HILLARY CLINTON HAS ADOPTED A POLICY FROM THE BERNIE SANDERS
PLATFORM, AND THAT IS TO RAISE THE ESTATE TAX TO 65% IN CERTAIN
SITUATIONS.
THAT IS A TAX LEVIED ON PEOPLE AFTER THEY DIE,
USUALLY THERE IS A HIGH THRESHOLD FOR HOW BIG YOUR
ESTATE HAS TO BE BEFORE YOU HAVE TO PAY THE TAX, IT HAS CHANGED
OVER TIME.
THIS IS WHAT THE TAX PROPOSED WOULD LOOK LIKE -- 45%
FOR ESTATES VALUED FROM 3.5 MILLION UP TO 10 MILLION, 50%
FOR ESTATES VALUED FROM 10 MILLION TO 50FRO MILLION UP TO
10 MILLION, 50% FOR ESTATES VALUED FROM 10 TO 50 MILLION,
55% FOR ESTATES ABOVE 50 MILLION, AND AN ADDITIONAL 10%
SURTAX ABOVE 500 MILLION, CREATING AN EFFECTIVE 65%
BRACKET.
ACCORDING TO THE STATEMENT FROM THE CLINTON
CAMPAIGN, IT WOULD GENERATE NEX $260 BILLION OVER THE NEXT
DECADE.
IT IS KIND OF AT A LOW FROM WHAT IT HAD BEEN
TRADITIONALLY IN HISTORY, THIS IS THE ESTATE TAX, EXTREMELY LOW
BY HISTORICAL STANDARDS, IT SAYS.
IT WAS ABOUT 20%, AND FROM
THE 30S TO THE 80S -- OR THE 70S -- IT WAS A LITTLE UNDER 80%,
AND THE FIRST DIP IS BY FORD, AFTER THAT THE REAGAN TAX CUTS,
AND DURING THE BUSH ERA IT WENT EXTREMELY LOW AND CAME UP A
LITTLE BIT, AND THEN WHAT IS THE THRESHOLD?
LET'S GO TO THE NEXT
GRAPHIC, IT SHOWS YOU THE THRESHOLD FOR HOW BIG YOUR
ESTATE HAS TO BE -- A FEW PEOPLE PAY THIS TAX, IT HAS TO BE AN
EXTREMELY LARGE ESTATE, THAT'S THE HISTORY, KIND OF IDLING
UNTIL 2000 WHEN IT SPIKED UP TO WHERE IT IS NOW.
SO THERE WAS A TIME IN THE 50S AND 60S AND 70S WHEN IT WAS AN
ACTUAL TAX, BECAUSE THE THRESHOLD WAS LOW, IT LOOKED TO
BE ABOUT $1.5 MILLION, THAT WASN'T A LIFETIME FORTUNE FOR
PEOPLE, IF YOU HAD 80 MILLION THEY WOULD EXEMPT SOME AMOUNT
AND YOU WOULD PAY 75 OR 80% SO IT MADE A HUGE DIFFERENCE.
NOW
THERE SHOULD BE NO DEBATE ABOUT THIS, WHAT IS THE NUMBER OF
PEOPLE WHO QUALIFY FOR THE EXEMPTION?
THREE.
RIGHT, THREE PEOPLE.
NO, IT'S LESS THAN .2%.
ACCORDING TO MOTHER JONES THE TOTAL NUMBER OF PEOPLE WHO
QUALIFY FOR THE SAFETY 5% TAX, THERE WERE ABOUT FIVE ESTATES
THAT ARE WORTH OVER $500 MILLION THAT WILL QUALIFY, FIVE OF THEM.
THIS IS A GREAT MICROCOSM OF HILLARY CLINTON'S POLICIES,
WHICH I WILL GET INTO, BUT I WANT TO NOTE FOR THE RECORD THAT
I'M WITH THE CONSERVATIVES HERE, WE'VE GOT TO GET BACK TO THE
GOLDEN AGE OF AMERICA, THE 1950S, 60S, WHERE THE ESTATE TAX
WAS APPLYING TO THE STATES OVER 1 MILLION BUCKS, 75%.
AND BY THE
WAY, THE TOP MARGINAL TAX RATE BACK THEN WAS ALSO NEAR 90%
FOR YOUR INCOME.
