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Business, Economics, and Taxes: Capitalism. Yay? >=(

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unofan said:
Stepped up basis is the tradeoff for the estate tax. It's not a loophole, it was meant to acknowledge that you're paying taxes on the value of the asset at the time of transfer from the estate to the heirs.

The problem is that Republicans want to have their cake and eat it too. They want stepped up basis and no estate tax. That is horse hockey.
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I want to double tax. I want to infinity tax into oblivion.
 
I agree. Double taxation happens all the time - I get taxed on my income AND I pay sales tax with those already-taxed dollars. Two transactions, two taxes. If you inherit an asset and then later sell it, that’s two transactions. Where is it written that it is immoral to have a tax on each? Tax laws are created by man, not discovered as a fundamental property of the universe.
 
LynahFan said:
I agree. Double taxation happens all the time - I get taxed on my income AND I pay sales tax with those already-taxed dollars. Two transactions, two taxes. If you inherit an asset and then later sell it, that’s two transactions. Where is it written that it is immoral to have a tax on each? Tax laws are created by man, not discovered as a fundamental property of the universe.
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It's not immoral. But as I've posted repeatedly, Democrats like their money just as much as Republicans. You think Nancy P. wants to live in Oakland?
 
LynahFan said:
I agree. Double taxation happens all the time - I get taxed on my income AND I pay sales tax with those already-taxed dollars. Two transactions, two taxes. If you inherit an asset and then later sell it, that’s two transactions. Where is it written that it is immoral to have a tax on each? Tax laws are created by man, not discovered as a fundamental property of the universe.
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Look, I'm all for getting rid of stepped up basis in this era where the inheritance tax is being reduced to nothing.

But if my great grandfather bought an acre of land for $1 in the Great Depression and it was worth $20,000 when he left it to my father on his death, and it gets taxed through an inheritance tax based on that $20,000 value, then the stepped up basis makes sense because that is what it was worth when my father got it and that $19,999 became realized at that time.

If there isn't an inheritance tax, then fuck it. When my dad sells the land he owes income tax on all but the initial $1 because nothing else has been realized at any point prior to the sale.
 
SJHovey said:
It's not immoral. But as I've posted repeatedly, Democrats like their money just as much as Republicans. You think Nancy P. wants to live in Oakland?
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Just because you post it repeatedly doesn't make it true. Don't get me wrong, the D's in congress like their money but a quick glance at when rates get's raised and lowered shows they are far from equal.
 
SJHovey said:
It's not immoral. But as I've posted repeatedly, Democrats like their money just as much as Republicans. You think Nancy P. wants to live in Oakland?
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You haven't seen Oakland in a while, have you? The median house value there is $807,000.

It's not your Black Boogeyman City anymore. It's still pretty black, but those blacks make 2x as much as you. Perish the thought.
 
Indeed, one reason for the increase in white resentment is the blossoming of these populations of rich blacks in Hillcrest, Ladera Heights, Baldwin Hills, Fort Washington, Kettering, and that's leaving aside Atlanta and DC. Educated blacks are leaving uneducated whites in the dust and my god they are butthurt.

There is a lazy, violent perpetual underclass in this country. It's just not the one they thought.

It's them.
 
Kepler said:
You haven't seen Oakland in a while, have you? The median house value there is $807,000.

It's not your Black Boogeyman City anymore. It's still pretty black, but those blacks make 2x as much as you. Perish the thought.
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They probably think Harlem is cheap too lol
 
Lol wsj headline- states that cut unemployment benefits saw limited job growth.

duh.
 
Kepler said:
Yes, there are poor neighborhoods in cities. There are poor neighborhoods in NYC -- it's also one of the richest cities in the world.

You guys do stick to your racist guns, I'll give you that. You are an honor to The Cause.
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im told SF is nothing but a cesspool of crime too. Nowhere is safe for Nancy!
 
unofan said:
Look, I'm all for getting rid of stepped up basis in this era where the inheritance tax is being reduced to nothing.

But if my great grandfather bought an acre of land for $1 in the Great Depression and it was worth $20,000 when he left it to my father on his death, and it gets taxed through an inheritance tax based on that $20,000 value, then the stepped up basis makes sense because that is what it was worth when my father got it and that $19,999 became realized at that time.

If there isn't an inheritance tax, then fuck it. When my dad sells the land he owes income tax on all but the initial $1 because nothing else has been realized at any point prior to the sale.
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This is how it should work.
 
dxmnkd316 said:
This is how it should work.
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Except that:

1. It should kick in for all estates above the Standard Deduction, not just those more than $11M. Or, better yet, the recipient just has to declare it as normal income, so if their job is already above the standard deduction, the entire estate is taxable.

-and-

2. The exemption for children should be removed. Spousal exemption can stay, but end generational wealth preservation. You want your money to do good in the world? Do it yourself while you’re still alive and have some skin in the game.
 
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