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Drudge Retort: The Other Side of the News
Thursday, November 18, 2021

Revenue from the U.S. estate tax has been cut in half in two years, new data from the Internal Revenue Service shows, even as dynastic wealth soars. Just 1,275 wealthy families paid $9.3 billion in estate tax to the U.S. Treasury in 2020. As recently as 2018, the IRS collected more than $20 billion from nearly 5,500 families.

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...The dramatic decline -- to the point where the tax is paid by 0.04% of dying Americans -- is largely the result of the tax overhaul enacted by Republicans in 2017, which doubled the amount the wealthy can pass to heirs without triggering the levy. ...

#1 | Posted by LampLighter at 2021-11-18 02:13 PM | Reply

Republicans have but one goal.

Destroy the United States government.

They're too stupid and lack the foresight to realize how detrimental such actions are.

But. Here we are.

71+ million idiots voted in 2020 to continue to destroy it.
I fear the next two elections will cement the death of this nation.

#2 | Posted by ClownShack at 2021-11-18 02:37 PM | Reply | Funny: 1 | Newsworthy 1

More weight.

#3 | Posted by Effeteposer at 2021-11-18 05:14 PM | Reply

It's their money, they deserve to keep it.
Screw what Ben Franklin said about wealth inheritance creating an aristocracy!
--Repubilcans, Independents, Libertarians, and the "Liberal."

#4 | Posted by snoofy at 2021-11-18 05:25 PM | Reply

There is no real inheritance tax, as long as there are Grantor Annuity Trusts (GRATs). At this point, the only inheritance tax is on those who make mistakes ... like dying before they can pass get it all tax-free.

#5 | Posted by Danforth at 2021-11-18 05:36 PM | Reply | Newsworthy 1

^Regarding GRATs: Sheldon Adelson put ~$8Billion into a GRAT ...

and then ... disclaimed it! Voila!!!

$8 Billion goes to the kids, tax-free, and Uncle Sam loses $2.3 Billion.

I'll repeat: THERE IS NO REAL INHERITANCE TAX under current law.

And why isn't this obvious loophole in the tax code closed? Because every single person affected is a member of the "political donor class". If anyone needed proof positive our government is bought and paid for, look no further.

#6 | Posted by Danforth at 2021-11-18 05:51 PM | Reply

^"pass get it all tax-free"

Should be: "pass it all tax-free."

#7 | Posted by Danforth at 2021-11-18 05:53 PM | Reply

Do you Leftists get it yet why we can't tax our way out of this mess?

This article is about how ultra wealthy (probably Dem donors) are cheating the government out of $10.3B in potential estate tax revenue.

Our deficit is 2021 is $2.77T - so, if we had that money, it would have made the deficit $2.76T - a whopping 0.4% less.

Our problems cannot be fixed on the tax side - they can only be solved on the spending side but the MSM is counting on the public schools systems making your math skills so poor that you can't see this fact. Don't be a low IQ, low information Democrat voter.

#8 | Posted by Skeptical at 2021-11-18 09:31 PM | Reply | Newsworthy 2

"Do you Leftists get it yet why we can't tax our way out of this mess?"

Do you have another way out of this mess?

#9 | Posted by snoofy at 2021-11-18 11:26 PM | Reply

"Our problems cannot be fixed on the tax side"

Why not?

Did we have these problems when the top marginal income tax rate was 91%?

#10 | Posted by snoofy at 2021-11-18 11:27 PM | Reply | Newsworthy 1

"This article is about how ultra wealthy (probably Dem donors) are cheating the government "

Yeah, like Sheldon Adelson, mentioned above, who alone accounted for over 1/5th one year.

"Our problems cannot be fixed on the tax side"

Why not? They were created there.

"out of $10.3B in potential estate tax revenue."

Per year.

#11 | Posted by Danforth at 2021-11-18 11:30 PM | Reply

Do you have another way out of this mess?

Of course he does. Cut $2.77T/year in spending on stuff he doesn't like.

