My Internet Comments on the Estate Tax...
Rep. Diane Black: The estate tax is a fundamental issue Fox Business Videos•November 27, 2017
Republican from Tennessee and the chair of the House Budget Committee says the federal government doesn't have the right to a 'second bite from the apple.'
My comment: Diane Black [R-Tn] is wrong: Listen, stupid bitch: it is immoral to transfer the public debt of this generation from under taxation to the next generation who did not create it; therefore, the government at death has right to collect money owed from these large estates that benefited from under taxation. The amount of under taxation the growing $20 trillion national debt.
Kendall's comment: This woman is a complete moron. 99 percent of estates pay no estate tax at all, primarily because the first $1.5 million of any estate’s value ($3 million for a couple) is entirely exempt from the estate tax. Thus, 99 percent of
estates cannot face “double taxation” under the estate tax for the simple reason that they owe no estate tax. For those few, large estates that do owe estate taxes, a substantial proportion of their assets have never been taxed.
Indeed, the majority of assets in estates valued over $10 million consist of
untaxed capital gains — that is, property, stocks , and bonds that have appreciated in value since they were first purchased by the decedent but have never been subject to tax.
My reply: you are right; but, the estate tax exemption is $5.49 million for individuals: $10.98 million for married couples.
What Is the Death Tax, and Who Pays It?
The Motley Fool•November 14, 2017
My comment: The "death tax" is a derogatory name for the "estate tax", which is a fair tax and should be strengthened to collect unpaid taxes going back to 1981: from the Ronald Reagan and the George W. Bush tax cuts on the wealthy. The amount of under taxation: the growing $20 Trillion national debt. These tax cuts benefited the top 10 percent, but more so, the top 1%; therefore, death is the last chance the government has to collect back unpaid taxes from these estates from under taxation.
Repealing the estate tax makes it legal to transfer the debt of the previous generation to the next generation who did not create it. That is fraud: the same as making your children pay the debts of their parents, when they die.
The estate tax can be designed not to hurt family farms and businesses: took at "My Tax Plan" on my website: thetaxguardian.com
The Estate Tax Is Not the Death Tax: Warren Buffett on the Super Rich
Aug 4, 2013
My comment: Despite what Warren Buffett said, calling the estate tax -- "the death tax"-- is dead wrong; subsequently, the House of Representative, named HR 1105 the "Death Tax Repeal Act of 2015": that shows insolence: it is ruled by money not what is right, the truth, and the facts. The estate tax is a fair tax; yet, the Republican controlled House voted; overwhelmingly, to repeal it. Next it goes to the Senate.... See my 4 You Tube videos critical of HR 1105.
Ways & Means Committee Approves Rep. Brady's bill to Bury the Death Tax
Rep Kevin Brady
My comment: HR 1105 "The Death Tax Repeal Act of 2015"-- sponsored by Rep Kevin Brady (R) is an immoral bill: it cheats Uncle Sam and it was misrepresented in the House debate. See my 4 You Tube videos critical of HR 1105.
"The Death Tax is Immoral"
Rep Kevin Brady
My comment: Rep. Kevin Brady (R) is immoral. He is the main sponsor of HR 1105. See my 4 You Tube videos critical of HR 1105, "The Death Tax Repeal Act of 2015."
Death Tax Press Conference
Rep Kevin Brady 439
My first comment: This [Republican] Death tax Press Conference is off the tracts. See my 4 You Tube videos critical of the HR 1105 -- "The Death Tax Repeal Act of 2015".
My second comment: This Death Tax Conference is a blatant and gross misrepresentation of the Estate Tax: see my page: HR 1105 on my website: thetaxguardian.com for complete refutation.
The Financial Burden of the Death Tax to Families and Businesses
The Heritage Foundation
My comment: What this man is saying is Bullshit! It is a easy fix to design the estate tax so that it does not punish family farms and businesses without repealing the estate tax on the super-wealthy.
