A Quote by Gary Cohn
Many people are smart enough to know how to manage themselves out of the estate tax.
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I don't know how you feel, but I'm pretty sick of church people. You know what they ought to do with churches? Tax them. If holy people are so interested in politics, government, and public policy, let them pay the price of admission like everybody else. The Catholic Church alone could wipe out the national debt if all you did was tax their real estate.
There's book smart, there is street smart, there's relationship smart, there's too many different kinds of smarts to know all of them. Everybody doesn't know every kind of smart. There's money smart, there's movie smart, there's computer smart. There's just too many different kinds of smarts for people to know all the smarts.
I should say we know that there are many, many other Earths out there. We're almost certain that there will be upwards of a billion Earth-like planets in our galaxy alone, so there is no lack of real estate where life might happen, but what we don't know is how likely it is given the real estate, given a wonderful pristine planet like Earth how likely is it that life will pop up inhabited? We don't know the answer to that.
On the estate tax, if you look at the couple of groups who are the biggest advocates for repealing the estate tax, it really is the pass-through business, and it's the farmers.
What people really haven't thought about with real estate is, if you get tax reform, you're going to see real estate now... the velocity of selling and buying real estate will just kick.
You are smart people. You know that the tax cuts have not fueled record revenues. You know what it takes to establish causality. You know that the first order effect of cutting taxes is to lower tax revenues. We all agree that the ultimate reduction in tax revenues can be less than this first order effect, because lower tax rates encourage greater economic activity and thus expand the tax base. No thoughtful person believes that this possible offset more than compensated for the first effect for these tax cuts. Not a single one.
One of the tax systems in the US is for wage earners. The government takes money from them out of each paycheck - so it knows how much they make, and those workers can't cheat to any significant degree. But the other tax system is for capital. Those with capital get to tell the government what they want to tell. They may get audited, but if their tax returns are of any size the government doesn't have enough of the smart auditors to figure out what's really going on. And there are the rules that allow you to do things like take in money today and pay taxes on it thirty years from now.
I should practice what I preach. It's a lot easier to show and teach people how to love themselves than it is to do it yourself. I still struggle with it sometimes. I wish sometimes I could always feel that I'm good enough, smart enough and gosh darn it, people like me!
There is no tax policy that better describes how out of touch America's liberals are with the rest of the country than the estate tax. According to the Left, government seizure of a large share of the wealth of an American taxpayer is a moral imperative that serves social justice. Most Americans disagree, big time.
One of the best compliments I ever got was "You know what I like about you? You're smart enough to be scared. So many guys come on cocky, they don't want to go over their stuff, they don't want to do a pre-interview. You're always smart enough to be worried till the last minute."
I don't want to get into the 'who's a hostage-taker' discussion here, but what is the estate tax? It's a double tax on death. Economists will tell you that it's really not a tax that soaks the rich, but it's a tax on capital that deprives business investment and therefore job creation.
Human beings have been smart enough to turn nature to their ends, generate vast wealth for themselves, and double their average life span. But are they smart enough to solve the problems of the 21st century?
Being nice doesn’t make you stupid. It makes you feel good because you know you are gracious enough to forgive and smart enough to realize how distasteful some people can be.
Many people have traveled all their lives and yet do not know how to behave themselves when on the road... Ladies and gentlemen should guard against traveling by rail while in a beastly state of intoxication... the morning is a good time to find out how many people have succeeded in getting on the passenger train, who ought to be in the stock car.
I know you're smart. But everyone here is smart. Smart isn't enough. The kind of people I want on my research team are those who will help everyone feel happy to be here.
I've concluded that genius is as common as dirt. We suppress genius because we haven't yet figured out how to manage a population of educated men and women. The solution, I think, is simple and glorious. Let them manage themselves.
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