2&2 Slider To Leyritz
Well-known member
No, the estate tax is an asset tax, not an income tax. If it were equitable, then under my scenario everyone would simply pay a tax rate on X% of the value of their estate.
Has anybody seen Republicans defend the corporate tax cuts and estate tax cuts with respect to the revelations of the Paradise Papers?
Republicans thrown on defensive after study shows tax hike
House Republicans are on the defensive after a new analysis shows some middle-income people would see tax increases under their plan to rewrite the tax code.
While most taxpayers — 61 percent — would see their taxes fall in the next two years, almost one-fifth would pay higher taxes by 2027, the Joint Committee on Taxation said Tuesday.
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Forty-six percent that year would get a tax cut while more than one-third would see only minimal changes in their tax bills, totaling less than $100.
It promises to be an explosive issue, especially given President Donald Trump and other Republicans’ promises to make the middle class the focus of their tax plans.
That has some Republicans in the Senate pushing for significant changes, such as an even larger — and pricier — expansion of the child tax credit, a popular middle-income break, than the one House Republicans are contemplating.
It would require major revisions to the House plan, H.R. 1 (115). Some conservatives want to finance expanded middle class breaks at least in part by repealing the Affordable Care Act’s mandate to buy health insurance.
https://www.politico.com/story/2017/11/07/gop-on-defensive-analysis-tax-hike-244642
That article is mostly bull. Nike and other major corporations are not investing in untraceable foreign accounts. As a matter of fact that is highly illegal. And there are provisions in this law that would apply a minimum tax (10%) on foreign entities which would curtail a lot of this tax haven activity. There are other Provisions tgat would actually tax outbound payments of us corporations to related parties under a lot of different circumstances. The left engages in propaganda on this subject just as much as the right[h=1]The Paradise Papers Make the Republican Tax Plan Look Insane[/h]
[h=2]The bill would give huge tax breaks to the superrich and reward corporations hoarding assets abroad, just like those implicated in the latest massive leak.[/h]
https://www.vice.com/en_us/article/...pers-make-the-republican-tax-plan-look-insane
The estate tax is a fairly new thing. It's gone back and forth over the last 100 years or so, but it isn't some Constitutionally supported initiative.
Is it an awesome way to pair down giant estates? Yes.
It still feels wrong to double or triple tax things though.
As to this specific tax plan, it baffles me that this particular change is where they are trying to make headway though. It just seems very contrary to Trump's original message, which makes me want to put it on the Houses of Congress. It really fits their shitty narrative right now.
If the goal is to lower the tax burden on our citizens, taxing dead people makes more sense than taxing living people.
No, it's an asset tax over an exemption amount to account for the fact that higher asset value estates have more unrealized gains and less basis as a % of total. These are public policy goals of not taxing all estates at the same rate.
That article is mostly bull. Nike and other major corporations are not investing in untraceable foreign accounts. As a matter of fact that is highly illegal. And there are provisions in this law that would apply a minimum tax (10%) on foreign entities which would curtail a lot of this tax haven activity. There are other Provisions tgat would actually tax outbound payments of us corporations to related parties under a lot of different circumstances. The left engages in propaganda on this subject just as much as the right
House Republicans say their tax bill will stimulate the economy by increasing the take-home pay of workers across income levels. So many graduate students were stunned to learn that instead of increasing their already meager stipend checks, the bill seeks to tax their waived tuition as income. The results of such a change, many graduate students and higher education experts say, would be devastating not only to graduate students’ day-to-day finances but to research and teaching across academe.
“Never once did I think our tuition waivers would be at risk,” said Mary Grace Hébert, a Ph.D. candidate in communications at the University of Illinois at Urbana-Champaign. “I knew there would be changes in terms of corporate taxes and individual taxes, but I did not realize they’d be pulling from graduate employees to fund those cuts, and I’m disappointed they chose to do that.”
Hébert, a Louisiana native whose husband is also an out-of-state graduate student at Illinois, said she ran some numbers and found that she’d lose about 25 to 30 percent of her $17,000 stipend under the plan. She never sees the tuition dollars that are waived, of course, so she’d have to pay taxes on them with the stipend checks she receives for her nine-month appointment as a teaching assistant.
She likened it to “taxing a coupon.”
https://www.insidehighered.com/news...axing-graduate-students-tuition-waivers-would