Hancock Lumber President and CEO Kevin Hancock discusses the financial burden of the estate tax, also called the death tax, as well as how it will affect his business after the principal owner dies.
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Reality, and It's "Well-Known Liberal Bias":
Brookings & the Urban Institute estimate that .003%–that's THREE THOUSANDTHS OF ONE PERCENT, or about 80 "small" businesses (assets less than $5 million) or farm estates will be touched in any degree whatsoever, by the estate tax for FY '09.
One in four home mortgages is underwater, and Heritage thinks 80-odd millionaire crybabies are the top priority.
Laughable.
@terpis your defence of of envy based, punitive taxation that punishes family businesses is disgusting. Small business such as farms and this lumber company easily have millions in land assets but the death tax has put many of them out of business. You are a disgrace. Maggots like you should go back to sucking money off the public dole.
I have worked ALL my life as most good people have. We The People shall one day, get totally fed up with being taxed to DEATH! Where will all these crooked politicians hide? I really believe that there will be hell on earth for the SOB's that have FUCKED all honest people! I am a peaceful person but I would take GREAT pleasure in public hangings of all these bastards! If you are a liberal and are reading this, you too are considered a TRAITOR so the same goes for you!
You don't know the half of it, Bitter.
Had I my 'druthers, it'd be Sgl Payer, w the docs made public sector employees, collectively bargaining for salaries. Public funding of elections. Big, broad expansion of "social movement unionism". Micro-Keynesian stimulus of the kind Rick Wolff advocates. "Justice Bernie Sanders".
& much tough love for "death tax" titty-babies. New "Great Compression," amigo.
If Palinite brownshirts don't mulch the constitution first, the Reagan Rev is dead.
You can call it apple strudel, for all I care, you groveling chickenshit.
Your dipshit ideology may keep you bulletproof to the realities of the last decade and more, but it just isn't a credible story for the millions–outside of this country's righty dead-ender 20 or so percent–bearing the evil brunt of these free market meritocracy fantasies.
Hint: these sold-out multitudes aren't the ones living in whatever exurban gated McMansion patch the logger asshole in the video does.
terpis:
I do not have millions in the bank or in any form of assets. I just find the idea that someone could be so greedy, so envious, and such a petty tyrant that they felt justified in legalised robbery to be disgusting.
Government thieves robbing the grieving families is pure evil.
Exodus 20:17 "You shall not covet your neighbor's house. You shall not covet your neighbor's wife, or his manservant or maidservant, his ox or donkey, or anything that belongs to your neighbor."
Not a millionaire yrself? No shit, Sherlock. A passing familiar w the US income distribn tips you off: the vast majority of righty "death tax" resisters are duped, useful idiots &/or groveling chickenshits.
And spare me the sermon on social thievery. i'm not the one who makes a fetish of mouthing the doctrines of the golden calf elite (with a frankly pathetic & baseless fantasy that providence has a big money pile w your name on it, if you just keep the hateful faith).
Proverbs 28: "Better a poor man whose walk is blameless / than a rich man whose ways are perverse…a companion of gluttons disgraces his father. / He who increases his wealth by exorbitant interest / amasses it for another, who will be kind to the poor. / If anyone turns a deaf ear to the law / even his prayers are detestable."
See Isaiah, too…and much else.
"A companion of gluttons" is a surprisingly spot-on description of you estate-tax teeth-gnashers.
Fool.
I guess we will have to disagree on the idea that thinking it's wrong to steal someone else's money, is or is not being duped or a useful idiot.
I never suggested, nor did the thought even pass through my mind that God was going to send me a big pile of cash for being a good boy. I know that it's just wrong to envy someone's money or success. You might have a bigotry issue there terpis.
It doesn't matter how you spin the sin, it's still plain, old, ugly, selfish, greed (and God says so).
obviously the exchange here is played out, but I'll take yr holyman stance against "stealing" to mean you strongly support slavery reparations, vast indigenous land reforms, oppose the standing army and all it's uses, refuse on principle to use the internet (whoops!), drive roads or interstates, rail transit of any kind, air travel, police & fire services, attend public schools or universities, or yr local sports arena.
All these being the evil products of "THEFT".
