If your family was as rich as the Waltons, you could easily buy Buckingham Palace over and over again
Some one million Walmart employees in the United States will have their meager pay supplemented this year with a bonus averaging $400, thanks to the lapse of usual parsimony by the owners of the world’s largest retailer – the Walton family. That total $400 million is $71 million less than the cost of the bottom two estates ($222 million and $249 million) in the above video of the five most expensive homes in the world.
Half of all workers in the United States make less than $30,500 a year, and half earn more, so $400 is meaningful, even though a flat 25% ($100) will be lost to income tax under an odd IRS ruling, leaving $300.
But $300 could buy you and the spouse a motel room for two nights, and have some money left over for lunch one day. That would be a one-room accommodation. Hotel rooms with multiple rooms charge much more than $100 to $200 a night.
While you are pinching pennies to pay for this $300 getaway, how would your benefactors – the Waltons of inheritance fame – entertain themselves? Since “all men are created equal”, but allowing for some being more equal, you would expect the gang of seven to perhaps rent an entire floor of a Best Western or splurge at a Hilton.
Actually, the poorest member of the Walton family, Nancy Walton Laurie, could afford to not just rent a room, but buy all five of the properties listed in the above video – including Buckingham Palace – and still have nearly $2,000,000,000 left of her fortune. Continue reading →
GOP plan to end “Death Tax” means the billionaires will be overjoyed, while the rest of us pay the bills
Tuesday, 4/4/17: examining entire fake “Russian Dossier” on Donald Trump!
Estate tax percentages have varied in recent history, ranging from 55% in 2000 under George Bush #1 to 35% under Barack Obama and now 40% under Donald Trump. The GOP wants it to be zero.
Currently, couples with less than about $11,000,000 pay no estate tax. On amounts above that, the government takes 40% for taxes. The history of the estate tax revolves around the desire for fair taxation of the richest Americans to pay for public programs.
Eliminating the estate tax will aid any couple who die with more than $11 million (current deduction), and the GOP argues that this would affect many small businesses, which would have to sell land or equipment to pay the tax.
I have an idea that should please the GOP and still maintain some sanity in our progressive tax system. This is in addition to the 123 Plan, which easily adds $54 billion in revenues to the federal budget this year.
Only apply the estate tax to those whose estates are $1 Billion or more, but raise the rate to Bush #1 rate of 55%.
That would generate $1,514,425,000,000, or $1.5 Trillion that the rest of us won’t have to pay in income and other taxes. This revenue is calculated by taking the total current Forbes wealth of all American billionaires and assuming they will die someday and have to pay the estate tax.
If there is no estate tax, they will avoid $1.5 trillion in taxes.
Who are these billionaires. Check the list Continue reading →