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The inheritance tax, called "death tax" by Republicans trying to bamboozle the public, doesn't kick in until around $5 million. In other words, it's just a big bonus for the 1%.
Inheritance tax, whether state or federal, shouldn't be allowed. Why should our heirs have to pay tax on money we paid taxes on when we earned it? Almost 50 years ago I had to pay inheritance tax when I inherited my mother's house in NJ. They have since changed the law so spouse, children are not taxed on certain inheritances, but still have an inheritance tax.
Inheritance tax is partly to prevent an overlord ruling class. it is easy to plan for. We started planning to pay some 20 years ago. Turns out after they moved it up it will not be as big a concern. But it is easy to funnel money into shelters that avoid the estate having to pay out much at all..
it is really intended to hit the very wealthy, and they many ways to avoid paying out the full rate.
Each year only about 5000 estates get hit with the "death tax". and most of those pay a greatly reduced rate due to the various structures they use to shelter the estate from taxation.
it is an important tax, it helps to prevent endless generational wealth.
Think of it this way.
YOUR 401k requires you start spending it down early? why? why is that? well the government want to make sure you pay your taxes on it or most of it before you DIE!!!! otherwise you could leave there unspent and pass it to your kids without that income EVER being taxed at all.
Inheritance tax is a catch all that ensures the uber wealthy don't get away with paying full taxes at some point...
Many rich folk manage to pay very low taxes through out their working lives, death tax remedies that to some degree, but still does not get all of it...
I think it is 11-12 million exempt per couple...ends up being much more due to the use of trusts and other instruments. The term "death tax" is propaganda paid for by the Walton Family who doesn't believe in being part of a country.
Almost no one will pay any inheritance tax. Even if you had more than the 12 million you'd only pay on the excess.
In other words, it's a talking point that seems to have worked well among the usually "uneducated" whom Trump loves.
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Quote:
Originally Posted by evilcart
Inheritance tax is partly to prevent an overlord ruling class. it is easy to plan for. We started planning to pay some 20 years ago. Turns out after they moved it up it will not be as big a concern. But it is easy to funnel money into shelters that avoid the estate having to pay out much at all..
it is really intended to hit the very wealthy, and they many ways to avoid paying out the full rate.
Each year only about 5000 estates get hit with the "death tax". and most of those pay a greatly reduced rate due to the various structures they use to shelter the estate from taxation.
it is an important tax, it helps to prevent endless generational wealth.
Think of it this way.
YOUR 401k requires you start spending it down early? why? why is that? well the government want to make sure you pay your taxes on it or most of it before you DIE!!!! otherwise you could leave there unspent and pass it to your kids without that income EVER being taxed at all.
Inheritance tax is a catch all that ensures the uber wealthy don't get away with paying full taxes at some point...
Many rich folk manage to pay very low taxes through out their working lives, death tax remedies that to some degree, but still does not get all of it...
Really? All good of you to enjoy taking others money!!!! No biggie. All good!!!
It's a tax on rich people who are too cheap to hire accountants.
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