Red_Vespa saidActually I have some problem with the estate tax. An estate, which has been taxed all along, is taxed yet again, to a rather high amount, solely because it is being passed on to another party?
Well, it was already taxed. Or if it was given exemptions, that is is separate issue. Point is, why should a property being passed to someone else be taxed?
Because they can. And if you haven't noticed, our federal government needs money to support all these new social programs (in addition to the insolvent current ones).
Except, both Republicans & Democrats have supported this. What is your position on inheritance taxes?
Hey RV, I absolutely concur that it doesn't seem fair to tax estate holdings twice. However, we're in an unusual situation. For 28 of last 42 years, the United States has been under Republican mismanagement. And, programs which are being driven to insolvency have the majority of the blame on Republican mis-administrations. Presidents in the Democratic party appear to have been "the broom boys" for the messes that Republicans have consistently been making over the past 42 years.
Increasing the Estate and Inheritance Taxes should be a temporary measure. The problem started with Baby Boom cohort and it should end with that cohort. Both of these taxes should be levied until this generation dies out and passes their wealth to future generations of Americans. This generation got rich from artificially subsidized tax breaks, so let the public recoup what has been lost under Republican administrations.
And, lest we repeat history, legislation to prohibit the raiding of public trust funds should be enacted to assure future generations of safety nets against poverty and inadequate healthcare from old age or disability.
The Republican's brands of "Trickle down economics" and "Compassionate Capitalism" are exposed for the lies that they are by evidence of their failure to improve the general standard of living in the United States. For the first time in history, younger Americans are facing the possibility of making LESS than their parents. And that, is a sad indicator of what could be the death of the American Dream.
Thank the Republicans, and especially the Neo-Cons.
Aloha and Be Well!