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View Diary: GOP tax bill 'dead before arrival' (46 comments)

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  •  How about 5 new tax brackets (1+ / 0-)
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    MorrellWI1983

    More than one million,

    More that five million,

    At ten million capital gains and other unearned income is treated the same as earned income.

    Twenty million,

    More than one hundred million.

    And using corporate funds for personal gain is a criminal offence.

    The highest form of spiritual practice is self observation with compassion.

    by NCJim on Wed Feb 26, 2014 at 09:12:13 AM PST

    [ Parent ]

    •  Interesting proposals NCJim (1+ / 0-)
      Recommended by:
      NCJim

      I's have them be 1-10 million
       10-50, 50-100, 100-500, and 1 billion. I would also bring bag the graduated estate tax. with the first 2 million being exempt, but the top rate hitting at 77% for estates at over 10 million. since the number of estates that actually pay estate tax are fraction of 1 %, and the number of top end estates can fit inside a regular middle school classroom

      •  Thank you. (0+ / 0-)

        I'm not sure anyone actually makes 1 billion a year in income.

        Getting deeper into the weeds I would allow some income averaging for high dollar levels to cover lottery winners and one-time income earners maybe in the form of a rebate over subsequent years.

        I'm with you on the "rich kid tax" with some rules that protect family businesses until the income is actually distributed (Maybe Uncle Sam becomes a passive partner).

        I have always thought the "rich kid tax" would cover lifetime income gain of gifts from the living and the dead.

        Which brings up a lifetime caps, limits or tax brackets on income earned over a lifetime.

        The highest form of spiritual practice is self observation with compassion.

        by NCJim on Wed Feb 26, 2014 at 10:21:31 AM PST

        [ Parent ]

        •  the thing is, there are many ways of avoiding the (0+ / 0-)

          estate tax. theres trust funds, cash gifts, selling of property while you are still alive. before Obamacare there was a lifetime insurance caps of 1 million, once your medical expenses over a lifetime reached one million, insurance didn't cover anything anymore. and all it takes is one serious accident or diagnosis of cancer and you're out hundreds of thousands. as for the rich kids, there is no reason why someone like paris Hilton or the kids of the waltons should get 100s of millions or 10s of billions just because they won the genetic lottery.

          •  That is why I said: (0+ / 0-)
            the "rich kid tax" would cover lifetime income gain of gifts from the living and the dead
            There are valuation games like the Romneys did where you say the value of something is $x when it is actually $y but those should be caught by the IRS.

            The highest form of spiritual practice is self observation with compassion.

            by NCJim on Wed Feb 26, 2014 at 10:52:19 AM PST

            [ Parent ]

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