General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe loss of the estate tax will probably insure
that the US will have an ersatz monarchy soon. Excessive wealth means excessive control. Eventually boycotts, work stoppages, strikes, etc will be useless. They will just wait out the strikers because they hold all of the cards. It will make the old Company Store system look like paradise.
dawg day
(7,947 posts).. to get rid of rule by the landed aristocracy and inherited privilege.
Angry Dragon
(36,693 posts)VOX
(22,976 posts)Good Americans are supposed to DESPISE the aristocracy!
Angry Dragon
(36,693 posts)Bradshaw3
(7,522 posts)like tRump and Putin. They want to recreate the monarchies of old, where not just wealth but absolute power is handed down in dynasties. Their egos are never satisfied, so they have to "live on" after death through their descendants.
genxlib
(5,528 posts)The estate tax is still there. They just raised the threshold by 5.6 million to 11.2 million.
That is a horrible and unnecessary windfall for people that don't need it.
However, it not nearly as bad as eliminating it (which was in the original House bill). That would have allowed Billions to flow through generations unchecked.
Ilsa
(61,695 posts)lapfog_1
(29,205 posts)but this one will be more like the French revolution.
barbtries
(28,799 posts)i just don't know if i'll live long enough to see it.
really i'd rather just have my country back imperfect as it was.
PoliticAverse
(26,366 posts)Ilsa
(61,695 posts)that were not financially sophisticated enough to plan by using trusts, insurance policies, etc., that got hosed by estate taxes.
Binkie The Clown
(7,911 posts)oberliner
(58,724 posts)It just raises the exemption levels.
onenote
(42,714 posts)so I doubt the raising of the exemption -- or even its complete elimination -- would have the impact the OP predicts. That doesn't mean repealing it or raising the exemption is a good idea --it's not. But the sky won't fall: According to a 2015 report from Congress's Joint Committee on Taxation, 4,700 estate tax returns reporting tax liability were filed in 2013, out of 2.6 million total deaths in the United States - a minute fraction of all returns.
Ilsa
(61,695 posts)Prevented mega-sized estates from moving to the next generation without being split up or something. The estate tax plays some role in charity, I assume.
Demsrule86
(68,586 posts)(majority with the presidency. Things can always change. I do think the GOP just made a big mistake and will lose governorships and legislatures in 18...no more gerrymanders and no more voting for unpopular stuff...the House has not been in play, thus the GOP is free to vote for things that would normally get them tossed out of office...but those days are over.
onenote
(42,714 posts)A supermajority in the Senate is 67 votes. We currently have 48. If we held every Democratic seat that is up for grabs in 2018 and ran the table and won every republican seat that is up for grabs, we'd still only have 56 seats. And the chances that we hold all of our seats and run the table are nearly zilch, given that ten of the seats we are defending are in states that Trump won in 2016.
Demsrule86
(68,586 posts)repeal by beating the tar out of those Senates up in 18.