|
Edited on Wed Jul-07-04 07:10 PM by stickdog
A short discussion, with brainwashed Repuke commentary in italics:
There is no way that earned income should be taxed at a higher rate than gifted or inherited income. NO FUCKING WAY.
Earned income is the economic engine of this country. If we taxed assets and generational asset transfers (read: wealth & inheritance) instead of income, a hell of a lot more people would get to keep enough of their earnings to actually acquire assets.
Taxing the earned wages of hard working, boot strapping Americans at a FAR HIGHER rate than you tax unearned generational transfers of wealth is simply unconscionable!
But, but, estate taxation is bad for the economy and society!
And raising income taxes (or increasing the deficit) is good for the economy and society? Yes, all taxation is "bad" for the economy and society. But the argument isn't estate taxation vs. nothing. It's estate taxation vs. income taxation.
But, but, really rich people never paid any estate tax anyway.
Yes, the super-rich had long ago written the laws so they could cheat their way out of paying estate tax. So should we:
1) move this portion of the tax burden onto the shoulders of struggling, hard working wage earners
or
2) reform these unfair laws and close the loopholes?
Of course, estate taxation needs to be reformed. No trusts. No living wills. No untaxed transfers of wealth. No legion of other uber-rich tax attorney loopholes. Just reasonable exemptions and allowances for small to medium family businesses and residences.
But, but, estate taxation is just wrong!
Sure. Just like ALL taxation is wrong! But that doesn't make it unnecessary. When you advocate scrapping estate taxation, you effectively advocate RAISING income taxation. What is the argument for taxing hard earned income MORE than unearned income? Please explain why taxing earned wages is MORE desirable than taxing gifted income.
But, but, why should death be a taxable transaction?
Why should any transaction be a taxable transaction? Specifically, why should earning wages result in a taxable transaction? More specifically, why should I be taxed ZERO PERCENT when I receive an unearned gift for picking my navel, but 20 - 40 PERCENT when I work hard to earn wages?
But, but, it's DOUBLE taxation! DOUBLE!
"Double taxation" is the ultimate red herring.
For example, I work for a company that pays FICA, corporate taxes, sales taxes and property taxes on the same assets every year. When my paycheck from this company comes to me, about a dozen taxes come out of it. When I spend my paycheck at the store, I pay sales tax on items whose prices include a markup for all sorts of previous taxation. When I invest my paycheck into a house or home improvement, I get taxed on the house's value every year. If I invest it into something else, I have to pay cap gains tax on the money my investment makes.
But somehow we are supposed to feel sorry for rich dead people's sons and daughters -- many of whom are too lazy to earn their own livings -- because "double taxation is just wrong"? My God, rich people run clever PR campaigns. Don't they?
But, but, it's still DOUBLE taxation! That's just UNFAIR!
:eyes: Come on! :eyes:
Think of how stupid this "argument" is vis a vis income taxation. Suppose I fix up some self-made man's mansion, and he pays me $50,000 for my labor. Didn't he earn the $50,000 he's paying me at one time? Didn't he "already" pay taxes on it? So does this mean I don't have to pay any income tax on my earnings?
The grantor is dead. The grantor died stinking rich. What more does the grantor need? Does he or she really need tax shielding privileges that extend all the way from the beyond the grave to the OTHER side of his or her financial transactions? You know, the kind of tax shielding privileges that no LIVING person gets?
It's the grantee who is getting the money -- exactly like the guy who fixed up the mansion except that the grantee did NOTHING whatsoever to earn the money and nothing whatsoever to help the economy.
So the hard working, economy-driving man is "taxed twice" on his wages while the indolent navel picking rich kid collects 100% for sitting on his ass. Why is that OK? Aren't you ashamed of yourself for letting rich folks pull the wool over your eyes like that? Aren't you even smart enough to realize when you're getting ripped off?
|