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I'm trying to figure out why right wing nut job working and middle class guys on this forum expend so much energy trying to save money for people with wealth I'm sure 95% of them will never see.
And there you have it, it boils down to jealousy and envy.
If I worked as an employee, then yes, I should pay tax because I worked as an employee.
However, if he decided to give me $14,000 cash as a gift, according to California law, I don't have to pay tax on that gift.
My ex boyfriend hired me as a project manager and paid me $65,000 / year when I was in college, I paid income tax. He gave me $5,000 cash as a Christmas gift, I don't pay tax on that gift.
I think it is pretty fair.
The point is that if your grandfather or boyfriend has a company and pays you a salary, your salary is subtracted out of the profits that are taxed; therefore, there wouldn't be double taxation in that case.
The point is that if your grandfather or boyfriend has a company and pays you a salary, your salary is subtracted out of the profits that are taxed; therefore, there wouldn't be double taxation in that case.
Myth 1: Many small, family-owned farms and businesses must be liquidated to pay estate taxes.
Reality: Only a handful of small, family-owned farms and businesses owe any estate tax at all, and virtually none would have to be liquidated to pay the tax. Myth 2: The estate tax constitutes “double taxation” because it applies to assets that already have been taxed once as income.
Reality: Large estates consist to a large degree of “unrealized” capital gains that have never been taxed; the estate tax is the only means of taxing this income. Myth 3: The estate tax is best characterized as the “death tax.”
Reality: Everybody dies, but only the richest 2 in 1,000 estates pay any estate tax. Myth 4: The estate tax forces estates to turn over half of their assets to the government.
Reality: The few estates that pay any estate tax generally pay less than one-sixth of the value of the estate in tax. Myth 5: Weakening the estate tax wouldn’t significantly worsen the deficit because the tax doesn’t raise much revenue.
Reality: Extending the temporary estate tax cut enacted in 2010 rather than restoring the 2009 rules would add billions of dollars to deficits. Myth 6: The cost of complying with the estate tax nearly equals the amount of revenue the tax raises.
Reality: The costs of estate tax compliance are relatively modest and are consistent with the costs of complying with other taxes. Myth 7: If policymakers decide to retain the estate tax, the logical top rate would be 15 percent, the same as the capital gains rate.
Reality: To match the effective tax rate on capital gains, the top estate tax rate would need to be about 45 percent. Myth 8: Eliminating the estate tax would encourage people to save and thereby make more capital available for investment.
Reality: Eliminating the estate tax would not substantially affect private saving, and it would greatly increase government dissaving (i.e., deficits); as a result, it would more likely reduce the capital available for investment than increase it. Myth 9: The estate tax unfairly punishes success.
Reality: The estate tax affects only those most able to pay, and the funds it raises help support a range of programs that benefit the nation. Myth 10: The United States taxes estates more heavily than do other countries.
Reality: Measured as a share of the economy, U.S. estate tax revenues are below the international average for taxes on wealth.
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?
Envy is unbecoming. Who instilled that defect into you thought process?
The federal estate tax rate is a flat 40%, not every family has to pay. For one thing, as long as your spouse is a citizen, you can leave him or her any amount of property, tax free. Also, every person has a large federal estate tax “exemption” — $5.45 million in 2016 — which means you can pass along that much property to any other heirs without having to pay the federal government a cent in tax. (And you only pay the 40% on any amount that exceeds the exemption.) That exemption amount is adjusted annually for inflation, so it will continue to increase over time.
But needless to say, $5.45 million is an awfully large amount of money — which is why the federal estate tax doesn’t affect many people.
You have all worked hard for your money (I assume), our money should stay in the family or loved ones. Do you want your money to go to American government? why?
Many people want to make sure their family is taken care of. Since they can’t outright give the money to their minor children, they establish a trust fund on their behalf. When done correctly, these trust funds can help children through rough patches, pay medical bills, fund college expenses, put down payments on houses, establish businesses, and much more.
