Ending the estate tax: Walton's - $54 Billion / Koch Bros. - $38 Billion

[KONG-D'SNT-TAP]

This
Its crazy how one side want serfdom!
Plus If someone wealthy dies then his grown ass kids should have to fly on their own merit! shit if your dad was a billionare you cant hope for a better start in life

Its funny how so many millions growing up in shitty inner city ghettos with 3rd world level schools should all 'pull themselves up by their bootstraps 'and 'make better life choices ' etc yet when anyone talks about a litte of the the same treatment for the silver spoon/trust fund class its suddenly all sob stories
'"but..but daddy just died and im only 40 years old , been to the finest colleges and hugely wealthy anyway..how will i cope?"

This will hurt rural white working class trump voters the most.

The bootstrap ideology only pertains to the poor working classes who already work 2-3 jobs. The rich use their lobbying power and wealth to guarantee they never have to use their own bootstraps.

 

[Islam Imamate]

Oh, that is good news. So in your example, were it even correct, the one who inherited said farm could easily pay off that $3.6M over 15 years via 180 small $20,000 monthly installments, right? But that is only if the loan were interest-free, so...

If he has land worth $20 million and he can't pay that off then he should sell the land to someone who could more efficiently use it.

 

[KONG-D'SNT-TAP]

Can you please link me to these major tax breaks for walmart because I don't know what you are talking about and I want to talk on even ground.

Didn’t the gop just pass a huge tax break for the wealthiest Americans and corporations.

You need a link? I don think so. Go link me some of the information you just pulled outta your ass.

 

[KILL KILL]

I don’t get the hate?



Walmart is great and provides products at crazy low prices.They provide jobs, support local communities, etc. Do we really want to take their money, and waste it in true government fashion?

Aren't a large percentage of their employees on government programs?

 

[whougonnacall]

This will hurt rural white working class trump voters the most.

The bootstrap ideology only pertains to the poor working classes who already work 2-3 jobs. The rich use their lobbying power and wealth to guarantee they never have to use their own bootstraps.

Yep maga indeed!
All for a tiny peice of their pie spent in lobbying money and paying washed up/fringe 'experts' at think tanks to come up with arguments for how the increasing wealth disparity is right and good for everyone!
The only thing that trickles down is them pissing on the ordinary joe and the cato institute etc tells them its rain!

 

[Headkicktoleg]

Didn’t the gop just pass a huge tax break for the wealthiest Americans and corporations.

You need a link? I don think so. Go link me some of the information you just pulled outta your ass.

I've given zero concrete ideas or information, only thoughts.

 

[PHATV]

If he has land worth $20 million and he can't pay that off then he should sell the land to someone who could more efficiently use it.

$20,000/month for 15 years!?

He or she would have to sell it. To someone who could afford that.

Which would be a giant corporate farming operation as opposed to the family that built it. A regular farmer down the road a few miles would never have the capital to be able to acquire it. So you are for the big corporations over family-owned and run businesses. I get it, now. If that is your goal, then I see why you would favor hammering them like that.

 

[hillelslovak87]

Blah blah blah
Number
Give a number or admit you are talking out your ass and back it up with data

Here's a chart showing our income inequality reaching escape velocity. I would like to see the chart see the two vectors approach something more equitable.

Again, only one desperate for their own abjection would support people like the uber rich.

 

[Islam Imamate]

Which would be a giant corporate farming operation as opposed to the family that built it. A regular farmer down the road a few miles would never have the capital to be able to acquire it. So you are for the big corporations over family-owned and run businesses. I get it, now. If that is your goal, then I see why you would favor hammering them like that.

"Family owned"

If a family owns a $20 million estate they're not exactly a small business in my eyes.

Why would the small farmers be unable to purchase it? Who is saying they'd have to sell all of it? They could sell some of it to help pay the estate tax as well a reduce the amount of their estate which is taxed. Small farmers can easily buy smaller plots of land, heck that would probably make it easier to break into the industry whereas without an estate tax the land would increasingly concentrate in fewer hands and that's advantageous to corporations or large landed estates.

 

[HIMBOB]

You have 1% of the population pay 45.7% of federal income taxes. The system needs to become regressive to fix inequality issues. Thankfully this issue is being addressed with tax reform. People like you disgust me

Is this why there are so many mega rich in America?

You talk about this like upper end tax rates are causing some real problem and needs fixing. Really though the only objection you have is that you think it's unfair.

If there is some greater issue with it please spell it out but I've never seen you do it, and i would love to.

