Mind and Destiny

“I make no pretension to patriotism. So long as my voice can be heard ... I will hold up America to the lightning scorn of moral indignation. In doing this, I shall feel myself discharging the duty of a true patriot; for he is a lover of his country who rebukes and does not excuse its sins. It is righteousness that exalteth a nation while sin is a reproach to any people.”- Frederick Douglass

Location: Delhi, N.Y., United States

The author and his webmaster, summer of 1965.

Wednesday, October 05, 2016

Trump Loophole

 Should we die this year, we can leave our heirs up to $5.45 million and pay no federal estate taxes.  The estate tax collects about $25 billion annually compared to the $2 trillion collected in income taxes every year.
Hillary Clinton has proposed increasing the top estate tax rate to 45 percent and lowering the estate tax exclusion to $3.5 million. That change would restore the federal estate tax to 2009 levels.  Increasing the estate tax would raise an additional $106 billion over the next decade.
At the first debate, Hillary Clinton told Donald Trump: “But when I look at what you have proposed, you have what is called now the Trump loophole, because it would so advantage you and the business you do.  You've proposed an approach that has a $4 billion tax benefit for your family.  And when you look at what you are proposing...”
Trump interrupted: “How much for my family?”
Hillary continued: “As I said, trumped-up trickle-down.  Trickle-down did not work.  It got us into the mess we were in, in 2008 and 2009.  Slashing taxes on the wealthy hasn't worked.
“And a lot of really smart, wealthy people know that.  And they are saying, we need to do more to make the contributions we should be making to rebuild the middle class.
“I don't think top-down works in America.  I think building the middle class, investing in the middle class, making college debt-free so more young people can get their education, helping people refinance their debt from college at a lower rate.  Those are the kinds of things that will really boost the economy.  Broad-based, inclusive growth is what we need in America, not more advantages for people at the very top.”


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