trust fund babies who waste money, doesn’t mean I shouldn’t be given the choice to how MY money is spent.
For ever dollar the government takes, more than 70 cents gets wasted.
I never said I believed in patents extending beyond the life of their creator. But 17 year patents could be extended. Intellectual property should be protected. What about the formula for Coke? Because it is a corporation and a perpetual entity, why do they get to protect the formula for Coke?
I can set up a charitable trust, true. But I shouldn’t have to. If I’m done with the money and my kid wants to do something else with it, and I have bequeathed it to her, then she should be able to do what she wants with it without being taxed ridiculous amounts.
It was money I earned.
Let the government take what they want, but make it legal FIRST.
And if I don’t like it, I can leave.
The "formula" for coke is not protected - only their trademarks. You are allowed to sell a copy of coke (if you can figure out what it is); you just can't call it coke, coca-cola, or use their "ribbon".
I belive intellectual property, like your estate, should be subject to different rules over time. 17 years for patents - a lifetime for your estate. I like that both these time limits exist. I believe it is better for our economy. I agree 17 years may be too short for a patent in today's world; but this is the way it is. I also believe $1MM is too low; and 40% is too low. ($3.5MM is probably a good level - and, as said previously, I'd love to see a death tax equal to your age - 95% max.) I don't understand what you mean by "but make it legal FIRST"I believe the reason the formula for coke isn’t protected is b/c they don’t want to “patent” it which would require revealing the recipe so they could obtain the patent in the first place.
Also sweet name, Billy Mays
Ok. Forget Coke.
Keep your hands off of my money. There is no way that the government wasting so much money helps the economy. There is no argument in the world that would work for that.