Hillary Clinton Wants Higher Estate Taxes, But Not on Her Family

[James]

Hillary Clinton wants to increase the estate tax to 65 percent on the wealthiest Americans, according to her latest tax plan.

The Clinton campaign estimates that the increase would raise an addition $75 billion in revenue over the next decade. The current rate maxes out at 40 percent.

But Hillary Clinton and her husband Bill have created a number of tax shelters in recent years to dramatically limit their payment of the very same tax. As Bloomberg reported back in 2014: “To reduce the tax pinch, the Clintons are using financial planning strategies befitting the top 1 percent of U.S. households in wealth.”

In 2010 the Clinton created “residential trusts” and the following year moved their Chappaqua estate into the trust, according to their financial records. As David Scott Sloan, a partner at the firm Holland Knight explained the Clinton trust to CBS News, “You’re creating things that are going to be on the nontaxable side of the balance sheet when they die.”

The move will save the Clintons hundreds of thousands of dollars in estate taxes, according to accountants quoted by Bloomberg.


http://www.breitbart.com/2016-presidential-race/2016/09/23/hillary-clinton-wants-higher-estate-taxes-but-not-on-her-family/

[timfogarty]

The purpose of an estate tax is to prevent an aristocracy from developing.  It encourages rich people to give their fortune to charities and trusts before they die.

Adjusted for inflation, John D Rockefeller is considered the richest person of all time.  Today, many of his descendants are well off, but they're not super rich.  They're not part of an aristocracy.

J P Getty was once the richest person in the world.  His descendants (one of who was my student when I was a TA at USC) live comfortable lives, but are not aristocracy.

Bill Gates has said he's leaving very little of his fortune to his children, having already moved most of it to the Bill & Melinda Gates Foundation, a trust.  Same with most other billionaires.

Hillary Clinton's plan "would impose a 50% rate that would apply to estates over $10 million a person, a 55% rate that starts at $50 million a person, and the top rate of 65%, which would affect only those with assets exceeding $500 million for a single person and $1 billion for married couples."

Are you really that concerned about Ivanka's great grandchildren?

[Dos Equis]

The purpose of an estate tax is to prevent an aristocracy from developing.  It encourages rich people to give their fortune to charities and trusts before they die.

Adjusted for inflation, John D Rockefeller is considered the richest person of all time.  Today, many of his descendants are well off, but they're not super rich.  They're not part of an aristocracy.

J P Getty was once the richest person in the world.  His descendants (one of who was my student when I was a TA at USC) live comfortable lives, but are not aristocracy.

Bill Gates has said he's leaving very little of his fortune to his children, having already moved most of it to the Bill & Melinda Gates Foundation, a trust.  Same with most other billionaires.

Hillary Clinton's plan "would impose a 50% rate that would apply to estates over $10 million a person, a 55% rate that starts at $50 million a person, and the top rate of 65%, which would affect only those with assets exceeding $500 million for a single person and $1 billion for married couples."

Are you really that concerned about Ivanka's great grandchildren?

If someone wants to donate, fine.  If they want to keep it in the family, fine.  What business does the government have telling people what to do with their property and money?

[timfogarty]

If someone wants to donate, fine.  If they want to keep it in the family, fine.  What business does the government have telling people what to do with their property and money?

One of the things the American colonies were rebelling against was the aristocracy.  "All men are created equal"

[Dos Equis]

One of the things the American colonies were rebelling against was the aristocracy.  "All men are created equal"

That doesn't mean the government dictates what happens with private wealth. 

[timfogarty]

That doesn't mean the government dictates what happens with private wealth. 

Do you think income inequality is a problem? That 1% currently own 43% of the wealth ?  That the top .1% own over 20% ?

If you think income inequality is a problem, what do you think we should do about it?  In the 1970s, the top .1% owned "only" about 7% of the wealth.  Most of the change is because of changes to US tax law (Thanks Ronnie).  

If you don't think income inequality is currently a problem, at what point will it?  Existing laws will cause the rich to continue to accumulate wealth faster than the rest of us. The top 1% will eventually own 90% of the wealth.

You might want to look at existing countries where that has already happened.  The super rich live behind fortresses and drive their kids around in armored cars in constant fear of kidnappings.

[Dos Equis]

Do you think income inequality is a problem? That 1% currently own 43% of the wealth ?  That the top .1% own over 20% ?

If you think income inequality is a problem, what do you think we should do about it?  In the 1970s, the top .1% owned "only" about 7% of the wealth.  Most of the change is because of changes to US tax law (Thanks Ronnie).  

If you don't think income inequality is currently a problem, at what point will it?  Existing laws will cause the rich to continue to accumulate wealth faster than the rest of us. The top 1% will eventually own 90% of the wealth.

You might want to look at existing countries where that has already happened.  The super rich live behind fortresses and drive their kids around in armored cars in constant fear of kidnappings.

