Thumbs up! In … Thumbs up! In Sweden there’s a related horror story, the death of the founder of Astra, a big pharmaceutical company. The daughters inherited his shares in the company, but they had to tax them (in cash!), so they sold shares (a lot), the stock plummeted and after having sold them all, there still weren’t enough to cover taxes. The estate went into bankruptcy, many millions indebted to the Swedish state. Even the social democratic government saw the stupidity and abandoned the inheritance tax.
i doubt people … i doubt people would manage their money in a way where they’ll save up 750$ or 7,500 a year, some people can’t afford to save it and need it to live.
even as it is now, many people dont have insurance because they cant afford it.
funny you would assume that everybody has an extra 750 in their back pockets to pay at the end of the year.
stones, yeah, the … stones, yeah, the current tax system increases the % tax burden on you as you go from poor to lower middle class to middle class which is really stupid. You should still be paying the same % in taxes after you get the raise, you’d be paying more overall since you have more to be taxed, but you shouldn’t be penalized for achieving, this is the opposite of what US policy should be. Charity should be private, yeah, someday we’ll give everyone a 60% tax cut and let them decide their charity giving
@RuflessRecords: … @RuflessRecords: yes, but that’s an incentive for poor people to try to gain more income by bettering themselves for the betterment of their community. otherwise, they are where they are for a reason.
@giroguy22: there … @giroguy22: there was a time when people in the U.S. were able to pursue happiness, which includes wealth. it’s not yours, it is theirs–they earned it. but as quizerry stated, it is unfair to levy only wealthy because it punishes success, which is exactly what the NWO wants so they get to set up an “agency” to oversee this task and all the while making money off it.
i agree. everyone … i agree. everyone is born with what they have (or do not have) for a reason. everyone has a purpose as part of the good of the whole world, whether they realize it or not.
If you’re for a … If you’re for a flat tax either way, a sales tax is no more “unfair” to the poor than an income tax. In fact, the little that the poor could save would be untaxed, whereas with a flat income tax, everything they earn would be taxed. If you put in an exemption for those making under 15000 or so, you could do the same with a sales tax, give out exemption cards they could have scanned with their ID on purchases to avoid the tax. But, I think the poor should pay the same %.
These healthcare ” … These healthcare “reform” bills are just rewarding Insurance Companies. I can’t believe people don’t see that. Government already sets the prices for 1/2 the healthcare sector directly and the other 1/2 indirectly. The control production and consumption thru regulation and mandates. They have done a lousy job of keeping cost down. Because those regulations and mandates usually benefit the healthcare industry and politicians pockets at the consumers expense. Get the Gov. out of healthcare..
@RuflessRecords Not … @RuflessRecords Not a sales tax a flat Income tax. Sales tax is probably the most unfair tax there is. The poor pay the same as the rich.
If you are an … If you are an average worker who works hard for 30 years and pays that 12.5% into SS you collect a check up on retirement from SS. However if you pass away while on SS. You pay a 100% death tax because the Government get all that money you paid in.. Now, If you had taken that money (12.5%) and invested it in stocks bonds and IRA you would have close to a million dollars of legacy to leave to your children. So how do you like paying 100% death tax?
The death tax is an … The death tax is an unfair levy that punishes success, discourages savings and kills jobs.The death tax discourages economic growth by reducing savings and investments. Other Nations figured out the death tax does alot of damage in a competitive global market. Hong Kong China, Austria, Sweden, Russia, New Zwland are a few who have abolished the death tax. They all founf it is senseless to penalize wealth creation. It is bad economics and grave robbing by the IRS
Peter I just … Peter I just watched your full banker speech from ‘06 for the first time [i have watched smaller debates, interviews, etc from that time]. You were dead on. Not only that, but your core message has not changed and it remains true today. Keep up the good work, I support you!
hello peter, i find … hello peter, i find it hard to believe that you think legacy wealth is a good idea. it is obscene, just like a monarchy or dynasty! the only thing different between a family that benefits from legacy wealth and a family that is a monarchy is the name! i would love for you to address this.
@quizerry what a … @quizerry what a very big reply with very little substance! like peter said life isnt fair!!! i didnt earn it so it isnt mine, but….if i worked hard and saved then i could afford to cover the inheritance tax gap?? and if not, someone else who has worked hard and saved could buy the business from the gov and then that money could be wiped from the system by the gov…legacy wealth and making money from having money hurts us all, why cant you see that?
Regardless of … Regardless of health statistics, Japan’s system spends less and gets more than the U.S. in terms of services.
Same with Britain. Their NHS spends 8.3% GDP on healthcare, covers everyone, and has zero co-pay on general and vital care. Their preventive care system rewards doctors up to double their salary in bonuses if their patients stay healthy, reducing overall costs. All while numerous studies show that 95% of NHS users rate the system as great to excellent.
quiz, sounds great, … quiz, sounds great, here’s a problem I came up with though on throwing out all income tax returns, and income taxes and instituting a flat sales tax…how do we stop people buying just across the border or elsewhere to avoid paying taxes? We’d need to do something like charge a tax on anything our citizens try to bring back from other countries. To make it impossible to avoid paying up on purchases.
