Quote:
Originally Posted by Joe461
Double-dipping? I think you are looking at this the wrong way.
The government dips its beak into everything possible. Every time the sale is made, they try to assess capital gains. They will collect (if they can) over and over again on the same property. That's double, triple, quadruple-dipping.
I don't see how the government is entitled to a "piece of the action" on a sale (and every resale thereafter).
You work your whole life. The government takes a piece of every dollar YOU earn. When you die, they want a piece of all your after-tax dollars too.
It's YOUR money, not the government's. There is no double-dipping. There is simply an ability to not have more stolen by the vampires in Albany/DC than absolutely required.
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I think you are watching too many repeats of The Godfather.
The government taxes income from all sources including salaries and wages, and all gains on investments.
I wouldn't worry about paying estate taxes upon death. Very few people have estates large enough to be taxable. The US reported approx 3 million deaths in 2020. Of the deaths, only 4100 estate tax returns will be filed. Of these 4100 estate tax returns, only 1900 will owe estate tax. That is less than 0.1% of the people who died.
https://www.taxpolicycenter.org/brie...pay-estate-tax
"In 1790, the nation which had fought a revolution against taxation without representation discovered that some of its citizens weren’t much happier about taxation with representation."–Lyndon B. Johnson
The problem isn't the amount of taxes, it's the amount of spending. If the government didn't spend so much, it wouldn't need to tax so much.
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