No I don't believe income inequality is a problem.  I think the statistics are pretty meaningless.  You cannot reasonably use those statistics to start making public policy.  People compromise those statistics.  They include individuals and small business owners.  They include people who worked very hard to earn what they have.  They include people who are lazy and underachievers.  Some of those people have a high income.  Some have a high net worth.  Some do not.    

I'm totally opposed to the government acting like Robin Hood.  If you want a better life, work for it.  Some have to work harder than others.  It may not be fair, but that's life.

We should not be punishing success.  And we particularly should not be feeding more money into a government that has proved incapable of managing our money, amassing a $19 trillion debt.  

I think what we do for people on the bottom income end is enough:  tax breaks, income assistance, job training, education assistance, healthcare, food, etc.  

[TheGrinch]

two words....

Salary Cap


Just like pro sports...

[timfogarty]

in the 1970s the top 0.1% owned 7% of the wealth.  Today they own over 20%.  It changed because US tax law changed, lowering taxes on the rich, including the estate tax.  We use to have a middle class, today we really don't.  Again this in part due to changes in tax laws.  (as I said, thanks Ronnie)  Should we lower taxes on the rich even more so they can accumulate wealth even faster?

People on the right are always talking about how things were better in the past.  In this case I would agree.  I'm all for going back to the tax structure of the 50s, which did a lot to strengthen the middle class.

[timfogarty]

two words....
Salary Cap
Just like pro sports...

a progressive tax accomplishes much of the same thing.

you can pay this person $50k and it will be taxed at 20%. (I'm just making numbers up here)  You pay that person an additional $100k and that part will be taxed at 30%.  You pay that person another million and that part will be taxed at 40%.  Pay that person another $10 million and that part will be taxed at 50%.

[Dos Equis]

Yes, keep talking about "the rich" and "the wealthy" as if they are faceless, nameless, homogenous.  You wouldn't want to talk about the small business owner with a family, whose business income makes her a target, but is hardly wealthy.  Or the couple whose income makes them a target, but has challenges making ends meet.  Or that person who is actually wealthy, but busted his butt to earn, save, and invest.  Let's just create a big bad boogeyman who is hoarding your unearned income and wealth.  Forget about making your way.  Just take from people who have, and give to the government.  (Not talking about anyone personally.)    

[timfogarty]

With the current law, the first $5,450,000 is exempt from the estate tax.  And there are plenty of ways to protect "small business owners" who have businesses with net worth larger than 5 and a half million.  Plus most "small businesses" are S-Corps, where the profits are passed through to the owners each year and taxed as regular income. 

[Coach is Back!]

With the current law, the first $5,450,000 is exempt from the estate tax.  And there are plenty of ways to protect "small business owners" who have businesses with net worth larger than 5 and a half million.  Plus most "small businesses" are S-Corps, where the profits are passed through to the owners each year and taxed as regular income. 

Hey Tim. just out of curiosity, since you make excuses for EVERYTHING that Clinton did, does and wants to do, are you voluntarily writing an extra check to the IRS? or do you take advantages of the certain deductions and write offs to save a little?

Here Tim, feel free to hit this link anytime you want. You don't have to be rich, just do it from your heart because "you care"

https://www.irs.gov/payments

[Irongrip400]

I know I'll get flamed here by some, but I don't really have a problem with some sort of estate tax. I think it sucks for some, like it did in Britain when they did this after the Second World War and some of the old noble families had to sell their estates because they couldn't afford the taxes, but sometimes it's necessary. I live pretty comfortably, vote republican in presidential races, but I'll not just hand my children what I've amassed. If they work hard and learn the business's, sure, but to just give some one something because they won the genetic lottery, no I'm not good with that. I hope my children take what I leave for them and get a head start but that they surpass me because of a work ethic I've instilled upon them. Good for them, people like the Gates, who decided they'll give some help, but not a pile of cash that the kids become entitled brats.

[Erik C]

I know I'll get flamed here by some, but I don't really have a problem with some sort of estate tax. I think it sucks for some, like it did in Britain when they did this after the Second World War and some of the old noble families had to sell their estates because they couldn't afford the taxes, but sometimes it's necessary. I live pretty comfortably, vote republican in presidential races, but I'll not just hand my children what I've amassed. If they work hard and learn the business's, sure, but to just give some one something because they won the genetic lottery, no I'm not good with that. I hope my children take what I leave for them and get a head start but that they surpass me because of a work ethic I've instilled upon them. Good for them, people like the Gates, who decided they'll give some help, but not a pile of cash that the kids become entitled brats.

You are overlooking the fact that the death tax is a clear cut example of double taxation. If you don't believe that your children, and other heirs, are worthy of getting your money, then give it away to others, or non-profit organization, before you die.

[AbrahamG]

in the 1970s the top 0.1% owned 7% of the wealth.  Today they own over 20%.  It changed because US tax law changed, lowering taxes on the rich, including the estate tax.  We use to have a middle class, today we really don't.  Again this in part due to changes in tax laws.  (as I said, thanks Ronnie)  Should we lower taxes on the rich even more so they can accumulate wealth even faster?

