Paul Ryan: Repealing estate tax is about fairness to dead people worth over $11 million

[riversedge]

Source: raw story



05 Nov 2017 at 09:55 ET


House Speaker Paul Ryan (R-WI) defended his bid to repeal the tax on estates worth over $11 million because he said the law is not “fair” to dead people wishing to pass on all of their wealth to family.


During an interview on Fox News that aired on Sunday, host Chris Wallace asked Ryan why his tax reform plan included repealing the estate tax, which conservatives often refer to as “the death tax.”

“We’re only talking about like 5,000 people a year,” Wallace noted. “There’s already an $11 million exemption.”

“I would say two things,” Ryan said as he defensively crossed his legs. “First of all, it’s a fairness argument. Second of all, it’s a jobs argument. You actually create jobs by getting rid of this death tax. Because you know what kills one family business from passing their business on to the next generation? The estate tax.”
............................................


Read more: https://www.rawstory.com/2017/11/paul-ryan-repealing-estate-tax-is-about-fairness-to-dead-people-worth-over-11-million/

[NCjack]

1. Repealing the estate tax is about establishing a super-rich privileged class. Next, Speaker

Ryan will want royal titles for those in that class. How about: King, Queen, Prince, etc.? We do not want that in America !!!

[msongs]

2. nice analysis and opinion piece nt

[Jim__]

3. Ten Facts You Should Know About the Federal Estate Tax

From Center on Budget and Policy Priorities.

An excerpt:

...

Only roughly 80 small business and small farm estates nationwide will face any estate tax in 2017, according to TPC. TPC’s analysis defined a small-business or small farm estate as one with more than half its value in a farm or business and with the farm or business assets valued at less than $5 million. Furthermore, TPC estimates those roughly 80 estates will owe less than 6 percent of their value in tax, on average

...

Much of the money that wealthy heirs inherit would never face any taxation were it not for the estate tax. In fact, that’s one reason why policymakers created the estate tax in 1916: to serve as a backstop to the income tax, taxing the income of wealthy taxpayers that would otherwise go completely untaxed.

more ...

[bucolic_frolic]

4. Dead people are not dead "people"

they are estates of the deceased. They do not exist anymore. They have passed.

Republican obsession with undead and unborn is creepy.

[paleotn]

5. They're dead, Paul...

"fairness" is meaningless when you're fucking dead.

Secondly, accumulated wealth DOES NOT CREATE JOBS!!!!!!! It simply creates more accumulated wealth....and financial bubbles as an unfortunate side effect. This has been studied ad nauseam, and proven to be completely wrong.

Thirdly, why not cut the bullshit and start handing out peerages. I mean, that's really what all this inheritance tax shit is about. That's what they want to do, but don't have the nads to just fucking says it.....Duke of this and Baron of that.....

[Cryptoad]

6. Macro Monopoly game

Whoever ends with all the wealth WINS,,,,,,,,,, geeez,,,, everybody else lives under bridges!

[Marcuse]

7. You cannot take it with you.

Give it away while you live or at least three years before you die.

[IronLionZion]

8. What family business is worth $11 million?

are they counting on people not knowing the value of mom and pop shops and small farms? Is the local plumber's or electrician's shop worth $11 million?

Who do they think they're kidding?

[stevebreeze]

9. This about your children your children's children and your children's children's children

They will never be able to compete in the economy or in politics without the financial advantage the GOP wants the ruling class to have.

[jmowreader]

10. The Estate Tax is a levy on ultra-rich people who are too cheap to plan their estates

There are ways to set up trusts and corporations so as to minimize exposure to the estate tax...and as everyone else has said, small businesses that are worth eleven million dollars are few and far between.

[Ilsa]

11. More lies about creating jobs with a tax cut.

I don't think the dead people care about what's fair.

I do think people like ryan are shortsighted when it comes to accumulation of wealth over decades into the hands of a fewbeing a danger to democracy.

[bucolic_frolic]

12. You Can't Take It With You (1938) Frank Capra, Jimmy Stewart

If they would tax these people properly while they are alive they wouldn't have to worry about them when they're dead.

[elleng]

13. Fair to dead people: