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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, 08:16 PM
 
Location: Victoria, BC.
30,841 posts, read 31,689,330 times
Reputation: 12594

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Your government's revenue problems are not going to be solved by the piddling amount that taxing inheritance would bring, and as far as I'm concerned making it illegal is beyond stupid...Hell, if it were illegal, I'd just blow all my assets by retirement, then let the government pay my bills....Not only that but that might even put one or more of my kids on assistance, since they'll have nothing coming to them...

Here is where the bulk of the idle cash is...Put that to work and that will make a huge difference in your economy...

IRS data suggests that, globally, U.S. nonfinancial companies hold at least three times more cash and other liquid assets than the Federal Reserve reports, idle money that could be creating jobs, funding dividends or even paying a stiff federal penalty tax for hoarding corporate cash. Newly released IRS figures show that in 2009 these companies held $4.8 trillion in liquid assets, which equals $5.1 trillion in today's dollars, triple the Fed figure. Idle cash piles up: David Cay Johnston | Reuters
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Old 08-22-2012, 08:20 PM
 
Location: Sango, TN
24,889 posts, read 21,022,971 times
Reputation: 8620
Quote:
Originally Posted by sanspeur View Post
Your government's revenue problems are not going to be solved by the piddling amount that taxing inheritance would bring, and as far as I'm concerned making it illegal is beyond stupid...Hell, if it were illegal, I'd just blow all my assets by retirement, then let the government pay my bills....Not only that but that might even put one or more of my kids on assistance, since they'll have nothing coming to them...

Here is where the bulk of the idle cash is...Put that to work and that will make a huge difference in your economy...

IRS data suggests that, globally, U.S. nonfinancial companies hold at least three times more cash and other liquid assets than the Federal Reserve reports, idle money that could be creating jobs, funding dividends or even paying a stiff federal penalty tax for hoarding corporate cash. Newly released IRS figures show that in 2009 these companies held $4.8 trillion in liquid assets, which equals $5.1 trillion in today's dollars, triple the Fed figure. Idle cash piles up: David Cay Johnston | Reuters

To quote my Republican friends when I bring up that food stamps and other "welfare" programs are a drop in the financial bucket as well.....

"Every little bit helps, right?"
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Old 08-22-2012, 08:21 PM
 
1,102 posts, read 967,816 times
Reputation: 645
Quote:
Originally Posted by sanspeur View Post
So because I have been smart, invested well, and worked hard all my life I'm a money grubbing greedy puke? You can take your bible and shove it where the sun don't shine my friend.
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Old 08-22-2012, 08:27 PM
 
398 posts, read 669,874 times
Reputation: 246
Quote:
Originally Posted by sanspeur View Post
So because I have been smart, invested well, and worked hard all my life I'm a money grubbing greedy puke? You can take your bible and shove it where the sun don't shine my friend.
Double down.
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Old 08-22-2012, 08:47 PM
 
27,903 posts, read 34,382,610 times
Reputation: 4031
Quote:
The modern transfer tax system follows a long history of death taxation which began as early as 700 B.C. in ancient Egypt [5]. Some seven centuries later, at the turn of the 1 st century A.D., Roman Emperor Caesar Augustus imposed the Vicesina Hereditatium, a transfer tax on successions and legacies to all but close relatives [6]. During the Middle Ages in feudal England, the king owned all real property, and,he granted its use to certain individuals during their lifetimes. At the death of a grantee, the king permitted the grantee's estate to retain the property if an estate tax was paid. Otherwise, the granted property returned to the king [7].
http://www.irs.gov/pub/irs-soi/92-95fedtaxwt.pdf

That should tell you all you need to know...
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Old 08-22-2012, 09:43 PM
 
21,348 posts, read 11,544,882 times
Reputation: 12176
Quote:
Originally Posted by sanspeur View Post
So because I have been smart, invested well, and worked hard all my life I'm a money grubbing greedy puke? You can take your bible and shove it where the sun don't shine my friend.
I think you know whether you are one of the greedy one's I am referring to. You know, the ones who outsource jobs and lobby to bring in millions of immigrants to break unions ect.

If you've done well with your little 401k then bravo, not referring to you at all.
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Old 08-22-2012, 09:53 PM
 
Location: Texas
8,121 posts, read 5,799,344 times
Reputation: 6672
Quote:
Originally Posted by AnUnidentifiedMale View Post
I heard a conservative claim that most liberals believe inheritances should be illegal. I told him that I was sure he was mistaken, and that the argument is over inheritance taxes on very large estates, not simply inheritances themselves.

Who's right? And should it be illegal to inherit money?
Tell that conservative he's a liar and a moron for believing it.
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Old 08-22-2012, 09:55 PM
 
637 posts, read 464,556 times
Reputation: 181
Well, anyone with proper estate planning shouldn't be leaving anything to inheritance, anyway. Call up a good lawyer and get that trust formed!
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Old 08-22-2012, 09:56 PM
 
Location: Los Awesome, CA
8,520 posts, read 4,993,329 times
Reputation: 3304
Quote:
Originally Posted by AnUnidentifiedMale View Post
I heard a conservative claim that most liberals believe inheritances should be illegal. I told him that I was sure he was mistaken, and that the argument is over inheritance taxes on very large estates, not simply inheritances themselves.

Who's right? And should it be illegal to inherit money?
Let me guess. Was those conservatives in the Tea Party?
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Old 08-22-2012, 10:19 PM
 
Location: Victoria, BC.
30,841 posts, read 31,689,330 times
Reputation: 12594
Quote:
Originally Posted by PullMyFinger View Post
I think you know whether you are one of the greedy one's I am referring to. You know, the ones who outsource jobs and lobby to bring in millions of immigrants to break unions ect.

If you've done well with your little 401k then bravo, not referring to you at all.
Little 401K? We don't have those in Canada...What we do have are registered retirement savings plans that defer the payment of tax until the funds are withdrawn...We are also allowed to deposit $5,000 per year in a tax free savings account...The money from this account can be withdrawn at any time tax free. These two things are a minor part of my estate, as the bulk of my net worth is my business.
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