Obama tax plan

The real tax that should be raised is the inheritance tax. The money being passed down represents UNEARNED income for the kids. What kind of demented tax policy taxes the EARNED income of firefighters and policemen but doesn’t tax the UNEARNED income of lucky kids who happen to have rich parents?

As someone who doesn’t plan to inherit much from mom & dad and currently has a household that makes a good bit less than $250K per year, I have zero problem with raising taxes on the rich. Republican blowhards are always saying that people can act in their own best interests, and I will take them at their word.

naturallight Wrote: ------------------------------------------------------- > The real tax that should be raised is the > inheritance tax. The money being passed down > represents UNEARNED income for the kids. What kind > of demented tax policy taxes the EARNED income of > firefighters and policemen but doesn’t tax the > UNEARNED income of lucky kids who happen to have > rich parents? Have you looked at the details? It is actually very stark, Obama wants to tax at 3 times the rate of McCain. It is double taxation and I bet you are against it for dividends. http://www.taxfoundation.org/candidates08/compare

Nattylight, death tax is just stupid…it has already been taxed once, no need to tax it again. And not every kid that gets money has “rich” parents. If your parents own a home say worth $300k and they die you want that $300k taxed as inheritance b/c your parents were rich?? Or they had their retirement fund with $500k that was going to last their whole retirement but their lives were cut short, so now they are “rich” and you want that taxed so you only get $300k of it??? Dude, drink some more Nattylight then get back to me.

projectplatnyc Wrote: ------------------------------------------------------- > Yeah - $250K seems a bit low. If in urban > households with 2+ children and private schools > (plus future college costs), they are just > scraping by . . . private schools is not an indication of middle class. maybe upper middle class. my parents made about that, i wouldn’t call my lifestyle growing up middle class.

It also depends where you grow up, in Houston 250K+ is definitely upper middle to upper class

naturallight Wrote: ------------------------------------------------------- > The real tax that should be raised is the > inheritance tax. The money being passed down > represents UNEARNED income for the kids. What kind > of demented tax policy taxes the EARNED income of > firefighters and policemen but doesn’t tax the > UNEARNED income of lucky kids who happen to have > rich parents? unbelievable. . . i dont even know what to type

It is not “double taxation”. Each person who receives income pays taxes on it once. The dad earns money, and pays taxes on it. If the dad gives the money to the son, from the son’s perspective, it’s income. So the son should pay taxes on it, just like he pays taxes on his other sources of income. Furthermore, it’s UNEARNED income, because the son didn’t do anything to earn it. So of course it should be taxed at a higher rate.

dlpicket Wrote: ------------------------------------------------------- > Eff this. If Obama gets elected, I’m asking for a > pay cut. > > That will show him where to stick his high rates. Clearly the motivation to work hard and succeed will be reduced. . . very un-American indeed. Don’t think his plans have a snowball’s chance in hell of getting implemented.

Don’t cut defense. Don’t cut Medicare/Medicaid. Don’t cut Social Security. Must spend more on homeland security. Must fight wars. Must spend more on infrastructure. Now that is probably most of our budget. yeah, you can cut few billion dollars of pork and that would be equivalent of a Donal Trump saving by not buying a Big Mac for lunch one day. The other side - cut taxes. Net result - sell our country to China, Russia and Mid-east. Great national security doctrine.

houston_08 Wrote: ------------------------------------------------------- > It also depends where you grow up, in Houston > 250K+ is definitely upper middle to upper class $250k+ household income qualifies as rich regardless of location.

cjones65 Wrote: ------------------------------------------------------- > I’m unclear on some things. > > I understand that he has proposed overhauling the > tax code to lower taxes for the poor and middle > class and increase them for the rich, but does he > mean businesses too? In other words, does he plan > on raising taxes for US corporations? Wouldn’t > this be terrible for the economy? Small businesses = the rich. You know those who earn more than 250k… Very rich hide their assets…

$250K in NY with 5 kids…not living the good life. Particularly if that 250K doesnt include benefits.

So, when the biggest non-government employers in the US decide not to hire because it’s cheaper to move operations outside of the country, how are the lower 95% going to help the situation???

Don’t have 5 kids. Besides, kids can share stuff…I don’t think I’d starve with $250k in NY.

kevinf12 Wrote: ------------------------------------------------------- > $250K in NY with 5 kids…not living the good > life. Particularly if that 250K doesnt include > benefits. are you catholic or somehting? five kids? why?

Where do all you live that think $250k is rich? I would call that mid to upper middle class, not rich at least on the east or west coast or in chicago. I would call 500k rich and 1M+ wealthy.

I am not and I dont have any kids and am not married. Not sure what this has to do with me… Even with 3 kids, I dont see how that is considered rich. Especially if that is a gross number and no benefits.