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why should some one pay taxes a third time on money that has already been taxed
Why should someone care when they're dead and this all occurs after they're dead.
Anything over 500K is more than enough for a lifetime to inherit. It enables you to get the training/education you want, or start fresh, or buy a house and just retire and live frugally, you can work to supplement.
Lowering the tax just creates (in essence) a line of elites/royalty.
If you'd really want to compromise, I'd be fine with taking the portion that would be taxed and that could be given to a charity of the deceased's wishes. Still, the tax is to low, in my opinion, for the super rich.
No, those are idiots behaving badly. Plenty of poor people behave badly too but it is not "en vogue" to bash them publically.
Exactly.
We pay taxes on money earned, upon investments when capital gains are realized or dividends are paid, and upon Medicare collected. Why then, should be government also be able to rob the coffin of an individual of an additional 50% of what they leave behind?
2010 is supposed to be the year of zero inheritance tax. You can bet that the far left libs. will retroactively overthrow this legislation creating a legal boondoggle and headaches along the way for estates that have already been settled. How much did will they fail to collect from the discovered death of Casey Johnson (heiress of J&J) today alone? How many who are suffering from terminal illnesses will stop seeking treatment if it is likely they will pass this year, in hopes of better taking financial care of the loved ones they leave behind? How many people will have the "plug" pulled on them similarly?
The estate tax was born of, based in, and perpetuated by class envy. It benefits only the government. Just another symptom of Socialism. The unintended consequences of the estate tax are truly astounding.
The unintended consequences of anything are truly astounding.
It (the estate tax) is not class envy, if working hard for everything you have is so wonderful (as the right wing puts it) we don't want anyone left out from the fun.
You see, these people didn't inherit their money and then blow it all at once... they had a team of CPA and lawyers to help preserve their cash as well as make it GROW... even if you took 55% of their wealth away, they can build it again and more... so the wealthy inheritors stay wealthy without working because their cash at that point is working to build more... everyone else however have to work to build to that equity so that hopefully after several generations, they can build enough wealth so that it builds on its own... but whats the problem? They SPLURGE it and waste it on frivolous needs so that the next generation doesn't have a crutch to build upon and they have to start over each generation... so its not a matter of inheritance tax being too little or too much... its a matter of the next generation being responsible enough to build that wealth... but since they refuse, they think they have the rights to steal other people's wealth...
This was intended to be light hearted thread, which you are free to turn into a angry thread about inheritance taxes to your hearts content. So go for it.
Just one semi-light hearted comment though.
They say that you can't take it with you, soooo. You being dead, and no longer in possession of your worldly goods, consider, in this case, that inheritance taxes at this level are simply taxes on the unworked for gain of the living.
I mean we wouldn't want to encourage, such self-indulgence and dependancy of the heirs.
Why should someone care when they're dead and this all occurs after they're dead.
Anything over 500K is more than enough for a lifetime to inherit. It enables you to get the training/education you want, or start fresh, or buy a house and just retire and live frugally, you can work to supplement.
Lowering the tax just creates (in essence) a line of elites/royalty.
If you'd really want to compromise, I'd be fine with taking the portion that would be taxed and that could be given to a charity of the deceased's wishes. Still, the tax is to low, in my opinion, for the super rich.
do you really understand this???
up until 2000 the inheritence tax FEDERALLY was a 600k buffer. in other words you were taxed 55% on all above 600k. ON TOP OF THAT was the states inhertience tax New Yorks was 100k, meaning all the estate above 100k was taxed at 55%
the numbers have gone up , but let me explain it to you with the old numbers
you parents,,,,working class hero's... they work their entire lives, they get a house, they invest in small things
you a working class hero too. you have a small house that you can barely afford
now your parents die. their house and estate in new york is valued at 500k, so new your 'forgives' the first 100k, then taxes you 55% of 400k, WHICH YOU HAVE TO PAY WITHIN 90 DAYS.......do you think that person has 205K JUST LAYING AROUND TO PAY THE TAX??????
and that's not even touching the federal side, which since its under 600k woulld be nothing
All my family elders are already dead and I have not inherited a dime from any of them. If I have any money left when I die it will go to my wife or a friend. There won't be very much.
I speak like a socialist because I am closer to socialism than crony based monopoly capitalism owned by the long term inheritors of the wealth created by their ancestors.
All my family elders are already dead and I have not inherited a dime from any of them. If I have any money left when I die it will go to my wife or a friend. There won't be very much.
I speak like a socialist because I am closer to socialism than crony based monopoly capitalism owned by the long term inheritors of the wealth created by their ancestors.
i don't understand this mentality at all and I'm a proponent of many socialist policies.
All my family elders are already dead and I have not inherited a dime from any of them. If I have any money left when I die it will go to my wife or a friend. There won't be very much.
I speak like a socialist because I am closer to socialism than crony based monopoly capitalism owned by the long term inheritors of the wealth created by their ancestors.
so what you are advacating is that when you die, the government will take your house (or half of your house) and your wife should be left with having to move?????
remember the 'estate' of the deceiced is not just money, but everything to include the furniture
so what you are advacating is that when you die, the government will take your house (or half of your house) and your wife should be left with having to move?????
remember the 'estate' of the deceiced is not just money, but everything to include the furniture
and the family farm.....it applies to all, not just the "elite".
The estate tax is an encroachment upon liberty. All encroachments upon liberty should be resisted and fought by freedom loving people.
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