TDPS: $200/week Unemployment Benefits Makes People Lazy, BUT NOT TAX FREE INHERITANCES!

[celtics23]

Run time: 07:20 https://www.youtube.com/watch?v=b_GATH0vzyY   Posted on YouTube: December 28, 2010 By YouTube Member: MidweekPolitics Views on YouTube: 178   Posted on DU: December 29, 2010 By DU Member: celtics23 Views on DU: 725

 
From: www.davidpakman.com | Subscription: www.davidpakman.com/membership | YouTube: www.youtube.com/midweekpolitics

David: I know you're not really thinking too much about your estate tax yet.

Louis: Right.

David: But it wasn't talked about much during the initial discussion we had about the tax cut compromise. It's kind of a big deal, in a sense. Obama basically, in the tax cut compromise, the idea was put a 45% tax on estates worth more than $3.5 million and charge no taxes for smaller estates. Now, Mitch McConnell, of course, called for a lower tax, he said I think 35%, and expand the exemption so that anything under $5 million is not subject to the tax.

Now, I don't even know where to start with this, but what is interesting to talk about is, again, the language that's being used. If you talk about an estate tax versus a death tax, the way many Republicans have successfully branded this thing, people are actually not really against it. But I mean, it doesn't take a genius to figure out, if you start calling it a "death tax", come on, who's going to want that?

Now, Anthony Weiner was on Fox News the other day, congressman from New York, and Megyn Kelly, who we're very familiar with at this point on the show, Louis, she made the assertion that the estate tax is double taxation, in other words, you're paying taxes on the income when you earn it, and then you're paying taxes when you die.

Louis: Right.

David: Now, obviously, Anthony Weiner, regardless of what you think about the estate tax, pointed out no, you're dead, you're not paying any taxes. The recipient of the money is the one who's paying taxes; they're paying money on the taxes-- they're paying taxes on the money, rather, one time. Let's take a listen.

Megyn Kelly: OK, let me ask you this, because I've got to go, but I want to get you...

Anthony Weiner: Sure.

Kelly: You mentioned the estate tax twice, so I do want to ask you about it. The argument from the other side is that it's a morally corrupt tax, that, you know, if I... I don't have a $5 million estate, I'd like to someday.

David: Right.

Kelly: But if I work all my life and I pay my taxes on my income and then I die and I want to pass on what would be great if it were a $5 million estate to my kids, why should I pay the government again? Why should there be a 35% or 45% or 55% tax on that again?

Weiner: You aren't paying anything in that case because you'll be dead.

Kelly: The-- well, my-- the estate is, and that's less for my children.

Weiner: Well, you-- but you-- well, the only question is, look...

Kelly: No, no, you're not-- answer my question. Why-- well, how is that there?

Weiner: I believe-- Megyn, Megyn, Megyn, you're going to have to let me answer the question, we're going to have a conversation that gets us anywhere.

Kelly: Go ahead.

Weiner: The only question here is not whether or not there should be a tax on that, the question is where the limit should be and how much should be withheld or not. I believe...

Kelly: No, I'll ask the question, and you're not answering. Just tell me how is it fair?

Weiner: Ready?

Kelly: I am.

Weiner: So the question is in what level should it be taxed? Some people around here think it should be higher, some people, should be lower. This deal would basically say that for people who inherit money, that money gets taxed at a lower rate than if they worked 70 hours to earn it. That's just not fair.

But more importantly than that is how much it costs. I'd like there to be no taxes on anyone at any level, the question is how much this adds to our debt. It adds an enormous amount. No one could be in favor of that and then come on your show and say, "Oh, I'm so concerned about the debt," because it's adding I think it's $72- or $75 billion to aid 32,000 people. I want to put that money...

Kelly: It doesn't strike you... But what's wrong with those 32,000? I mean, they earned that money, if they want to...

David: All right. You know what really irritates me about this? Megyn Kelly's a lawyer. She knows what she's saying isn't true, right? She knows it's not double taxation. I mean, come on. My six-year-old sister knows it's not double taxation, and she's only taken introductory accounting so far. She's not even up to estates. Right? So why is Megyn Kelly making this assertion? We can go into that.

But the idea... And the point Anthony Weiner is making is the correct point, right? If somebody is given a gift of $50,000 from an estate, from somebody else, and somebody worked 60 hours a week to make $50,000, after taxes, should the person who was given the gift come out with more money than the person who worked 60 hours a week to make the same amount? That's really the question. Louis, should that be the case?

Louis:

David: Louis's mic isn't even on, yeah.

Louis: I should probably turn my mic on. If you look at the bigger picture, the answer should be no.

David: So you believe that the estate tax is fair?

Louis: I think it's too high. I think it should exist.

David: Right.

Louis: But I do think it's too high.

David: I do also believe that we need to have some kind of a reasonable exemption below which there is no tax paid, but the idea that the spreading of misinformation like we are being taxed twice, no. The person who is being taxed is the one who is getting a gift from above on income they didn't earn. That's the bottom line.

And to me, it's really funny how Republicans argue that unemployment benefits of a few hundred dollars a week are enough to encourage people to avoid working, because they're so lazy and it's plenty of money to live on, right? Couple hundred bucks a week? But they're trying to reduce the income-- the tax altogether, where the beneficiaries didn't do anything to earn that money. At least the people receiving unemployment at some point worked, right?

Louis: True.

David: They're now unemployed because at some point they worked. And a couple hundred bucks is going to make-- the people are just so lazy, couple hundred bucks is going to make them not going to want to work.

Louis: I do believe that many people who collect unemployment do so for as long as possible and intentionally stave off work.

David: It exists, but the idea that people are going to, number one, you can... so you could never have worked, you get an inheritance, you pay nothing on it. They're not lazy, though. Those aren't the lazy people. The lazy ones are the ones living on $800 a month after they lost their job. Those are the lazy people, Louis. Come on! Who... at least Anthony Weiner is getting on there and refudiating something. I mean, he did a hell of a job. He refudiated, refuted, and reputed. I mean, he did everything.

Louis: And repudiated.

David: Yeah, he did everything under the sun. It's a long laundry list of things he's doing. So let's be honest here. Just sharing the gene pool and getting tax-free money to me signals a significant level of laziness above and beyond people that are living on $800 a month, luxury lifestyle, and they want to stay on that as long as possible.

Louis: And we need to consider our debt problem.

David: Let's... Yeah, that's a whole other issue.



Transcript provided by Alex Wickersham. For transcription, translation, captions, and subtitles, contact Alex at [e-mail].

[qcmadman1]

1. PWNED!

[tins0404]

2. Because if $800/month makes you not want to work, what will millions do?

Love it

[felix_numinous]

3. K & R

[mrcheerful]

4. Actually the better way to frame it is lotto winnings is like inheriting from a

rich uncle. People pay for their unemployment checks the lotto winner gets money for nothing just like the guy who has a rich uncle that leaves him money after uncle dies. There lays the problem, frame the question so people realize that if they expect lotto winners to pay taxes then its only fair that the guy uncle gives his wealth to is the same as winning the lotto.