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house Bill H.R. 4857

Should the 'Death Tax' Have Progressive Brackets & Apply to More Americans?

Argument in favor

The gap between the ultra-rich and everyone else is exacerbated by the ease of passing assets between generations without any tax implications. Imposing an estate tax on the top estates (those worth over $3.5 million) would increase revenue for the government and ensure that the wealthy pay their fair share of taxes.

burrkitty's Opinion
···
11/06/2019
This is fine but also DOUBLE THE CAPITAL GAINS TAX. Either that or tax capital gains and dividends as regular income (no special lower rate). The special treatment of capital gains is, like much in the tax code, a crony special interest benefit to a narrow class of real estate and private equity investors.
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···
11/06/2019
Yes, it seems very unfair that those with the most pay the least. Goes to show you if you have enough money you can sway politicians to change the tax laws in your favor. This is been going on since the 60s when they really started pushing to ease the taxes on the rich and has progressed from then until now.
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jimK's Opinion
···
11/06/2019
Yes, I support the concept of ‘wealth’ taxes generally and the escalating tax rates on large inheritances. The income gap between our wealthiest and the rest of us has grown substantially under trump and this is simply not conducive to a sustainable growing economy. I do feel that this particular tax needs to be part of a broader plan that generally supports all of our people and enables the ‘least’ of us to have the opportunity for financial success as part of our country’s unique ’American Dream’. This will require monitoring to ensure unlawful wealth transfers are not employed such as trump’s father paying trump hugely unrealistic property maintenance fees as a way of transferring wealth without being taxed. I also generally support other poster’s suggestions that Capital gains tax rates be increased, but with one caveat; that these taxes turn-on after some cumulative annual disbursement so to not unduly harm retiree’s who are living off of their 401K lifetime contributions. I like many others are or will be, am faced with legally mandated withdrawals from an IRA which exceed my current needs and are taxed as income when withdrawn. These represent contingency funds to help recover from unanticipated medical expenses, home repair costs or other emergencies. Since my need is not immediate, I have chosen to put the excess funds into risk-adverse mutual funds which I hope will have returns in excess of the minuscule interest on savings accounts. I can guarantee that no-one would consider me wealthy; I tell my kids the only thing they are guaranteed to inherit will be my debt. However, I would not like to be unduly punished for trying to be responsible. I think small businesses such as family run farms could also unduly suffer without some realistic caps on capital gains taxes even though I feel these taxes should be increased for our wealthiest who can and do hide income inside of their investments.
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Argument opposed

Death shouldn’t be a taxable event, but this bill would make more American families subject to the estate tax and increase the government’s take from their inheritance. The steep tax rates this bill would impose on the wealthy would encourage them to find loopholes or move out of the U.S. to avoid the tax, both of which hurt economic efficiency.

