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House Democrats Not to take Obama/GOP tax bill
- Thread starter beachFool
- Start date
Andy A
Beach Fanatic
Someone please explain to me why there is a tax on income for which tax has already been paid?
The American Dream for many, is to become wealthy, be well known or be a celebrity. There is certainly nothing wrong with those aspirations. If you reach such a goal, why should you be penalized for attaining it? I see nothing wrong with becoming rich. I do see something terribly amiss in exhorbinately taxing someone for what they made in their life and wish to leave to their heirs. I do not have a problem with the law at 5 million. Many small businesses, particularly farms, are left to heirs who find they cannot provide the cash for the "death tax" without selling the assets being inheirited. That should not be. A little fairness in retaining what one has acquired is all that should be asked.
The American Dream for many, is to become wealthy, be well known or be a celebrity. There is certainly nothing wrong with those aspirations. If you reach such a goal, why should you be penalized for attaining it? I see nothing wrong with becoming rich. I do see something terribly amiss in exhorbinately taxing someone for what they made in their life and wish to leave to their heirs. I do not have a problem with the law at 5 million. Many small businesses, particularly farms, are left to heirs who find they cannot provide the cash for the "death tax" without selling the assets being inheirited. That should not be. A little fairness in retaining what one has acquired is all that should be asked.
Matt J
SWGB
This is from the Christian Science Monitor dispelling the myth that every farmer in America is going to loose his farm.
Death tax showdown at the OK Corral - CSMonitor.com
As to your question why dividends are "taxed twice" that's not entirely true. A corporation which is a legally recognized entity in this country is taxed on it's income just as you or I would. Some corporations choose to pay dividends to share holders. If you as a private individual decided to essentially gift a friend you would technically pay taxes on that under the gift tax.
The IRS has an income threshold of $600.00, in other words you can fudge up to $600.00 in income and they won't come after you.
Let's choose a company that's actually paying dividends, the majority don't, you make money off of the stock rising, splitting, or being bough by another company.
Top Best Dividend Stocks to own in 2010?|?CEOWORLD Magazine
How about Gold? That seems to be very popular right now.
Royal Gold [RGLD] RGLD: Summary for Royal Gold, Inc.- Yahoo! Finance
So far this year $.44 per share in dividends.
You would have to own over 1,363 shares @ $54.85 to be worried about paying taxes. You would also own $74,760.55 of that stock.
scooterbug44
SoWal Expert
I think what he was saying is that your "estate" is comprised of stuff you've paid taxes on (property, tangibles) and that you bought with the money you've paid taxes on.
Matt J
SWGB
Yes and most of that, theoretically, goes up in valuable. Just as you pay capital gains on stocks and bonds that go up. I don't like these things, but the people that are screaming the loudest most likely will not be affected by it. Further they are also the ones screaming about the deficit. Once again we are back to the issue that you can't cut taxes to get out of a deficit.
If the lower taxes folks looked at it logically they might as well just whack their grandkid(s) in the head with a hammer and get it over with.
BeachSiO2
Beach Fanatic
30ashopper
SoWal Insider
The Senate just passed Stimulus II on a bipartisan 83-15 vote.
Huge Senate majority votes to advance $858B tax-cut package - TheHill.com
Huge Senate majority votes to advance $858B tax-cut package - TheHill.com
30ashopper
SoWal Insider
Oh, woops, that was just to kill a fillibuster by Mr. Sanders.
BeachSiO2
Beach Fanatic
And it was last night ;-)
OTOH the Senate Dems did just introduce a 1.1T Omnibus bill to fund government through September. The funny part of it is that last year House GOP members were not allowed to ask for any earmarks, but the Senate GOP was. Now the entire GOP caucus is taking a two-year moratorium. If this bill passes a number of Senate GOP earmarks will get funded. However, if it goes as a Continuing Resolution, none of the Senate GOP earmarks would get funded. So, are the Senate GOP members going to vote for their earmarks or against them. Sure makes things fun!