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I bolded and underlined the operative possessive pronoun in your statement... THEIR estate.
The taxes are enacted when a person dies.
Stuff don't pay taxes - people do.
No. The taxes are collected when the estate is settled. People die all the time and leave estates that are never settled. That money goes into limbo until an heir is found. If no heir, the money just stays in the bank as a dead account.
There is a difference. Calling it a death tax may have been intended to be dramatic, but it misfired. It would have been much better to call it a survivor's tax.
What point is there to leave an inheritance if a large portion of it will be taxed away? Leaves no incentive to leave anything for your kids, sorry to say. Might as well make it mandatory to list the US government as a next of kin on wills.
The estate tax should stay at the 55% level (for estates over $20 million but none owed on estates less than that) as it isn't good for society to have so much of society's assets not earned and instead inherited. If you make the money then you get to enjoy it for your life time but, no, you don't get to set up inherited aristocracies. That's what is required if we want our country to be a meritocracy.
The estate tax should stay at the 55% level (for estates over $20 million but none owed on estates less than that) as it isn't good for society to have so much of society's assets not earned and instead inherited. If you make the money then you get to enjoy it for your life time but, no, you don't get to set up inherited aristocracies. That's what is required if we want our country to be a meritocracy.
I think most people wouldn't want the tax to be only 55%.
I wish just (once) republicans would fight to help the poor and middle class. Republicans say "no" to high min wage laws, "no" to tax credits for regular workers, "no" to helping home foreclosure victims, and "no" to healthcare for all, ex.ex.
But its a big "YES" to ending the death tax, and the biggest "YES" of all for this,
The death tax brings in huge revenues to shrink our deficits, and the above tax cuts would add $6.6 trillion to our national debt. But republicans don't care, but like Fox news and Rush radio says "the rich made all the right choices."
Here is some "food for thought" regarding your comment "I wish just (once) republicans would fight to help the poor and middle class. Republicans say "no" to high min wage laws, "no" to tax credits for regular workers, "no" to helping home foreclosure victims, and "no" to healthcare for..."
Republicans know and understand that the way to help all levels of society is to keep our "private enterprise" economic engine running. It is that private enterprise that provides jobs at all levels which keep our society vibrant and economically sound. When government "interfers" with their "so-called" help the middle class they interfer with the "engine" that provides those jobs.
It is also well known that all this "welfare" and "government-program giveaway" does nothing but deteriorate self responsibility and the human mind. I have stated many times on these forums that welfare and giveaway must be on the "local" level only where it is known who really needs charity and same can be controlled. The Federal government has long misused a statement within the Constitution; i.e., "provide for the general welfare..." "General Welfare" means "all" and "everyone" of the citizens of the United States. Welfare from the federal level (along with uncountable other give away's) does NOT benefit "all." It only benefits "some" which means it is unconstitutional. That's the means test. And when you actually stand "most" of government programs up to this requirement you find that almost all these welfare programs are illegally provided by the Feds. If they are necessary, only the States can provide same and it is a State issue to be decided by each individual State as to the real needs of that State.
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