Eliminate the death tax, sheesh.
I was born in 1985 and I have an adorable Godson, even though he is not related to me genetically, I want to make sure he is well taken care of. He is recently diagnosed with Leukemia, you better make sure part of my money goes to him, he shouldn't be paying tax on that.
Myth 1: Many small, family-owned farms and businesses must be liquidated to pay estate taxes.
Reality: Only a handful of small, family-owned farms and businesses owe any estate tax at all, and virtually none would have to be liquidated to pay the tax. Myth 2: The estate tax constitutes “double taxation” because it applies to assets that already have been taxed once as income.
Reality: Large estates consist to a large degree of “unrealized” capital gains that have never been taxed; the estate tax is the only means of taxing this income. Myth 3: The estate tax is best characterized as the “death tax.”
Reality: Everybody dies, but only the richest 2 in 1,000 estates pay any estate tax. Myth 4: The estate tax forces estates to turn over half of their assets to the government.
Reality: The few estates that pay any estate tax generally pay less than one-sixth of the value of the estate in tax. Myth 5: Weakening the estate tax wouldn’t significantly worsen the deficit because the tax doesn’t raise much revenue.
Reality: Extending the temporary estate tax cut enacted in 2010 rather than restoring the 2009 rules would add billions of dollars to deficits. Myth 6: The cost of complying with the estate tax nearly equals the amount of revenue the tax raises.
Reality: The costs of estate tax compliance are relatively modest and are consistent with the costs of complying with other taxes. Myth 7: If policymakers decide to retain the estate tax, the logical top rate would be 15 percent, the same as the capital gains rate.
Reality: To match the effective tax rate on capital gains, the top estate tax rate would need to be about 45 percent. Myth 8: Eliminating the estate tax would encourage people to save and thereby make more capital available for investment.
Reality: Eliminating the estate tax would not substantially affect private saving, and it would greatly increase government dissaving (i.e., deficits); as a result, it would more likely reduce the capital available for investment than increase it. Myth 9: The estate tax unfairly punishes success.
Reality: The estate tax affects only those most able to pay, and the funds it raises help support a range of programs that benefit the nation. Myth 10: The United States taxes estates more heavily than do other countries.
Reality: Measured as a share of the economy, U.S. estate tax revenues are below the international average for taxes on wealth.
The estate tax is double taxation. Those that deny it need a remedial course in economics.
Those here that show disdain for financial success, are themselves unsuccessful. Quit yer bitchin!
I'm trying to figure out why right wing nut job working and middle class guys on this forum expend so much energy trying to save money for people with wealth I'm sure 95% of them will never see.
I mean, I realize you all worship Sean Hannity and want his children to be much richer than yours, but don't you have more important things to spend your time on.
Opposition to the death tax has nothing to do with a petty notion of 'protecting the rich'. The opposition to it is predicated on the idea that the death tax is unethical and unnecessary. It's nothing more than government greed.
It's the principle of the thing, which is exactly why it completely escapes Progressives.
Envy is unbecoming. Who instilled that defect into you thought process?
Its simple fairness and good economics. Why dont you just donate your income straight to the Koch brothers instead of voting for their puppets? You'll lose your money either way. The consequences of eliminating the estate tax is of course that YOU will have to pay more and YOUR politician will be bought by the donor class families you support.
The federal estate tax rate is a flat 40%, not every family has to pay. For one thing, as long as your spouse is a citizen, you can leave him or her any amount of property, tax free. Also, every person has a large federal estate tax “exemption” — $5.45 million in 2016 — which means you can pass along that much property to any other heirs without having to pay the federal government a cent in tax. (And you only pay the 40% on any amount that exceeds the exemption.) That exemption amount is adjusted annually for inflation, so it will continue to increase over time.
But needless to say, $5.45 million is an awfully large amount of money — which is why the federal estate tax doesn’t affect many people.
Right. Only a few citizens will get lined up and shot. I won't be one of them so why should I care?
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