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Define small business. In my book any individual who owns a business worth 10m or less wouldn't be subject to an estate tax. I would also obviously fix the way it currently it where estate tax liability can cripple a small business.
Estate taxes are more complex than I have time to talk about right now, so I didn't further open that can of worms. Major issues with those and small businesses...
Define small business. In my book any individual who owns a business worth 10m or less wouldn't be subject to an estate tax. I would also obviously fix the way it currently it where estate tax liability can cripple a small business.
estates taxes touch almost NOBODY but the super rich, and don't kick in until the beneficiary receives $5M tax free ($10M for a couple). the "small business" angle is bull
All good.
NOW it is; 7 years ago, not so much. Wasn't sure what he was referring to with estate taxes.
Seriously, would like to see what you consider proper tax rates (and this isn't baiting - I'm not Chump)
1950s tax rates worked great, the country prospered, ALL boats got floated, unions were strong, etc, etc.
No it doesn't.
You still have to worry about costs of goods, rent, healthcare and worry about losing your job. That is not being rich.
The average salary is NY is around $80,000. Making $400,000 and managing it responsibly should give you a decent change of being rich (by most people's definition). In a few years, you'll have earned more than most average workers make in their lives assuming you earn some interest and make some decent investments.
"The average salary is NY is around $80,000"
no, it's about $150K, way above the median, due to the extremely high incomes a few.
bull . maybe Manhattan by itself gets you to $150,000
yep, manhattan. all boroughs is $80K
LOL. ya'll are peckerheads.
It's not about your salary vs average. It's about your salary being enough to let you live comfortably till you die eland even leave some to your kids.
Sorry 400k does not guarantee you any of those things. It's peanuts. It's not being rich.
You wouldn't even be able to afford 1st class air tickets for your entire life. It's not even close to being rich.
you're right. I was trying to put myself in the shoes of the 99% and $400K seemed like it would be a lot to you guys. I guess I'm a little detached.
Amazingly, nobody actually paid 90%. There were so many loopholes, deductions and tax shelters back then compared to today that even the richest Americans only ended up paying more like 40% of their earned income in taxes.
The country was rich because they were a manufacturing behemoth thanks to WWII while all the manufacturing in Europe, Asia, and Russia had been bombed to . All this American exceptionalism crap is basically because we won WWII, and it's been downhill from there.
But that's the point. The richest Americans are always going to have the best CPAs/lobbyists/tax lawyers, so they're always going to get the inevitable amount of deductions, loopholes and shelters. A high marginal rate compensates for that, the scenario of a lower marginal rate but no loopholes/deductions is a total pipe dream. Maybe that lasts for a few years, but eventually they'll add the loopholes that the ultra rich lobby for.
Well, I prefer that to the sub 5% they're paying now after loopholes.
"nobody actually paid 90%"
evidence? that isn't pulled out of your ass
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