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Because I don't think that allowing wealthy people to transfer large sums of wealth to their relatives without paying a lot of taxes is good for this society.
if they earned it, should it not be taxed as earned income? If it was a "job" to take care of a family member, why should they not pay an income tax. Your argument just lends itself to more of a reason to tax it.
Because I don't think that allowing wealthy people to transfer large sums of wealth to their relatives without paying a lot of taxes is good for this society.
The taxes have already been paid on that money...Give me one good reason why it should be taxed twice.
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?
Of course not, that's ridiculous. And I think estates are the wrong thing to tax - I think the inheritance should be taxed at the heir's personal tax rate (which usually is much lower than the estate tax rate) when cash is realized.
So if someone inherits things (other than cash), I would defer taxes indefinitely without interest until cash is realized. Nobody would ever have to sell an inherited farm or business to pay taxes
No you silly rabbit, the deceased's income was taxed, the inheritor isn't taxed until they receive the inheritance i.e., income.
Your argument is akin to arguing that you shouldn't have to pay an individual income tax because the money that your employer uses to pay you has/or will be taxed.
No you silly rabbit, the deceased's income was taxed, the inheritor isn't taxed until they receive the inheritance i.e., income.
Your argument is akin to arguing that you shouldn't have to pay an individual income tax because the money that your employer uses to pay you has/or will be taxed.
Money isn't taxed just the person receiving it.
It is a thoroughly ridiculous argument and so called elected conservative officials support this line of thinking.
The level of lying and fantasy thinking is just amazing. I mean look I don't necessarily care about taxation rates all that much. Heck I could even support no income taxes or even a corporate taxes, but conservatives just lie so much about everything. It is difficult to believe anything they say.
The taxes have already been paid on that money...Give me one good reason why it should be taxed twice.
Let's say you buy a $100K house on the Jersey Shore in the 1970s. You die 50 years later and the house is worth $2M. Your heir(s) enjoy a $1.9M gain tax-free (the estate is also not taxed if it does not exceed (?) $3M.)
Now another approach I propose is that if capital gains should not be taxed because the original investment was made with post-tax dollars (i.e. the originaL money was already taxed), we should not start taxing people until they earn enough money that capital gains are possible. But we all know that will never happen.
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