'Death tax' rate set to almost double in coming months
Potential tax hike raises new questions
- Duration 10:40
- Date Jul 10, 2012
Potential tax hike raises new questions
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But if I were -- my life and I pay my taxes on main -- And then I diet I wanna pass on what would be great if it -- five million dollars stick to my kids.
Why should I pay the government again questioned their BS 35 or 4555%.
Tax on that.
You aren't paying anything in that case is you'll be dead obvious what -- do you stay it is and that's less for my children.
What you would do would be the only question is the look not a you're not and it might well I believe I -- how is that there again.
Meg and -- and you're gonna have to let me answer the question we're gonna have a conversation -- gets us anyway.
The only question here is not whether or not there should be -- tax on that the question is where the limit should be and how much you know -- -- -- I think we're not -- just tell me what how is it fair.
The question is how much this dance to our -- it -- an enormous amount no want to be in favor of that and they come on your show and so on so concerned about the debt.
Because it's -- I think it's 72 or 75 billion dollars to age 32000.
It -- thank you don't need all of those 32000 and then they earned that money does not want to pass it on to their knowledge or not they know they're unaudited net and the money is it not know they'll be gas station.
Those people will be dancing.
Do you -- them a little that.
The debate lives on the that was yours truly -- former New York congressman Anthony Weiner back in 2010.
Having a discussion about the so called death tax that the government -- after.
You die as the congressman pointed out.
You'll be dead.
The tax rate is now set to almost double at the end of the year hitting roughly.
Sixty present 55 to 60%.
And what's more millions more will have to pay it.
Turning now to discuss it Tony say at this Republican political analyst -- campaign consultant and national political correspondent for talk radio news service and Mark Hanna.
Former -- about John Kerry and Barack Obama presidential campaigns in a political analyst.
So it now we've you know between the former congressman and I've set the stage for you can't you get data from there.
We live wow I can't I can't say I -- -- I -- stock and I have.
I'll try to be a little bit more cooperative and okay.
My -- that if that's the last night.
I'll give it -- it it is exactly no laughing matter because for a lot of Americans who are going to now be subject to paying this is it right now says.
Up to five million ought to pay it with your state for five million bucks and then when -- indictment it gets taxed at 55%.
That's a 35% the F paper.
But but but as of the end of this year it's gonna go -- down to one million dollars an estate worth one million dollars will get taxed at 55%.
Fair and not at all and the irony -- This whole situation -- is there's been bipartisan consensus since 2001.
When the first actually back past that brought down this.
On 22 obviously remedy this problem because.
It's a totally punitive tax all you have to do to have to have your family paper is -- there's something fundamentally wrong with that.
And the other part of this that seems to be lost this it has no meaning to the federal government -- congressman was actually wrong in his numbers it raises about 24 billion dollars a year in revenue.
And at the same time hurts the individual taxpayer.
Far more than it helps the government.
And it also slows down the ability to grow jobs and half the small business private sector job creation we need to get economic recovery.
-- the president chose not to make this one of the issues that he raised yesterday he's focused only on you know sort of that.
That middle class right now.
And that's what congressman leaders try to say these are super rich people say if -- estate worth a million bucks.
You're rich you can afford to pay at least another 55% in taxes and to bet on your kids.
Let's look yet this is absolutely attacks because it is targeted for the wealthy only -- you know a lot of people when they die given inheritance to their kids.
But the fact of the matter this is only affecting 1% of those inheritance is even when it goes under the one million dollar mark so if you're -- viewer and you're watching at home and you're wondering whether this death death tax is going to affect you.
It's not an and in fact it's such a misnomer this sort of evil genius -- the Republican Party Frank Luntz the Republican strategist.
Came up with this term death tax because he realized that he could -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Yet look -- -- -- quote credence Clearwater here who's going to be affected by this it's a fortunate son that's the ones born silver spoon and handed the one that.
Basically didn't Bernard didn't work for the money they've got they inherited it and that that sort of like the guys who are no we've you keep it well -- Lindsay our ability -- that this guy going one in five Americans inherited their money got millionaires and tired of their money -- -- -- five.
Actually -- -- deal -- living the American dream which should be predicated on.
Given here so my guess that talk about that he -- about their kids he thinks their kids are spoiled brats and they shouldn't ports of their artwork for mega man -- -- -- -- here you definitely have a Sony Sony does that not only worked for this dagger that gambling on this Helena are telling -- pocket sized -- it and then you mark thank you just like -- court today here I.
-- look you work.
This if Beck's family businesses which -- small businesses farmers this isn't about.
Corporate -- -- mark in his.
You know colleagues don't like so much what we'll just put money in the bank and and give their kids trust funds not to say that that's even the governments of business in the first place.
This is people who let's leave.
To get -- earned what they have who simply want to transfer.
