House Democrats Not to take Obama/GOP tax bill

[30ashopper]

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!

How do you find this stuff out so fast?

 

[Matt J]

How do you find this stuff out so fast?

Intertubes

 

[beachFool]

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.

Andy, you should not make stuff up.

Speaking anecdotally as a farm owner it is a complete and total myth that family farms are lost due to the inheritance tax.

It does not happen.

The reality is family farms are lost due to incompetence or bad business decisions by succeeding generations. In my family, alcohol cost heirs WAY more than any estate tax.

A few years ago I asked my dad, who begin a career as a consultant forester after being discharged from the Marine Corps in 1954, if he had any clients who had to sell timberland due to the estate tax.

Negative, zip, zero, nada

So in approximately 1/2 a century he knew of no instances where the estate tax caused heirs to lose their land.

Family farms/small businesses being impacted by the estate tax is a ruse. For instance, there are several sections of the tax code where farms get relief from estate taxes.

It is true small businesses and farms who do a poor job of planning pay more estate taxes. As a financial professional that falls into the category of bad business decisions.

Personally, the estate tax exemption due to impact estates in 2011 thanks to the Bush tax cuts was/is much too low.

 

[BeachSiO2]

How do you find this stuff out so fast?

I work on Christmas Tree ornaments and am watching one that is on the current Omnibus tree. ;-)

Here's an update on the tax vote...

The Senate will vote shortly after noon Wednesday on final passage of the $858 billion tax deal forged by President Obama and Senate Republicans.

 

[BeachSiO2]

Update from the Senate..

A sweeping tax package negotiated by the White House and GOP leaders sailed through the Senate on a 81-19 vote Wednesday and now awaits action by the House as early as Thursday.

 

[Andy A]

Andy, you should not make stuff up.

Sorry, but I am only quoting what I've been told and, while I'm not a financial wizard or advisor, I realize that when you take something from someone who has earned or inheirited it, it is wrong! Just one American's opinion and I apologize for the fact it differs from anyone else's but it is a right I have as do all American citizens.

 

[Smiling JOe]

I find it appropriate that this bill is coming around at Christmas time because after all the ornaments get hung this will be one huge tree with something for everyone to get the votes.

I noticed that the White House has a really large tree, but I didn't know that it would hold 6400+ ornaments. :roll:

 

[30ashopper]

Andy, you should not make stuff up.

Speaking anecdotally as a farm owner it is a complete and total myth that family farms are lost due to the inheritance tax.

It does not happen.

The reality is family farms are lost due to incompetence or bad business decisions by succeeding generations. In my family, alcohol cost heirs WAY more than any estate tax.

A few years ago I asked my dad, who begin a career as a consultant forester after being discharged from the Marine Corps in 1954, if he had any clients who had to sell timberland due to the estate tax.

Negative, zip, zero, nada

So in approximately 1/2 a century he knew of no instances where the estate tax caused heirs to lose their land.

Family farms/small businesses being impacted by the estate tax is a ruse. For instance, there are several sections of the tax code where farms get relief from estate taxes.

It is true small businesses and farms who do a poor job of planning pay more estate taxes. As a financial professional that falls into the category of bad business decisions.

Personally, the state tax exemption due to impact estates in 2011 thanks to the Bush tax cuts was/is much too low.

It happens, 8-12% back in the late 90's. This CBO report has a wealth of data -

http://www.cbo.gov/ftpdocs/65xx/doc6512/07-06-EstateTax.pdf

I think the reason why liberals love this tax so much is its progressivity.

 

[Matt J]

Sorry, but I am only quoting what I've been told and, while I'm not a financial wizard or advisor, I realize that when you take something from someone who has earned or inheirited it, it is wrong! Just one American's opinion and I apologize for the fact it differs from anyone else's but it is a right I have as do all American citizens.

Care to enlighten us on who told you?

 

[beachFool]

Andy, you should not make stuff up.

Sorry, but I am only quoting what I've been told and, while I'm not a financial wizard or advisor, I realize that when you take something from someone who has earned or inheirited it, it is wrong! Just one American's opinion and I apologize for the fact it differs from anyone else's but it is a right I have as do all American citizens.

Think about it, Andy.

I wish there were no taxes, too.

But if there were no taxes then your government check would bounce.

The Obama plan is hardly an attack on the wealthy.

A couple can shelter up to $10M from estate taxes and with small businesses minority discounts stick another 3M on .

I thought we were all worried about the deficit