Tuesday, July 04, 2006

What Do You Think Of When You Hear 4th Of July?

If you're a democrat you automatically think higher taxes. Not only are democrats dangerous to our national security but they're equally as dangerous to our economy.

There's really no need to reprint any of this garbage but I will point out that most people leave their homes to their children, homes are where most of the equity is built up for middle class families. Of course to these democrats you should be forced to sell your parents home after they have passed away so you can pay those "inheritance" taxes.

Hat tip: Newsbusters


Anonymous BLAKE said...

Ms. MacGuineas and Mr. Davidoff are not in the mainstream of life as we know it in the United States. After a person has paid for a house, it has been taxed, first when the money is earned to pay for it, then each successive year it is taxed by what is known as property taxes usually through city and county where located. Through the years, the house is taxed every time the homeowner makes necessary changes, i.e. replacing such items as a furnace, air conditioning, resurfacing the drive, painting and general upkeep are taxed throughout the life of a house. If these people had a brain they would be dangerous, especially to our economy. How much in taxes can one individual handle? These authors don't know the fairness of taxes, if they did they would never have time to contemplate such wild schemes to raise yet more taxes. May their souls burn in hell with their own tax dollars. What a shame to think that whenever a person has inherited something so important as a home, it is taxed AGAIN, after all the years of the deceased paying taxes and more taxes. Thank God not everyone has the same ideas in this country.

July 04, 2006 8:10 PM  
Blogger Michael Bindner said...

Unfair. If I sell my house and keep the cash, I may or may not be liable for capital gains taxes. How does my death impact it? If I sell my stock, same thing (and we did pay until the stock price tumbled, then we benefited from the loss).

I agree with the point that if the house is not liquidated, forced sale should not be required unless the property is sold anyway. The same with capital assets and farms. However, if you cash out, you need to pay your fair share as long as there is such a thing as an income tax. Now, if you go to a consumption tax or a VAT, that is a different story. Then their should be no tax on heirs or estates up to a certain point - say $100,000 or $150,000 - and after that only about a 10% tax - and only then if there is a national debt to pay back. If the debt held by both the public and the government were repaid - as Clinton was doing - then I would have repealed all income and inheritence taxes. Sadly, someone else came into office and undid the surplus.

Eventually the wealthy - and if we are spending our hours blogging that is not likely you or I - will be responsible for paying off this debt - since no one else can afford to without breaking the economy. Their taxes were cut to create the debt and their taxes will be raised to pay it.

Think of the debt in terms of who owes it not from a per capita basis but in who will actually pay it back. Since we rely on an income tax who owes what is a factor of what they pay in income taxes annually. Determine that factor by dividing the total national debt (not the one held by the public only) by the total amount of income tax paid. Take that factor and multiply it by the amount of tax from your 1040 form. This is what you owe of the national debt based on current tax law. No more, no less.

July 11, 2006 12:29 PM  

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