FORBES/TAXES
Dear Bernie And Hillary, Your 'Sensible' Estate Tax Actually Isn't
Apr 25, 2016
by Robert W. Wood
My comment [5/2/16]:
I disagree with Robert W. Wood: the tax plan of Hillary Clinton and Bernie Sanders does make sense. His article begins with the statement: Opinions expressed by Forbes Contributors are their own; but, Steve Forbes is an opponent of the Death Tax: his flat tax would abolish the death tax. Robert W. Wood is echoing Steve Forbes sentiments: I doubt you can find an article in Forbes favorable to the Estate Tax.
Robert W. Wood is using the same old arguments: I have read [or heard] zillion of times: your income is taxed once—then at death it is taxed again: that is unfair. You, know, that is a phony argument; because, during life, since the time of Reagan the people, mostly, the rich and corporations have been under taxed: the amount of that under taxation is the size of the National Debt; now, exceeding $19 trillion, so, it is fair to collect some of that back taxes owed at the time of death from these large estates. The higher the national debt, the lower the exemption should be and the higher the tax rate. That is fair.
So, Hillary Clinton and Bernie Sanders plan is fair to do that; otherwise, you transfer this debt to future generations that did not create it.
It is fairer to collect it from the estate of the decedent, who lived during the time it was created. The rich benefited from the tax cuts by Ronald Reagan and George W. Bush and that sent the National Debt through the roof, but, during this time: the income and wealth of the top 1 percent also shot up.
So, it is fair to collect back taxes owed from these estates that were under taxed, since 1981, their income and wealth increased and Uncle Sam went deeper into debt. That is legal stealing.
Prior to Reagan, over 7 percent of estates paid the estate tax that has been whittled down to 2/10th of 1 percent by the criminal syndicate controlling the US Congress, mostly republicans. Hillary and Bernie wants to reverse that trend, Wood, says: that does not make sense: he is wrong—a bamboozler.
Robert W. Wood also said, “small farms and family businesses would be particularly hard hit” --by the Hillary and Bernie plan. That is another lie. According to the Tax Policy Center -- Nationwide, only 20 farms a year pay estate taxes, the Tax Policy Center estimated. That’s less than 1 in 100,000 farms. They are not small farms and family businesses. In 2013, the value of the average farm $2.8 million; so, if the estate tax exemption was lowered to $3,500,000 double for couples: small farms and family businesses would not be affected. It would affect larger family farms and businesses which generally, have some liquid assets. Farms, particular, get a lot of help from the federal government; therefore, is not unfair to pay some back at death. Heirs have up to 15 years to pay the tax and there are things like the QFOBI deduction, etc.
Another good thing about Clinton’s and Sander’s plan: it would remove the step up in basis rule: that is a huge loophole—it cancelled out the capital gains tax in the estate tax exemption: the decedent does not pay it: nor do the recipients of the estate: it cheats Uncle same of his contributions to capital gains.
Another false statement in this article by Wood’s: he quotes Dick Patten, chairman of Family Businesses Defense Council, he calculates when you add the 45% tax on estates and the removal of the step up in basis [rule] the effective rate would be 57%. That is false. You cannot add the two together, because, they are not on the same income: one is a tax on capital gains up to $3.5 million and the 45% tax is only on the income that exceeds that amount. So, his calculation is way off. The effective estate tax on family owned farms and businesses would range: 1% to 18%: the average 9%.
Dick Patten did not state, whether, he was referring to family businesses or largest estates; in any case, it always would be less than 45%.
Wood’s also quotes Stephen Moore of the Heritage Foundation who calculating by eliminating basis step up, we would end up with the world’s highest estate tax. That is also false.
Here is why, you have to look at both the tax rates and the exemption. Other countries have a lower exemption and progressive rates starting at a lower level. You also have to look at the gift tax and exemption, because, if not united—relevant. The US has a humongous gift tax and estate tax exemptions: bigger than all countries.
