rumitoid

Huffpost
Mary Papenfuss
Sat, November 20, 2021, 9:24 PM

As Republicans bellyache about Democrats not balancing the budget, a new report reveals that a massive Trump administration estate tax giveaway that particularly served the ultra-rich sparked a 50% plunge in IRS revenue from the taxes.

Estate tax payments dropped from $20 billion to just over $9 billion last year, Bloomberg reported, based on its analysis of IRS data.

American billionaires, meanwhile, have doubled their collective net worth to more than $5 trillion in just over five years.

The “dramatic decline” in estate tax revenue is largely the result of the Republicans’ 2017 tax overhaul, which doubled the amount the wealthy can pass to heirs without paying any estate tax, Bloomberg noted.

Married couples can now t***sfer $23.4 million over their lifetimes tax-free.

But the ultra-wealthy can also afford to hire high-end attorneys and other advisers to squeeze even more out of the system.

In just one example, Nike founder Phil Knight used various strategies to t***sfer billions of dollars to his family tax-free, Bloomberg revealed last month in an investigation.

Democrats had discussed trimming back some of the massive Trump tax giveaways to the wealthy in President Joe Biden’s Build Back Better package. But those didn’t make the cut in the final bill passed by the House on Friday.

Bloomberg said the $10 billion estate tax collected now by the federal government is an “imperceptible” portion of the total $4 trillion revenue collected by the federal government.

The estate tax is viewed as one of the most efficient and direct ways to shave off government revenue from billionaire dynasties.
https://www.yahoo.com/news/trumps-estate-tax-giveaway-rich-042439357.html

rjoeholl

So?

Liberty Tree

It is their money. Why give it to current Democrats to waste? The more you give them the more they spend. They are even spending trillions they do not have. The problem is not revenue but spending. A concept Democrats never understand.

Big Kahuna

Lois Lerner, ovommit's IRS patsey and deep state thug, still keeps her 6 digit yearly pension to remain in the top 1% of all incomes in the US. Both ovommit and Lerner (millionaires through fraud and vice) need arrested and imprisoned for life. In fact the Demorat party has more millionaires than the Repubs. People are taxed enough on what they rightfully own. Why should we pay more on estate taxes after we die? Obviously you are dirt poor and have nothing to give away after you die. Try working for a living and quit stealing from those who do work.

Big Kahuna

According to Slo demented Joe, there will be no increased debt by passing his Build back better plan, the new green deal nor the infrastructure (more money for B*M, A****a, Planned Parenthoid, CRT and corrupt politicians) plan. Slo Joe is going to fund that $$$200 trillion dollar debt by using the trillions he stole and shook down from the Ukrainians, Russians, Rumanians and Iranians. Joe said, "this debt is on me, H****r and that well dressed, well spoken Negro, Barrack".

Rose42

Why should the government get money when someone dies? That makes no sense

Everyone should pay their fair share of taxes but the estate tax is just a money grab

Big Kahuna

I just heard that if the Build Back Better Ponzi scheme passes, the taxpayers of New York will be paying back about 65% of all their wages to the government. If you add on the taxes of an estate tax at someone's death, the amount of taxes being paid to the corrupt government for our corrupt politicians to spend increases by about another 5% so 70% of all money earned will be going back to the corrupt government and political hacks. Rumitoid thinks that the 70% figure is too low and should be raised to at least 95% in total taxes to be paid on our wages to big daddy government. I guess, in the final analysis, we should thank our government for the privilege of keeping 5% of our wages.

Ronald Hatt Loc: Lansing, Mich

"Hint"....it's not about "balancing the budget"....it's ABOUT RECKLESS, ECONOMIC SUICIDE, ALA THE Demoncrat PARTY, & IT'S CORRUPT LEADERSHIP!....{ GET THAT SKIPPY?}

IT'S ABOUT SPENDING FOR EXCESS PORK, & worthless endeavors, supported by the demoncrat party!

It's about treason against this Republic, by Over Zealous, & corrupt demoncrats...whose agenda is totally narcissistic, & one-sided!

Why don't you "get that"? Do you even have an education?

Big Kahuna

Rumitoid is oblivious to what is happening with the destruction of our great country. The demorats, the party of i**********nists and t*****rs, is currently on a binge to nullify our Constitution, the Bill of Rights and destroy our economy while promoting Medical tyranny with the toxic jab.

Big Kahuna

Duh, have you thought that with Slo joe's toxic W***n jab mandate and it's push to cause massive amounts of people being forced to leave the job market that this is a primary cause for a decrease in tax revenues? Any r****d should be able to put 2+2 together and get 4 but with the new math and a new ebonics language the sheepie are now lost and think 2+2= 5 while muttering jibberish and having a toxic syringe h*****g out of their arm.

vernon

This country did fine for the first 270 years with out the income tax. All that was accomplished by the income tax was v**e buying and everyone being jealous of everyone with more than themselves.

American Scene

270 without an income tax? Wrong, try again

You should have paid more attention in school, that is if you even went to school, with comments like that you must have been home schooled

Big Kahuna

The home schooled consistently outperform their public school indoctrinated comrades. You are apparently not up to date on secondary education standards and you just complimented Vernon.

American Scene

You are as uneducated as the other guy if you think that this country did not have an income tax for 270 years. Not just wrong, but totally ignorant of facts and history wrong.

But then, maybe your were both home schooled or attended trump u.

Your posts suggest that

Or, you two don't know about income tax because you are freeloaders and don't pay income tax

By the way little gina, why can't you provide links to the silly lies you post?

Don't answer, since there are no valid links

So go back to your studies, someday you may advance to the next class














Your posts suggest that

Big Kahuna

I never made any claim or statement regarding our income taxes or income tax laws. If Vernon stated that, it is his opinion, not mine. I just implied that home schooled kids are sharper than public schooled kids which is something you denied. You apparently don't believe in school choice or parental rights to educate their own kids. As far as lies go, you supersede me by an astronomical number of false posts which you seem to be proud of. If you want to trade educational standards and compare degrees let me know. If you want to discuss Italian food and appetizing pasta plates that's another story for another day. Pasta faziola is one of my favorite dishes. Hyde Park Culinary school taught me classy dishes and speaking of classy dishes, Melania Trump is a great example.