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If you can't understand that, then you need to educate yourself. The items left behind should not have an advantage over other methods of one obtaining wealth etc.
Hmmm...if the capital gains were realized and thus taxed when the person retired and made his/her 401(k) more liquid (as in a cash withdrawl to purchase a yacht), how it is justified to once again tax the asset when their son gets it?
Time to educate oneself and realize that government cannot tax something that doesn't change or grow in net value, such as gold or a yacht. Gold only goes up as a result of currency debasement and doesn't multiply in size or open up new factories.
If you can't understand that, then you need to educate yourself. The items left behind should not have an advantage over other methods of one obtaining wealth etc.
I'm general liberal on most issues. However if family has a farm or a small business that has been in the family for generations I'm fundamentally against them being taxed to the point they have to sell their farms or their businesses.
Also if you busted your *ss to be extremely successful why shouldn't your children, grand children or other family members not have the economic benefit for you success. The amount of money taken in by inheritance taxes is relatively minor. But once the money is captured by the federal government its no longer used to run a business or a farm or any number of things that could be far more economically productive than FEDERAL SPENDING.
The argument if "you can't take it with you" is weak at best. Just like having kids, people do feel the need to extend their legacy. Perhaps they're proud of their microbrewery business, family farm, or organic fair trade coffeeshop (ironically, a favorite spot among pseudo-intellectual progressives). The son/daughter/niece/nephew wants to take it over and eager to provide future customers with the same (or better) experience for generations to come. The estate tax, like most progressive tax policies, basically cripples this American dream.
It's been taxed and is private property. Why should I not be allowed to give my private property to my children? If I built a business, why should they be forced to sell it to pay for an additional tax? I have cousins that hoped to be able to rotate time in the house they grew up in, but were forced to sell it when their mother died because they couldn't afford the taxes.
If you can't understand that, then you need to educate yourself. The items left behind should not have an advantage over other methods of one obtaining wealth etc.
If the gain was taxed as income, then taxed again when the person dies and turn it over to their next of kin....that is double taxation. That is wrong.
It is out and out robbery by the Federal Government and only fosters wealthy people to find ways to avoid the taxation by hiding their assests where the greedy politicians can''t find it. It could even make criminals out of ordinary people who have worked hard and paid taxes their entire lives. This tax must be repealed.
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