#12 | Posted by REDIAL at 2021-11-18 11:35 PM | Reply

""out of $10.3B in potential estate tax revenue."
Per year.
#11 | POSTED BY SQUIRTS DANFROTH, GED"

Yeah Squirts, I get that. That $2.77T deficit is also PER YEAR. Again, enforcing this amounts to a fart in the wind because our spending is out of control.

#13 | Posted by Skeptical at 2021-11-19 02:59 AM | Reply

Snoofy,

"Do you have another way out of this mess?"

A time machine and go back and change course before the rich started down their path of super ultra richdome and the poor developed gimmeitis.

It's the people who are FUBAR. Totally departed from reasonable expectations. Ridiculous sense of entitlement.

I think now we're pretty well destined to be visited by the Phoenix.

#14 | Posted by BillJohnson at 2021-11-19 05:14 AM | Reply

"Do you Leftists get it yet why we can't tax our way out of this mess?"

Do you have another way out of this mess?

#9 | Posted by snoofy at 2021-11-18 11:26 PM | Reply | Flag:

The obvious answer is to cut food stamps. Getting rid of that $79 billion will solve the $2.77 TRILLION deficit.

The GOP wants to permanently eliminate the estate tax in order to create a permanent oligarchy.

They also want to kill social security and medicare so people can work until the day they die because the people that need it do not donate money to them.

The problem is both a revenue AND spending problem.

The spending problem is pork defense, foreign aid, farm aid to multinational argi corporations, social security and medicare payments to millionaires and billionaires.

The revenue problem the loopholes the uber wealthy use to dodge taxes, billion dollar profit corporations paying zero taxes, the billionaires paying 8% in taxes, etc.

One thing is not going to solve it, but trillions are made up of billions made up of dollars made up of pennies.

#15 | Posted by Nixon at 2021-11-19 08:17 AM | Reply

A time machine and go back and change course before the rich started down their path of super ultra richdome and the poor developed gimmeitis.

The tax cuts that made it massively profitable for the top 10% to take all of corporate profits and decimate wages for the middle class is more than just one thing.

There are so many factors that went into it...

Cutting taxes on the top to the point were it was profitable for them to take all the corporate profits.

Allowing defined benefit pensions to be replaced with 401ks.

Allowing the sickness management industry to eat up more and more of disposable income.

Cutting estate taxes.

Rewarding companies moving jobs to Mexico, China, Vietnam, India etc.

Allowing billion dollar profit corporations to pay no taxes.

Allowing billionaires to pay no taxes.

Allowing sham churches to politic and keep their tax exempt status.

The system is rigged by the billionaires for the benefit of the billionaires and they pay the hyperpartisan politicians to distract the voters with wedge issues like guns, religion and abortion.

#16 | Posted by Nixon at 2021-11-19 08:25 AM | Reply | Newsworthy 1

"It's the people who are FUBAR. Totally departed from reasonable expectations. Ridiculous sense of entitlement."

You mean the billionaires who are launching themselves into space on their private rockets, right?

What's that, you meant poor people who can't afford to ever buy a home?

What a ridiculous sense of entitlement, for an average person to think they should be able to afford a home!

#17 | Posted by snoofy at 2021-11-19 09:06 AM | Reply

"Again, enforcing this amounts to a fart in the wind"

Then blame the Republicans who chose to reset the fiscal sights of America.

Besides, the 10 Billion/year is a wild understatement. Note it's only compared to the prior year, not to the total evaded.

Once again, Ima Schitturd shows he doesn't understand the concept. Must've been the commas that threw him off again.

#18 | Posted by Danforth at 2021-11-19 10:33 AM | Reply | Newsworthy 1

"Again, enforcing this amounts to a fart in the wind"

^
Notice that this is the very same logic they argue to do nothing about Global Warming.

#19 | Posted by snoofy at 2021-11-19 10:46 AM | Reply

Do you Leftists get it yet why we can't tax our way out of this mess?

#8 | POSTED BY SKEPTICAL

Great. Lets slash that military budget by 60%. We'll still be spending more than anyone else by a lot.

Then end corporate welfare.

On top of that, start actually taxing the rich and roll back the Trump and Bush tax cuts.

