Comments on: Death Tax Repeal Expected Today http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/ Online Journal of Politics and Foreign Affairs Wed, 25 Nov 2009 05:46:45 -0600 http://wordpress.org/?v=2.8.5 hourly 1 By: Liberty1st Blog: Red meat for a blue state. http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/comment-page-1/#comment-43325 Liberty1st Blog: Red meat for a blue state. Tue, 19 Apr 2005 03:23:02 +0000 /?p=10066#comment-43325 <strong>Death and taxes</strong> Death and taxes

]]> By: Isaac Schrödinger http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/comment-page-1/#comment-42882 Isaac Schrödinger Thu, 14 Apr 2005 18:12:00 +0000 /?p=10066#comment-42882 <strong>Immoral Tax Policy</strong> A person likely goes to school, then finds work. Property is bought and a life is lived. The entire time Immoral Tax Policy
A person likely goes to school, then finds work. Property is bought and a life is lived. The entire time

]]> By: JackLewis.net http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/comment-page-1/#comment-42871 JackLewis.net Thu, 14 Apr 2005 16:27:27 +0000 /?p=10066#comment-42871 <strong>Around the Blogosphere</strong>  GI's cleared in death of Nicola Calipari PowerLine, LGF (also here), WizBang, Blogs for Bush, Jawa Report, Cathouse Chat John... Around the Blogosphere
GI's cleared in death of Nicola Calipari PowerLine, LGF (also here), WizBang, Blogs for Bush, Jawa Report, Cathouse Chat John...

]]> By: Jammer http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/comment-page-1/#comment-42845 Jammer Thu, 14 Apr 2005 14:38:52 +0000 /?p=10066#comment-42845 Drum's numbers sound bad. Federal estate taxes are NOWHERE near bringing in $100 billion a year. His link uses some estimates from a Congresional committee, and throws in interest for good measure, but it just doesn't make sense. For example, in 2003, the "Death and Gift" revenue line for the Feds was $22 billion (this was from the CBO). Even if we were to *double* that, you still only get to $400 billion over ten years, not a trillion. Now, I know numbers will go up, but even now the estate and gift taxes form only about 1-2% of total govt income. This is not a back-breaker. It may be bad policy, but not becuase its going to leave the coffers empty. Drum's numbers sound bad. Federal estate taxes are NOWHERE near bringing in $100 billion a year. His link uses some estimates from a Congresional committee, and throws in interest for good measure, but it just doesn't make sense. For example, in 2003, the "Death and Gift" revenue line for the Feds was $22 billion (this was from the CBO). Even if we were to *double* that, you still only get to $400 billion over ten years, not a trillion.

Now, I know numbers will go up, but even now the estate and gift taxes form only about 1-2% of total govt income. This is not a back-breaker. It may be bad policy, but not becuase its going to leave the coffers empty.

]]> By: Brandon Jaynes http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/comment-page-1/#comment-42834 Brandon Jaynes Thu, 14 Apr 2005 12:56:44 +0000 /?p=10066#comment-42834 The problem also appears when small-business owners are forced to sell the business to pay the tax. Often, the business must be sold for less than its market value, because it will be common knowledge to the buyer that time is of the essence for the seller--after all, the IRS is going to get their cut. The problem also appears when small-business owners are forced to sell the business to pay the tax. Often, the business must be sold for less than its market value, because it will be common knowledge to the buyer that time is of the essence for the seller--after all, the IRS is going to get their cut.

]]> By: James Joyner http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/comment-page-1/#comment-42833 James Joyner Thu, 14 Apr 2005 12:56:12 +0000 /?p=10066#comment-42833 Sales tax, though, is mostly state and local vice the income tax. I'd prefer a single consumption-based tax. Sales tax, though, is mostly state and local vice the income tax. I'd prefer a single consumption-based tax.

]]> By: Rick DeMent http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/comment-page-1/#comment-42827 Rick DeMent Thu, 14 Apr 2005 11:16:11 +0000 /?p=10066#comment-42827 Evey dime I spend and pay sales tax on has already been taxed, pretty lame argument really. But let me ask you this, if they make Cap Gains tax exempt would you then think it's OK to tax estates again? Evey dime I spend and pay sales tax on has already been taxed, pretty lame argument really. But let me ask you this, if they make Cap Gains tax exempt would you then think it's OK to tax estates again?

