There should be no inheritance tax of any amount of money or assets.
The first 5 million dollars should be exempt. After that the tax rate should be 35%.
The first 5 million dollars should be exempt. After that the tax rate should be 50%.
The first 1 million should be exempt. After that the rate should be 50%.
No exempt amount. Tax at 35% from the get-go.
No exempt amount. Tax at 50% from the get-go.
Abolish all inheritance. In other words, tax 100%.
Last edited by Cardinal Fang; 02-25-12 at 01:23 PM.
The money someone earned has been taxed their entire life. I view an inheritance tax as a double tax upon wealth and it shouldn't be allowed. The government got their cut of someone's wealth while they earned it in life, they shouldn't tax it even more when the person passes away and leaves that money (that was already taxed) to someone else.
Tired of elections being between the lesser of two evils.When the debate is lost, slander becomes the tool of the loser. -Socrates
Second, My concern, and I suspect the concern of most, is not in taxing gifts - even a $13,000 gift - but taxing a true transfer of an estate. If somebody wants to go through the process of passing on ten grand every year from twenty years to their kid - that is something I am not going to squawk about too loudly. I can live with that.
When it comes to actually inheritance of an estate - that money should be taxed as if it were any other sort of new income to the person getting it.
There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers
Once again for the hard of hearing, the bulk of wealth within most estates that actually pay inheritance taxes is comprised of unrealized capital gains that have NEVER been taxed, and because these assets will be passed to heirs at their stepped-up basis, no tax will EVER be paid on such gains if they are not taxed at time of inheritance.
And of course, you'll not find a rule, law, or even suggestion anywhere that money once taxed cannot or should not be taxed again. Everything in fact is taxed over and over and over again. Odd that so many people haven't noticed this.
Last edited by Cardinal Fang; 02-25-12 at 04:07 PM.