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. #1841
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    Catawba's Avatar
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    Re: which best describes your view of the inheritance tax?

    New Estate Tax Rules Should Expire After 2012
    Shrinking the Tax Beyond the 2009 Level Is Unaffordable and Unnecessary


    "The tax-cut compromise enacted in December established estate tax rules for 2011 and 2012 that are considerably weaker than those in effect in 2009, the last year before the tax temporarily expired in 2010. The new rules will cost about $23 billion more than reinstating the 2009 rules over the same two years, yet will benefit only the largest one-quarter of 1 percent of estates, since they are the only ones that that would owe any estate tax under the 2009 rules.

    Taxable estates will receive more than $1 million apiece in tax breaks this year from the new rules, on average, and estates worth more than $20 million will receive an average of nearly $3.8 million apiece. In light of the nation’s serious long-term budget problems — and proposals to slash a wide range of government services, particularly Medicare, Medicaid, and programs for low-income Americans — it would be irresponsible to extend these new rules beyond 2012."


    Tax Had Already Weakened Considerably Under 2001 Law

    "The 2001 tax legislation phased down the estate tax considerably. By 2009, the value of estates exempt from taxation had risen to $3.5 million for individuals (effectively $7 million for couples), up from $1 million for individuals ($2 million for couples) scheduled under prior law, and the marginal tax rate on the value of an estate above these thresholds fell from 55 percent to 45 percent. As a result, a tax that affected only the country’s largest 2 percent of estates in 2001 touched only the largest one-quarter of 1 percent of estates by 2009."

    New Estate Tax Rules Should Expire After 2012 — Center on Budget and Policy Priorities
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  2. #1842
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Centinel View Post
    And you, for three.
    Now that does not even make any sense.
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  3. #1843
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    we aren't the ones who have meltdowns over what terms are used. whatever you call it it should be abolished
    Meltdowns?!?!?! You confuse your own feelings with the effort of others to keep this discussion factually oriented.
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  4. #1844
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Henrin View Post
    1. It affects more than just the top 1% as you claim
    2. Transfers of wealth that are not taxed on the event of death are what we call transfers that are excluded from the tax.



    Who is Luntz and Faris?



    No, I didn't miss it.
    Present your data. See the post on this very page above this one 1841 - one-quarter of one percent in 2009. But you would have the name of the tax defined by how it impacts less than one percent of the public rather than how it impacts 99% of the American public. Not only is that a gross intellectual fraud, it is an absurdity of the worst sort. It makes The Mad Hatter look like a sane and calm counsellor.

    Who are Luntz & Faris? The people who gave folks on he right their marching orders regarding the neologism. Its right here in the thread.

    http://en.wikipedia.org/wiki/Estate_..._United_States
    Last edited by haymarket; 02-28-12 at 06:13 AM.
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  5. #1845
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Centinel View Post
    Federal taxes ought to be minimized to the greatest extent possible. This can be accomplished by limiting the activities of the federal government. The sovereign states have the power to implement any health/safety/welfare programs they wish. The federal government only needs to provide common defense and to regulate commerce among the states. That doesn't really take a whole lot of money. I have no idea why it is involved in half the shiit it currently undertakes, but it needs to trim down and stop taking people's inheritances.
    So if a factory in Kansas starts dumping crap into the Missouri river upstream of our drinking water supply inlet then we have a choice to die from poison or die from thirst. Nice world you have there.

    Oh, that's right, we take them court and wait for the court to somehow force the factory to stop dumping poison in the river. In the meantime our citizens are dying. Well, that's OK because in the end we'll get to sell a useless factory and distribute what few funds we can get from it to the families of the dead so that maybe they won't have to be buried in a mass grave.


    I think I'll stick to the blue sky world.
    Last edited by MoSurveyor; 02-28-12 at 06:34 AM.
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  6. #1846
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by MoSurveyor View Post
    If you truly believe that then you're already too far gone. People save lives. What you're spouting amounts to the same idiocy as the gun control nuts who say guns kill people.
    I'm not quite sure what you mean by "too far gone", but I am certainly not picking up your point at all. Earlier, you said:
    Quote Originally Posted by MoSurveyor View Post
    Wealth, on the other hand, is man made, created by the community itself. I have no compunction about reducing the destructive impact of wealth. Just like predators, wealth's presence in the community needs to be reduced as needed.
    Frankly, I have no idea what you're talking about. You seem to be saying that wealth is a bad thing. If that's your stance, then I'm afraid you're going to have to explain why this is so.

    I can also assume from your stance that you wouldn't mind having a neighbor in possession of a tank?
    Is that a question or a statement?

  7. #1847
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    Re: which best describes your view of the inheritance tax?

    By itself, wealth is neither good nor bad. It is all of the human activity associated with it - from its accumulation to its spending- that take on a value of judgment.
    __________________________________________________ _
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  8. #1848
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by MoSurveyor View Post
    So if a factory in Kansas starts dumping crap into the Missouri river upstream of our drinking water supply inlet then we have a choice to die from poison or die from thirst. Nice world you have there.

    Oh, that's right, we take them court and wait for the court to somehow force the factory to stop dumping poison in the river. In the meantime our citizens are dying. Well, that's OK because in the end we'll get to sell a useless factory and distribute what few funds we can get from it to the families of the dead so that maybe they won't have to be buried in a mass grave.
    I'm unclear why you provided this in response to my statement on federal responsibilities.

  9. #1849
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Catawba View Post
    New Estate Tax Rules Should Expire After 2012
    Shrinking the Tax Beyond the 2009 Level Is Unaffordable and Unnecessary


    "The tax-cut compromise enacted in December established estate tax rules for 2011 and 2012 that are considerably weaker than those in effect in 2009, the last year before the tax temporarily expired in 2010. The new rules will cost about $23 billion more than reinstating the 2009 rules over the same two years, yet will benefit only the largest one-quarter of 1 percent of estates, since they are the only ones that that would owe any estate tax under the 2009 rules.

    Taxable estates will receive more than $1 million apiece in tax breaks this year from the new rules, on average, and estates worth more than $20 million will receive an average of nearly $3.8 million apiece. In light of the nation’s serious long-term budget problems — and proposals to slash a wide range of government services, particularly Medicare, Medicaid, and programs for low-income Americans — it would be irresponsible to extend these new rules beyond 2012."


    Tax Had Already Weakened Considerably Under 2001 Law

    "The 2001 tax legislation phased down the estate tax considerably. By 2009, the value of estates exempt from taxation had risen to $3.5 million for individuals (effectively $7 million for couples), up from $1 million for individuals ($2 million for couples) scheduled under prior law, and the marginal tax rate on the value of an estate above these thresholds fell from 55 percent to 45 percent. As a result, a tax that affected only the country’s largest 2 percent of estates in 2001 touched only the largest one-quarter of 1 percent of estates by 2009."

    New Estate Tax Rules Should Expire After 2012 — Center on Budget and Policy Priorities
    Leftwing advocacy site-Bravo Foxtrot Delta

  10. #1850
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Centinel View Post
    I'm unclear why you provided this in response to my statement on federal responsibilities.
    We've already been through that discussion. Your worldview would allow an entity to use another entity in a damaging fashion, or cause another entity intentional harm, and then maybe put a price on this use or harm after the fact.
    Last edited by MoSurveyor; 02-28-12 at 10:22 AM.
    Mt. Rushmore: Three surveyors and some other guy.
    Life goes on within you and without you. -Harrison
    Hear the echoes of the centuries, Power isn't all that money buys. -Peart
    After you learn quantum mechanics you're never really the same again. -Weinberg

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