Thank you for admitting you're the problem.

#20 | Posted by Sycophant at 2021-11-19 12:48 PM | Reply

Nixon,

"Cutting taxes on the top to the point were it was profitable for them to take all the corporate profits."

That deed goes back to Reagan.

That along with destroying unions and buying the evangelical vote is partially why I consistently voted Democrat until Trump.

I voted for Trump because I saw that administration would likely nominate 2 and possibly 3 justices.

Liberals could not be given that opportunity.

I still can't vote Democrat yet as things stand.

#21 | Posted by BillJohnson at 2021-11-20 11:45 AM | Reply

Nixon,

"There are so many factors that went into it..."

I agree.

The problem is the rich....not necessarily one political party.

It's taken team work to advance and maintain the power base of the rich.

#22 | Posted by BillJohnson at 2021-11-20 11:51 AM | Reply | Newsworthy 1

It's all for sale. Policy,Tax exemptions,the whole damn workings of government. Citizens United just brought it out of the shadows.

It has always been the American Way. Rich people buy the policies they want and more importantly,the kill the policies they don't want.

It's no coincidence that we have no universal health care and drugs cost more here than anywhere else.

Climate policy will continue to favor fossil fuels,and discourage any real reduction of emissions.

The rich and their enablers and hangers on will destroy our world because they don't want to share. Government represents only their interests. Then people wonder why fewer eligible voters vote at all, than for either of the two major parties.

They know the fix is in. But unlike Venezuela,here voter apathy doesn't make people call the government illegitimate.

Weird.

#23 | Posted by Effeteposer at 2021-11-20 02:57 PM | Reply

The estate tax should be eliminated. Instead there should be income tax on the transfer of wealth to the heirs.

#24 | Posted by Whatsleft at 2021-11-20 03:52 PM | Reply

Bernie Saunders said the bill the House passed is giving tax breaks to millionaires.

Nancy Pelosi responded, "This isn't about who gets a tax cut, it's about which states get the revenue they need in order to meet the needs of the people"

Hey...she doesn't care about tax breaks for the rich.

#25 | Posted by BillJohnson at 2021-11-20 10:23 PM | Reply

Hey...she doesn't care about tax breaks for the rich.
#25 | POSTED BY BILLJOHNSON

Did you see who her daughter recently married?

#26 | Posted by rstybeach11 at 2021-11-20 10:38 PM | Reply

she doesn't care about tax breaks for the rich.

You do realize that in this day and age a "millionaire" isn't exactly "rich".

#27 | Posted by REDIAL at 2021-11-20 10:45 PM | Reply | Newsworthy 1

Redial,

"You do realize that in this day and age a "millionaire" isn't exactly "rich"."

So...

As you said millionaires aren't exactly "rich".

This bill the House passed is giving tax breaks starting with millionaires.

What about the Middle Class.

The rich just see the Middle Class as uppity poor people with extra income for the taking.

#28 | Posted by BillJohnson at 2021-11-20 11:08 PM | Reply

What about the Middle Class.

My concept of middle class includes millionaires.

#29 | Posted by REDIAL at 2021-11-20 11:21 PM | Reply

Where does President Biden's Economic Infrastructure Bill use the word "millionaires?"

From the U.S. Department of Treasury:

"The legislation would, as the President proposed, generate more than $2 trillion in savings. These savings come from ensuring large multinational corporations and wealthy Americans pay their fair share and reducing the cost of prescription drugs. These provisions will not raise taxes on any taxpayer making less than $400,000." (emphasis mine)

#30 | Posted by Twinpac at 2021-11-21 06:48 AM | Reply

Twin,

I am quoting Bernie Saunders claiming the bill is giving tax breaks.

Take it up with him.

#31 | Posted by BillJohnson at 2021-11-21 08:48 AM | Reply

Twin,

And I pointed out Nance Pelosi's response to Bernie.

Apparently she didn't deny there were tax breaks and instead said, "so what"? in not so many words.

Then posters took it in the direction of deflecting away from that.

#32 | Posted by BillJohnson at 2021-11-21 10:53 AM | Reply

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