Here is a list of countries that have a higher estate tax:
# 1. Japan has a progressive estate tax from 10% to 55% and the exemption is lower and the gift tax higher.
# 2. South Korea has a progressive estate tax from 10/% to 50% and the exemption is lower and the gift tax higher.
# 3. France has an inheritance tax from 5% to 45% and its exemption is lower and the gift tax higher.
# 4. The UK highest tax rate is 40% over 325,000 euro [$544,862]. That would give them a higher estate tax than the US, in most cases, even if it was raised to 45% and the exemption reduced to $3.5 million and the step up in basis rule remove, because, it has a much lower estate tax exemption and the tax on capital gains in the excluded amount would, likely, be less than 40% of the total, and the UK has a higher gift tax.
And, there are other countries that have a higher estate tax, even though, the top rate is lower; because, they are progressive and the exemption is lower: and the reason for this: they don’t have many super-large estates.
It is a matter of relativity.
US should have the highest estate tax rate in the world; because, it has the most super large estates and the top 1 percent is getting richer and Uncle Sam deeper in debt. But, that is not the case. The top estate tax rate is a farce, because of the high exemption and the high annual and lifetime gift exemptions and the high generation skipping tax exemption—plus the cancellation of the capital gains tax in the excluded amount, and all the other legal strategies to avoid the tax. It is stealing from Uncle Sam. Members of congress that wrote and passed this tax code belong in prison: for fraud and embezzlement. They are part of a criminal syndicate that have rigged the Tax Code to favor the rich, mostly, republicans. They have dismantled the estate and gift tax; methodically, so that the bulk of these super-large estates can be transferred tax free to siblings during life and after death and dump their public debt on future generations, who did not create it.
That is immoral and fraudulent.
So, this article by Robert E. Woods in Forbes is grossly misleading and false. He also belongs in prison for blatant misrepresentation: he is billionaire Steve Forbes mouthpiece. They both belong in prison: Forbes would repeal the estate tax. He would steal from the Motherland that made him rich.
He believes he owes nothing to Uncle Sam, in the event of death. The $18 trillion national debt created in his life time from under taxation is no part his: it is the debt of future generations. You see, he is Lucifer [wrong minded].
Another false statement by Woods, he say, “It [estate tax] can force sales of family companies, and sales of family farms and ranches.” He says, “This can be a bitter pill to swallow.” OK, name some under the 2009 estate tax!
You know what this is? It is an excuse to repeal the estate tax on multi-millionaires and billionaires that can easily pay and owe the tax.
The article also states Obama’s estate tax is punitive. That is false: it is not strong enough. The top 5%, at least, owe back taxes from 1981, when Reagan cut the income tax and the estate tax and George W. Bush, another republican president, who did the same thing and cut the dividend and capital gains tax during two wars; now, we owe over $19 trillion plus the interest; roughly, $400 billion a year. Making the estate tax progressive and lowering the exemption makes sense, even if, billionaire Steve Forbes doesn’t like it.
There has been a bill languishing in the republican controlled House of Representatives since 2014, The Sensible Estate Tax Act, introduced by Jim McDermott [D] and it has no backing. Wood calls it, not sensible, just like that conman from Texas, he also said on his White House website, the estate makes no sense.
He also tried to repeal it—permanently.
In my opinion, Robert W. Woods is working for the corrupt plutocratic establishment along with Dick Patten and Stephen Moore—all three are anti-fair-tax-crusaders. Woods states in his bio, he is a tax lawyer, call me! [I’m your friend].
Forbes/Taxes
Mr. Trump, Please Make American Taxes Great Again
by Robert W. Wood
MY comment [5/7/16]: Robert w. Wood is wrong thinking Mr. Trump can make American taxes great again. He is a billionaire who fights like hell to pay as little taxes as possible. Mr. Wood should, at least, wait until he releases his tax returns. Go to my website: thetaxguardian.com --and click on Donald Trump for an opposite viewpoint. He will make American taxes more like Reagan’s and spike the deficits.
