Here's A Modest 'Death Tax' Proposal for Whoopi Goldberg
Whoopi Goldberg thinks she sees something called a 'death tax,' the same way she saw phantoms in Ghost. Ghosts may or may not be real, but there is no such thing as a "death tax." Like many wealthy people, Whoopi uses this artificial phrase to complain about her inability to give as many tax-free millions to her children as she would like.
Whoopi's kids will pay tax on their unearned income. That's an inheritance tax, not a death tax. And even though they've done nothing to deserve it (except for having a rich parent), they'll receive much more favorable tax treatment that regular people get when they work hard for their money. They'll be able to enjoy their first $2 million of inheritance absolutely tax-free.(1)
Why, you may ask, do wealthy children get a tax break that others don't? Because our country's lawmakers have traditionally favored the idle rich over working people. Whoopi, I think you understand that. And while everybody understands the desire to leave our wealth to the children we love, hardworking Americans aren't really happy about the 'tax-free' part.
This "death tax" phrase was designed and marketed by conservatives to confuse people into supporting the idea that rich kids shouldn't pay any tax at all on their unearned multi-million dollar income. And it won't go away. I saw a headline the other day that read "Dexter: Let's drop death tax." I thought it was referring to the serial killer on TV named Dexter. If he paid taxes for every victim he murders, that would be a "death tax."
(Actually, "Dexter" is a Canadian politician who's using the phrase for its intended purpose, which is to confuse voters.)
"If I have to give something to my kid I (when) already paid the tax," says, Whoopi, "why do I have to pay it again because I died?" Er, Whoopi ... you don't. They do. Just the same way your gardener and maids have to pay taxes on the money you give them, even though you paid taxes when you earned it. (Except for the fact that they don't get the first two million tax-free.)
It would only be a "death tax" if you had to pay it again personally.
Hey, look. We like Whoopi Goldberg. She has a big heart, and she does great work. We don't want to pick a fight with her. So here's an offer to keep things friendly: Whoopi, we'll tax your kids, but we won't tax "you" twice. So if you really think you've been forced to pay a "death tax" after you die, here's our proposal:
Just come back and ask for a refund. We'll see to it that you get one.
(1) See this tax guide for information on the Federal estate tax, which is commonly referred to as the "death tax." Here's an excerpt: "... Congress has approved a schedule that increases the amount an individual can leave to heirs tax-free to $2 million in 2006-2008 and to $3.5 million in 2009. In 2010, it will supposedly be repealed altogether."
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"Dynastic wealth, the enemy of meritocracy, is on the rise. Equality of opportunity has been on the decline. A progressive and meaningful estate tax is needed to curb the movement of a democracy toward plutocracy
'One percent of Americans hold 33% of the nation’s wealth. The top 10% hold 72% of the total wealth. The bottom 40% of Americans control only 0.3% (three tenths of one percent). And that was before “pay day loans.” - 'The Money Party - The Essence of our Political Troubles'/Michael Collins
'"Without the estate tax, you in effect will have an aristocracy of wealth, which means you pass down the ability to command the resources of the nation based on heredity rather than merit." - Warren Buffett
You guys are missing the point. Even if they taxed the ENTIRE inheritance 100% and gave the kids nothing, it still won't benefit the average joe at all. In fact, ironically, the primary beneficiaries will be the defense contractors.
The Federal Govt is setup to SPEND, and spend it does! It spends everything it gets and much more (about 25%) it doesn't even have.
Back in the late 90's when (finally) a surplus was achieved under Clinton, did they give that money back to the people? Yeah right!!
Once again we're trying to cure the symptoms and not the disease.
Silver Spoon tax
Hey RJ, that $2 million is actually $4 million, if she's married.
tax your income
tax your food
tax your gas
tax your property
tax your beverage
tax your book purchases
enough is enough, at the very least
LEAVE THE DEAD ALONE.
Whoopie once spent a few years on welfare; where did she think that money came from?
At the risk of exposing neocons to facts rather than their usual diet of Bush/Cheney lies, here is a little reality:
http://www
But then in neocon heaven you can take it with you.
