Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Maybe because it's a PERSONAL CHOICE (and always should be)...for those who die to leave their money to whoever the heck they darn well please!!
Would you want the estate tax to hold true if the "estate" was donated to your favorite charity?
But you can't run a government without taxing exchanges between people. Isn't it more fair to tax an inheritance, where the recipient has contributed nothing in return, than a sale or income, where both parties contribute something?
The estate tax should certainly be appealed. First, the person who amassed the estate paid taxes on the income as he/she earned it. They paid taxes on any investment proceeds that were not part of a tax-deferred retirement account. They paid scads of property taxes on the real estate that might be part of that estate.
So why in the heck do people think that if that person worked hard and saved so that they might help out their children or grandchildren that they should have to pay taxes on that money? The government loves the estate tax because instead of the individual giving the assets to his/her heirs, the government gets to decide who to give it to or otherwise waste it.
Now, the good thing is that there are very skilled estate tax attorneys and CPA's who can advise you how to minimize your estate tax obligation. My own parents will leave a substantial estate and we will pay very little in estate taxes.
But you can't run a government without taxing exchanges between people. Isn't it more fair to tax an inheritance, where the recipient has contributed nothing in return, than a sale or income, where both parties contribute something?
Why would anyone assume both parties didn't contribute something for an inheritance? Like support, on a child's part, for their parents; emotional support, physical support in old age...you want to tax this instead of goods or services?
What about if a child helped it's parents build the business the chile inherits money from?
The sooner they eliminate this tax, the better. Inheritance helps the middle class exist.
Yes this tax should be eliminated in no uncertain circumstances....more illegal and unconstitutional than even the personal income tax.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.