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Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.....

MMC

MMC

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Looks like it will be more Taxes by BO.....the Demos are backing this play stating its okay since the economy is improving. What say ye?


Tomorrow night during his 2015 State of the Union speech, President Obama will announce that people paying taxes their entire lives just isn't good enough. The President wants the current 40 percent death tax rate increased to 60 percent. Americans for Tax Reform breaks down the details:

2. Stealth increase in the death tax rate from 40% to nearly 60%. Under current law, when you inherit an asset your basis in the asset is the higher of the fair market value at the time of death or the decedent's original basis. Almost always, the fair market value is higher. Under the Obama proposal, when you inherit an asset your basis will simply be the decedent's original basis.

Example: Dad buys a house for $10,000. He dies and leaves it to you. The fair market value on the date of death is $100,000. You sell it for $120,000. Under current law, you have a capital gain of $20,000 (sales price of $120,000 less step up in basis of $100,000). Under the Obama plan, you have a capital gain of $110,000 (sales price of $120,000 less original basis of $10,000).....snip~
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Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings - Katie Pavlich
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

MMC said:
Looks like it will be more Taxes by BO.....the Demos are backing this play stating its okay since the economy is improving. What say ye?




Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings - Katie Pavlich
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And I should feel sorry for all the trust fund babies for having their income taxed???? Really???? Calling a "Death Tax" exposes your obvious bias on this. If we tax income that is earned through labor we should at least equally tax or tax more income that is not earned but only attributable to luck of birth.
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

Well maybe if we weren't nitpicking wars overseas, launching full-scale drug prohibitions, bailing out every big corporation that holds their hand out, subsidizing the **** out of corn industry, so on and so forth, we could afford not to raise taxes.

This is what gets me about many fiscal conservatives. You can't just hack and slash at taxes while spending is on an upward trend. That's fiscal insanity. I'm all for lower taxes, I see it as better for everyone when people can keep the money in their pocket and raise their living conditions however they see fit, but you have to lower spending first. You can't spend money you don't have. The GOP has had plenty of opportunities to lower spending and they usually go and increase it with their warmongering and social theocraticism. Then, they whine about high taxes. You can blame "the Demos" all you like, but both parties are spending like it's ****ing Christmas 24/7. And until that stops, nobody with half a brain in their head is going to cut taxes.
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

Obama's plan totals $380 billion in new taxes and it isn't just "on the rich" or the "one percent" as the President and officials in his administration claim. The majority of his newly proposed taxes, including more taxes on hard earned retirement plans, are a direct hit on the middle class and his big government spending will saddle all Americans with crushing debt for decades to come.

Also as a reminder, the middle class has significantly shrunk since 2009 and the poverty rate has increased as a result of President Obama's "redistribution of wealth" economic policies. To make matters worse, the vast majority of Americans are living paycheck-to-paycheck.....snip~


The good news is both Republicans and Democrats have rejected BO's budgets. Going back to 2009.
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

smb said:
And I should feel sorry for all the trust fund babies for having their income taxed???? Really???? Calling a "Death Tax" exposes your obvious bias on this. If we tax income that is earned through labor we should at least equally tax or tax more income that is not earned but only attributable to luck of birth.
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Really.....well that's what Townhall is calling it. The Death Tax. That's what is being reported on AM Radio and in Print.




There are exemptions for most households, but this misses the larger point: the whole reason we have step up in basis is because we have a death tax. If you are going to hold an estate liable for tax, you can't then hold the estate liable for tax again when the inheritor sells it. This adds yet another redundant layer of tax on savings and investment. It's a huge tax hike on family farms and small businesses.....snip~
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

Great, more taxes. Exactly what we do not need, we should be looking at spending to get things in line. More importantly, we should be looking at what we are spending on these days before telling the populace they deserve less of their wealth (no matter what the disposition is of that wealth or its intentions.)
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

OrphanSlug said:
Great, more taxes. Exactly what we do not need, we should be looking at spending to get things in line. More importantly, we should be looking at what we are spending on these days before telling the populace they deserve less of their wealth (no matter what the disposition is of that wealth or its intentions.)
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Mornin OS. :2wave: Yeah and raise Capital gains.....and did you see this with the savings for College?

4. Tax Increase on Families Saving for College Under current law, 529 plans work like Roth IRAs: you put money in, and the money grows tax-free for college. Distributions are tax-free provided they are to pay for college.

Under the Obama plan, earnings growth in a 529 plan would no longer be tax-free. Instead, earnings would face taxation upon withdrawal, even if the withdrawal is to pay for college. This was the law prior to 2001.

