Bobby wrote
> On Sat, 30 Sep 2017 18:07:39 -0700 (PDT), Dene <
gds...@aol.com>
wrote:
>>[attribution]
>>>Why Trump or anyone else with his net worth should get yet
>>>another tax cut is beyond me.
>>
>>$.40 on the dollar is steep.
Historically, it isn't; US rates used to be much higher.
>> Add another 9 to 10% for state income tax and one is
>> up to $.50 on the dollar.
Only if you forget it's been a deduction on Schedule A.
>> That's ridiculous. What are we...Canada?
>>
>>I see no problem with dropping the top rate to 35% and eliminating loopholes.
>
> If ....they eliminate them.
If they *permanently* do so...but that was the objective of the
AMT, which is proposed to be killed.
>>I am definitely for eliminating the death tax. How can it be fair
>>to tax somebody twice?
>
>No argument there.
The tax for most Estates is zero ... it's predominantly the sub-1%'ers - and
then only those that didn't plan ahead.
Plus most survivors get a free bump up in Cost Basis, which is a huge tax
loophole on the first $5 million (again, the vast majority of Estates).
>The gift tax is a little weird too.
Probably to minimize people trying to circumvent the Estste / Inheritance
taxes, particularly as some of those get weird in some States by having
different taxation rates depending on the relationship to the deceased.
-hh