View Poll Results: which best describes your view of the inheritance tax?

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  • There should be no inheritance tax of any amount of money or assets.

    84 54.90%
  • The first 5 million dollars should be exempt. After that the tax rate should be 35%.

    21 13.73%
  • The first 5 million dollars should be exempt. After that the tax rate should be 50%.

    12 7.84%
  • The first 1 million should be exempt. After that the rate should be 50%.

    19 12.42%
  • No exempt amount. Tax at 35% from the get-go.

    9 5.88%
  • No exempt amount. Tax at 50% from the get-go.

    1 0.65%
  • Abolish all inheritance. In other words, tax 100%.

    7 4.58%
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Thread: which best describes your view of the inheritance tax?

  1. #1011
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by LaMidRighter View Post
    You haven't discredited anything, all you have done is presented an appeal to authority. You haven't even satisfactorily countered how wealth based taxation and taxation on earnings isn't discrimination. Later.
    There are permissible and impermissible forms of discrimination. You don't seem hep to the differences.

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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by maquiscat View Post
    The fulfillment of a contract by both sides is rather dependent upon a) the continued existence of either party, and b) the ability of either party to fulfill the contract. If the company goes under and no longer exists then where is that pension money supposed to come from? Pensions, unlike IRA's, are paid out of a company's income. No income means no pension payments. Secondly if the money is not there, well then the money is not there.
    The hypothetical implies myriad possible criminal indictments against past or present officers of this corporation. Tampering with corporate pension funds is no more permissible than tampering with union pension funds.

    Quote Originally Posted by maquiscat View Post
    I agree that the number in and of itself can be misleading IF one does not explain where it comes from. You cannot effectively compare an inclusive tax (income tax) to and exclusive tax (sales tax) unless you convert one to the other. It's the same as comparing miles to KM. You need to convert one to the other to see the real difference. So if you want to go with the 30% tax rate (which is the exclusive rate) then you need to convert all the income tax rates (which are inclusive) to exclusive and they will all jump up similarly.
    How long have you been in this country? We talk by convention here of income tax rates on an inclusive basis and sales tax rates on an exclusive basis. Nobody gets confused. That is, until the Fair Tax people come along and deliberately state what is actually a 30% sales tax at its inclusive rate of 23.08%. This was an act of deliberate deception undertaken after focus groups showed massive resistance to such flat-tax schemes once the rate went above 25%.

    Quote Originally Posted by maquiscat View Post
    The current system has huge incentives for fraud and under the table wages are a lot easier to hide.
    Well, we lose about 15% of federal income taxes actually owed each year to fraud, the largest shares of that through the shady returns of small businesses. This is why expansion of the 1099 regime was proposed in the health care bill. Also why there was opposition to that. These people do not want to stop cheating the taxman.

    Quote Originally Posted by maquiscat View Post
    Right now the government has to track all citizens AND all business. Under Fair Tax, they only have to track business.
    Try again. How is the big, new super-bureaucracy going to send you your monthy prebate check unless they know where you are at all times? And how are they going to know if you are really eligible to receive a check unless they pry into every detail of your personal life. Warrantless wiretapping will seem a lesser intrusion than what the Fair Tax will produce.

    Quote Originally Posted by maquiscat View Post
    However, we may want to be careful not to go off topic too fully here as this really ends up not dealing with inheritance taxes save that under Fair Tax such a tax would not exist.
    It doesn't exist now unless you somehow manage to die still owning an estate worth many millions of dollars.

    Quote Originally Posted by maquiscat View Post
    NOw clear this up for those who may not be clear on this. Does the estate get taxed for giving the money to Biff and Muffy and THEN Biff and Muffy have to pay income tax on that or is it just one or the other?
    The estate files its own tax return. Some forms of bequest will be reportable on an heir's tax return. In competent hands, an estate can also be used to generate deductions that will be reportable on an heir's return. So it's all of the above.
    Last edited by Cardinal Fang; 02-13-12 at 01:09 PM.

