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There is no reason for any limitation/exemption because any inherited/gifted money/property has already been taxed.
Plenty examples of double taxation but this was the priority, how many taxpayers are impacted, 4000?
Besides it’s a tax for transfers over $5M, maybe you have some details on the families impacted.
Plenty examples of double taxation but this was the priority, how many taxpayers are impacted, 4000?
Besides it’s a tax for transfers over $5M, maybe you have some details on the families impacted.
I don't need any details on the families impacted. There is no justification for double taxation on inheritances.
The assets changed hands. That is a taxable transaction. This change to the amount of the exemption does not change that basic fact.
So you think if you inherit your parents home on their death and its valued at say 250,000 you should have to pay around 25% taxes assuming you are middle class as your parents with their 250,000 home?
It's exactly the same. It just falls below the standard deduction of 5million.
This is how a progressive tax system like ours works.
So, what effective tax rate would a person inheriting a $1500 car pay?
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