The Real Deal New York

House passes “death tax” repeal

Republicans have said it hurts parents’ ability to pass businesses down to children
April 16, 2015 06:20PM

The House of Representatives passed a repeal today of the estate tax, voting 240-to-179 to ban the law that taxes inheritances of over $5.43 million at 40 percent.

The passage comes despite threats from President Obama earlier this week to veto the measure if it is passed. The bill is unlikely to make it to Obama’s desk, however, as it is expected to die in the Senate. To override a presidential veto, it would need to secure two-thirds of the Senate’s vote.

Today’s vote was largely along party lines, Reuters reported. Rep. Kevin Brady of Texas sponsored the bill.

Republicans have decried the tax, saying that it hurts parents’ ability to pass businesses down to their children, and unfairly double taxes assets that were already taxed as income.

Opponents of the repeal point out that it would increase the deficit by $269 billion over 10 years. [Reuters] — Tess Hofmann

 

 

  • ralphpetrillo

    So to raise 270 billion simply raise taxes on those who earn or receive stock options worth more then one million to a 50% flat tax. Then get rid of estate tax.

    • Marc

      Why then should people have to sell equity they have worked hard for just then to give at least half to the most unproductive beneficiaries. You propose one tax to simply replace another. Nothing is accomplished except restraint of trade, creation of poverty & capital exiting the economy.

      • ralphpetrillo

        Only when they sell it will they have to pay the tax, however that 270 billion has to be made up some where. We are in the middle of a World War, and there are so many wealthy people that do not pay enough taxes. Military soldiers hardly get paid, while wealthy billionaires pay low taxes. It is time for the wealthy to kick in more to pay the expenses of the war that we are involved in. We have spent close to 3 trillion over the last ten years while the middle class and low income class have fought bravely in the military and the wealthy have gotten so many tax breaks. It is almost to idiotic that he wealthy do not want to give back to the United States.

        • Marc

          The wealthy will kick in more when they earn more. Higher percentages are unfair. Create a simple flat tax. Some of the lucky ones who benefit from all the loopholes benefit under the current system and then it’s further compromised when you create welfare, food stamps, “affordable housing” & other forms of rent control/stabilization. The government’s job is to provide a system of justice, help to promote infrastructure & provide for a strong military. NOTHING ELSE. For those willing to serve pay them well. No argument there. With over 50% of earnings & borrowings to the government there cannot be a more worse place to put money. You seem to have a problem with money. You claim the wealthy don’t want to “give back”?. How would you know? Send them all abroad and see what we will have here. The “wealthy” as you describe them pay roughly over 80% of the taxes to the government and that’s only directly what they pay. Government tax receipts are way way above what is needed.

          • ralphpetrillo

            Not true what you are saying. After deductions Buffet stated that he had a lower rate then his secretary. Just tax millionaires and billionaires at higher rates. the top one tenth of 15 can afford to kick in more for the other 99.9%. Bill gates escaped taxation by forming a foundation. They know how to escape taxation.they studied the Rockefellers. Wake up and place a one time tax of 33% on all existing foundations.

          • Marc

            You’re basically repeating yourself. Buffet’s earned income is a much higher rate. I will not exhaust myself arguing this with you. Buffet argues paying higher taxes but he wont because he’s smart. He knows that proponents of freedom will take the abuse on that issue while he uses his wealth to curry favor with crooked politicians up to the white house. And if you understand that, then you know the keystone pipeline is quashed thanks to him. The pipeline would destroy his railcar business and be much safer way to transport oil. The pipeline would be vital in expanding the infrastructure that gives us clean & price competitive energy. You should not look to Buffet for your talking points. The problem is government spending & control. Tax every “millionaire & billionaire” 100% and you still cannot balance the budget. Killing wealthy people with high taxes will put some out of business, reduce investment & ill the golden goose. I’ll let you have the last word. Telling me to “wake up” wont accomplish anything. Like I said, you cannot even balance the budget taxing them 100%.
            Trying to flatten out the wealth will put the nail on this country’s coffin. Perhaps you can convince Cuba to tax their millionaires & billionaires. That way they’ll have more wealth, right?

          • ralphpetrillo

            Marc feels for the wealthy.Jesus feels for the other 99.99%.We know the story.

          • Marc

            Jesus is a fairy tale. I feel for the other 100%. We know the story.

          • ralphpetrillo

            You are lucifer do child

          • Marc

            Thank You for the lesson in class warfare.