[quote]FightinIrish26 wrote:
sasquatch wrote:
ZEB wrote:
sasquatch wrote:
grew7 wrote:
sasquatch wrote:
Close the current loop holes and then get rid of the tax.
Until then, tax 'em.
What, “loopholes,” are you talking about?
Would you like for me to list them one at a time or can I just suggest that the wealthy of this country pay less percentage of tax than the middle.
Or were you completely unaware of the fact that the wealthy have ‘avenues’ for which to avoid paying some taxes?
You know I have knocked down a good amount of money each year. But, I have yet to take advantage of any of those tax breaks that they say all the “rich” are able to get.
So, please list these advantages and if they make any sense I will send them to my accountant who had better act on them so that I can take advantage of the system.
Becuase…so far it seems that the more I make the more I pay!
I am quite serious, and I thank you in advance.
Zeb
Good amount is different from the majority of people actually affected by the death tax. I’m talking about the people with huge net worths who DO shield a great deal of potentially taxable income.
You want to play semantics. I want everyone to pay their fair share. I gaurantee you people who pull $1 mil/yr are not paying 33% of their income in taxes. And I’ll take the next step and say people who’s net worth puts them in the top 10% of wealth figures take advantage of many of the loopholes and ‘programs’ not available to those of us who survive on a much more modest income.
And I’m not talking about the ‘fake’ rich here. Let’s talk about old money.
I don’t want to see the gov’t take it away. That is not my point. I certainly don’t want to see people who have worked hard not be able to help their children. My contention–again–is with the uber rich who probably have already figured a way to bypass this tax anyway.
That was the other point I was going to raise. I was reading about this, and even though I’m not much for tax codes and what not, I read that there are already numerous ways to pass this tax over. “One time gifts”, shifting money around, etc.
The estate tax only effects people with “estates”. That’s not 98% of the population.[/quote]
The purpose of the gift tax is to stop people from getting around the estate tax. You are spot on on your 98% figure, roughly 2% of all decedents estates are subject to the estate tax. There is an exclusion of $2mm, and this is after you subtract all liabilities from the estate. There are also deductions for burial, charitable deductions, etc.
I don’t agree with adding an extra tax just because someone is rich, don’t even get me started on the jock tax. Tax loopholes are designed not to allow rich folks to avoid taxes ( hence the AMT), but to shape behaviors. An example is the deduction for charitable donations, the theory is that the charity is providing a social good, which no longer has to be paid for with tax dollars. Or excise (sin) taxes on booze and tobacco.