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This is something I'll probably never face. Why are their inheritance taxes? I understand why you have to pay taxes on money you've earned. If you're inheriting the money the money is legal. Thus, taxes were paid on it. Seems a bit greedy.
People understand. I understand if Jane inherits 10 millions dollars and does something with it to make money, why the money she made should be taxed. I don't understand why she should pay taxes on the initial 10 million, because whoever gave it to her already paid taxes.
All money has already been taxed, what's your point? Inheritance is like a gift, and a gift is taxed.
If I sell a photo to someone for $5, I have to pay about $1 in tax, even thought the buyer already paid income tax. So should that be taxed because something was actually produced to earn the money, while free money goes untaxed?
All money has already been taxed, what's your point? Inheritance is like a gift, and a gift is taxed.
gifts shouldn't be taxed. its great that we have a mindset that the government has some kind of automatic rights to our money so we need excuses to give the government more of it. i believe the reason for gifts being taxed is probably to avoid people earning income and calling it a gift to avoid the income tax.
The gov't will tax anything it can. Inheritance is a sitting duck, easy pickings. But don't complain. They've eliminated the estate tax for the time being. That's one reason why the federal budget is a mess. You do realize, don't you, that the inheritance tax was mainly a burden the upper classes carried, don't you? Eliminating it was a windfall for them.
You could be living in Scandinavia. You're living in a tax paradise compared to them. In Denmark, just to register a new car, just to go down to the DMV and do the little bureaucratic thing, you have to pay a tax on the car that equals 180% of the car's value! So if you just paid $30,000 for a car, you'd owe around $52,000 in tax to register it.
But you'd have free health care.
Last edited by Ruth4Truth; 03-30-2014 at 08:45 PM..
This is something I'll probably never face. Why are their inheritance taxes? I understand why you have to pay taxes on money you've earned. If you're inheriting the money the money is legal. Thus, taxes were paid on it. Seems a bit greedy.
People understand. I understand if Jane inherits 10 millions dollars and does something with it to make money, why the money she made should be taxed. I don't understand why she should pay taxes on the initial 10 million, because whoever gave it to her already paid taxes.
There is no federal inheritance tax. Only the following states have a state inheritance tax:
Indiana
Iowa
Kentucky
Maryland
Nebraska
New Jersey
Pennsylvania
All money has already been taxed, what's your point? Inheritance is like a gift, and a gift is taxed.
If I sell a photo to someone for $5, I have to pay about $1 in tax, even thought the buyer already paid income tax. So should that be taxed because something was actually produced to earn the money, while free money goes untaxed?
gifts shouldn't be taxed. its great that we have a mindset that the government has some kind of automatic rights to our money so we need excuses to give the government more of it. i believe the reason for gifts being taxed is probably to avoid people earning income and calling it a gift to avoid the income tax.
The reason for the gift tax is to keep people from avoiding the estate tax by gifting away their property before they die.
The gov't will tax anything it can. Inheritance is a sitting duck, easy pickings. But don't complain. The level of tax on it now is lower than it used to be.
You could be living in Scandinavia. You're living in a tax paradise compared to them. In Denmark, just to register a new car, just to go down to the DMV and do the little bureaucratic thing, you have to pay a tax on the car that equals 180% of the car's value! So if you just paid $30,000 for a car, you'd owe around $52,000 in tax to register it.
The gov't will tax anything it can. Inheritance is a sitting duck, easy pickings. But don't complain. They've eliminated the estate tax for the time being. That's one reason why the federal budget is a mess. You do realize, don't you, that the inheritance tax was mainly a burden the upper classes carried, don't you? Eliminating it was a windfall for them.
You could be living in Scandinavia. You're living in a tax paradise compared to them. In Denmark, just to register a new car, just to go down to the DMV and do the little bureaucratic thing, you have to pay a tax on the car that equals 180% of the car's value! So if you just paid $30,000 for a car, you'd owe around $52,000 in tax to register it.
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