It goes without saying that lawmakers should close the estate tax loophole before the Friday deadline, so that the state isn’t out of that money for the education trust. The voters approved it, and the money is needed. It all goes to education, and the Senate Republicans Republicans are ostensibly for education first. But the Republicans are being jackasses because of course they are. So, I hope the state can restore that money by the deadline.
But if the GOP remain intransigent, the money should come out of their school districts. It should hurt their children.
Yep!
Yes, zero interest rates, muni bonds in the tank, stock market in a continuing losing streak and yes let’s tax the crap out of estates that have already been taxed already. Yup that makes perfect sense to a liberal
@2 Ignorance is a terrible thing, but apparently you have internet access. You can remediate your ignorance of tax law and finance!
Until you do try following the maxim of better to remain silent at the risk of being thought a fool, than to talk and remove all doubt of it.
Heard the first anti-tax commercial of the session on the radio yesterday. Some interest group or another was arguing that the legislature was trying to put another tax “small businesses”. That’s the problem with those kinds of commercials – they can outright lie and there’s not much you can do about it.
your false premise is this money is just out there for the taking. How did you decide you just go call things loopholes and take peoples money?
It’s always charming to hear people defend the little guy or small business when the little guy is someone with an estate large enough to matter and who has used the services of a tax/estate lawyer to escape taxation imposed on the less astute by using sophisticated (and legal, I don’t mean to imply otherwise) tax avoidance vehicles.
It’s just more of the well-to-do feeling entitled to the benefits of a functioning civil society without paying for it.
As for the whole “double-taxation” bullshit: My income is taxed. My income is taxed again by the sales tax when I buy something. The sales tax is highly regressive. Same for property taxes. Returns on tax-free bonds or mutual funds invested in same are not.
If you inherit property, you get a stepped up tax-cost basis in that property, which shields said property from capital gain taxation. This can amount to a huge savings and benefits to the heir. There are lots of other wrinkles in tax law which benefit those with significant assets. One person’s loophole is another’s entitlement.