Obama Calls for $320 Billion in New Taxes | Americans for Tax Reform
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

MMC said:
Mornin OS. :2wave: Yeah and raise Capital gains.....and did you see this with the savings for College?

4. Tax Increase on Families Saving for College Under current law, 529 plans work like Roth IRAs: you put money in, and the money grows tax-free for college. Distributions are tax-free provided they are to pay for college.

Under the Obama plan, earnings growth in a 529 plan would no longer be tax-free. Instead, earnings would face taxation upon withdrawal, even if the withdrawal is to pay for college. This was the law prior to 2001.

Obama Calls for $320 Billion in New Taxes | Americans for Tax Reform
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I did, and because of the political lean of the 114th Congress I look at all these calls for taxation changes as political capital gone wild.

Most of Obama's wants for these sort of changes comes down to engaging the Republicans in today's round of class warfare. Obama knows that the 114th Congress will do little that he wants, this is all about engagement for 2016 implications and it right out of the party playbook on baiting Republicans. The goal is to force Republicans into defending not wanting to go along with Obama's requested changes.

All of these specifics then will get lost in the debate. It will end up being who is protecting wealth and who is looking for taxation changes to lessen the difference between classes. And all of it, both sides of the fence, will be devoid of economics or fiscal responsibility. Why? Because no one is looking at spending and where that spending is going. It still comes down to "fair share" and a dozen other political catch phrases designed to avoid the reality that we are as a nation fiscally unhealthy by just about every single economic measure one could drum up.
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

OrphanSlug said:
I did, and because of the political lean of the 114th Congress I look at all these calls for taxation changes as political capital gone wild.

Most of Obama's wants for these sort of changes comes down to engaging the Republicans in today's round of class warfare. Obama knows that the 114th Congress will do little that he wants, this is all about engagement for 2016 implications and it right out of the party playbook on baiting Republicans. The goal is to force Republicans into defending not wanting to go along with Obama's requested changes.

All of these specifics then will get lost in the debate. It will end up being who is protecting wealth and who is looking for taxation changes to lessen the difference between classes. And all of it, both sides of the fence, will be devoid of economics or fiscal responsibility. Why? Because no one is looking at spending and where that spending is going. It still comes down to "fair share" and a dozen other political catch phrases designed to avoid the reality that we are as a nation fiscally unhealthy by just about every single economic measure one could drum up.
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Well that's not how the left is portraying it. They think we have come back from that brink or abyss or whatever. That things are getting better.

Last year jobs for Macy's and some others were growing. This year they are already closing stores. The IMF thinks that the US will still be making gains. While forecasts for others. Won't be. BO keeps running around and talking about what he has done to improve things. Jobs aren't there like they say. At least not here in the US.

Still.....not since 2009 have the Democrats approved any of his budgets.
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

MMC said:
Looks like it will be more Taxes by BO.....the Demos are backing this play stating its okay since the economy is improving. What say ye?




Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings - Katie Pavlich
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It's unfortunate for the many that will have to pay the increased capitol gains on inherited assets, I've seen a few people that have had to sell the asset to pay the taxes all ready, which is crazy.

Now if the tax is increase people who are struggling won't have a chance to gain from an inheritance. Sad sad sad!
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

Meadowlark said:
It's unfortunate for the many that will have to pay the increased capitol gains on inherited assets, I've seen a few people that have had to sell the asset to pay the taxes all ready, which is crazy.

Now if the tax is increase people who are struggling won't have a chance to gain from an inheritance. Sad sad sad!
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Mornin ML.
hat.gif
Yeah I have known a few myself. Moreover small businesses with 10 or more employees will have a new employer mandate.
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

MMC said:
Mornin ML.
hat.gif
Yeah I have known a few myself. Moreover small businesses with 10 or more employees will have a new employer mandate.
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Good morning, MMC. :2wave:

Who is making all these changes to the law, or is it just a wish list so far?
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

smb said:
And I should feel sorry for all the trust fund babies for having their income taxed???? Really???? Calling a "Death Tax" exposes your obvious bias on this. If we tax income that is earned through labor we should at least equally tax or tax more income that is not earned but only attributable to luck of birth.
Click to expand...

The proposed tax increase has nothing to do with trusts. It is simply eliminating a practice that benefits everyone.
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

These new taxes as proposed by Obama are little more than a 'false flag'.

Obama has no belief that they'll pass congress and they will not garner the needed support from either Republican NOR Democrat members of the House or the Senate.

