April 13, 2005
-- by Dave Johnson
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.
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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
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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