GOLDEN AGE OF AMERICA, CONSERVATIVES TELL US.
INTERESTING, NOTED FOR THE RECORD.
I HATE THE ESTATE TAX AS A CONCEPT.
IT'S LIKE I DIE AND I HAVE TO PAY STUFF.
I MADE MONEY AND I WAS TAXED ON IT, RIGHT?
MY ARGUMENT BEING, TAX IT CORRECTLY WELL PEOPLE ARE
ALIVE, DON'T WAIT UNTIL THEY DIE AND THEN --
IF SOMEBODY HAS TO PAY THE TAXES, I WOULD RATHER IT BE
DEAD MILLIONAIRES.
DON'T GET ME WRONG, I THINK MOST PEOPLE INHERITING $500
MILLION ARE PROBABLY ASSHOLES.
BUT I CAN'T DIVORCE MY APPROACH
TO IT.
THINK ABOUT WHO THEY ARE.
LET ME ADDRESS THAT AND THEN WE WILL DO CLINTON'S APPROACH.
I
USED TO BE IN THE CAMP OF, WELL, THAT'S UNFAIR, YOU ARE DOUBLE
TAXING FOR THE ESTATE TAX.
I REMEMBER THE DEBATES WE USED TO
HAVE.
BUT THEN A CALLER FROM THE SIRIUS SATELLITE DAYS CONVINCED
ME OTHERWISE, A POINT I SHOULD HAVE THOUGHT OF, BUT I'M A
KNUCKLEHEAD SO IT TAKES ME A WHILE.
THEY ARE NOT TAXING YOU,
THEY ARE TAXING THE PERSON RECEIVING THE INCOME, WHO DIDN'T
DO ANYTHING FOR IT.
SO UNDER THE CURRENT SYSTEM WITH THE
EXEMPTION BEING FIVE, BUT IN REALITY 10 MILLION, BECAUSE YOU
HAVE TWO PARENTS --
HILLARY'S PLAN WOULD LOWER IT TO 3.5 AND 7.
RIGHT NOW IT IS 10 MILLION, BASIC.
THE FIRST 10 MILLION YOU
INHERIT TAX FREE, SO YOU CAN WORK YOUR ENTIRE LIFE AND NOT
MAKE $10 MILLION AND YOU WILL BE TAXED EVERY STEP OF THE WAY,
PAYROLL TAX, THIS AND THAT TAX.
PERSON, THE FIRST $10 MILLION
SHE INHERITS FROM HER GRANDPA WHO PASSED AWAY, CONRAD HILTON,
WHO ACTUALLY BUILT A FORTUNE, SHE NEVER GETS TAXED EVEN THOUGH
SHE DID WORK FOR IT.
THEN SHE CRIES ABOUT MONEY ABOVE THE 10
MILLION.
OH MY GOD, THEY ARE TAXING ME 40% ABOVE THE 10
MILLION THAT I DIDN'T WORK FOR.
THE REASON FOR THE ESTATE TAX IS
BECAUSE WE DON'T WANT LORDS HERE LIKE WE HAD IN THE BRITISH
EMPIRE.
I DO DECLARE, I PASS IT ON TO MY CHILD AND HE PASSES IT
ON TO HIS, THAT'S WHY WE ARE THE HOUSE OF LORDS.
NO, I DON'T WANT
THE LORD OF SANDWICH RULING OVER ALL OF US.
AND THIS CREATES
MONEY YOU CAN THEN TAKE AND PUT INTO EDUCATION SO THAT YOUR KIDS
CAN ONE DAY HAVE AN ESTATE TAX APPLY TO THEM.
THAT'S WHY IT'S MORE EGALITARIAN.
IT'S NOT THAT MUCH MONEY.
WHAT YOU ARE PROBABLY GOING TO GET TO
IS, THIS IS NOT GOING TO RAISE A WINDFALL OF CASH, THIS IS A
POLICY YOU CAN TAKE FROM BERNIE'S PLATFORM TO APPEAL
TO BERNIE VOTERS.
YOU ARE RIGHT, BRETT.
THAT'S WHERE I WAS GOING WITH HILLARY.
I SEE THE HEADLINE AND I'M GOING, OKAY, HERE IT IS, GOING
TO 65% ON THE ESTATE TAX, THAT'S WHAT BERNIE WANTED, NOW WE'RE
GETTING SOMEWHERE.
