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Interesting analogy. Someone wins 2 million the lottery. I believe the original tax on the payout is near 50%. So they get 1 million.
Someone wins a different type of lottery. They happen to be the son of a wealthy person that dies and they inherit 5 million. They win the birth lottery with out even buying a ticket and they don't pay a dime in taxes. They get the full 5 million. WHat a crock of sh***T.
That seems a little bit more unfair if you ask me.
I get it. Your dad is rich. Your dad dies, you win! Hip hip hooray, Dad is dead, I am rich!!!
I get it. Your dad is rich. Your dad dies, you win! Hip hip hooray, Dad is dead, I am rich!!!
I don't know if it is quite the same.
Dads die. All dads die at some point. That is just reality. Sorry to confront you with it. The difference is that some kids win the birth lottery and some don't. No different than any other lottery, except that they did not even pay a dollar to play and if it is less than 5 million they don't even have to pay taxes on it.
Seems to me to be a lot more outrageous than still collecting food stamps.
Dads die. All dads die at some point. That is just reality. Sorry to confront you with it. The difference is that some kids win the birth lottery and some don't. No different than any other lottery, except that they did not even pay a dollar to play and if it is less than 5 million they don't even have to pay taxes on it.
Seems to me to be a lot more outrageous than still collecting food stamps.
Being the child of a wealthy person does not guarantee an inheritance. Some parents completely disinherit their children.
Dads die. All dads die at some point. That is just reality. Sorry to confront you with it. The difference is that some kids win the birth lottery and some don't. No different than any other lottery, except that they did not even pay a dollar to play and if it is less than 5 million they don't even have to pay taxes on it.
Seems to me to be a lot more outrageous than still collecting food stamps.
I work for my family, and I pay my taxes. I served in the military when my country was at war, I give Caesar what is Caesar's. I want my family to get whatever paltry sum I end up with. I didn't work overtime, while I was sick, or hurtin', for the government to fritter away.
Being the child of a wealthy person does not guarantee an inheritance. Some parents completely disinherit their children.
Fine. I am not talking about them. I am talking about people like the Waltons who inherited BILLIONS and did absolutely nothing to earn it. They won the birth lottery and were lucky enough to be the children and grandchildren of Sam Walton. Should they not have to pay taxes on winning their lottery just like any other lottery winner would have to pay.
Fine. I am not talking about them. I am talking about people like the Waltons who inherited BILLIONS and did absolutely nothing to earn it. They won the birth lottery and were lucky enough to be the children and grandchildren of Sam Walton. Should they not have to pay taxes on winning their lottery just like any other lottery winner would have to pay.
I imagine the feds got a healthy chunk via the federal inheritance tax. Maybe the state, too. I also doubt that the Walton heirs are on food stamps.
Fine. I am not talking about them. I am talking about people like the Waltons who inherited BILLIONS and did absolutely nothing to earn it. They won the birth lottery and were lucky enough to be the children and grandchildren of Sam Walton. Should they not have to pay taxes on winning their lottery just like any other lottery winner would have to pay.
Wow, you really have no concept of the tax code do you? When I read posts like this one above I have to wonder if the individual has ever even paid income tax beyond the automatic deductions from a paycheck.
The estate pays the taxes prior to inheritance. For an estate the size you are talking the government gets over half of the estate. The individual inheriting pays taxes again with a rate dependent on the tax basis of any equities sold following inheritance as well as income from those investments.
Seriously, stop drinking the class warfare kool-aid and do some research into the tax code before you complain about people you don't think pay taxes who in reality pay a significant amount of taxes.
I imagine the feds got a healthy chunk via the federal inheritance tax. Maybe the state, too. I also doubt that the Walton heirs are on food stamps.
The first 5 million are exempt from Tax, after that the top tax is 35%, unless of course they were creative and the money did not pass through the estate and was done through a trust...then they could have gotten that...potentially at no taxes as well.
Sounds fair right?
Of course they are still taxable at the state level and it varies from state to state.
My point is, although I agree a person that receives 2 million lottery should not receive food stamps, is that a person that receives 5 million inheritance lottery should pay the same tax as any other lottery. The 2 million lottery winner collecting food stamps does not happen very often, whereas the 5 million inheritance happens every single day.
State Department of Human Services inspector general's office director Al Kimichik said foodassistance on the Bridge card is guided by federal regulations.
DHS spokeswoman Gisgie Gendreau said under federal guidelines, if a person receives a lump-sum payment, the winnings are not counted as income.
Unless the person SPENT the entire amount, he/she is getting interest income. Even at today's lousy interest rates, that will be far too much annual income to still meet the income requirements. Also, as I understand it you have to meet ASSET limits to get Food Stamps. So any decent amount of money in the bank should disqualify this person.
The problem here is that government agencies often rely on the APPLICANT to provide info on bank accounts and income. If the applicant simply doesn't tell about a bank account somewhere else, the government doesn't generally know. However, now that this was found out, this particular food stamp recipient should GO TO JAIL.
This is why people like me don't like welfare programs. Liberals claim there is almost no (or very little) abuse. When an abuse comes to light, excuses abound and it ends up that the particular loophole has gone on for years and cost taxpayers huge amounts. As someone who used to work in local government affordable housing, I can tell you that abuse is RAMPANT in government give-aways.
Our government is so dysfunctional that it cannot even properly administer food stamps to recipients who are truly in need. Pathetic. And libs wonder why conservatives have a problem with big government and its ineptitude and gross inefficiencies.
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Your dad is rich. 
Your dad dies, you win! 
Hip hip hooray, Dad is dead, I am rich!!!
When I read posts like this one above I have to wonder if the individual has ever even paid income tax beyond the automatic deductions from a paycheck. 