 

[KONG-D'SNT-TAP]

I've given zero concrete ideas or information, only thoughts.

Well I gave concrete information.

This tax break from the gop and trump is trickle down economics at its finest.

Walmart has the audacity to make announcements that they gave their employees ONE TIME bonuses to the tune of 400 million this year.

What a deal Eh? A one time bonus, the first time in 56 years. They give away a measly 400 million and keep tens of billions over the course of this time.

You’ve been scammed by the gop and big business once again.

 

[KONG-D'SNT-TAP]

Aren't a large percentage of their employees on government programs?

Yes

 

[HIMBOB]

We should find a way to fix this other than just straight up robbing them in taxes to make charts look better.

Something like capital gains taxed like income?

 

[ultramanhyata]

It puts excessive wealth concentrations back into the economy for the next generation to compete for instead of accelerating a growing gap between the wealthy and the poor.

Its enoght money to sustain 100 generations of a family without them contributing anything to society.

Estate tax discourages hoarding money to keep within a family, which reduces the possibility of hyperinflation from stagnating fortunes.

Unfortunately, these points are way over the heads of "taxation is theft!" Trumpublicans.

 

[Headkicktoleg]

Something like capital gains taxed like income?

sure or maybe higher taxes on corporations. Maybe distribution taxes.

 

[PHATV]

"Family owned"

If a family owns a $20 million estate they're not exactly a small business in my eyes.

Why would the small farmers be unable to purchase it? Who is saying they'd have to sell all of it? They could sell some of it to help pay the estate tax as well a reduce the amount of their estate which is taxed. Small farmers can easily buy smaller plots of land, heck that would probably make it easier to break into the industry whereas without an estate tax the land would increasingly concentrate in fewer hands and that's advantageous to corporations or large landed estates.

How are they not a small business? It's a farm we're talking about, not an "estate". That's your spin. The land, buildings, equipment/tractors, those are all very expensive items. Livestock if they are dairy or beef as opposed to just crops. I don't think you're thinking this through, just reacting like "$20M means they live like Jay-Z". It's simply not the case.

 

[bobgeese]

Aren't a large percentage of their employees on government programs?

Honestly, I’m not against the government helping people who help themselves.

I don’t like handing money to people who refuse to help themselves.

 

[Islam Imamate]

Why not? It's a farm we're talking about, not an "estate". That's your spin. The land, buildings, equipment/tractors, those are all very expensive items. Livestock if they are dairy or beef as opposed to just crops. I don't think you're thinking this through, just reacting like "$20M means they live like Jay-Z". It's simply not the case.

A farm would technically count as a small business since nowadays they're not labor intensive business and small business in the US are often defined as having fewer than 500 employees. But the point is the estate tax isn't necessarily breaking small farmers, if their estate comes out to less than $5 million they not even hit by it and I don't think for those that are affected its not going to be by much unless they truly have a massive estate.

And as has been stated, farms can pay the estate tax over time in installments. If they can't then they sell the land and it comes under new management. The breaking up of landed estate is one of the benefits of the estate tax, not one of its downsides.

I never said they're living like Jay Z so what are you on about there?

 

[Rod1]

I don't think those are mutually exclusive. Having a few powerful families control a disproportionate amount of wealth is not good for society, that wealth can be parlayed into political power and to me that's a threat to democracy. Its also the case that wealth inequality correlates with higher levels of violence and so its no wonder that Latin America leads the world in both.

Disproportionate amount of wealth is usually the byproduct of tax evasion in the first place.

If they can amass such fortune with US in the 60s level taxation, then more power to them.

 

[fallable]

It fixes a glitch of extreme wealth concentration

I feel like the government gaining access to this money is extremely hit or miss. It might go to something that benefits society, it might go to funding "moderate rebels" in the ME. I think the best case scenario is for wealthy people to reinvest in industry, enterprise, and research and development or to pursue philanthropic endeavors ala Bill Gates. A guy like Gates is no fool. He gives a lot of money away, but he also seems pretty measured in terms of how he decides to dole it out, meaning there is a pretty good chance for some success. The estate tax would hit Gates too, right? Do you think the government would do better with that money?

Also, I'm not as familiar with the Koch family or the Walton family in terms of their charity, but I do know one of the Kochs helps to bankroll Nova on PBS among other things, and a quick search on the Waltons shows they run a charitable foundation.

I guess it comes down to whether you think industry and enterprise creates more impact, philanthropy, or government programs. Most people would probably say some combination of all three, what I'm saying is a guy like Gates is basically hitting all the marks on his own.