Drudge Retort: The Other Side of the News
Monday, December 04, 2017

In a Nov. 29 interview, Grassley was adamant about the need for change, even if farmers and small business owners represent a tiny minority of estate tax payers. The reason, he said, is as much philosophical as practical. An estate tax effectively and unfairly taxes a person's earnings twice, he argued: first when they earn it and again when they die. And, he added, it penalizes savers without touching spenders. "I think not having the estate tax recognizes the people that are investing," Grassley said, "as opposed to those that are just spending every darn penny they have, whether it's on booze or women or movies." The seven-term senator runs an operation in Butler County with his son and grandson and frequently describes himself as a farmer. When asked if his own family farm would be subject to the estate tax, Grassley initially said it would not.

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You Republicans have contempt for people.

#1 | Posted by Zed at 2017-12-04 07:22 AM | Reply

"... just spending every darn penny they have, whether it's on booze or women or movies."

The rest they wasted.

#2 | Posted by TrueBlue at 2017-12-04 07:24 AM | Reply | Newsworthy 2

Interesting the psychology of the GOP. They feel they are screwing over people for their own good.

#3 | Posted by Zed at 2017-12-04 07:26 AM | Reply | Newsworthy 1

And, he added, it penalizes savers without touching spenders.

That's what sales taxes are for you dolt.

#4 | Posted by 726 at 2017-12-04 08:34 AM | Reply

"An estate tax effectively and unfairly taxes a person's earnings twice, he argued: first when they earn it and again when they die."

#3 & #4 Double taxing is okay with you too though? Why is that?

#5 | Posted by PinkyanTheBrain at 2017-12-04 08:51 AM | Reply

"Double taxing is okay with you too though? Why is that?"

For the same reason my barber has to pay taxes when I pay him with after-tax money.

It's a transfer of wealth, and legally, all wealth accumulation is income. Income is taxable; tax law then exempts certain income from taxes: Roth gains, renting your home for less than 14 days, gifts of $14K or less--all good examples of tax-free income.

In the case of the Estate Tax, the first $11 million isn't taxed. A pretty generous break, wouldn't you say?

#6 | Posted by Danforth at 2017-12-04 08:56 AM | Reply | Newsworthy 3

If they think the rich will simply save the government handouts, then how do they think it will stimulate the economy? Stimulus means spending it. They are already getting richer faster than ever. This is just more of more.

#7 | Posted by BruceBanner at 2017-12-04 10:55 AM | Reply

For the same reason my barber has to pay taxes when I pay him with after-tax money.

#6 | POSTED BY DANFORTH

That is just your Barber paying income tax(once).

#4 Where is there 18% plus sales tax?

2017
Annual Gift Tax Exclusion
$14,000
Estate Tax/Lifetime Gift/GST Exemption
2017 $5,490,000 – 40% top tax rate
Taxable Estate Tax Rate
$0 – $10,000 18%
$10,001 – $20,000 20%
$20,001 – $40,000 22%
$40,001 – $60,000 24%
$60,001 – $80,000 26%
$80,001 – $100,000 28%
$100,001 – $150,000 30%
$150,001 – $250,000 32%
$250,001 – $500,000 34%
$500,001 – $750,000 37%
$750,001 – $1,000,000 39%
$1,000,001 + 40%

www.google.com

#8 | Posted by PinkyanTheBrain at 2017-12-04 12:31 PM | Reply

#8 Are you serious? You can't understand what Danforth is telling you?

#9 | Posted by BruceBanner at 2017-12-04 01:18 PM | Reply

"That is just your Barber paying income tax(once)."

AFTER I've already paid income tax on every penny I give him.

And after the barber pays taxes, he might buy a pizza, and that store owner will pay income taxes on his profits, even though the barber paid income taxes on the money he gave to the pizza guy.

And then the pizza store owner will pay his taxes, and with the money left over, he'll buy a work of art.

And then the artist will come to me to do her taxes, and whatever she pays me is taxable income to me.

#10 | Posted by Danforth at 2017-12-04 01:29 PM | Reply

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#10 So in other words, the government is just a big Ponzi scam.

#11 | Posted by lfthndthrds at 2017-12-04 01:39 PM | Reply | Newsworthy 1

#10 So in other words, the government is just a big Ponzi scam.

Only if you don't know what a Ponzi scheme is.

#12 | Posted by jpw at 2017-12-04 04:08 PM | Reply | Newsworthy 4

#10 Are we, in agreement that the Government takes too many bites(taxes) at the apple (money)??? IMHO they do and this is just one last attempt to take a bigger bite at the last second.

#12 Do you prefer Jealousy Tax instead?

#13 | Posted by PinkyanTheBrain at 2017-12-04 04:50 PM | Reply

Your dead. You aren't being taxed twice. The recipient is being taxed once on special income at a special rate.

Saving is bad for the economy. Spending isn't. Savers of absurd levels of wealth should be punished.

Good to see that 40+ years of demonizing education has been successful for the GOP in making sure its constituents are financially and economically retarded.

#14 | Posted by IndianaJones at 2017-12-04 05:25 PM | Reply

Jealousy tax? Yawn.

If they really wanted to simplify the tax code just scrap everything but income tax.

After all, it's all income, they just call it different things to create loopholes and ways to reduce their taxes.

#15 | Posted by jpw at 2017-12-04 05:40 PM | Reply

If they really wanted to simplify the tax code just scrap everything but income tax.
After all, it's all income, they just call it different things to create loopholes and ways to reduce their taxes.

#15 | POSTED BY JPW

Agreed.... I'd prefer a flat tax that's a fair % for everyone and get rid of all the loopholes so everyone pays the same %. That's to simple and fair though.

#16 | Posted by PinkyanTheBrain at 2017-12-04 06:04 PM | Reply

Then there are the states' taxes as well.

#17 | Posted by MSgt at 2017-12-04 09:55 PM | Reply

Here's one example: Pennsylvania 4.5%
The tax rate for Pennsylvania Inheritance Tax is 4.5% for transfers to direct descendants (lineal heirs), 12% for transfers to siblings, and 15% for transfers to other heirs (except charitable organizations, exempt institutions, and government entities that are exempt from tax).

#18 | Posted by MSgt at 2017-12-04 09:57 PM | Reply

'Are we, in agreement that the Government takes too many bites(taxes) at the apple (money)?'

No, not at all. The movement and taxation of money is what drives government revenue. Otherwise, by now, every dollar would've been taxed at least once.

#19 | Posted by Danforth at 2017-12-05 09:58 AM | Reply

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