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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Harshaw View Post
    I'm always fascinated by what people invent when they're grasping at straws. Must admit, this is very entertaining bull****.
    Well, after the entertainment value wears off, see if you can uncover a way to counter the actual substance of those posts. These little quippies aren't going to get the job done.
    Last edited by Cardinal Fang; 02-13-12 at 01:48 PM.

  4. #1014
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Cardinal Fang View Post
    Well, after the entertainment value wears off, see if you can uncover a way to counter the actual substance of those posts. These little quippies aren't going to get the job done.
    There is a type of poster who can best be described as a drive-by poster. They enter quickly, say something fast and seemingly pithy, and get the hell out as fast as they can. The whole idea is to let others know they disagreee and feel strongly but to give little than can actually be debated with. It is the antithesis of actual debate.
    Last edited by haymarket; 02-13-12 at 02:07 PM.
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    There is a type of poster who can best be described as a drive-by poster. They enter quickly, say something fast and seemingly pithy, and get the hell out as fast as they can. The whole idea is to let others know they disagreee and feel strongly but to give little than can actually be debated with. It is the antithesis of actual debate.
    Yes, I'm familair with the breed. Also with the one that ought be drive-by's, but whose cars seem to break down, causing them to become stuck in some thread or other endlessly looking like fools. Have you ever come across any of those?

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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Cardinal Fang View Post
    Yes, I'm familair with the breed. Also with the one that ought be drive-by's, but whose cars seem to break down, causing them to become stuck in some thread or other endlessly looking like fools. Have you ever come across any of those?
    sadly, they are far too plentiful. You can spot them a mile away when you take the time to explain reality to them, provide proof from real life examples using data, statistics or the historical record, and it goes a mile over their head and they keep repeating the same beliefs over and over and over again.

    One of my favorites is the myth of DOUBLE TAXATION. How dare the mean old government tax inheritance money since the folks already paid income taxes on it when they were alive. And then you point out that it is a completely DIFFERENT INDIVIDUAL who is paying the tax on new money to them but they ignore it and just get even more worked up yelling about DOUBLE TAXATION.

    Sadly, it is the price we all pay of living in a time where ideology has trumped facts and reality for far too many.
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    your opinions I call psychobabble along with your claims that "we the people"=a justification for income redistribution
    Strange, I thought "WE THE PEOPLE" was the first words of the preamble to the Contitution of the United States.

    Guess I better check my history.....I did it is.
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    More psychobabble. Nothing in the constitution, its preamble etc suggests that income redistribution is a proper function of the federal government. The only thing I am unhappy with is the amount of parasites who think they have a claim to the wealth of others
    Not to put you or the rightwingers down on this forum, but more negative adjectives can not you rightwingers post anything else.
    Say maybe a new idea???
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  9. #1019
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    Re: which best describes your view of the inheritance tax?

    Let's just face it, folks. The system we have now sucks a lot of ass. I hope we can all agree on that much. So the question remains: do we really need a system where the US tax code has over 71,000 pages? Why not simply tax everyone exactly the same regardless of income? No deductions, no loopholes, nothing. The exact same across the board. Then no one can bitch about people paying more or less than others. The states themselves can collect the income tax reducing our need for federal bureaucracy. Billions are spent each year by the IRS simply collecting the taxes because of unnecessary bureaucracy. Just consider it.
    “In politics, stupidity is not a handicap.” -Napoleon

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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by evanescence View Post
    Let's just face it, folks. The system we have now sucks a lot of ass. I hope we can all agree on that much. So the question remains: do we really need a system where the US tax code has over 71,000 pages? Why not simply tax everyone exactly the same regardless of income? No deductions, no loopholes, nothing. The exact same across the board. Then no one can bitch about people paying more or less than others. The states themselves can collect the income tax reducing our need for federal bureaucracy. Billions are spent each year by the IRS simply collecting the taxes because of unnecessary bureaucracy. Just consider it.
    I've said before that I think the simplest solution would be for the feds to issue 50 tax bills, one to each state. Each state gets billed for their share (apportioned by population) of the federal tax burden. Done. No IRS, no tax law, no deductions. Just 50 tax bills.

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