Obama’s Tax Proposal Is Really About Shaping the Democratic Party After Obama

Appears that Obama believes that the Democrat party should return back to their 'tax and spend' roots. Bu I have a feeling that not enough of the electorate believes that this is the way forward.

Obama
Banks and Congress blast Obama plan to tax Wall St and wealthy.
President's New Tax Proposal Would Hit Wealthy, Benefit Middle Class - Forbes

Obama’s New Tax Plan: Destructive Social Engineering
I'd have to agree that it's dangerous and destructive social engineering.

At a time when we need more investment, continued business and therefore economic growth, to put more people back to work, we don't need these additional taxes to hamper the continued recovery. The recovery that we have and the progress that we've made in the recovery is not BECAUSE of Obama's fiscal and taxation policies, it's IN SPITE of Obama's fiscal and taxation policies, and everyone needs to realize this.
 
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Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

smb said:
And I should feel sorry for all the trust fund babies for having their income taxed???? Really???? Calling a "Death Tax" exposes your obvious bias on this. If we tax income that is earned through labor we should at least equally tax or tax more income that is not earned but only attributable to luck of birth.
Click to expand...

Wasnt the inheritance taxed when it WAS income? Why should it be taxed again?
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

jonny5 said:
Wasnt the inheritance taxed when it WAS income? Why should it be taxed again?
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The argument is that it is a tax on a different transfer.
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

TeleKat said:
Well maybe if we weren't nitpicking wars overseas, launching full-scale drug prohibitions, bailing out every big corporation that holds their hand out, subsidizing the **** out of corn industry, so on and so forth, we could afford not to raise taxes.

This is what gets me about many fiscal conservatives. You can't just hack and slash at taxes while spending is on an upward trend. That's fiscal insanity. I'm all for lower taxes, I see it as better for everyone when people can keep the money in their pocket and raise their living conditions however they see fit, but you have to lower spending first. You can't spend money you don't have. The GOP has had plenty of opportunities to lower spending and they usually go and increase it with their warmongering and social theocraticism. Then, they whine about high taxes. You can blame "the Demos" all you like, but both parties are spending like it's ****ing Christmas 24/7. And until that stops, nobody with half a brain in their head is going to cut taxes.
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I agree, but warmongering and theocratcism costs very little compared to liberals social justice programs. Why arent you focused on the real costs of govt? Havent Republicans tried to reign in social program spending? Who do you think is adhering to the sequestration which has impacted discretionary spending the most, while social spending continues to shoot up?
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

smb said:
And I should feel sorry for all the trust fund babies for having their income taxed???? Really???? Calling a "Death Tax" exposes your obvious bias on this. If we tax income that is earned through labor we should at least equally tax or tax more income that is not earned but only attributable to luck of birth.
Click to expand...

Actually, you're taxing a gift based purely on how much is given. The inheritance tax is a gift tax, not a luck by birth tax or whatever nonsense you have in mind.

The reason people find it be immoral or at the very least distasteful is that people feel it is violating their right to provide for their children a good life with the assets they earned over their lifetime.
 
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Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

I'd be interested in seeing a decent source for these claims. I don't take town hall very seriously. The death tax raise may be true, but it seems highly unlikely that Obama would want to raise taxes on college savings plans.

If he does call for that I'd be shocked.
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

jonny5 said:
I agree, but warmongering and theocratcism costs very little compared to liberals social justice programs.
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Defense spending makes up more than half of the annual federal budget. I don't know know what planet you live on, but it must be a nice one.
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

Henrin said:
The argument is that it is a tax on a different transfer.
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And it makes no more sense than taxing a parent for paying for their childrens college. Isnt that a transfer? Why does govt have to get paid every time a dollar changes hands? This is whats wrong with the tax system in the first place. Its entirely arbitrary.
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

smb said:
And I should feel sorry for all the trust fund babies for having their income taxed???? Really???? Calling a "Death Tax" exposes your obvious bias on this. If we tax income that is earned through labor we should at least equally tax or tax more income that is not earned but only attributable to luck of birth.
Click to expand...

Confirmation of the greed and envy of liberal/progressives is always welcome. The head exploding reaction to the correct reference of the tax as a DEATH TAX is also great to see from the Deniers.
 
Re: Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings.

polgara said:
Good morning, MMC. :2wave:

Who is making all these changes to the law, or is it just a wish list so far?
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As I hear it Lady P.
wave.gif
BO is suppose to have a defiant and or aggressive speech for the Republican Led Congress. As he wants to try and lay some framework for 2016.

Maybe he thinks he can intimidate them. He has a Pen.
 
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