PROGRESSIVES, COME ON, AT LEAST SHE'S TRYING.
THAT I READ MORE INTO IT -- IT ONLY APPLIES IF YOU HAVE AN
ESTATE OVER $1 BILLION.
OKAY, CUTE LITTLE TRICK.
THERE ARE
ALMOST NO ESTATES OVER $1 BILLION.
SO THIS WAS A LOT OF
HUFFING AND PUFFING, I'M GOING TO GO GET HIM, BUT DON'T
WORRY, I'M NOT REALLY GOING TO GO GET THEM.
THE FIVE ESTATES IT WOULD APPLY TO OUR ALL REPUBLICANS.
SHE'S NOT GETTING SIGNIFICANT MONEY FROM DONORS WHO ARE
THAT WORRIED ABOUT THE ESTATE TAX.
BUT IT'S A MINDSET, SHE CAN'T ACTUALLY DO IT.
BUT WHAT'S THE NUMBER?
SHE SO CLEVER -- JUST MAKE IT 65% AND LOWER THE NUMBER.
YOU
ARE LOWERING IT TO 3.5 MILLION -- AT THIS POINT I'M TIRED, I'LL
TAKE IT.
I'LL TAKE THE 3.5 MILLION AND 7 MILLION OVERALL IF
YOU HAVE TWO PARENTS, WHICH I THINK MOST OF HUMANITY DOES.
BUT
MAKE IT A REAL SEXY 5%, DON'T GIVE ME ALL THOSE LAYERS AND
PRETEND YOU ARE DOING A TAX WHICH IN ESSENCE YOU ARE
NOT DOING.
BUT IT RAISES SIGNIFICANT MONEY.
260 BILLION IS NOTHING TO SNEEZE AT.
I THINK IT'S OVER THE NEXT DECADE.
OVER EVER.
I THINK THAT'S DISTILLING IT DOWN TO ALL ESTATE TAX REVENUE.
THAT IS NOT JUST 260 FROM RAISING THIS TO 65%?
IT'S AROUND 75 BILLION THAT IT INCREASES TAXES FOR THOSE IN THE
HIGH ESTATES, BUT BY THE WAY, YOU KNOW WHAT THAT DOES?
IT
CREATES A $75 BILLION YOU NEED TO CREATE FREE COLLEGE EDUCATION
AT STATE SCHOOLS, WHICH IS ALSO BERNIE AND NOW THEORETICALLY
HILLARY'S PLAN.
I'LL DO THAT, THAT'S A GOOD DEAL.
SO YES, IT'S
A LITTLE BIT OF PROGRESS, I HATE THE SMOKE AND MIRRORS PART AND I
WISH SHE JUST HAD DONE THE REAL PLAN -- BUT IT'S CERTAINLY
BETTER THAN THE REPUBLICANS' PLAN AND THAT'S WHERE WE ARE.
I'M NOT HIDING ANYTHING FROM YOU, IT IS WHAT IT IS.
I DON'T WANT TO USE THE WORD GUTSY, BUT IT IS RARE TO PUT OUT
ANY KIND OF PLAN IN SEPTEMBER BEFORE AN ELECTION THAT IS ABOUT
A TAX HIKE.
THAT'S A GREAT POINT, BEN.
POLITICALLY THEY MUST BE
THINKING OH, THE POLLING INDICATES THERE ARE MORE
PROGRESSIVES IN THE COUNTRY, AND WE STILL HAVE TO CONVINCE THEM.
STOP DOING WHAT WE'VE BEEN DOING.
LET'S CARVE OUT THE SAFEST POSSIBLE LITTLE THING AND
SEE WHAT REACTION WE GET TO THE TAX HIKE.
I HATE THE IDEA, MOTHER JONES WAS LIKE INSTEAD OF INHERITING
$600 BILLION YOU ARE INHERITING $350 MILLION, THAT'S STILL A LOT
OF MONEY TO INHERIT, BUT I STILL CAN'T PHILOSOPHICALLY APPROACH
IT WITHOUT SAYING JUST FIX THE WAY PEOPLE ARE TAXED WHEN
THEY ARE MAKING MONEY, INSTEAD OF TAXING THEM WHEN THEY DIE.
GOING FROM 600 MILLION TO 350 MILLION, THAT IS TYRANNY.