What you described … What you described is the use of the state laws to restrict competition on the basis that only registered biz within the state and answerable to state laws should supply the services. It becomes the wrongful use when the conditions for registration favor only the Big Boys and enhance their monopolistic network
You know there are … You know there are studies that say if we had a flat tax of as little as 18% for anyone making over 50k. No deductions The Government would have twice as much money and we would all be better off. If we cut our corporate tax in half we could attract more business and grow existing business. If you developed a product to be sold worldwide would you open your factory here where corporate tax is 38% or in ireland where it is 12%
@giroguy22 If you … @giroguy22 If you parents started a business and worked 60 hours a week to succeed and grow the business. Paid the quarterly taxes, payrole taxes, fica,mica taxes. Real estate taxes, corporate taxes, sales taxes,profit taxes. Not just provided income and livelyhood for you but several other families employed by them. Now you work that business with your parents and then tragically the pass away. You are now stuck with 50% inheritance tax and can’t pay it and stay in business. Everyone looses.
@mesmeriffic The … @mesmeriffic The problem they have as well as the U.S. is overutilization of insurance or government healthcare. When 3rd parties take care of you health dollars people tend to abuse the system. In the U.S. we are issued more unneeded drugs then anywhere. Why because our insurance pays for it. We run to the Doctor for a scratch or common cold. Why because insurance pays for it. We don’t even know what it cost.
also check me out on http://www.facebook.com/PeterSchiff and http://twitter.com/PeterSchiff
August 22nd, 2010 at 5:56 pm
Thumbs up! In …
Thumbs up! In Sweden there’s a related horror story, the death of the founder of Astra, a big pharmaceutical company. The daughters inherited his shares in the company, but they had to tax them (in cash!), so they sold shares (a lot), the stock plummeted and after having sold them all, there still weren’t enough to cover taxes. The estate went into bankruptcy, many millions indebted to the Swedish state. Even the social democratic government saw the stupidity and abandoned the inheritance tax.
August 22nd, 2010 at 5:56 pm
i doubt people …
i doubt people would manage their money in a way where they’ll save up 750$ or 7,500 a year, some people can’t afford to save it and need it to live.
even as it is now, many people dont have insurance because they cant afford it.
funny you would assume that everybody has an extra 750 in their back pockets to pay at the end of the year.
August 22nd, 2010 at 5:56 pm
huhutag und nacht …
huhutag und nacht träume ich davon dass sich jemnd findet der mich vor meiner langweile erlöst^^
August 22nd, 2010 at 5:56 pm
hmzhat jemand …
hmzhat jemand mit mir zu chatten bin wieder Einsam und gelangweilt
August 22nd, 2010 at 5:56 pm
Schiff you have …
Schiff you have this Senate race in my opinion, I am going to send you money and help with your election.
August 22nd, 2010 at 5:56 pm
stones, yeah, the …
stones, yeah, the current tax system increases the % tax burden on you as you go from poor to lower middle class to middle class which is really stupid. You should still be paying the same % in taxes after you get the raise, you’d be paying more overall since you have more to be taxed, but you shouldn’t be penalized for achieving, this is the opposite of what US policy should be. Charity should be private, yeah, someday we’ll give everyone a 60% tax cut and let them decide their charity giving
August 22nd, 2010 at 5:56 pm
@RuflessRecords: …
@RuflessRecords: and that’s why charity begins at home.
August 22nd, 2010 at 5:56 pm
@RuflessRecords: …
@RuflessRecords: yes, but that’s an incentive for poor people to try to gain more income by bettering themselves for the betterment of their community. otherwise, they are where they are for a reason.
August 22nd, 2010 at 5:56 pm
@giroguy22: there …
@giroguy22: there was a time when people in the U.S. were able to pursue happiness, which includes wealth. it’s not yours, it is theirs–they earned it. but as quizerry stated, it is unfair to levy only wealthy because it punishes success, which is exactly what the NWO wants so they get to set up an “agency” to oversee this task and all the while making money off it.
August 22nd, 2010 at 5:56 pm
i agree. everyone …
i agree. everyone is born with what they have (or do not have) for a reason. everyone has a purpose as part of the good of the whole world, whether they realize it or not.
August 22nd, 2010 at 5:56 pm
Order it on the …
Order it on the internet like I do. :p
August 22nd, 2010 at 5:56 pm
If you’re for a …
If you’re for a flat tax either way, a sales tax is no more “unfair” to the poor than an income tax. In fact, the little that the poor could save would be untaxed, whereas with a flat income tax, everything they earn would be taxed. If you put in an exemption for those making under 15000 or so, you could do the same with a sales tax, give out exemption cards they could have scanned with their ID on purchases to avoid the tax. But, I think the poor should pay the same %.
