Quote:
Originally Posted by Calgaryborn
When last did the Republicans hold power in all three branches of government? It was Obama who recieved the lions share of fortune 500 money in the last election: Not a Republican. Warren Buffett like most of the super rich stuffs most of their income into charities and foundations which they control. I believe Buffett has joined up with Bill Gates in this. It gives them control over their money and the ability to pass the money on without losing half of it in estate taxes.
I'm for fixing that loop hole somehow but, I'd also like to see inheritance taxes eliminated. I don't thing our children should have to pay to recieve their inheritance.
Perhaps they should limit how much charities or foundations can hold as invested income. Although I guess that would hurt things like legacy grants.
Humm.. maybe this fixing loop holes thing is harder then it looks.
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GOP controlled all four branches from 2001-2006. What happened? two recessions, two tax cuts and two wars(one of which was unnecessary) that contributed and is mostly responsible for the current deficit.
Moreover there was a philosophy of deregulation that was key in creating the Great Recession since 95 at least (albeit with Clintonian triangulation). That is the Republican legacy.
There is no doubt that campaign finance reform is necessary and that both parties benefit from this billion dollar industry but that is the rules of the game even for the community organizer.
If I understand your comments regarding charities and the federal tax, you believe that giving to charities shouldn't be encouraged tax policy wise but leaving a financial legacy to your children should be left whole for the Rockerfellers and Trump set?
You realize the current estate tax has a $5million exemption so unless you have $5 million plus in assets, your children, indeed, will get every penny.
Unless you believe Ivanka and Donald Trump Jr deserve to inherit every penny their father has earned and to propagate the Trump dynasty despite the fact Gates and Buffett have proactively decided to leave a minuscule portion of their wealth to their children in favor of fighting Aids, tuberculosis and malaris, giving vaccinations. Nice.