1. #2941
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    The Shining City Upon a Hill

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    Re: The Shining City Upon a Hill

    Inside the $40 billion a year "tax loophole" that President Biden would eliminate

    Biden wants to end this little known tax provision that has saved the wealthy billions for over 90 years

    The federal tax code contains a loophole so big that in the time you spend reading this article, it will have saved wealthy families and their heirs an average of about $400,000. Over the course of a day, the average total savings is more than $100 million.

    Families without sizable estates may be unfamiliar with the provision, but it’s been on the books for more than 90 years and has helped the wealthy pass on billions in dollars to their descendents tax-free.

    It’s known as the stepped-up basis rule, or, as President Joe Biden called it this month, the “trust fund loophole,” and Biden’s American Families Plan aims to put an end to it for many people who inherit big estates.

    Biden, who advocated removing the provision while on the campaign trail, continued attacking it this month in an address he made in support of his plan.

    “We need to make a choice to eliminate the loophole,” Biden said. “[If] a person passes away and leaves stock to their son or daughter, [they] don't have to pay anything on that multimillion-dollar gain when they sell that stock.”

    Biden would use the money as one source of funding for his plan, which proposes nationwide preschools, free community college, a national paid-leave program and an extension of tax cuts for low- and middle-income Americans.

    The U.S. Senate publishes a yearly report that includes an estimate of the impact of the stepped-up basis on Americans, and according to that report the top earners benefit the most from this part of the tax code.

    By government estimates, the stepped-up basis provision left more than $40 billion of potential tax dollars in the pockets of wealthy heirs in 2020 alone, a figure that has steadily climbed since 2017. Five-year estimates show no sign of a reduction in that number.

    “Middle-income people spend most of their assets before they die, whereas high-income people have more wealth than they can spend,” said Leonard Burman, a co-founder of the Urban-Brookings Tax Policy Center, who contributed data to the Senate’s predictions. “So the more unequal wealth becomes, the more assets you’ll find are being passed tax-free.”

  2. #2942
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    Re: The Shining City Upon a Hill

    Recently independent journalist Tayler Hansen made a surprising announcement, he had identified the Capitol Police Officer who shot and killed an unarmed woman, Ashli Babbitt during the Capitol protest of January 6th. Capitol Cop Who Murdered Ashli Babbitt Identified as Michael Leroy Byrd - The Deplorable Patriot

  3. #2943
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    The Shining City Upon a Hill

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    Re: The Shining City Upon a Hill

    Quote Originally Posted by SalesServiceGuy View Post


    “Middle-income people spend most of their assets before they die, whereas high-income people have more wealth than they can spend,”
    Liberals are some jealous motherfuckers. Instead of being jealous, you should try to be rich. Of course they have more money than they can spend....they're fucking rich, bitch.

  4. #2944
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    Re: The Shining City Upon a Hill

    Quote Originally Posted by BillyCarpenter View Post
    Liberals are some jealous motherfuckers. Instead of being jealous, you should try to be rich. Of course they have more money than they can spend....they're fucking rich, bitch.

    ... therefore, they should pay more taxes to help fund important things like free community college tuition to help raise low income people out of poverty and into the middle class.

    Closing this tax loophole on assets when people die has existed for over 90 years and is wildly abused by the super rich.

    Your response is let the rich and their children to continue to keep getting richer by hiding the transfer of wealth from one generation to another.

    Very few people get super rich but 10,000s would benefit from free community college. So many families would benefit from free daycare.

    Even yourself would benefit from a tax cut unless you enjoy subsidizing the super rich which you are very unlikely to ever become.

  5. #2945
    Senior Tech 100+ Posts progoffice's Avatar
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    Re: The Shining City Upon a Hill

    Quote Originally Posted by SalesServiceGuy View Post
    ... therefore, they should pay more taxes to help fund important things like free community college tuition to help raise low income people out of poverty and into the middle class.

    Closing this tax loophole on assets when people die has existed for over 90 years and is wildly abused by the super rich.

    Your response is let the rich and their children to continue to keep getting richer by hiding the transfer of wealth from one generation to another.

    Very few people get super rich but 10,000s would benefit from free community college. So many families would benefit from free daycare.

    Even yourself would benefit from a tax cut unless you enjoy subsidizing the super rich which you are very unlikely to ever become.
    The word "free" is a very scary word. It basically translates to paid for by someone else. When you are that someone else "free" is not "free" anymore.

  6. #2946
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    Re: The Shining City Upon a Hill

    Quote Originally Posted by progoffice View Post
    The word "free" is a very scary word. It basically translates to paid for by someone else. When you are that someone else "free" is not "free" anymore.

    You took the words out of my mouth. It's obvious that SSG has lived off the government dime for most of his adult life. From what I gather, he has no interest in becoming successful and/or rich.

  7. #2947
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    Re: The Shining City Upon a Hill

    Quote Originally Posted by BillyCarpenter View Post
    You took the words out of my mouth. It's obvious that SSG has lived off the government dime for most of his adult life. From what I gather, he has no interest in becoming successful and/or rich.
    Since you made this idiotic statement, please back it up with an explanation.
    Exactly how is it obvious he has lived off the "government dime"?

  8. #2948
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    Re: The Shining City Upon a Hill

    Quote Originally Posted by copier addict View Post
    Since you made this idiotic statement, please back it up with an explanation.
    Exactly how is it obvious he has lived off the "government dime"?

    I'm shocked that a Canadian is upset of being accused of living off the government dime. Y'all usually wear it as a badge of honor. You like that "free" shit, right?

  9. #2949
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    Re: The Shining City Upon a Hill

    Quote Originally Posted by BillyCarpenter View Post
    I'm shocked that a Canadian is upset of being accused of living off the government dime. Y'all usually wear it as a badge of honor. You like that "free" shit, right?
    Haha. Is that another conclusion you have jumped to? What a shock!!
    Now, without the usual deflection, please explain how you concluded that SalesServiceGuy has "lived off the government dime for most of his adult life" .
    You made the statement, let's all hear your reasoning for it.
    Personally I can't wait to marvel in your brilliant deduction power.

  10. #2950
    Service Manager 2,500+ Posts
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    Re: The Shining City Upon a Hill

    Quote Originally Posted by progoffice View Post
    The word "free" is a very scary word. It basically translates to paid for by someone else. When you are that someone else "free" is not "free" anymore.

    ... of course, it is paid for by someone else.

    Namely. the super rich and corporations that are "tax dodgers" plus an increase in the corporate tax rate from a historically, super low 21% to a 25-28% rate.

    These proposals are extremely popular amongst middle class voters.

    The average family earning under $400k per year will see no increase in Federal income taxes.

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