You are sadly mis-informed (sonce you support GWB that is redundant)
There is currently no Capital Gains tax on an inheritance. You have
an inheritance tax on estates over a certain size. Thus a parent can
make millions on an investment and pass it on tax free to thier heirs.
Clinton wanted to raise the bar for no-inhetiance tax to 8 million,
Why is that a bad thing? But thee is no state or federal tax income
tax on the assests.
Bush wants everyone to pay the capital gains (income tax) and kill the
inheritance tax. That does 2 things.
1) for the over 95% of estates under 8 million they now have to pay
taxes and prove what the investment cost when originally purahced
(paper nightmare)
2) Gives huge break to the few american that have estates over 8
million.
That is the bush tax plan for american. Spend like drunk sailor, give
tax breaks for the mega-rich funded by a tax increase by the
masses.... "let them eat cake"?
BTW your arguement on double taxation is way off base. The tax is on
the profit not on the money invested.
BTW you ought to understand what the GOP is really doing as opposed to
what they tell you they ware doing. You are getting screwed and don't
even know it
"John Fraude Kerry" <BigLoser@dnc.org> wrote in message news:<0kiFc.13511$%_6.10157@attbi_s01>...
"oh boy" <rolfhaha@hotmail.com> wrote in message
news:b8ce8300.0407021033.7d957040@posting.google.com...
Most interesting is the Bush death tax plan (pay attention THIS IS
IMPORTANT AND WILL IMPACT YOU HUGE SOMEDAY).
Currently the first 2 Million (more for small business / farms) is tax
free.
No, people have to pay property tax, state tax, excise tax, federal tax,
gasoline tax, luxury tax, and (in some cases) county tax.
That's not the definition of "free".
But it gets better. If Mom & Dad bought a share of stock for $1
and when they died it was worth $2,000,000 and you sell it you do not
owe 1 penny in taxes. The "cost" is re-calculated to be the value at
the time of death.
There shouldn't be ANY tax on merely transferring stuff YOU own to your own
children.
Clinton wanted to raise it to 8,000,000 but the
GOP congress would not let it pass.
Thank God (and the GOP!) for that!
As the size of the state exceeds
2 mill (or 8 mill if you agree with Clinton) there is still no capital
gains tax on the sale of any item, but there is a inheritance tax.
There shouldn't be ANY "inheritance tax", as I said earlier.
Now under the GOP/Bush plan, there is no inheritance tax BUT you have
to pay capital gains.
That's wrong. There should be NO tax on ANY capital gains, whether we are
talking stocks or property. "Capital gains" tax is double taxation, since
the money that is used to buy those stocks or property was ALREADY taxed,
usually several times over.
See the list of typical taxes people are burdened with - I listed them
earlier.
.