Note: Trump does not think the estate tax makes sense.
NEWSMAX-FINANCE
Prince's Death Underscores Reasons to Repeal Estate Tax By Denis Kleinfeld
Monday, 02 May 2016
My comment:
This article by Denis Kleinfeld is wrong: he assumes: Prince paid 50% of his income in taxes. I bet – it is much lower. During his life, since 1981, $18 trillion dollars was added to the National Debt, Prince and everybody else, underpaid their taxes, because of the Reagan and George W. Bush tax cuts on income, the estate tax, dividends, and capital gains; therefore, Prince owes back taxes.
Now, is time to collect, before, he dumps his public debt, from under taxation, on future generations that did not create it.
Denis Kleinfeld is also wrong, saying: Prince single handedly created his wealth and the Motherland, it laws, its resources, contributed nothing. That is non-sense. In an Islamic State, he would have been imprisoned or executed.
Denis Kleinfeld is also wrong, by turning his fans against the US, because, of the estate tax, which is a fair tax. The Motherland contributed more to his success, than, whoever are the recipients of his estate. If, you don’t tax those that receive the most benefits from the nations resources and laws, who are you going to tax to pay for its services and benefits that were received by Prince: a safe place to develop his talent.
Therefore, I declared Denis Kleinfeld: U.S. Estate and Gift Tax Planning (Wills and Trusts) attorney, to be evil. He believes the Estate Tax is unfair. He is for Prince, not paying the estate tax, and stiffing Uncle Sam, who contributed to his success, and has gone into deep debt to provide the services and benefits of this Nation.
I pretty sure, D.K is making his living: helping people avoid the estate and gift tax, rather, that pay it. Therefore, he is an enemy of the State.
Kleinfild believes the present estate tax is to pay off World War I bonds, and since, that war is over, it no longer applies. You see: he is not only evil, but, stupid. The main reason for the lowering of the estate tax exemption and increasing the estate tax rate: is the growing National Debt and to pay for the two Bush Wars and the increase cost of Homeland Security from radical Islamic terrorism, as well as, International.
Who Wins And Loses If The Federal Estate Tax Is Eliminated
June 1, 2016
My comment: This article by: Russ Alan Prince, consultant for the altra-wealthy, is not honest. To learn the truth about the repeal of the estate tax go to – thetaxguardian.com – and click on the tab: HR 1105.
Former D.A. Says O.J. Simpson Got a Raw Deal With 33-Year Robbery Sentence
Inside Edition
June 9, 2016
My comment: O.J.s sentence was not harsh enough, when you add his crimes together.
Trump checks boxes for Christian audience, but tension lingers Jon Ward Senior Political Correspondent
June 10, 2016
My Comment: Trump is a braggadocio, overweight pig, liar, and will say anything to get your vote, and probably, does not pay Tithing.
Here’s where Obama’s jetting off to next
By Anita Kumar
June 28, 2016
My comment: The U.S. government needs to tell the American people: the total cost of President Obama's family vacations, and his wife and two daughters; so we, can put the president on a Budget. I believe, they are taking advantage of tax payers. Secondly, Air Force One should not be used for political party fund raising: it is too costly.
Monarchy in America? One of Trump’s tax proposals would create a permanent aristocracy overnight
With his plan to abolish the estate tax, Donald Trump is offering up yet another gift to his rich pals by RJ Eskow, AlterNet -- Aug, 19, 2016
My comment:
The estate tax is a fair tax for a number of reasons:
1. The $19.3 trillion National Debt is the amount of unpaid taxes; partly from the Reagan and George W. Bush tax cuts on the wealthy; therefore, it fair to tax the estate of the decedent for unpaid back taxes at the time of death, before he transfers his estate tax free to his heirs and public debt to the next generation who did not create it.
2. It should be strengthened: not repealed to collect back taxes owed: the exempted lowered and the tax rates made progressive.
3. Taxes paid by one generation does not pay for the cost government for the second and succeeding generations; therefore, an inheritance from a preceding generation should be taxed as income—or as an inheritance.
