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The 99.5% act (proposed legislation)

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  • The 99.5% act (proposed legislation)

    Here we go:

    For-the-99.5-Summary.pdf (senate.gov)

    Finally some details of what is being proposed in the house and Senate. There is a significant logic flaw in the suggestion that anybody inheriting less than $3.5M would not pay any more taxes. If a decedent left $1M to each of five heirs, they would all be taxed significantly ($135K each).

  • #2
    Without reading it and just looking at the name, I can tell this is going to be a hoot.

    Edit: Also, I think calling individual people/families out is shameful.

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    • #3
      The government always trying to take money!

      i dont see why its such a big deal for the waltons or billionaires XYZ to pass their money to whomever they want. Its their money.

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      • #4
        Originally posted by STATscans View Post
        i dont see why its such a big deal for the waltons or billionaires XYZ to pass their money to whomever they want. Its their money.
        Except for the elected officials who tell them 'they didn't build that'.

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        • #5
          Originally posted by CordMcNally View Post

          Except for the elected officials who tell them 'they didn't build that'.
          If we are talking about taxing heirs - "they didn't build that" is undeniably true

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          • #6
            Originally posted by CordMcNally View Post

            Except for the elected officials who tell them 'they didn't build that'.
            Oh man. The irony in the context of inheritance is too funny. Good one.

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            • #7
              Originally posted by dayman View Post

              If we are talking about taxing heirs - "they didn't build that" is undeniably true
              Some of them have carried on the success like the Waltons. Who do you think deserves the money more...the people chosen to receive the money or the government? Since most generational wealth doesn't last very long, I'd rather have the 'chosen ones' keep the money with the high likelihood that they're going to lose it anyway.

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              • #8
                Originally posted by East coast View Post

                Oh man. The irony in the context of inheritance is too funny. Good one.
                Those who built it should get to choose what to do with their hard earned money, yes?

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                • #9
                  looks good.
                  no edits.

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                  • #10
                    Originally posted by CordMcNally View Post

                    Some of them have carried on the success like the Waltons. Who do you think deserves the money more...the people chosen to receive the money or the government? Since most generational wealth doesn't last very long, I'd rather have the 'chosen ones' keep the money with the high likelihood that they're going to lose it anyway.
                    I'd flip your question. The government is going to get tax money from someone. So who "deserves" to keep a bigger share of their money, somebody inheriting from rich parents or somebody currently working and producing things of value?

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                    • #11
                      Originally posted by dayman View Post

                      I'd flip your question. The government is going to get tax money from someone. So who "deserves" to keep a bigger share of their money, somebody inheriting from rich parents or somebody currently working and producing things of value?
                      I would suggest going against what the government (and you) are doing by making it an 'us vs. them' where you must apparently choose. To answer your question, I think both deserve to keep more of their money.

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                      • #12
                        I don't hate it.

                        I found it a bit surprising that top 0.5% is only 3.5 million. I would have guessed higher.

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                        • #13
                          Anything being proposed by Bernie Sanders is bound to be well reasoned, rational, and based on personal accountability.

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                          • #14
                            Didn’t you get the memo? Rich people are evil, so it’s all good.

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                            • #15
                              Dunno.

                              On the one hand, my kid didn't work. On the other hand, I've been in the hospital when she would rather have her dad around, she has pried my eyelids open when I fell asleep in the middle of the afternoon, she has been on the receiving end of my no-sleep shortened fuse, etc etc.

                              Part (now most) of why I work is for my family...not for Bernie to redistribute the results of my effort. So, while I can see both sides of the argument, it is resoundingly clear which of those sides is full of horse manure.

                              Who is John Galt?

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