Why do Republicans still claim that the average American has to worry about the estate tax?

When did Republicans claim the average person has to worry about the estate tax?
How does being "above average" mean it is OK for your assets to be seized by the state when you die?

 

Heh, I dont think so, I mean here you are..So let us know what YOU thought was the correct understanding.

 

80%? Try 99.9%. That's the percentage of estates NOT taxed by the federal government.

 

One saves money to get those things one values at a lower price over all than what you'd pay for them on time, not just for the sake of saving money. You familiar with the term house poor?

 

At least you're admitting the fact that this only affects the very rich.

That's a start

 

Wait...you inherited a very BIG farm (if it's value is tens of millions)...do not work it...and you're grief stricken that you might have to sell off a few acres?...because it has "sentimental value"?

Bullshit. You were sitting on it until you got a buyer to put in those condos or strip malls.

Cry me the blues...really

 

You can't just sell off a few acres. It costs more to sell them than you get out of them. You have to rearrange your irrigation system, put up new fences and get a survey plus other selling costs. On top of that, large farms are usually set up in sections and roads tend run along section lines and you will likely end up cutting off the land from road access.

My wife inherited that land over fifteen years ago. If that was our purpose, we would have sold it immediately rather than pay property tax and insurance on it for fifteen years. The same farm share cropped the land for my wife's father and my wife continued on with it. It has been a good relationship. However, that relationship was in danger because of this very unfair tax.

To put it kindly, you are clueless about our particular situation.

 

Sell a couple extra acres to cover those costs.

You'll be fine

Oh and so much for ignore huh?

 

You are absolutely clueless. Unless, we sell a substantial portion, it costs more to sell than we get out of it.

I got a message from a friend saying that you had made a particularly stupid post.

 

As usual, you avoid the questions because honest answers do not fit your narrative.

 

There's so many - did he send a link?

 

E

 

For those arguing for this estate tax...does it affect you in any way shape or form? If it does then please explain how.

 

The estate tax targets wealth and not income this hurts those of middle and lower class more than the wealthy and therefore taxing wealth is in my opinion one of the worst things ever (not to mention income has been taxed already unless it was illegally gained). The people should be allowed to leave their hard earned assets to their children without the government coming for more of it. If those of the lower and middle class could keep more of what they were given they would have more opportunity to use it to enrich themselves and their family, moving up in the social economic ladder. Not to mention the estate tax brings in absolutely dick when it comes to revenue. https://taxfoundation.org/estate-tax-provides-less-one-percent-federal-revenue/ "
Currently, the United States has the fourth highest estate or inheritance tax rate in the OECD at 40 percent—nearly three times the OECD simple average of 15 percent. Despite its high tax rate, the U.S. estate tax accounts for less than 1 percent of total federal revenue.

In 2014, the estate tax raised $19.3 billion according to the OMB, or 0.6 percent of total federal revenue of over $3 trillion."

Now this was a quick, beer fueled, first search result post. But WTF are we arguing about.... .6% of federal revenue?! But its a revenue stream that hurts the middle class more than the rich.

 

Dunno...lets find out? Back in 2014, what DID the government do with that 19.3 billion?
And currently during this presidential term, how much have Trumpers saved compared to during Obama beginning years with dems in congress..when it was in the worst position it could possibly be in?

I have a feeling not many Trumpers even know. Yet are arguing against it as a legitimate position, just because its cool to argue less taxes. Hell EVERYONE wants less taxes, but are faced with reality that this whole experiment is pretty costly to defend.

 

Middle class folks don't inherit property worth tens of millions

This affects middle class folks...not at all

This affects most wealthy folks...not at all

 

Oh, boohoo. 99.9% of the population would trade with you in a heartbeat to have your "problems", getting a ton of assets that they likely never see in their lifetimes while not having worked for them. Unfair??? Only in your mind. What is unfair is that some people get rich by the luck of birth. Others get genetic diseases by the bad luck of birth, making them die at young age. And you whine that uncle Sam wants to take a few dollars of your stash.....

 

My wife received a relatively large inheritance which she shares with her sisters. My wife manages it and we take virtually none of the profits. It goes to her sisters who are in more need than us.

I worked for everything I own. My dad passed away a few days before I was born. I grew up in genuine poverty, but did not realize it at the time. My mother took every job she could to support her five children. I worked my way through college. No loans and very little help from the rest of the family who was also struggling. I ended up with a BS in engineering and an Air Force commission. All four of my siblings also did very well in life. We started out poor, but knew how to work. As far as I am concerned, if I could do it, just about any one else could do it.

What is unfair, us for someone who did not work as hard as I did to think they should latch onto what I worked for without them working themselves. So, quit your bitchin and get off your butt and get to work.

 

You are the one who is bitchin, not me. Also, note that I never said you didn't deserve what you worked for. However, you DIDN'T work for your inheritance, your wife's parents did. You were lucky to be the recipient. Plus, the estate tax only kicks in for estates over $22.4 million, a VERY generous amount. Now, stop complaining about life being unfair and pay your dues.

Second, you keep making assumptions about me. Now, in your mind, I am unemployed and living off your tax-payers' money. Isn't that what conservatives always think about Democrats? However, that scenario only exists in your head. Other people work hard too, it isn't just you. And they weren't lucky to receive 100s of acres of land as inheritance.

 

Those 100s of acres were worked for also by my wife's teacher/farmer parents. They worked hard and would grossly resent having to give it up. I am not bitching. The "death" tax is grossly unfair whether it affects me or not. The taxes were already paid on that money. It is just another democratic effort to get more. Saying something is unfair, is not bitchin. It is simply unfair, especially to farmers and small businessmen.

If it is anyone who is bitchin, it is you bitchin about my successful life. You reminded me of my successful life several times, about how fortunate I am. Personally I feel good about someone who does well with their life.

I am not the one who intruded into someone else's conversation bitchin all the way about how fortunate they are.

If you did good in life, good. I suspect that you, like me, would much prefer to leave it to your children than to a bloated government who will spend every penny I ever gave them in a couple of seconds.

"Oh, boohoo. 99.9% of the population would trade with you in a heartbeat to have your "problems", getting a ton of assets that they likely never see in their lifetimes while not having worked for them" Bitchen

"However, you DIDN'T work for your inheritance, your wife's parents did" Bitchin.

"Other people work hard too, it isn't just you. And they weren't lucky to receive 100s of acres of land as inheritance" Bitchin.

 

And here you are "Bichin" about losing PART of something you never worked for and in fact do not even use...

 

There are apparently an estimated 11 MILLION millionaires in the US. Do you not think that constitutes a rather large group of people who may be affected by an Estate Tax?

 

That's just not true. The folks hit the hardest are farm families. First the estate is taxed, then the children are taxed on what the inherit.....it often breaks up businesses that way, and only adds insult to the hurt of losing a family member.

The uber rich usually don't feel the impact.

There is literally no moral reason to have an estate tax.

 

And those who work for the small business that get clobbered by this.

 

Being a millionaire does not even PUT you in the group affected by the estate tax