tag:blogger.com,1999:blog-22980286.post5556468131848779807..comments2024-03-28T10:26:20.408-04:00Comments on Ponderings on a Faith Journey: TR and TaxationRobert Cornwallhttp://www.blogger.com/profile/04581876323110725024noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-22980286.post-88689186575884232862008-10-29T10:42:00.000-04:002008-10-29T10:42:00.000-04:00On the Inheritance Tax, something that most wealth...On the Inheritance Tax, something that most wealthy folk have figured out how to deal with, it's important to note that in 2010 it will disappear for one year. Then it will revert to where it was at before the Bush tax cuts were enacted. This will have to be dealt with at some point soon to make sure it is workable. There are issues for long term financial planning involved, including charitable giving.Robert Cornwallhttps://www.blogger.com/profile/04581876323110725024noreply@blogger.comtag:blogger.com,1999:blog-22980286.post-1648277863664320002008-10-29T10:21:00.000-04:002008-10-29T10:21:00.000-04:00Great post! I'm glad you also mentioned the inher...Great post! I'm glad you also mentioned the inheritance tax. I read recently where Thomas Jefferson was very concerned about generational wealth and the way that could potentially train wreck democracy by creating a small wealthy powerful class of elites who were out of touch with the nation's best interests. <BR/><BR/>Unfortunately, the right wing spin masters have coined the term "death tax" in an effort to recast the discussion and make it look like an attach on society. Progressive should have countered with the term "Paris Hilton tax". That would have stopped the anti-inheritance tax movement in its tracks.Mike L.https://www.blogger.com/profile/15978997781556741350noreply@blogger.comtag:blogger.com,1999:blog-22980286.post-38234448664634109132008-10-28T19:00:00.000-04:002008-10-28T19:00:00.000-04:00Ah.. the power of numbers.. see the time line on t...Ah.. the power of numbers.. see the time line on taxes.. amazing what government can do in such little time. <BR/><BR/><BR/>1913 - Income Tax instituted. Less than 2 percent of the population had to pay it. Income up to $20,000 was taxable at 1 percent, and above $500,000 at 7 percent. It exempted the first $3,000 earned by a single person and the first $4,000 by married couples. Since the overwhelming majority of Americans supported families on less than $1,000 a year, most were exempted from the tax.<BR/><BR/>1916 - Income tax, top rate: 15 percent.<BR/><BR/>1917 - Twenty graduated steps established for the income tax. Top rate on income over $2 million: 67 percent. Under $2,000: 2 percent. Exemptions reduced. Number of returns from 1916 to 1919 will climb from 437,000 to 4.4 million. Even so, 95 percent of all Americans will pay no income tax.<BR/><BR/>World War I - Income tax, top rate at 73 percent. Capital gains, top rate: 77 percent.<BR/><BR/>1921 - Capital gains, top rate: 12.5 percent. Income tax, top rate: 56 percent.Anonymousnoreply@blogger.com