4. The flattening of income tax and the weakening of the estate and gift taxes, since, 1981, has already turned this Nation into a plutocracy: the rule of the rich.
5. RJ Eskow is right: the repeal of the estate tax would create a permanent American Aristocracy overnight.
6. The flattening of the income tax and the repeal of estate tax: Donald Trump’s plan is the long time plan of the GOP: they are your enemies.
13 new Internet comments on the Estate Tax made on 5/14/2017
Rep. Rick Allen Calls for Repeal of the Death Tax Published on Apr 21, 2015
My comment:
Rep. Rick Allen is wrong. The estate state, he calls the "death tax", is a fair and needed tax: he misrepresented it. Rather than repeal the tax, it should be made progressive and the exemption lower to collect back unpaid taxes, the National Debt, at death from under taxation since Ronald Reagan. It can be done without destroying family farms and businesses. Either the estate tax or inheritance tax is fair--or both. See my 4 You-Tube videos on the Death Tax repeal Act of 2015 passed by the House [Republicans]. That is a crime against Uncle Sam.
Sen. Jerry Moran speaks out against the unjust 'Estate Tax' and offers
support for the 'Fair Tax'
My first comment:
A national sales tax should not be called a fair tax. The progressive income tax is fair -- in principle -- and our badly designed income tax can be made fair and simple without replacing it with a national sales tax, the worst possible replacement of the income tax. We already have the sales tax at the state and city levels. Not to tax income and triple tax sales is not fair. People, don't fall for Sen Jerry Moran baloney. He is not your friend, unless you are in the top 10 percent of incomers.
My second comment:
Another tax on sales in addition to the state and city sales tax will not stimulate the economy. It is a tax cut on the rich. The elimination of the payroll tax and the estate tax and replaced by the national sales tax would be disastrous. Americans are not over taxed based on benefits received. They are under taxed. The amount of the under taxation-- the soaring size of the National Debt.
My third comment:
Sen. Jerry Moran is wrong. The estate state, he calls the "death tax", is a fair and needed tax: he misrepresented it. Rather than repeal the tax, it should be made progressive and the exemption lower to collect back unpaid taxes, the National Debt, at death from under taxation since Ronald Reagan. It can be done without destroying family farms and businesses. Either the estate tax or inheritance tax is fair--or both. See my 4 You-Tube videos on the Death Tax Repeal Act of 2015 passed by the House [Republicans]. That is a crime against Uncle Sam.
Sen. Moran Discusses FairTax Legislation on U.S. Senate Floor
My comment:
Yes, Sen Moran is right: the U.S. federal tax code needs to be reformed, but not the Republican plan -- or Donald Trump's -- or the so-called "fair [national sales] tax" -- a triple tax on consumers: that is not fair. His plan would eliminate the corporate profit tax: that is not fair. The tax on income or profit -- benefit--- received from our nation's economy is fair. Nothing is fairer.
Sen. Moran Voices Concerns Over Impact of Estate Tax on
Farmers and Ranchers
My comment:
Sen. Moran [R] arguments to repeal the estate tax, because, it harms Kansas farmers and ranchers is bogus. There are ways to protect farmers and ranchers from selling their assets to pay the estate tax, in the event of death, without repealing the estate tax on multi-millionaires and billionaires. See my 4 You-tube videos on why the Repeal of the Estate [death] tax is wrong.
McConnell Calls for Permanent Elimination of Death Tax Published on Jun 19, 2013
Senator Mitch McConnell joined Senator John Thune (R-SD) in introducing the Death Tax Repeal Act of 2013, which would permanently abolish the federal death tax. Sen. McConnell said the death tax is the federal government's final insult to American taxpayers and it needs to be repealed.
Comments are disabled for this video.
