Re: An Obamanomics Preview
Posted: Wed Oct 29, 2008 6:44 am
Stumped what Obama crowd..? And nobody brought up Clinton but you...CDR...Like I asked before man, who are you talking to..? Are you getting all riled up at work and then coming here and trying to lay wood or what..?
Real talk...I would bet my left nut...That if you asked McCain those very same questions without him having anyone around him...Even wrote them bitches down for him...He couldn't answer them...That's why there is no McCainomics thread...
:)
But here's the thing...In light of recent conversations in this forum, I am inclined to read the things you write, and then do my own homework...Where is your source material, or proof that the figures you're quoting are accurate..? Just a mention will suffice if you don't have a link...Reason being..? Lets just examine question A...
A) Your death tax question...The percentage of Americans making or having 7 million dollars in assets is probably less than 3%...And most of those have inherited wealth...What was taxed before will be taxed afterwards...You say Obama's 45% rate...Bud, that rate is already in place..! How is it Obama's..?
In general, estate tax currently applies only to estates valued at more than $2 million and tops out at a 45% rate. The exclusion amount is already set to rise to $3.5 million in 2009, followed by a repeal of the estate tax in 2010, and then a reinstatement of the estate tax in 2011 with the exclusion amount reverting back to $1 million and the tax rate topping out at 55%.
Senator McCain has proposed raising the estate tax exclusion amount to $5 million and setting a maximum estate tax rate of 15%, while Senator Obama has proposed raising the estate tax exclusion amount to $3.5 million and maintaining the maximum estate tax rate at its current 45% level.
So, you say Obama's this, and Obama's that...But either you're posting the question wrong or you're ready to refute that last tidbit of information I posed w/the IRS...
Real talk...I would bet my left nut...That if you asked McCain those very same questions without him having anyone around him...Even wrote them bitches down for him...He couldn't answer them...That's why there is no McCainomics thread...
:)
But here's the thing...In light of recent conversations in this forum, I am inclined to read the things you write, and then do my own homework...Where is your source material, or proof that the figures you're quoting are accurate..? Just a mention will suffice if you don't have a link...Reason being..? Lets just examine question A...
A) Your death tax question...The percentage of Americans making or having 7 million dollars in assets is probably less than 3%...And most of those have inherited wealth...What was taxed before will be taxed afterwards...You say Obama's 45% rate...Bud, that rate is already in place..! How is it Obama's..?
In general, estate tax currently applies only to estates valued at more than $2 million and tops out at a 45% rate. The exclusion amount is already set to rise to $3.5 million in 2009, followed by a repeal of the estate tax in 2010, and then a reinstatement of the estate tax in 2011 with the exclusion amount reverting back to $1 million and the tax rate topping out at 55%.
Senator McCain has proposed raising the estate tax exclusion amount to $5 million and setting a maximum estate tax rate of 15%, while Senator Obama has proposed raising the estate tax exclusion amount to $3.5 million and maintaining the maximum estate tax rate at its current 45% level.
So, you say Obama's this, and Obama's that...But either you're posting the question wrong or you're ready to refute that last tidbit of information I posed w/the IRS...
Source: http://www.irs.gov/formspubs/article/0, ... 82,00.htmlIRS wrote:For estates of decedents dying, and gifts made, after 2006, the maximum rate for the estate tax and the gift tax for 2007, 2008, and 2009 is 45%.