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I am going out on a limb here and guessing their reason is : The big corp gets to pay less % because they pay more of the total tax and thus leading to a smaller % because "after all" they already pay a bigger % - This falls right in line with the 1%'s paying most of the tax in the country. The dumbest argument of all times... If they made all of the money, what % of all of the tax would they pay ? Trick Question for all...
"Today is MINE"
Since you are worried about the billionaires, let's make the first billion to each heir exempt from the estate tax. Then you can tax the billionaires when they pass down that billion dollar company to the billionaire kids. :rolleyes
The tax only generated $8.5 billion last year, it isn't a tax worth fighting for. Get rid of it and get rid of the cap on social security taxes on earnings. That would be a nice trade.
Former Mini Mart Magnate
I am just here for my amusement.
WOW, you are right, that is exactly what the rich have done, and now they have all the regulations, laws, and soon to be taxes to take it all. Smart of the poor to allow it.
The corporation would pay 20%. Then any dividends paid would be taxed at their appropriate rate. The small business owner with pass through income like an S-corp would pay 25%, but his distributions are not taxable unless they exceed his basis. Also, smaller S-corps with less income could choose to take it as ordinary income if the bracket is lower.
There are two different taxes being discussed and Trump international may not be better off, tax percent wise, than the pool cleaner. Also, the pool cleaner is likely taking all of his pay as salary and it would be taxed as ordinary income, if I understand the tax proposal correctly.
Former Mini Mart Magnate
I am just here for my amusement.
Couldn't agree more!
Another way to look at this is that in every scenario mentioned in this thread, the person, family who worked hard and built their wealth did so with after tax dollars. In other words, they pay their lawful taxed every year of their life, and the money they are able to save for their heirs albeit through the transfer of the business they built or the cash they saved - has already been taxed by Uncle Sam. So in the tax and spend mindset in Washington, they feel it is fair that since the principle is now dead, they can just steal another 55% of what's left of their "after tax" dollars. Is that fair? Really? Wouldn't that bring their effective tax rate to 85%? It doesn't matter if you've worked your entire life and were only able to save $50,000 to pass on to your family after your death. How would you feel when after working so hard that your family didn't really get the benefit of the $50,000 you were able to save for them. Now all they have is $22,500. How would that make you feel? Still think its fair?
Then why remove it if it only generated 8.5B in 2012 ? No big deal right ? Or is it they don't want to continue paying their attorneys, their tax guys and others the money they pay to hide and move those assets to prevent paying the tax ? If it is possible, and crooked, and just inside the law of legal, some white rich crook will figure out how to do it...
Only 1 in 700 deaths results in an estate tax, so it only hits the ultra wealthy..
Only 20 small business and family farm estates nationwide will owe any estate tax in 2013. SO here it is in black and white. https://americansfortaxfairness.org/tax-fairness-briefing-booklet/fact-sheet-the-estate-inheritance-tax/
Thus, Trump ran out, found one of the few farmers worth Millions and had him brought in for the rally today to preach about the estate tax... Brilliant... But for the poor, the angle should be "it is only 8.5 billion, who cares ? Awesome !
How did you come up with "a Great Number of small businesses" From today's speech ?
https://americansfortaxfairness.org/tax-fairness-briefing-booklet/fact-sheet-the-estate-inheritance-tax/
Get rid of it, plain and simple. It is not a tax worth fighting for, Trade it for an increase in the Social security tax.
Former Mini Mart Magnate
I am just here for my amusement.
Well considering in the local area around me I personally know multiple individuals who if they did not conspire, cheat and hide funds they would be impacted by the idiotic estate tax.
In what world should it be ok to steal the earnings and properties of families or individuals and divide it up among the useless masses?
"Today is MINE"
Most itemized deductions are gone and the standard deduction will double. This will give the family of four $12,000 of the $16,000 deduction they lost. Single people without kids will get $12,000 instead of $10,500 (the old deduction plus the $4500 personal exemption). The bottom, bracket goes from 10% to 12%. Until they decide on the income brackets, how it effects your taxes is unknown. They are raising the child tax credit, so that could more than offset the personal exemption lost and make having kids pay off. They will also repeal the Alternative minimum tax. the current plan allows exemptions for home ownership, retirement savings, charitable giving and higher education if you itemize, but most of the others will be gone. Not sure how they will address healthcare costs and taxes.
I doubt it will pass as it is written, but it is a bold plan. The only problem is, I doubt it generates the same revenue to the government as the current plan and there is no discussion on how to address Social Security and the shortfall in funding it currently has. There is also no discussion on the increase in the deficit and debt this will cause in the short term, at a minimum. If it helps rebound the economy even more, it is possible that revenue will increase over time, but it will be a huge impact on the debt in the short term.
Former Mini Mart Magnate
I am just here for my amusement.
We will have to wait until the republicans get the final plan together, but my guess is, it will be the nail in the coffin that buries it.
Former Mini Mart Magnate
I am just here for my amusement.
I actually heard a news story follow up there are not a lot of details with it will cost 2.2 trillion dollars. Huh?
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The incentives to have kid(s) out of wedlock will disappear.
But, alas, the politicians will not be able to dole out their favors...
That's why I "can't wait to see" what the GAO says is the impact.
When Trump floated his tax plan during the campaign the GAO numbers were off the chart and just simply not sustainable. But his base were not the the kind to worry about GAO numbers during a campaign, especially as I suspect they didn't expect him to get in.
Now when we see the impact, and it is a formal Administration budget, I will be interested in the reaction.
"Today is MINE"
The rate should be at a level that meets our spending needs.
If that is modest then great.
If not then it needs to be what it needs to be.
Unless you change our spending needs!
Now there is an idea.
Why not have spending reform rather than tax reform.
Then taxes will follow spending.
Agreed........based on GROSS revenue with no allowance for depreciation or business expenses. Only exemptions should be for charitable contributions and investments that create jobs (which would include things like capital purchases, research and development, and education/training basically replacing depreciation).
That's quite an elitist statement.
What percentage of the tax paying population has "capital purchases, research and development, and education/training basically replacing depreciation."
The tax rate is either flat or it isn't. Once you introduce "the isn't", then it again becomes a free for all.
Facts are not meant to be funny.
And it is only the 2nd time, as of yet
So a business pays taxes on gross revenue and not profits? That is just dumb. My gross revenue before expenses last year was around $500,000. The income tax on that would bankrupt me. My payroll alone is $100,000 , utilities another $60,000, credit card fees $70,000 and assorted other expenses. I do not think you understand how business operates or the expenses they have to make that remark. A tax on gross revenue would put even Walmart out of business.
Former Mini Mart Magnate
I am just here for my amusement.
I think he meant gross net revenue!
He said GROSS revenue with no allowance for depreciation or business expenses.
"Winners take responsibility, losers blame others"
Megyn Kelly
Stocks, bonds, property, cash.
What do you think can be cut ?
Yes, we should follow the lead of such bastions of freedom as Russia, Bolivia, and Saudi Arabia. Brilliant!
Do you really think our progressive tax structure incents people to have kids out of wedlock?
What's your definition of "fair"?
Here's what is going to happen. The GAO is going to say the impact will be north of $2T in additional debt. The politicians in support of such a tax change will argue that the tax cut will result in economic growth which will result in additional revenue -- the same trickle down economics that has been shown to not work when we've done it in the past -- in an attempt to get the number lower than the $1.5T of additional debt allowed with a simple majority vote in the Senate.