]]> By: Liberty1st Blog: Red meat for a blue state. http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/comment-page-1/#comment-42803 Liberty1st Blog: Red meat for a blue state. Thu, 14 Apr 2005 02:19:35 +0000 /?p=10066#comment-42803 <strong>Death and taxes</strong> Death and taxes

]]> By: Parker http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/comment-page-1/#comment-42775 Parker Wed, 13 Apr 2005 21:07:21 +0000 /?p=10066#comment-42775 100% is not enough - you should not be allowed to give your family anything while you are alive, either! 100% is not enough - you should not be allowed to give your family anything while you are alive, either!

]]> By: James Joyner http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/comment-page-1/#comment-42772 James Joyner Wed, 13 Apr 2005 20:57:35 +0000 /?p=10066#comment-42772 Anderson: Mostly because it's taxing money that's already been taxed. People pay money on their income and their property and then they get shafted yet again when they're trying to pass it on to their kids. Anderson: Mostly because it's taxing money that's already been taxed. People pay money on their income and their property and then they get shafted yet again when they're trying to pass it on to their kids.

]]> By: Anderson http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/comment-page-1/#comment-42770 Anderson Wed, 13 Apr 2005 20:53:25 +0000 /?p=10066#comment-42770 Hey, if we're going to tax people *at all*, isn't a tax imposed after you're dead just about the most painless way to do it? I am always mystified why *this* tax annoys people so much. Hey, if we're going to tax people *at all*, isn't a tax imposed after you're dead just about the most painless way to do it? I am always mystified why *this* tax annoys people so much.

]]> By: Dodd http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/comment-page-1/#comment-42757 Dodd Wed, 13 Apr 2005 19:23:41 +0000 /?p=10066#comment-42757 In the strictest sense, the SupCt has stated in the past that a 100% death tax would be Constitutional. Under the Common Law, a decedent's property escheats to the state unless the state declines to take it (and if no heirs are found, this is what happens). It has long been our tradition to allow people to devise their property to their heirs, but that is, again technically, a matter of the state waiving its right to simply take it. The estate tax, OTOH, was the brainchild of Socialists who saw it explicitly as a means of preventing concentration of individual wealth. The varying degree to which it penetrates down into the middle class having shown no effect on the age-old American trend of "three generations from overalls, to mimosines, back to overalls", it never really served even this purpose well. In the strictest sense, the SupCt has stated in the past that a 100% death tax would be Constitutional. Under the Common Law, a decedent's property escheats to the state unless the state declines to take it (and if no heirs are found, this is what happens). It has long been our tradition to allow people to devise their property to their heirs, but that is, again technically, a matter of the state waiving its right to simply take it.

The estate tax, OTOH, was the brainchild of Socialists who saw it explicitly as a means of preventing concentration of individual wealth. The varying degree to which it penetrates down into the middle class having shown no effect on the age-old American trend of "three generations from overalls, to mimosines, back to overalls", it never really served even this purpose well.

]]> By: McGehee http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/comment-page-1/#comment-42751 McGehee Wed, 13 Apr 2005 18:48:31 +0000 /?p=10066#comment-42751 It does seem as though our tax system's one efficient accomplishment is indeed that of separating families from the fruits of their forebears' labor. It does seem as though our tax system's one efficient accomplishment is indeed that of separating families from the fruits of their forebears' labor.

]]> By: Eric http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/comment-page-1/#comment-42742 Eric Wed, 13 Apr 2005 17:29:10 +0000 /?p=10066#comment-42742 My father was a Court Reporter, and late in his career expanded into a small agency, which continued after he passed away. My mother passed away 3 years later. While my family was affluent enough to send me to a private college with no financial aid, I never had a trust fund and have had to work since leaving college. The same is true of both of my sisters. My mother's estate was taxed. The limits are clearly not just hitting gazillionaires. My father was a Court Reporter, and late in his career expanded into a small agency, which continued after he passed away. My mother passed away 3 years later.

While my family was affluent enough to send me to a private college with no financial aid, I never had a trust fund and have had to work since leaving college. The same is true of both of my sisters.

My mother's estate was taxed. The limits are clearly not just hitting gazillionaires.

]]> By: Tom Royce http://www.outsidethebeltway.com/archives/death_tax_repeal_expected_today/comment-page-1/#comment-42741 Tom Royce Wed, 13 Apr 2005 17:28:37 +0000 /?p=10066#comment-42741 James, You think that has not been thought of? Heck, Clinton even floated the trial balloon of a 15% one time hit on 401k's and IRA's. James,

You think that has not been thought of? Heck, Clinton even floated the trial balloon of a 15% one time hit on 401k's and IRA's.

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