Hey terpis; your narrow minded, 2 dimensional, liberal, bigotry is showing.
I don't know what ivory tower, liberal think tank or faculty lounge fever swamp you got that from but it's obvious that your drinking the koolaid and talking above your pay grade.
Hey pal, just giving a radical anti-THEFT activist the benefit of the doubt.
Might want to ease up on the "bigot" thing–the only 'bigotry' that conservatives don't monopolize (w/ gusto) is the single bigotry I'm pleased to endorse, the key exception that proves the anti-racist, anti-nativist, anti-homophobe anti-violence lefty MO: zero tolerance for lovers of intolerance.
So what're your views on Muslims? Gays? Kwanzaa? Children on public assistance? Pure tolerance, I'll just bet.
Not a reader of his blog– Hilton's politics are liberal?
& turning back to a matter of equal gravity: if Anti-Stealing = no-brainer activism, then so too is support for slavery reparations, if only the inflation-adjusted equiv of 40 acres & a mule.
I mean, if yr heart bleeds for 80 millionaire families glancingly hit by a marginal estate tax, how much worse the centuries-long STOLEN wages/family wealth of millions of African Americans?
If morality and consistency means anything.
By the way, you are wrong on your "80 families" statistic. Not that I necessarily trust their numbers but the "Brookings & the Urban Institute" web site you mentioned said that there were 14,000 grieving families robbed in 2007 for a total of $21.2 Billion. You must be proud to have inflicted so much financial loss on grieving families.
And you are wrong on the "glancingly hit" marginal estate tax. The estate tax is a whopping 45% (hardly glancing).
Tepis; it's amazing how much you sound like Obama's good body, Bill Ayers. He's kind of like Obama's own personal Achmed the Dead Terrorist, only, not as dead as Achmed (or Bill's old flame, Diana Oughton).
Bill calls it "Social Justice", and says it's good to pretend that your Robin Hood so you can steal from the rich. Bill even wrote some books to contribute to the quality of publick edjewkation showing teachers how to make little children envious of those who have more than they do.
Apparently you need to look up the definition of gluttons. It has nothing to do with how much money you have. It has to do with gorging yourself with food or wine while your fields are becoming overgrown with weeds.
Job was one of the richest men in the east but God said that Job was blameless.
Abraham too was extremely wealthy but God counted him as a righteous man.
I'll leave it to you to explain to God why Job and Abraham were really evil and deserved to be robbed of their wealth.
Perhaps you should know that the Bible mandates that every person, rich or poor, give exactly 1/10th of their earnings (Deuteronomy 14:22).
When Jesus was at the temple (Mark 12) he commends the widows faithfulness in putting her 2 pennies into the offering. He never, ever suggests that she does not have to do her part.
It's right that each person rich or poor give the same percentage of their income; no more; no less. it's wrong to let anyone dodge their responsibility by envy based taxation.
@robertmike57 You're a fucking idiot, probably a poor one.
@terpis Your zero tolerance of intolerance is foolish. Im sorry for being PRACTICAL but when im getting on a flight and I see two fighting-age muslim men, im going to be more suspicious of them than of anyone else, and so should the security at the airport. Its just common sense. You dont see any other people trying to blow us up in the name of religion, and its your ignorant blindness to the FACTS that makes us all less safe.
@terpis I know you liberals love to demonize the rich in the name of social justice, but they worked hard for their money. EVEN if their money was inherited, its still their right to keep ALL of it. This is america asshole, and we are guaranteed a right to property. Money is property and its not the governments job to take it.
@robertmike57 You sound SO intelligent.
an estate tax shouldnt even exist.
Ha! Take a look at the rates. Even $10,000 is taxed at 18%.
A simple question for RobertMike, why should the Government get nearly 50% of a person's lifetime earnings upon their death?
damn if u wanna be rich too work harder, noone should pay taxes on money their parents earned and paid taxes on their whole life, we cant forget who creates the jobs, the rich. The welfare recipients just create jobs for the social workers, wake up america!
@danwk7 i am a democrat and i totally agree with you on the estate tax, its not right to take money that was earned and taxed when a person dies and passes it to their kids, i think thats why im changing my affilitation to independent, lol, also global warming is a joke and we are being takin for a ride on that issue.