This is called obsfucation. This alleged tax hike is tailor made for estates in excess of $1b, otherwise known as estates who employ capable tax attorneys who ensure their clients don’t pay taxes.
Many on the right are falling for this ruse and pointing to Clinton’s very obvious socialist beliefs. This cannot be further from the truth. Hillary is an establishment oligarch, who is supportive of the higher, enlightened, portion of our genteel society.
The revision will put a 65 percent tax rate on estates valued at $1 billion or more per couple, the Clinton campaign said Thursday.
In 2016, estate tax returns must be filed for estates valued at $5.5 million or more, according to the Internal Revenue Service. The top rate currently sits at about 40 percent, while Clinton had previously proposed an increase to 45 percent on inherited property.
Sanders, Clinton’s populist primary opponent, had previously proposed that top rate, which the Republican Party quickly criticized Thursday. Clinton’s GOP opponent Donald Trump has called for an outright elimination of the so-called “death tax,” a proposal Clinton and other critics have contended would help Trump himself.The pair have offered contradicting visions for taxes, with Clinton promising to put a larger burden on the wealthiest Americans through a surcharge and the elimination of loopholes. Trump has touted across the board tax cuts, which could balloon the national deficit, though he has also pledged to cut some loopholes for wealthy Americans.
That article was written by Washpo, an organization that is wholly controlled by the democrat party. This policy represents a last ditch effort to galvanize her otherwise moribund supporters who don’t even bother showing up to her rallies.
Clinton is not a candidate for the people and her policies will only help defend an already entrenched elite establishment from competition.
If you enjoy the content at iBankCoin, please follow us on Twitter
“….her policies will only help defend an already entrenched elite establishment from competition.” You already declared that it is “obfuscation”. How can you draw so specific a conclusion. And let’s face it, the tax doesn’t affect many people and most wouldn’t know how do to anything constructive with a 1/2 million much less a million +.
Who is the establishment? I’m not rich but I have a vote, a voice and I feel established (barring a personal or public black swan event). I survived the depression that started in ’08. I call it a depression because if it weren’t for the social programs we have in place now, we would have resembled the post crash of 1929. This is not taking anything away from people who were devastated and had to start over after ’08.
Zuckerberg would pay $0.
Bezos would pay $0.
Ellison… $0.
Buffet… $0.
Cohen… $0.
Dalio… $0.
All you have to do is set up a phony charity and pretend you “gave it all away.” That’s what the “Giving Pledge” is all about. We are being asked to thank multi-billionaires for sheltering their massive wealth from taxes. Pay up middle/upper-middle class!
http://givingpledge.org/index.html
Look at all of these wonderful people.
Trump and Clinton can yammer all they want… up to Congress. Don’t forget Trump on your list.
Would you be in favor of a more effective estate tax on the superwealthy?
I am not for targeted tax hikes. What’s good for one is good for all.
Fly where the hell were you during Obama part I, and Obama part II.
[That is meant as a friendly ex-cor-i-a-ting] [My contention that all you
guys trading the bernanke manipulation chapter. enabled so much of all ‘this’
Read my mission statement above
Hillary will destroy what is left of the middle classes. Upper middle and lower. How anyone can not see it is astonishing. Poor only will be left along with the ruling donor class. The con is so obvious it is brilliant. It can not be true. She is for the people.
What has Trump ever done to give you confidence that he gives a shit about the middle class? Seriously, where is the track record?
How is not brought up that this money has already been taxed?
Fake red meat. The real issue is offshore tax evasion. A proposal on that I could support.
Hot take: estate tax should be 100% above a certain level to encourage people to spend their money instead of sitting on it.
What a farce. The US has the 4th highest Estate Tax globally already. Japan (55%), S. Korea (50%), and France (45%). With a $5.43mm exclusion (for American only it should be noted) relatively small amounts are collected under the current Estate Tax regime in the USA. $20bln was collected in 2015 versus $38bln in 2001 (measured in 2015 dollars). This proposed 65% rate is an economic witch hunt for Covered Expatriates under the 2008 Heart Act (Heroes Earning Assistance and Relief Act) …. wrap in a flag!, specifically section 2801 which subject this special group to the highest estate tax in effect.