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Food for thought….
Wild guess:
This might be considered a "political" topic.
Meanwhile, back at the ranch, the folks who pass the laws about who to tax, need money to get elected or re-elected, and a hefty percentage of that money comes from donors who do not want THEIR stuff taxed.
Folks who want donations are likely to try keep the donors happy.
"All we need is a wealth tax."
Generally speaking, I'm a bit leary of simplistic solutions to not-simplistic problems. Fwiw, I wear my retired farmer/teacher hat when I say that, not my retired billionaire hat. 
Plato: "When there is an income tax, the just man will pay more and the unjust less on the same amount of income."
I can't find the quote I was looking for. I think it was from Thomas Jefferson and it had something to do with voting to pick your neighbors pocket.
Most of us are in favor of taxes that other people have to pay. Non smokers favor cigarette taxes, non drinkers favor alcohol taxes, non workers favor income taxes, non wealthy favor wealth taxes.
Estate taxes are greatly superior. Dead people don't own things, so they can't be upset when you take it.
quote:
Originally posted by kwwEstate taxes are greatly superior. Dead people don't own things, so they can't be upset when you take it.
Yea but their heirs do.
The way our governments waste our money I don't think any of us should pay taxes.
youtube.com/watch?v=cjPJC3pNtBc
If only I could get my CPA wife to go along....
quote:
Originally posted by kwwEstate taxes are greatly superior. Dead people don't own things, so they can't be upset when you take it.
Then they can't owe anything either and all debts are wiped out upon death.
quote:
Originally posted by Mad Hornetquote:
Originally posted by kwwEstate taxes are greatly superior. Dead people don't own things, so they can't be upset when you take it.
Yea but their heirs do.
Not before the estate taxes have been paid ... make it 100% to anyone but a surviving spouse and things would work pretty well. There's no reason to let wealth accumulate over generations.
quote:
Originally posted by DC5quote:
Originally posted by kwwEstate taxes are greatly superior. Dead people don't own things, so they can't be upset when you take it.
Then they can't owe anything either and all debts are wiped out upon death.
I could deal with that ... if credit card and mortgage companies had to factor in the probability that some percentage of what they lent was going to be discharged by death, they'd just factor the risk into their rates.
quote:
Originally posted by kwwquote:
Originally posted by DC5quote:
Originally posted by kwwEstate taxes are greatly superior. Dead people don't own things, so they can't be upset when you take it.
Then they can't owe anything either and all debts are wiped out upon death.
I could deal with that ... if credit card and mortgage companies had to factor in the probability that some percentage of what they lent was going to be discharged by death, they'd just factor the risk into their rates.
I suspect...
In a Big way...
N...
In thier faviour..ofcoarse..
quote:
Originally posted by STUD figmo Alquote:
Originally posted by kwwquote:
Originally posted by DC5quote:
Originally posted by kwwEstate taxes are greatly superior. Dead people don't own things, so they can't be upset when you take it.
Then they can't owe anything either and all debts are wiped out upon death.
I could deal with that ... if credit card and mortgage companies had to factor in the probability that some percentage of what they lent was going to be discharged by death, they'd just factor the risk into their rates.
I suspect...
In a Big way...
N...
In thier faviour..ofcoarse..
When I lived in the Netherlands Antilles, banks there wouldn't give loans with repayment terms that exceeded your life expectancy.
Logicly speaking ...
It would be best to own..nothing...but...
Debt..upon death..
If you can not give it to who you want..
Personaly..i see something off..about that..
I perfur the idea of a will...
But it is an interesting subject..to look at..
N..
Anothers perspective..might be good..
quote:
Originally posted by kwwquote:
Originally posted by STUD figmo Alquote:
Originally posted by kwwquote:
Originally posted by DC5quote:
Originally posted by kwwEstate taxes are greatly superior. Dead people don't own things, so they can't be upset when you take it.
Then they can't owe anything either and all debts are wiped out upon death.
I could deal with that ... if credit card and mortgage companies had to factor in the probability that some percentage of what they lent was going to be discharged by death, they'd just factor the risk into their rates.
I suspect...
In a Big way...
N...
In thier faviour..ofcoarse..
When I lived in the Netherlands Antilles, banks there wouldn't give loans with repayment terms that exceeded your life expectancy.
How...did/dose...that work..?
Jokingly..i tell folks i am on the 2 year plan now...
Usta have the 30 year plan.... :0/
quote:
Originally posted by DC5Plato: "When there is an income tax, the just man will pay more and the unjust less on the same amount of income."
I can't find the quote I was looking for. I think it was from Thomas Jefferson and it had something to do with voting to pick your neighbors pocket.
Most of us are in favor of taxes that other people have to pay. Non smokers favor cigarette taxes, non drinkers favor alcohol taxes, non workers favor income taxes, non wealthy favor wealth taxes.
You must think you know a lot to speak for "Most of us",Dave.Where doi you get that from?
I have my very own thoughts that are unique to me and the way I grew up and live way down here on the end of a sparsely populated fishing village peninsula.
I happen to think we should all abide by the same tax billing numbers.I only worry about others that get a free ride.
quote:
Originally posted by Owen"All we need is a wealth tax."
Generally speaking, I'm a bit leary of simplistic solutions to not-simplistic problems. Fwiw, I wear my retired farmer/teacher hat when I say that, not my retired billionaire hat.
