Facts, Not Fiction

 
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    #31
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    Quote Originally Posted by schigh View Post
    I was a bit earlier. My initial state school tuition was $90 per semester. People freaked when it went to $300. Even back then I argued it was a good deal.

    Just heard a report on CNBC that only 3 countries have a lower income tax then the US: Chile, Ireland, and Mexico.
    Only three countries among the 36 countries in OECD.

    https://finance.yahoo.com/news/trump...233815750.html
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    #32
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    Quote Originally Posted by gm View Post
    That's completely false as stated.

    Oman, Bahrain, Qatar, Saudi Arabia, Kuwait, Cayman Islands, Brunei, Bermuda, the Bahamas, Monaco and the UAE have no income tax at all.
    Half of their citizens also have no freedoms
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    #33
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    Quote Originally Posted by bambam1729 View Post
    Half of their citizens also have no freedoms

    Different discussion.
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    #34
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    Not really....
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    #35
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    Yes, it is. The original statement was patently false. Period. That is all I was commenting on.

    TN1965 added a qualifier in his response to schigh.
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    #36
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    Quote Originally Posted by Conor Dary View Post
    Not really....
    No, Glen is right - it is a different discussion. I just felt like posting it.
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    #37
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    Quote Originally Posted by Merner521 View Post
    Not saying its necessarily bad. Its a huge loophole though. A smaller, but still generous loophole is the estate tax exemption that allows the moderately weathly to step up cost basis for appreciated assets that are passed go heirs. True that not all 0.1%ers give large sums to charity, but you can also dodge the capital gains tax simply by not selling your stocks.
    That assumes that having a death tax at all is appropriate. I believe in Canada they have no death tax but do tax capital gains at death. That seem to be a lot more fair system. People pay a tax earning funds to build an estate during their lifetime. They should not pay a second tax on those funds at their death.
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    #38
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    Quote Originally Posted by bambam1729 View Post
    Half of their citizens also have no freedoms
    Yeah, if only their governments would confiscate their citizen's wealth they would have real freedom.
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    #39
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    Quote Originally Posted by Halfmiler2 View Post
    That assumes that having a death tax at all is appropriate. I believe in Canada they have no death tax but do tax capital gains at death. That seem to be a lot more fair system. People pay a tax earning funds to build an estate during their lifetime. They should not pay a second tax on those funds at their death.
    The step up in basis us actually not the same thing as the estate tax exemption (though they work together to help your heirs when you die). The former dodges capital gains for your heirs that you avoided while living by simply not selling your assets. The latter only hits estates over $11 million (if married).

    I actually think cap gains needs more reforms than the estate tax. Its too easy to avoid, and at the same time it's taxing inflation when you can't avoid it, which seems pretty unfair.
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    #40
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    Quote Originally Posted by TN1965 View Post
    Only three countries among the 36 countries in OECD.

    https://finance.yahoo.com/news/trump...233815750.html
    Thanks for the clarification. Shows how just repeating a sound byte can be misleading.
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