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You are pushing for third world crony capitalism though and a tiny economic royalty staying wealthy through generations while buying your politician. This is what we are discussing here, and why it is so important to level the playing field and create opportunities for working class folks, not just the children of the billionaire class. The rich kids should pay taxes on their inheritance just like working stiffs do on their income.
The working class would be fine if we stopped trying to prop up the chronically impoverished with their ghetto lifestyle.
We apply Income tax on Lottery winners. Why not apply it to inheritors that have won life's lottery by choosing wealthy parents?
I think we should have an income tax based on all income from all sources with a base deductible set at the 90th percentile. That way 90% of us would pay no income tax and inheritors and lottery winners would be able to deduct the first 200 Grand or so.
there is a difference between the lottery and an inheritance. the lottery is a windfall income that considered gambling income. an inheritance on the other hand is something that has already been taxed by the government, and was earned by the people that created the wealth in the first place.
as for paying an inheritance tax, if the people who are wealthy enough that their heirs would have to pay an inheritance tax dont have a sharp tax attorney to prevent them from having to pay an inheritance tax, then they need to fire that attorney and hire someone who can prevent an inheritance tax from being paid.
People who believe there should be no inheritance tax on Americans who inherit billions simply because they were born into a wealthy family, could you please explain whats so great about creating a new aristocracy in America? Isnt America supposed to be about fairness and equal opportunities, and not economic royalists who didnt work for their wealth?
Families are losing Farms that have been in the family for generations because they cannot pay the inheritance taxes on the farm acreage left by their parents when they die.
Why do you think it is fair for the government to take property from the people who earned it, or the loved ones for whom the deceased worked to save and leave a legacy?
People who believe there should be no inheritance tax on Americans who inherit billions simply because they were born into a wealthy family, could you please explain whats so great about creating a new aristocracy in America? Isnt America supposed to be about fairness and equal opportunities, and not economic royalists who didnt work for their wealth?
there should be none at all. the USA got along just fine before 1913, and the USA can do it again. if you want a fair tax, then pass a 13% sales tax and be done with it, then each person can decide for themselves how to pay that tax.
A person gets free money for doing nothing other than being born to a wealthy family while regular, working class folks have to pay taxes on the income from the WORK THEY DO!
Its mind boggling to me how members of the 99% support turning America into a third world plutocracy with a tiny economic royalist elite at the top.
Perhaps you should look up the word envy.
Money that is inherited was already taxed during the life of the deceased, either through income tax, sales tax, property tax, windfall profit taxes, etc.
Why do you feel that stealing from others is okay just because you envy them?
That would require a constructive topic to begin with. Your endless whinging over class envy doesn't count. Sorry.
So no substantive arguments. Just the usual "class envy" we hear from the bought and paid for politicians. You have clearly chosen plutocracy over democracy, and thats a shame. How many trade deals have you gotten lately? Perhaps you didnt have enough money to buy a politician?
WAKE UP! I already PAID TAX on the money I'll leave my son. Why should I pay TWICE?
Why indeed, except that it would be your son that would take the second hit.
In the U.K., (I think I have this right, but I stand ready to be corrected), if I died as a single man, and my estate was worth £325,000 (around $424,000), and up, H.M.R.C., (our I.R.S.), would take 40% of its value in inheritance tax.
If my estate was left to my spouse, or civil partner, it would attract no tax deduction, but, and here I'm thinking out loud, there is almost certainly a clause in the Inheritance Tax act that says over a certain amount, the tax man will still want his chunk of change.
Money that is inherited was already taxed during the life of the deceased, either through income tax, sales tax, property tax, windfall profit taxes, etc.
Why do you feel that stealing from others is okay just because you envy them?
Are you drunk? You already pay taxes on the income you earn and the stuff you buy with that income. This has nothing to do with envy, but creating a common sense economy where we dont have a tiny number of families bankrolling the political system and destroying democracy. Whats so hard to understand about that? You are effectively supporting the US turning into a third world plutocracy where a couple of hundred families can steamroll over you and 99.99% of the population through their massive political and economic influence. If you believe taxes are "stealing" you are effectively urging the US to become Haiti. Its a bonehead argument.
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