Speaker looking for way to pay for tax cuts for middle-class

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MrS said:
… or dock them for each child they graduate who can’t read the tax code.

as for taxing the estate (again)… only a liberal would love it… but for the life of me (or is that the death of me), I don’t understand their reasoning.
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The existence of a class of non workers living on inherited wealth was objectionable to some. Reminiscent of the ruling classes in the Old World that many came here to get away from…
 
Thekla said:
Goodness no. I’m not proposing that we kill anyone. I was referring to the inheritance tax as the payment plan for the wealthy. They should be taxed in life (capital gains - dividends) and their estates should be taxed upon their deaths.
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do you know how much they death tax brings in each year…less than 1% in added revenue…pittance…I say tax everyone a flat tax…🙂
 
Karin said:
do you know how much they death tax brings in each year…less than 1% in added revenue…pittance…I say tax everyone a flat tax…🙂
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That’s because those who are rich enough know how to distribute their wealth to avoid it getting taxed when they die. 🙂 It is the middle class that get hit from it unknowingly because they never thought they would qualify. 😉
 
mvinca said:
That’s because those who are rich enough know how to distribute their wealth to avoid it getting taxed when they die. 🙂 It is the middle class that get hit from it unknowingly because they never thought they would qualify. 😉
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anybody that can read should now what the limit is before you have to pay money is…the IRS makes that info very accesable(sp?).
And yes I guess some of us know how to hide things or work the loopholes to make the amount we owe less…it is only fair I think…since 99% of the time they are taxing funds that have alreday been taxed once already!
 
Karin said:
anybody that can read should now what the limit is before you have to pay money is…the IRS makes that info very accesable(sp?).
And yes I guess some of us know how to hide things or work the loopholes to make the amount we owe less…it is only fair I think…since 99% of the time they are taxing funds that have alreday been taxed once already!
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Oh, and who provided for those loopholes of which you speak. It was certainly not the taxpayer, he/she is just taking advantage of the laws passed by the Congress.
 
mvinca said:
That’s because those who are rich enough know how to distribute their wealth to avoid it getting taxed when they die. 🙂 It is the middle class that get hit from it unknowingly because they never thought they would qualify. 😉
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The rich dont know how to distribute their wealth-they hire someone like me to show them how, From a personal stanpoint the estate tax is great-I make a lot of money helping people get around it. Its not fair though. It needs to go.
 
Karin said:
anybody that can read should now what the limit is before you have to pay money is…the IRS makes that info very accesable(sp?).
And yes I guess some of us know how to hide things or work the loopholes to make the amount we owe less…it is only fair I think…since 99% of the time they are taxing funds that have alreday been taxed once already!
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If you know of any “loopholes” available to the rich that are not available to everyone else i wish you’d tell me about them-i have some clients who need them!
 
mary_bobo said:
Oh, and who provided for those loopholes of which you speak. It was certainly not the taxpayer, he/she is just taking advantage of the laws passed by the Congress.
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yup if they where silly enough to make them you are darn tootin right i am going to use them~
 
estesbob said:
If you know of any “loopholes” available to the rich that are not available to everyone else i wish you’d tell me about them-i have some clients who need them!
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I can direct you to my CPA and attorney they could guide you in the right direction:)
 
Karin said:
I can direct you to my CPA and attorney they could guide you in the right direction:)
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As long as the direction isnt jail!

Seriously the heyday of the “loophole” is long gone. One mans loophole is another mans “well deserved” deduction. There are more"loopholes" available to the poor and middle class than there are to the rich. The rich lose their exemptions decution, Tuiton deduction, child credit, hope and lifetime earning credits, child care credit, medical dedcutions and have their itmeized deductions limited. And even if they find a way to lower therir taxable income the AMT comes up and bites them in the butt!
 
One of the first actions the new Democratic congressional majority took was to change legislative rules, implemented by the 1994 Republican-controlled Congress, that made it difficult to raise taxes.

The 1994 Republican-controlled Congress required a supermajority, or 60 percent, to increase taxes, but the Democrats’ rule change will now permit a tax hike on a simple majority vote.

It will also give the Democrats an advantage in preventing Republicans from extending the Bush tax cuts, which are set to expire in a few years. Democrats removed any doubt that this was an accidental development when they rejected a motion by Minority Leader John Boehner to bar the rule change.
 
hoosiertoo said:
I love it when stuff lands in my inbox. Sometimes. This is one of those times.

**Taxing the People **

Of course, with e-mail one never knows if the citation is correct, but that’s how it arrived.
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POST #8 IS FALSE

after receiving it about three times I wrote the fellow, if never wrote that piece. interesting your closing comments
 
estesbob said:
It is preety much correct. Heres the breakdown:

The to 1% pay 36.89% of taxes
The top 5% pay 57.13% of taxes
The top 10% pays 68.19%
The top 25% pay 84.86% of taxes
The top 50% pay 96.7% of all taxes
The bottom 50% pay only 3,3%.

In fact 47% dont pay any **Federal Income tax **at all. Many of them get an earend income credit which means they get a “refund” even though they have paid no money in. I beleive, BTW ,that the earned Income credit is one of the best forms of assistance the govt offers as it rewards the working poor.
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:nope: rather large difference between the two. I think a person who actually earns $1 receives $0.87 while $0.87 goes to taxes, but a republican running for offices calls this zero taxes. Of course he conventuantly forget the words Federal Income
 
Texas_Roofer said:
:nope: rather large difference between the two. I think a person who actually earns $1 receives $0.87 while $0.87 goes to taxes, but a republican running for offices calls this zero taxes. Of course he conventuantly forget the words Federal Income
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What happened after that person filed?
 
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