Joseph 's Opinion
···
11/06/2019
No!!!! Stop taxing us to death!!!! Quit wasting my money when you do!!!! Balance the budget!!! Be responsible with money that isn’t yours!!!! All of you in Congress are horrible Stewards of what belongs to the people of the United States!!!
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Kelly 's Opinion
···
11/06/2019
I disagree. Everything in the estate has already been taxed on way or another. To be taxed again is just being greedy. I have never understood that tax or the inheritance tax. Again a sign of greed.
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Ronald's Opinion
···
11/06/2019
Repeal death taxes. estate money, and property has ben taxed, often several times. Heirs, not government should get this money.
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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      Committee on Ways and Means
    IntroducedOctober 24th, 2019
    This is fine but also DOUBLE THE CAPITAL GAINS TAX. Either that or tax capital gains and dividends as regular income (no special lower rate). The special treatment of capital gains is, like much in the tax code, a crony special interest benefit to a narrow class of real estate and private equity investors.
    Like (81)
    Follow
    Share
    No!!!! Stop taxing us to death!!!! Quit wasting my money when you do!!!! Balance the budget!!! Be responsible with money that isn’t yours!!!! All of you in Congress are horrible Stewards of what belongs to the people of the United States!!!
    Like (69)
    Follow
    Share
    Yes, it seems very unfair that those with the most pay the least. Goes to show you if you have enough money you can sway politicians to change the tax laws in your favor. This is been going on since the 60s when they really started pushing to ease the taxes on the rich and has progressed from then until now.
    Like (56)
    Follow
    Share
    Yes, I support the concept of ‘wealth’ taxes generally and the escalating tax rates on large inheritances. The income gap between our wealthiest and the rest of us has grown substantially under trump and this is simply not conducive to a sustainable growing economy. I do feel that this particular tax needs to be part of a broader plan that generally supports all of our people and enables the ‘least’ of us to have the opportunity for financial success as part of our country’s unique ’American Dream’. This will require monitoring to ensure unlawful wealth transfers are not employed such as trump’s father paying trump hugely unrealistic property maintenance fees as a way of transferring wealth without being taxed. I also generally support other poster’s suggestions that Capital gains tax rates be increased, but with one caveat; that these taxes turn-on after some cumulative annual disbursement so to not unduly harm retiree’s who are living off of their 401K lifetime contributions. I like many others are or will be, am faced with legally mandated withdrawals from an IRA which exceed my current needs and are taxed as income when withdrawn. These represent contingency funds to help recover from unanticipated medical expenses, home repair costs or other emergencies. Since my need is not immediate, I have chosen to put the excess funds into risk-adverse mutual funds which I hope will have returns in excess of the minuscule interest on savings accounts. I can guarantee that no-one would consider me wealthy; I tell my kids the only thing they are guaranteed to inherit will be my debt. However, I would not like to be unduly punished for trying to be responsible. I think small businesses such as family run farms could also unduly suffer without some realistic caps on capital gains taxes even though I feel these taxes should be increased for our wealthiest who can and do hide income inside of their investments.
    Like (45)
    Follow
    Share
    I disagree. Everything in the estate has already been taxed on way or another. To be taxed again is just being greedy. I have never understood that tax or the inheritance tax. Again a sign of greed.
    Like (39)
    Follow
    Share
    Yes, to the progressive estate tax. “We are facing levels of inequality not seen since the Gilded Age of the robber barons, where the top one-tenth of one percent owns about as much wealth as the bottom 90 percent. The richest 400 billionaires pay lower taxes than everyone else. In my view, this obscene inequality in wealth and political power is not compatible with a democratic society. I am proud that Representative Gomez is leading three dozen members of the House in introducing the For The 99.8% Act to tax today’s dynasty trusts and curb their power, while raising trillions of dollars for the essential programs we need as a country.” Thank you SenatorSanders for sponsoring this bill and for your relentless fight for the working people of the USA!
    Like (37)
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    The rich keep getting all the tax breaks, time to require them to pay in as much as we do
    Like (28)
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    The wealthy should pay their fair share.
    Like (28)
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    Repeal death taxes. estate money, and property has ben taxed, often several times. Heirs, not government should get this money.
    Like (26)
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    You already taxed all that money.
    Like (21)
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    No this is another way the government steals taxpayers money and especially cruel as it is at someone’s death they steal your money. This should be repealed altogether.
    Like (20)
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    Loopholes need to be closed too. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.” A. Lincoln
    Like (16)
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    Seems like the wealthy always find a way around any legislation. Bezos is building his New York mansion while he takes insurance from employees at Whole Foods.
    Like (15)
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    Absolutely!
    Like (14)
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    The estate tax has been essential to democracy from the very beginning of our nation.
    Like (14)
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    Are you insane? These are huge taxes. The government takes half of what you make your whole life while you struggle to build a modest business. Then they take half what you have left when you die. Yeah screw your family, everything you created belongs to the government.
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    Why pay a tax on income that has already been taxed. Just because you didn’t work enough to leave your heirs an inheritance, why penalize some one who did, it seems to me that some of you are just looking for a way to take from those who have the intestinal fortitude to work hard and leave sometime for their kids.
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    Let’s have fair taxation while folks are alive. End the loopholes that reduce the taxes the wealthy pay. If the $50000 wage earners pay 29%, everyone over $50,000 should pay a minimum 29%. This should apply to wages, capital gains, and inheritance. That’s FAIR TAXATION
    Like (13)
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    Yes! It’s well past time for the billionaires to pay their fair share!
    Like (13)
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    The death tax is absolutely ridiculous. How about we stop waisting money, gain some accountability, pass a working budget, stop waging war on foreign soil, and hold our politicians to their sworn vowels. They need to start working for us. It has been the other way around for far too long.
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