Sen. Mitch McConnell is a Motherland F--ker: he does not like public opinion. See my tab on the Menu: HR 1105
"The Death Tax is Immoral" Rep Kevin Brady
My comment:
The Death [estate or inheritance] tax is not immoral. Rep. [R] Kevin Brady is immoral. See my 4 You Tube videos on why the "Death Tax Repeal Act of 2015 is wrong.
Ways & Means Committee Approves Rep. Brady's bill to Bury the Death Tax
Rep Kevin Brady
Published on Mar 25, 2015
My comment:
HR 1105 --"The Death Tax Repeal Act of 2015"-- sponsored by Rep Kevin Brady (R) is an immoral bill: it cheats Uncle Sam and it was misrepresented in the House debate. See my 4 You Tube videos on why HR 1105 [or The Death Tax Repeal Act of 2015] is wrong.
House Votes to Repeal Estate Tax
Rep Kevin Brady
Published on Apr 17, 2015
My comment:
See my 4 You Tube videos -- Why -- the "Death Tax Repeal Act of 2015", HR 1105, is wrong.
Donald Trump on Repealing the Death Tax Family Business Coalition
Published on Aug 8, 2016
My comment:
Donald Trump is wrong. The Death [estate or inheritance] tax is fair. See my 4 You Tube videos on why the "Death Tax Repeal Act of 2015" -- which billionaire Trump wants to bring back to life -- is wrong. He owes back taxes going back to 1981, when Ronald Reagan cut taxes on the wealthy -- and the death of Donald Trump is the last chance the government has to collect those [unpaid] taxes, before he transfers his entire estate tax free to his heirs -- and dump is public debt on you and future generations which did not create it. So, that he does not do that: loopholes in tax code need to be closed. There are numerous schemes to get around the estate tax: the U.S. Congress should fix the cracks -- not repeal the tax.
Hillary Clinton Slams Donald Trump Plan To Repeal The Federal Estate Tax | Cleveland | Mango News
Published on Aug 17, 2016
My comment:
Hillary Clinton is right. See my 4 You Tube videos on why the "Death Tax Repeal Act of 2015" is wrong.
Clinton vs. Trump on the estate tax
Fox Business
Published on Aug 11, 2016
My comment:
Donald Trump is wrong -- Hillary Clinton is right. See my 4 You Tube videos on why the "Death Tax Repeal Act of 2015" is wrong.
'Death Tax' killing small businesses
RT America
Published on Oct 4, 2013
My comment:
There are ways to design the estate or inheritance tax without hurting family businesses and farms. This is a phony argument used to repeal the estate tax on multi-millionaires and billionaires with large estates. See my 4 You-Tube videos on why the "Death Tax repeal Act of 2015" is wrong.
Redistribution and the Death Tax
LibertyPen
Published on Apr 22, 2015
The House has voted to repeal the estate tax, but President Obama has promised a veto. Greg Gutfeld, Juan Williams, Dana Perino, Eric Bolling and Kimberly Guilfoyle.
My comment:
President Obama is right and these Fox News casters, except Juan Williams, are wrong. The panel was lopsided: four against one. The estate tax is not redistribution of wealth, theft, and double-dipping. Repeal is the mal-distribution of wealth and public debt and stiffs Uncle Sam of back taxes owed from under taxation since 1981 (i.e., the National Debt). See my 4 You Tube videos on why the "Death Tax Repeal Act of 2015 is wrong.
End the Death Tax Permanently
Rep Kevin Brady
Published on Jul 25, 2012
My comment:
Rep Kevin Brady [R] is wrong. See my 4 You Tube videos -- Why -- the "Death Tax Repeal Act of 2015" is wrong.
Bernie Sanders and MIck Mulvaney battle over estate tax
Yahoo News Video•May 25, 2017
At a hearing before the Senate Budget Committee, Office of Management and Budget Director Mick Mulvaney took part in a spirited exchange with Vermont Sen. Bernie Sanders over details of President Trump's proposed budget.
My comment: Bernie Sanders was straightforward and truthful in this exchange and Nick Malvaney was an evasive, deceitful weasel.