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Original: 3/11/2009 12:47 AM
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Wednesday, March 11, 2009

 the audacity of the estate tax
This book may not be brand-new, but it is a good one.
And I just read a statistic that he quoted that almost blew me out of the bathtub.  I'm going to have to research this a bit to see if it is true, but REINSTATING THE ESTATE TAX would add $1 Trillion dollars per year to the Treasury.  And that, ladies and gentlemen, could single-handedly help this spiraling vortex of the world economic I.O.U. problems.
Look, China wants the U.S. to have a stronger dollar, so that it's yuan can be competitive for exports.  But as it's middle class grows, China will repurpose their consumption customers to their own rice paddy workers, and this is no bueno!  China halting purchase of our Treasuries (which fuels the borrowing to pay for these massively huge deficits) effectively keeps the U.S. a hostage of China.
According to Obama (who was a freshman senator at the time of the writing of this book) completely reinstating the Estate Tax would add a trillion per year to the Treasury.  And that, my friends, would be nice!  Estate tax is just a death tax - it means your heirs get their fortune TAX FREE.  Warren Buffett said this is equal to picking the Olympic Gold Medal winners for future generations based on if their parents were Gold Medal winners.  Members of the "Lucky Sperm" club get their fortunes tax-free.
Flip side to that argument would be that taxing estates would mean double taxation, since the income was earned during the worker's lifetime and taxed at that.  But this is not true all the time you know.  oh oh, the ambien is kicking in and honestly I have no idea what my point was.  Feeling fuzzy and whoooo!  My eyes!  My eyes ....
 Posted 3/11/2009 12:47 AM - 1034 Views - 17 eProps - 21 comments

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@bmofo - 



"Of course Frank has no problem with taking someones money. It's not his."

Hey, we agree! You are right, its not mine (and its not yours, either)...

I don't know why you can't spell Obama all the way out. Is that like how the gangbangers in LA won't spell out the initials of their rival gangs or something? Highly Lame, don't you think?

And yes, there are plenty of things I disagree with Preident Barack Obama about... Gay Marriage, Faith-based initiatives, and de-listing the wolves from the ESA, for starters.
Posted 3/15/2009 6:42 PM by fjblau - recommend - reply

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@fjblau - 

Regardless of if it's our money or not, it doesn't seem "fair" to take someone elses money at a rate of at least 45 percent when it's already been taxed before.
I guess it is kind of a rival gang, maybe the "Constitutional Home-Skillets" or something like that. With a special handshake and bandanas or something.
It's just funny how people get. It was ok to say "Hail to the Theif" and all other insults with GWB. But when you even say "Barack Hussein Obama" people jump all over you. It was a little juvenile on my part, but oh well.
Posted 3/16/2009 8:07 AM by bmofo - recommend - reply

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"But when you even say "Barack Hussein Obama" people jump all over you. It was a little juvenile on my part, but oh well."

Straw man.

I have no problem with "Barack Hussein Obama"... it IS his name, and shows just how far we have come as a country to elect him. It's better than "Ob**a" or whatever that was supposed to be.

But we can agree to disagree about taxation.
Posted 3/16/2009 8:52 AM by fjblau - recommend - reply

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@fjblau - 

"But when you even say "Barack Hussein Obama" people jump all over you. It was a little juvenile on my part, but oh well."

Straw man"

Grow a sense of humor man!
I don't have a problem with "Barack Hussein Obama" as a name either.
I was referring to the issue some of his own supporters had with someone calling him by his full name. (true example)I say "Barack Hussein Obama" in the wrong crowd and I get told "It doesn't matter what his name is, that's just intolerant and derogatory to call him that." Intolerant and derogatory of me to call him by his full name? But referring to GWB "dubya" and calling him other derogatory names is ok with the same people?
Posted 3/16/2009 1:06 PM by bmofo - recommend - reply

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I could care less what he is called, as long as it has "President" in front of it, I'm happy.
Posted 3/16/2009 4:45 PM by fjblau - recommend - reply

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From my friend SusanG:

"Yet there is surprisingly little evidence to support the proposition that rich New Yorkers would bolt if forced to pay higher income taxes. Though tracking the movement of wealthy taxpayers from state to state is difficult, experts on public finance and migration say they have yet to document a substantial "rich drain" in states that have raised income taxes in recent years.

"At the level we’re talking about, there’s no quantitative evidence that it affects the mobility decisions of affluent taxpayers," said Douglas S. Massey, a demographer at Princeton University and president of the American Academy of Political and Social Science.

Believe it or not, people don't dig up roots and flounce out of their home state just because of taxes, any more than they quit their jobs when they creep up to the edge of a higher tax bracket (no matter how many times ignorant reporters find stupid people who think that's how the tax system works).

No matter how hard the tax-cut cult tries to spin it, the truth is people--even rich people!--like to live where there are well-funded public schools and public safety agencies, good roads and hospitals, and quality infrastructure and shared communal spaces."
Posted 3/19/2009 8:20 AM by fjblau - recommend - reply

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"whining by rich people about having to pay their fair share."

Yea your right I guess... I mean less then 5% of the country is forced to pay about 95% of the tax burden of the entire country.... yea, thats fair. Are you crazy?

I know you don't care 'bmfo' because its not your money being stolen, and no offense but you will probably never make that much money? However some of us do. And we don't appreciate our very hard earned money being stolen from us. Thats exactly what it is, stealing. We worked hard. We put our necks on the line to take risks and improve our businesses. We invested in our educations to further ourselves. We employeed people. And what does the government say in return? Thank you... we will take 50% of that now.

And then people like you have the nerve to say we are being 'unfair' or un-american for not wanting to pay all of that money in taxes. See what you would say if you earned that money fair and square and they came and took it from you. I'd bet my house you would be singing a different tune then.

But in the mean time, your more then happy to take a hand out of money you didn't earn, from someone that did, while at the same time spitting in their face for being successful.
Posted 3/27/2009 12:08 AM by jdietzproductions - recommend - reply


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