Business -- -- -- and sacrifice or to the next generation with a minimum tax penalty I think and -- -- bipartisan consensus we can agree and mark.
You are not representing the fringe the fringe element even of the Democratic Party since so many Democrats have agreed.
To reform this death tax and Steve.
I let let me just ET -- the question would you this when are gonna give you the floor that the put us primate with Anthony Weiner was.
You know I pay taxes on mine -- -- I already pay my income taxes.
So then when I die let's say if I get it if I if I get paid a million dollars -- -- -- you know you're near city behalf -- behalf that rights advocates of a government.
And then I dot and I have in the states.
That ultimately is worth you know let's say two million dollars in the bank.
Why having patent.
On that money should I have to pay another 55% to my state why I just give it all my kids -- -- money on that taxes on some reason.
The same reason you pay -- after you take your income tax -- your small business -- if you sell your business you pay taxes on the sale of the business it's just.
And most transactions in this country for better -- get tax and that's how does government -- -- able to be able to so -- -- -- We're not talking about let me know we're not talking about the death -- if you want talk about death that you can talk about.
Mitt Romney raising fees on funeral directors and -- cremation services when he was governor of Massachusetts among all over a thousand other fees and taxes that he raised while -- was governor of Massachusetts Kuwait indirect us that that's -- and a hey Tony you -- you spoke let me speak.
This isn't a death tax its attacks against massive and heard answers for millionaires Tony do you think Paris Hilton should be getting at the not a up Paris while our economy and not about -- and one of -- I'm -- -- that.
Did you get let me -- -- up registry Paris Hilton has -- been -- the you know people is go to -- -- -- I don't check out here she is any money from her parents -- -- super rich.
-- but let's you know let's let's take me.
Let's take me.
I I came -- Very you know middle class family very middle class in my dad as a teacher my mom's a nurse.
We -- having money so I never had any money as you know.
Let's say let's just -- at some credit issues back -- that at a college in -- -- But I'm making some good money because I worked hard and I got this big job at Fox News so hopefully when I die -- -- I will have a million dollars -- I'm hoping that really want to.
I would like to give that's my kids and I don't want it really give it to the feds say.
You know the difference -- and and you know the difference Paris Hilton's father and family.
Has set up frost and have set up legal entity is to avoid paying a lot of these taxes is the super rich that mark thinks this applies to.
Don't really worry about the got to tax the people who worry about it.
Are those who were leaving under five million dollars dates and businesses and farms to their kids that they -- part or if they can't necessarily.
Figure out a way to -- To protect that money so you know what they're doing -- buying insurance premiums so when they die the kids can use the insurance money to pay the taxes that is wrong that's actually very on American I'm glad somebody out.
And I -- about what this reform.
Tony me look it doesn't what's happening here and the reason the Democrats some congressmen don't agree with this performance because they're wealthy wealthy backers are also millionaires.
Look at the family businesses there's a -- that this is somehow gonna hurt small family businesses it's not with some.
Mark tell me what I shouldn't be able you know I leave my estate to my kids after a RD day when he presented taxes on it why can't I mean I was left over to my own children -- -- some rich millionaire and you -- I'm gonna look on the ballot part.
Right you can give them a million bucks with no taxes on if you get a little bit more than a million bucks in the tax bracket is miniscule 55% figure you mentioned that's for billionaires.
This is when -- -- -- you personalize -- let me personalize it when my dad passed about ten years ago.
Might stick my two younger Brothers -- -- -- inherited.
Small you know piece of land a small acre of land we didn't get taxed on that and also hurt you to call third for Tony to call the death tax I think is offensive because.
When when I experienced death and my feeling nobody got tax does that come.
-- misnomer and your well I don't -- individual circumstance it'll turn it over the death that I'm sure there was a value associated the property -- -- -- tax based on that value mark.
But listen -- -- back a little about five million dollars or -- the other guy -- -- -- study done in 2009.
On this exact issue.
Found that if you repealed the death tax against something that there's bipartisan support to do.
You would create one point five.
Million jobs you would infuse one point six trillion dollars of capital back into the small business economy that is much more -- Tony you can.
Look at what -- yeah but I want to let you know -- was this idea -- I'll tell you is that it's okay where I got another I wanna type.
So right now you -- not subject to this unless -- you have an estate over five million dollars.
And -- get taxed up to 35% at the end of this year.
It's gonna lower you have to if you have -- estate worth one million dollars and you get taxed at 55%.
Barack Obama has said he would like it to be -- exempted up to 3.5 million and then you get taxed and taxed at a 45%.
If nothing happens between the president congress by the end of this year we're going to 1000055%.
Plus an extra 5% surtax on top of that guys.
Thank you very much is a pleasure and and we will leave we will leave -- viewers with Tony's question.
Is death the transact -- look.
But let -- 22 million jobs we grew under President Clinton I.
Park it right up the exact -- compromise.