August 22nd, 2010 at 5:56 pm
These healthcare ” …
These healthcare “reform” bills are just rewarding Insurance Companies. I can’t believe people don’t see that. Government already sets the prices for 1/2 the healthcare sector directly and the other 1/2 indirectly. The control production and consumption thru regulation and mandates. They have done a lousy job of keeping cost down. Because those regulations and mandates usually benefit the healthcare industry and politicians pockets at the consumers expense. Get the Gov. out of healthcare..
August 22nd, 2010 at 5:56 pm
@RuflessRecords Not …
@RuflessRecords Not a sales tax a flat Income tax. Sales tax is probably the most unfair tax there is. The poor pay the same as the rich.
August 22nd, 2010 at 5:56 pm
If you are an …
If you are an average worker who works hard for 30 years and pays that 12.5% into SS you collect a check up on retirement from SS. However if you pass away while on SS. You pay a 100% death tax because the Government get all that money you paid in.. Now, If you had taken that money (12.5%) and invested it in stocks bonds and IRA you would have close to a million dollars of legacy to leave to your children. So how do you like paying 100% death tax?
August 22nd, 2010 at 5:56 pm
The death tax is an …
The death tax is an unfair levy that punishes success, discourages savings and kills jobs.The death tax discourages economic growth by reducing savings and investments. Other Nations figured out the death tax does alot of damage in a competitive global market. Hong Kong China, Austria, Sweden, Russia, New Zwland are a few who have abolished the death tax. They all founf it is senseless to penalize wealth creation. It is bad economics and grave robbing by the IRS
August 22nd, 2010 at 5:56 pm
Peter I just …
Peter I just watched your full banker speech from ‘06 for the first time [i have watched smaller debates, interviews, etc from that time]. You were dead on. Not only that, but your core message has not changed and it remains true today. Keep up the good work, I support you!
August 22nd, 2010 at 5:56 pm
hello peter, i find …
hello peter, i find it hard to believe that you think legacy wealth is a good idea. it is obscene, just like a monarchy or dynasty! the only thing different between a family that benefits from legacy wealth and a family that is a monarchy is the name! i would love for you to address this.
August 22nd, 2010 at 5:56 pm
@quizerry what a …
@quizerry what a very big reply with very little substance! like peter said life isnt fair!!! i didnt earn it so it isnt mine, but….if i worked hard and saved then i could afford to cover the inheritance tax gap?? and if not, someone else who has worked hard and saved could buy the business from the gov and then that money could be wiped from the system by the gov…legacy wealth and making money from having money hurts us all, why cant you see that?
August 22nd, 2010 at 5:56 pm
Regardless of …
Regardless of health statistics, Japan’s system spends less and gets more than the U.S. in terms of services.
Same with Britain. Their NHS spends 8.3% GDP on healthcare, covers everyone, and has zero co-pay on general and vital care. Their preventive care system rewards doctors up to double their salary in bonuses if their patients stay healthy, reducing overall costs. All while numerous studies show that 95% of NHS users rate the system as great to excellent.
August 22nd, 2010 at 5:56 pm
quiz, sounds great, …
quiz, sounds great, here’s a problem I came up with though on throwing out all income tax returns, and income taxes and instituting a flat sales tax…how do we stop people buying just across the border or elsewhere to avoid paying taxes? We’d need to do something like charge a tax on anything our citizens try to bring back from other countries. To make it impossible to avoid paying up on purchases.
August 22nd, 2010 at 5:56 pm
What you described …
What you described is the use of the state laws to restrict competition on the basis that only registered biz within the state and answerable to state laws should supply the services. It becomes the wrongful use when the conditions for registration favor only the Big Boys and enhance their monopolistic network
August 22nd, 2010 at 5:56 pm
You know there are …
You know there are studies that say if we had a flat tax of as little as 18% for anyone making over 50k. No deductions The Government would have twice as much money and we would all be better off. If we cut our corporate tax in half we could attract more business and grow existing business. If you developed a product to be sold worldwide would you open your factory here where corporate tax is 38% or in ireland where it is 12%
August 22nd, 2010 at 5:56 pm
@giroguy22 If you …
@giroguy22 If you parents started a business and worked 60 hours a week to succeed and grow the business. Paid the quarterly taxes, payrole taxes, fica,mica taxes. Real estate taxes, corporate taxes, sales taxes,profit taxes. Not just provided income and livelyhood for you but several other families employed by them. Now you work that business with your parents and then tragically the pass away. You are now stuck with 50% inheritance tax and can’t pay it and stay in business. Everyone looses.
August 22nd, 2010 at 5:56 pm
@mesmeriffic The …
@mesmeriffic The problem they have as well as the U.S. is overutilization of insurance or government healthcare. When 3rd parties take care of you health dollars people tend to abuse the system. In the U.S. we are issued more unneeded drugs then anywhere. Why because our insurance pays for it. We run to the Doctor for a scratch or common cold. Why because insurance pays for it. We don’t even know what it cost.