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April 13, 2005

No More Income Taxes On Richest

-- by Dave Johnson

House Votes to End Federal Estate Taxes

Your government just voted to eliminate income taxes on the children of the really, really rich. They now don't have to pay taxes on THEIR incomes -- namely, inheritances. But the rest of us have to pay taxes on OUR incomes.

Posted by Dave Johnson at April 13, 2005 8:51 PM

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» Lower Marginal Rates for the Grandkids of innovati from Fester's Place
will be paying a lower effective tax rate for an extravagent lifestyle than the twenty something working a McJob. If that multi-millionaire has a quasi competent financial advisor and is able to keep their cash flow needs to only a couple hundred tho... [Read More]

Tracked on April 14, 2005 9:11 AM


Comments

Sounds like class warfare waged by the very rich against the rest of the population ..

Posted by: Helga Fremlin at April 13, 2005 10:32 PM

Helga, you think that this is bad, there is a damn fine possibility that the inheritors of estates that would otherwise be subject to the estate tax will now be able to consume their income at either 0% federal marginal rate or no more than 15% federal marginal rate if they have an incompetent financial planner. That is a marginal rate that is paid by a single individual who earns $4,900 or so (10% rate goes into effect as soon as there is a dollar of wage income above the standard single person exemption + 6.2% FICA on the first dollar of wages)

I don't think that is right or fair.

Posted by: fester at April 14, 2005 9:12 AM

More details at my blog

Posted by: fester at April 14, 2005 9:13 AM

I agree with you the way you view the issue. I remember Jack London once said everything positive has a negative side; everything negative has positive side. It is also interesting to see different viewpoints & learn useful things in the discussion.

Posted by: size pro at November 13, 2005 3:30 PM

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