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View Poll Results: Should inheritances be illegal?
Yes. Inheritances should be illegal. 11 3.61%
No. Inheritances should be legal. 291 95.41%
Not sure 3 0.98%
Voters: 305. You may not vote on this poll

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Old 08-22-2012, 08:47 AM
 
Location: Area 51.5
13,904 posts, read 11,442,977 times
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Quote:
Originally Posted by hotair2 View Post
Obviously money that is inherited is not earned. That is the definition of inheritance. Inheritance is not any different than any other type of income with the exception of the fact that the money was not earned by the person receiving the income. It should be taxed as income. No different than winning the lottery, except the person that won the birth lottery did not even have to buy a ticket.
How many times are you going to repeat your stupid mantra?

Money that's inherited was already taxed. How many damned times must it be taxed? Just because you come from a group of ne'er-do-wells doesn't mean others should be taxed to death to feed and clothe your type.
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Old 08-22-2012, 09:09 AM
 
Location: Florida
19,650 posts, read 19,762,695 times
Reputation: 22967
Quote:
Originally Posted by HappyTexan View Post
Taking money from dead rich people is not a stable source of revenue for the government though, don't you agree with that ?

And that 1% consists of 399 people (1 left the country and renounced citizenship).
How many have to keel over each year to meet revenue targets ?

Send all those terrible rich people up to the 'gas the poor' thread and throw them in too and confiscate their money.
It might help for a year or so but hell, government seldom comes up with long term solutions anyway, so a quick fix should fit right in.
(and without any inheritance, their lazy good-for-nothing kids might be able to join them)
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Old 08-22-2012, 09:15 AM
 
8,399 posts, read 5,288,705 times
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Quote:
Originally Posted by sanspeur View Post
You just don't get it....The tax is on the assets and not on the person, and in my case that tax has been paid in full.......If what you describe is the way it works in the US, then it is nothing short of grand larceny...I'm just glad I live in Canada, as here there is no double dipping by the tax department, and my kids will share whatever money and or assets I leave them.

Incidentally there is NO TAX on lottery winnings or gambling winnings in Canada. It sounds to me like your tax people are ripping you off.
I do get it.
Our tax system works differently, that is why if you start saying well why should I have to pay taxes twice, that is a lie, the person inheriting the money is paying taxes once on the asset. The person who previously paid taxes on the asset is DEAD. There is no double taxation. It is a republican fantasy that doesn't make any sense if you apply to all the other ways in which money is transferred in this nation.
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Old 08-22-2012, 09:20 AM
 
Location: Great State of Texas
86,093 posts, read 72,290,637 times
Reputation: 27564
Quote:
Originally Posted by Iamme73 View Post
I do get it.
Our tax system works differently, that is why if you start saying well why should I have to pay taxes twice, that is a lie, the person inheriting the money is paying taxes once on the asset. The person who previously paid taxes on the asset is DEAD. There is no double taxation. It is a republican fantasy that doesn't make any sense if you apply to all the other ways in which money is transferred in this nation.
But that asset is being charged taxes twice, nevermind that the person who paid the taxes on it is dead.

Unless it is a recurring tax, such as property taxes, an asset should just be taxed once, when it is sold for either a capital gain or loss.
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Old 08-22-2012, 09:26 AM
 
Location: Florida
19,650 posts, read 19,762,695 times
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If receiving unearned money should be a taxable event, why,then, is there an arbitrary amount which is allowed to be exempt on the gift tax ?
That is hypocritical and totally arbitrary and only serves to prove that there is an entitlement attitude by those that do not have as much as others.
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Old 08-22-2012, 09:40 AM
 
8,399 posts, read 5,288,705 times
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Quote:
Originally Posted by HappyTexan View Post
But that asset is being charged taxes twice, nevermind that the person who paid the taxes on it is dead.

Unless it is a recurring tax, such as property taxes, an asset should just be taxed once, when it is sold for either a capital gain or loss.
You are transferring the asset/money. If a person has $100,000, and gives it another person. The giver has paid taxes on that asset, yet no one would suggest that the person getting the money doesn't owe taxes on the $100,000 dollars or consider that double taxation.

Sadly, republican elected officials have lied to their voters to get them to believe something that doesn't make any sense.
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Old 08-22-2012, 09:44 AM
 
4,260 posts, read 2,966,601 times
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Quote:
Originally Posted by Iamme73 View Post
You are transferring the asset/money. If a person has $100,000, and gives it another person. The giver has paid taxes on that asset, yet no one would suggest that the person getting the money doesn't owe taxes on the $100,000 dollars or consider that double taxation.

Sadly, republican elected officials have lied to their voters to get them to believe something that doesn't make any sense.

Do you pay income tax on the fair value of your christmaSS PRESENTS?
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Old 08-22-2012, 09:49 AM
 
Location: Florida
19,650 posts, read 19,762,695 times
Reputation: 22967
Quote:
Originally Posted by Iamme73 View Post
You are transferring the asset/money. If a person has $100,000, and gives it another person. The giver has paid taxes on that asset, yet no one would suggest that the person getting the money doesn't owe taxes on the $100,000 dollars or consider that double taxation.

Sadly, republican elected officials have lied to their voters to get them to believe something that doesn't make any sense.
Oh yeah?
I would suggest it and do consider it double taxation.
If $10,000 isn't taxed, then neither should $100,000 be taxed.And neither should be.
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Old 08-22-2012, 09:51 AM
 
8,399 posts, read 5,288,705 times
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Quote:
Originally Posted by waterboy7375 View Post
Do you pay income tax on the fair value of your christmaSS PRESENTS?
No, I have never paid taxes on my christmas presents, but the person who bought the gift, paid a sales tax plus they are paying income taxes on that money used to buy the gift, but I am not a tax expert and I have never heard of a tax on christmas presents.

Although I am sure any gift if over a certain dollar amount has to have taxes paid on that gift. Just like giving someone $100,000 means the receiver owes taxes on that gift.
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Old 08-22-2012, 09:54 AM
 
8,399 posts, read 5,288,705 times
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Quote:
Originally Posted by old_cold View Post
Oh yeah?
I would suggest it and do consider it double taxation.
If $10,000 isn't taxed, then neither should $100,000 be taxed.And neither should be.
So any one could gift someone any amount of money untaxed? That is very extreme view based on how our tax code is constructed.
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