Whoopi, very often people inherit property or an investment account, stocks, gold, etc. These assets were not cashed out during the life of the dead person, so they were NOT taxed during the person's lifetime.
Let's not be disingenuous here - nobody likes paying taxes. Everybody would like to pay less in taxes. But taxation is the price we pay for living in a civilized society. Without taxation, an "I've got mine, screw you, get your own" attitude would cause envy and covetousness to spiral out of control and create chaos. A fair and equitable system is the holy grail, but special interests continue to derail the search. A tax on consumption - excluding life's necessities such as food, clothing, and shelter - would be a start, along with a much simpler income tax. The inheritance tax currently affects less than 2% of the population, and is not an unreasonable way to redistribute wealth and allow the middle class to pay less in other taxes. People should be rewarded for being productive, but their (rich) non-productive kids don't deserve the same rewards. It's a free country - let 'em prove themselves just like their parents did.
The REAL lesson is that we need to scrap the federal income tax on individuals and replace it with a heftier tax on corporations and a VAT tax on most consumer products.
Of course, this won't happen because the corporations own and control our system. So we continue to bicker about unfair taxes and nobody does anything about them. No real change will be possible as long as the corporate-owned Democrats and Republicans control our system. Our periodic elections are just a show to con us gullible rubes into believing we live in a democracy.
Let's not waste our time bickering about one small tax when the system is robbing us blind every day -- and will continue to do for the foreseeable future.
In addition, much of the income they will inherit will have had no taxes paid on it. For instance, if any investments like stocks have appreciated while Whoopie owned them, the kids inherit them at the new value. The capital gains won't have been paid by Whoopie or anyone. They won't have been taxed twice. It is just like Republicans and others who never want to pay their share. Whoopie, you are rich. When you die the kids will be rich. Just because they won't get everything without paying some inheritance tax on some of the estate is just too bad. Give me a break.
when you buy gas, it's a gas tax.
when you make a sale, it's a sales tax
when you buy cigarettes, it's a cigarette tax.
when you DIE, IT'S A DEATH TAX.
it's not the GOP who is misleading.
it's the lefties who who want to soften it by calling it an estate tax.
The bloated Teddy Kennedy pushed through a luxury tax and surprise surprise it was the poor and middle class who suffered, so they had to repeal it.
Nice one, RJ.
Whoopie is full of it up to here eyeballs on the so-called "death tax".
Just look at how money changes people...
Another thing: I dont know where I read the study, but one of the reasons why middle-income folk repeatedly voted Republican during the last two election cycles was the Republican 'attitude' on death taxes, inheritance taxes, what have you.
People in the stratospheric wealth categories that NABNYC refers to have lawyers that take care of the estate tax issue. They dont need to issue "hugh bribes" to escape the tax. Foundations (which only require 3-5% be spent on the public weal annually to maintain their tax-free status) corporations, tax-free trusts, spray trusts, and countless highly creative financial instruments take care of the estate tax burden. The issue is moot for the 1% extreme rich.
But people like me and Little Liberal get the shit kicked out of us with estates duties. The tax due is tied to our annual income that year, and we have NO SAY in the matter. My father's house was worth a pittance when he bought it. Some real estate appraiser set the value of the house when he died, based on comps. I had to pay taxes on what that appraiser wrote down for the bank. That's insanity.
What the Democrats dont realize is that a lot of the baby-boomers (non-savers) are counting on their parents' inheritance to fund their retirement. If you tax the hell out of that, they will roll Republican once again. With 20 or 30 years of penury staring them in the face, they dont give a damn about grass-roots politics. If you dont believe me, ask them.
I have a theory. Someone is slipping big doses of stupid into the coffee dispensed at The View where Whoopi (rhymes with "Whoopi") made this statement.
Flat earth, sun revolves around the earth (which is only 2,000 years old), and now "Teh Death Tax" (shudder, shudder).
If Whoopi (rhymes with "Whoopi") doesn't want to pay Teh Death Tax, she could avoid it completely by giving all her money to the poor. Now. Do not pass go. Do not collect 2 million dollars.
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