Talked to Thornberg

[PD]

Estate taxes above a certain amount seem to me to be a reasonable precaution against keeping large estates in family hands who didn't earn them.

This is asinine.  I should have the right to pass on to my children anything that I acquire during my life.  How dare you or anybody else advocate taking away my right to do this?  Are you going to be the inheritance police?  Are you only allowed to have what you have earned?  Do you really think it is a threat to society for people to inherit lareg sums of money? In this case, you must be opposed to the lottery.  Winners really haven't "earned" anything.

 If you want to give your money or possessions away instead of passing them on to you children, fine.  I think that is stupid but it is your right.  However, don't you dare enact laws that prevent me from disposing of my lawfully earned possessions as I see fit.

[Anonymous]

And, as you could guess, what is really ‘unfair’ is passing on a work ethic, competitive spirit, and brains to your children. Those things last forever in kids. Inheritance money gets spent in a decade.

[Anonymous]

And, as you could guess, what is really ‘unfair’ is passing on a work ethic, competitive spirit, and brains to your children. Those things last forever in kids. Inheritance money gets spent in a decade.

[cyphire]

I understand your consternation PD, believe me I do. But a society has to have rules and ethics – you don’t exist in a vacuum. Why is it that the rich are getting so much richer? Is it hard work, dedication, or is society just set up for the benefit of the rich? The idea is that above a certain limit society gets to share in what you have. It’s a tax. If you want to eliminate the estate tax, then lets have a much higher graduated tax – and remove what George Bush did – steal from the rest of society so some people could buy more cars and bigger houses.

I am an entrepreneur – I don’t like insanely high taxes – but our current tax system is not only very unfair, it is legalized theft. The rich are paying a tiny percentage of taxes compared to the average joe (based on disposable income). Take someone making 30K per year. After paying for housing, basic food, insurance, etc. there is nothing left. Take someone making 400K… After paying for housing, basic food, insurance, (and taxes)… Woh! There is 200K left over!!! Woo HOO!

And JG – nice to be on the top… But the folks that cut your grass, wire your houses, cook your meals, clean up your tables and change your oil deserve services also. Funny – but all the people of have so much really think that everyone else should get crap.

PD and JG… Perhaps you are feeling some guilt?

[cyphire]

I understand your consternation PD, believe me I do. But a society has to have rules and ethics – you don’t exist in a vacuum. Why is it that the rich are getting so much richer? Is it hard work, dedication, or is society just set up for the benefit of the rich? The idea is that above a certain limit society gets to share in what you have. It’s a tax. If you want to eliminate the estate tax, then lets have a much higher graduated tax – and remove what George Bush did – steal from the rest of society so some people could buy more cars and bigger houses.

I am an entrepreneur – I don’t like insanely high taxes – but our current tax system is not only very unfair, it is legalized theft. The rich are paying a tiny percentage of taxes compared to the average joe (based on disposable income). Take someone making 30K per year. After paying for housing, basic food, insurance, etc. there is nothing left. Take someone making 400K… After paying for housing, basic food, insurance, (and taxes)… Woh! There is 200K left over!!! Woo HOO!

And JG – nice to be on the top… But the folks that cut your grass, wire your houses, cook your meals, clean up your tables and change your oil deserve services also. Funny – but all the people of have so much really think that everyone else should get crap.

PD and JG… Perhaps you are feeling some guilt?

[what_a_disasta]

I thought that lottery winners were quite heavily taxed on those winnings?

[what_a_disasta]

I thought that lottery winners were quite heavily taxed on those winnings?

[Anonymous]

Yes, I have a Mexican cut my grass — me.

My wife keeps our house. The guys at Jiffy Lube where I get my oil changed are kids fresh out of high school, it appears.

Today, our two kids are sanding, priming, and painting fences.

Nah, cyphire, we work like Mexicans because we are part Mexican.

[Anonymous]

Yes, I have a Mexican cut my grass — me.

My wife keeps our house. The guys at Jiffy Lube where I get my oil changed are kids fresh out of high school, it appears.

Today, our two kids are sanding, priming, and painting fences.

Nah, cyphire, we work like Mexicans because we are part Mexican.

[Anonymous]

cyphire, get over the envy of folks who earn more than you.

My Dad worked as a postal clerk for 35 years. My Mom still works as a barber, as she has for 40 years. Modest. Together, they earned $50-60K at their peak.

Each of their four kids earns that or much, much more.

There’s nothing demeaning about earning $30K per year. Just work to ensure that your kids do better.