People on the right are always talking about how things were better in the past.  In this case I would agree.  I'm all for going back to the tax structure of the 50s, which did a lot to strengthen the middle class.

This country and most members of getbig have the lottery mentality. They think one day they will wake up and cash the winning ticket. When that happens, they don't want the government coming in and giving all their hard earned money to the coloreds. Why else are these guys carrying the water for millionaires let alone billionaires?

[TheGrinch]

This country and most members of getbig have the lottery mentality. They think one day they will wake up and cash the winning ticket. When that happens, they don't want the government coming in and giving all their hard earned money to the coloreds. Why else are these guys carrying the water for millionaires let alone billionaires?

^^^^^ this 1000000%

[Kazan]

One of the things the American colonies were rebelling against was the aristocracy.  "All men are created equal"

LOL, we already have an aristocracy, it's called the government.

[Irongrip400]

You are overlooking the fact that the death tax is a clear cut example of double taxation. If you don't believe that your children, and other heirs, are worthy of getting your money, then give it away to others, or non-profit organization, before you die.

I have a different view as I watched family hover over someone like vultures waiting for them to die. Kind of like the movie with Michael J Fox and Phil Hartman(can't remember the name). The person doing the dying doesn't know there's other people who are waiting for them to die so they can cash in. I saw it first hand and couldn't believe how entitled they all felt. I wished none of them had gotten anything. I'm biased I suppose, but it's all free money, as you don't do anything to earn it.

[Coach is Back!]

This country and most members of getbig have the lottery mentality. They think one day they will wake up and cash the winning ticket. When that happens, they don't want the government coming in and giving all their hard earned money to the coloreds. Why else are these guys carrying the water for millionaires let alone billionaires?

Simpleton. Let me enlighten you a little. No, people (like me) that started out with nothing and built it in to something sure as hell don't want it stolen (yes stolen) from us because we actually worked our asses off to provide for our families and more. It's not up to the government to decide what my son(s), wife and family receive when I die. This is just pure commonsense. What Killary is asking for is a power grab. She's a dem in name and a Marxist/socialist at heart. Why else would most compare her to Obama?

[timfogarty]

Simpleton. Let me enlighten you a little. No, people (like me) that started out with nothing and built it in to something sure as hell don't want it stolen (yes stolen) from us because we actually worked our asses off to provide for our families and more. It's not up to the government to decide what my son(s), wife and family receive when I die. This is just pure commonsense. What Killary is asking for is a power grab.

Do you think you'll have an net worth of more than $5.5 million (which goes up each year adjusted for inflation) when you die?   And you don't include what ever is in your 401k or retirement account.  If you really are worth that much, then you surely have a financial advisor who can show you ways to transfer ownership of some of your company before you die.

You say you started with nothing and built it into something.  But as we argued 4 years ago, you didn't build it on your own in a vacuum. You had public education, and since you're about my age, probably pretty cheap public college. Your employees have public education.  Your customers do too, so that they can make enough money to spend on your product.  Even though you're rich, you really don't have to worry about being kidnapped and held for ransom.   You have cheap gas, clean air and water.  on and on.

Taxes are what we pay for civilized society.  It is perfectly ok to argue how taxes are spent.  I for one,  think military spending at levels much higher than when we were facing down the Soviet Union is foolish.  Two trillion dollars on the Iraq war!  We could have just given Sadam Husein and his two sons a billion each and let them live in Trump tower.

She's a dem in name and a Marxist/socialist at heart. Why else would most compare her to Obama?

Didn't our support of Sanders show you anything?  Obama and both Clintons are right of center, pro business, neocons.   So is Feinstein.  If only we could get someone from left of center into the White House, or as a California senator.

[240 is Back]

Simpleton. Let me enlighten you a little. No, people (like me) that started out with nothing and built it in to something sure as hell don't want it stolen (yes stolen) from us because we actually worked our asses off to provide for our families and more. It's not up to the government to decide what my son(s), wife and family receive when I die. This is just pure commonsense. What Killary is asking for is a power grab. She's a dem in name and a Marxist/socialist at heart. Why else would most compare her to Obama?

do you support Trump adding 25 or 35% to every item coming in from Mex or China? 

Because almost everything you buy IS going to cost more as a result.   That ipad or samsung you're typing on is going to cost much more. 

[Dos Equis]

With the current law, the first $5,450,000 is exempt from the estate tax.  And there are plenty of ways to protect "small business owners" who have businesses with net worth larger than 5 and a half million.  Plus most "small businesses" are S-Corps, where the profits are passed through to the owners each year and taxed as regular income. 

So what?  The government doesn't have any greater entitlement to take and waste other people's money simply because the person reaches some arbitrary threshold. 

And where are you getting info that most small businesses are S corporations? 

[Soul Crusher]

Yeah - lets take someones money and waste it on bullshit.   Sounds like a plan to me.

[Yamcha]

"You didn't build that..."