re Warren's wealth tax: (1) Const forbids federal gov to tax individuals directly (Art I section 9) (2) the income tax was blocked by this until the 16th amendment (3) but 16A didn't repeal prohibition, just made an exception FOR INCOME TAX QED wealth tax is unconstitutional
-
Show this thread
-
ⓘ Dogs don't have thumbs Retweeted D.C. Bozos® 🌸
2/ No, the inheritance tax is not a wealth tax on the deceased's assets, it's a tax on the income of the heirs. If the wealth is split among N heirs, each of the N pays income tax ... in their own income tax brackets.https://twitter.com/536Clowns/status/1194286559115304960 …
ⓘ Dogs don't have thumbs added,
D.C. Bozos® 🌸 @536ClownsNot sure I agree with this conclusion. We currently have a wealth tax in the form of the death, or estate, tax, which is assessed on the FMV of a dead taxpayer's estate. Now, your statement says "individual", so the definition of an estate for these purposes would rule. https://twitter.com/MorlockP/status/1194275637424480256 …Show this thread5 replies 0 retweets 11 likesShow this thread -
Replying to @MorlockP
"No, the inheritance tax is not a wealth tax on the deceased's assets, it's a tax on the income of the heirs." Disagree. /end
1 reply 0 retweets 0 likes -
Replying to @536Clowns
> Disagree. > /end and yet you don't cite any evidence curious
2 replies 0 retweets 0 likes -
Replying to @MorlockP @536Clowns
I think the working fiction is is that it's a tax on inheritors to wave away the double-taxation argument, but the IRS definition disagrees. https://www.irs.gov/businesses/small-businesses-self-employed/estate-and-gift-taxes … It's a tax on the estate with a unified rate (table A), not inheritor's income. https://www.irs.gov/instructions/i706#idm140500582298176 …
1 reply 0 retweets 1 like
good info, thx
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.