That’s been the modus operandi for millions of Americans, cyphire: hope and work for a better future.

[Anonymous]

cyphire, get over the envy of folks who earn more than you.

My Dad worked as a postal clerk for 35 years. My Mom still works as a barber, as she has for 40 years. Modest. Together, they earned $50-60K at their peak.

Each of their four kids earns that or much, much more.

There’s nothing demeaning about earning $30K per year. Just work to ensure that your kids do better.

That’s been the modus operandi for millions of Americans, cyphire: hope and work for a better future.

[PerryChase]

jg, you’re such a parvenu/arriviste.

[PerryChase]

jg, you’re such a parvenu/arriviste.

[cyphire]

Hate to burst your bubble jg, there aren’t a lot of people who earn more than me. I just set up an interlocking trust because I wanted to protect my assets up to the point legally allowed. Also when my children inherit, I want the money that is left to be doled out to them at 25, 30, and 35 years of age. I am not unhappy about the government taking 50% of anything above 7 million dollars from me. My kids aren’t getting matching Ferrari’s when they graduate high school – even though I could buy them a set each. Estate tax is just a way of distributing wealth created to the betterment of society Perhaps you and PD forget that any money made above a certain point was made off the sweat of others.

My father made very good money for his time (up to about 200k at his best) – but I had to earn the money for my first car and he matched it ($1500) for a tank which cost more in gas then would believed possible even at 1970’s prices.

I worked for his company for a time and learned all I could. I was paid a low wage, then a better one, then I started my own company and made him very proud. Thats the American dream.

I busted my ass and worked like a dog to get where I am today. I started a software company in the 80’s and sold it last week. The people who worked for me were fairly paid – but the way the system is set up I made the real money. I’m not ashamed of that but grateful. I think that higher taxes on everyone above a million dollars is a fine thing. Even though it would cost me money – I would be happy to have more social services and to help create a better society. If it is handled right (big if the way the government usually works.)

While I applaud the brainwashing of ‘hope and work for a better future’, the folks in DC are screwing you and millions of others out of their future by keeping the vast majority of money in the hands of a tiny fraction of the country. This is done by low taxes and a different set of rules for the top. But keep shouting the platitudes – and worrying that too many people in the slums are getting too many social services! (sorry – or was that PD?).

And the poster is right about the lottery. Poor people spend dollars they can’t afford trying (using after-tax money) and then not only do they get less than 50% of them money collected (and then the present value of that so call it 20%), they then pay a new income tax on that money (so basically the government keeps 90% of the lottery money).

Ciao

[cyphire]

Hate to burst your bubble jg, there aren’t a lot of people who earn more than me. I just set up an interlocking trust because I wanted to protect my assets up to the point legally allowed. Also when my children inherit, I want the money that is left to be doled out to them at 25, 30, and 35 years of age. I am not unhappy about the government taking 50% of anything above 7 million dollars from me. My kids aren’t getting matching Ferrari’s when they graduate high school – even though I could buy them a set each. Estate tax is just a way of distributing wealth created to the betterment of society Perhaps you and PD forget that any money made above a certain point was made off the sweat of others.

My father made very good money for his time (up to about 200k at his best) – but I had to earn the money for my first car and he matched it ($1500) for a tank which cost more in gas then would believed possible even at 1970’s prices.

I worked for his company for a time and learned all I could. I was paid a low wage, then a better one, then I started my own company and made him very proud. Thats the American dream.

I busted my ass and worked like a dog to get where I am today. I started a software company in the 80’s and sold it last week. The people who worked for me were fairly paid – but the way the system is set up I made the real money. I’m not ashamed of that but grateful. I think that higher taxes on everyone above a million dollars is a fine thing. Even though it would cost me money – I would be happy to have more social services and to help create a better society. If it is handled right (big if the way the government usually works.)

While I applaud the brainwashing of ‘hope and work for a better future’, the folks in DC are screwing you and millions of others out of their future by keeping the vast majority of money in the hands of a tiny fraction of the country. This is done by low taxes and a different set of rules for the top. But keep shouting the platitudes – and worrying that too many people in the slums are getting too many social services! (sorry – or was that PD?).

And the poster is right about the lottery. Poor people spend dollars they can’t afford trying (using after-tax money) and then not only do they get less than 50% of them money collected (and then the present value of that so call it 20%), they then pay a new income tax on that money (so basically the government keeps 90% of the lottery money).

Ciao

[Author]

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