Obvious stuff is often simple.
quote:
Originally posted by kwwquote:
Originally posted by Mad Hornetquote:
Originally posted by kwwEstate taxes are greatly superior. Dead people don't own things, so they can't be upset when you take it.
Yea but their heirs do.
Not before the estate taxes have been paid ... make it 100% to anyone but a surviving spouse and things would work pretty well. There's no reason to let wealth accumulate over generations.
As if the government can be trusted with money to spend it to the benefit of mr and mrs Everybody.
Taxing success only makes people stop trying to be successful, plus anyone wealthy enough can hold everything in a trust not controlled by them and estate taxation cannot reach that capital. Or even better, hold it in Panama etc. Money will always flow back to the 1% anyway. Even in communism, the literal .00001% control 100% of capital.
They just gotta start taxing corporations their fair share and cutting useless government positions and stop wasting and misallocating everyone's tax money on useless stuff. They also need to stop taxing the lower and middle classes to death, taxing energy into the stratosphere and figure out a way to create more well paying jobs.
The real issue is that nobody makes a living wage anymore. When people aren't spending and aren't investing everything slows to a crawl and governments turns to trying to empty private citizens' savings and investment accounts to perpetuate their already questionable existences.
Edited by - ChunoTheDog on 03/29/2023 08:26:37
quote:
Originally posted by STUD figmo AlLogicly speaking ...
It would be best to own..nothing...but...
Debt..upon death..
If you can not give it to who you want..
Personaly..i see something off..about that..
I perfur the idea of a will...
But it is an interesting subject..to look at..
N..
Anothers perspective..might be good..
Debt is bondage. Which I want no part of.
Cash is king.
quote:
Originally posted by kwwquote:
Originally posted by Mad Hornetquote:
Originally posted by kwwEstate taxes are greatly superior. Dead people don't own things, so they can't be upset when you take it.
Yea but their heirs do.
Not before the estate taxes have been paid ... make it 100% to anyone but a surviving spouse and things would work pretty well. There's no reason to let wealth accumulate over generations.
Historically, most of the mega wealthy gave away most of their wealth to schools, the Arts, medicine, institutions, political parties *cough... etc etc before their deaths anyway. With a 100% levy on inheritance, they would just give it away sooner and quicker
quote:
Originally posted by kwwEstate taxes are greatly superior. Dead people don't own things, so they can't be upset when you take it.
Corporations and trusts can live forever.... *evil laughter ensues*
Reminds me of the letter Don Corleone wrote, to be read after his death, which alotted various valuable stuff to various people, in such a way as to not pay a dime in taxes.
quote:
Originally posted by ChunoTheDogquote:
Originally posted by kwwquote:
Originally posted by Mad Hornetquote:
Originally posted by kwwEstate taxes are greatly superior. Dead people don't own things, so they can't be upset when you take it.
Yea but their heirs do.
Not before the estate taxes have been paid ... make it 100% to anyone but a surviving spouse and things would work pretty well. There's no reason to let wealth accumulate over generations.
Historically, most of the mega wealthy gave away most of their wealth to schools, the Arts, medicine, institutions, political parties *cough... etc etc before their deaths anyway. With a 100% levy on inheritance, they would just give it away sooner and quicker
If the wealthy gave away their money after death where did all these trust-fund babies come from?Elon was born into wealth as was Besos and so many,many others.
quote:
Originally posted by steve davisquote:
Originally posted by DC5Plato: "When there is an income tax, the just man will pay more and the unjust less on the same amount of income."
I can't find the quote I was looking for. I think it was from Thomas Jefferson and it had something to do with voting to pick your neighbors pocket.
Most of us are in favor of taxes that other people have to pay. Non smokers favor cigarette taxes, non drinkers favor alcohol taxes, non workers favor income taxes, non wealthy favor wealth taxes.You must think you know a lot to speak for "Most of us",Dave.Where doi you get that from?
I have my very own thoughts that are unique to me and the way I grew up and live way down here on the end of a sparsely populated fishing village peninsula.
I happen to think we should all abide by the same tax billing numbers.I only worry about others that get a free ride.
I get "Most" from observation, statistics, and election coverage when new tax bills are put into play. For example, in Massachusetts they recently voted on and approved a "Millionaires Tax" . And Connecticut is proposing the same thing. Since the majority of citizens voted for this tax, that tells me that most were in favor of a tax that did not affect them, but affected someone else. Simple math tells me there are fewer millionaires than non millionaires. The same thing happened several years ago regarding new cigarette taxes. I have never seen an incident where the majority of voters voted for a tax that included them, but I've seen majorities vote for tax reductions that included them. Remember, most does not include everyone, we all feel differently on virtually all issues, but when the majority speaks I can say most, because that is what the majority is. FWIW, I almost always vote with the minority.
quote:
Originally posted by kwwquote:
Originally posted by Mad Hornetquote:
Originally posted by kwwEstate taxes are greatly superior. Dead people don't own things, so they can't be upset when you take it.
Yea but their heirs do.
Not before the estate taxes have been paid ... make it 100% to anyone but a surviving spouse and things would work pretty well. There's no reason to let wealth accumulate over generations.
So the minor children of single parents are screwed. The not only lose their one parent, but their home and any savings that their mother of father put aside for them. What does your plan do the the life insurance industry?
Edited by - DC5 on 03/29/2023 09:09:11
The Kevin Utopia, where nobody creates jobs, all business is owned by the government, everyone lives in equal abject poverty except members of the party. Why hasn't this ever been tried before? Oh wait, it has, and it has never worked.
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