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. #11
    warrior of the wetlands
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by iacardsfan View Post
    why do people need so much money to be happy? My family barely gets by but everything is fine and we are ok with that. I don't need millions of dollars to be happy.
    that is a true measure of success. its a mindset. if you are happy than you have achieved what many cannot or will not

  2. #12
    warrior of the wetlands
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Luna Tick View Post
    I included 100% as an option because I've actually met people who advocate not allowing any inheritance. IMO that's a ridiculous position, but some people do support that.
    Of course there are people like that-most of us call them thieves

  3. #13
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by StillBallin75 View Post
    Who said anything about need? This is more about what is appropriate for the government to take.
    it has everything to do with need, if people weren't so sensitive about money they did not even earn then we would not be having this debate. I see no reason that anybody needs 5 million in inheritance, and if they do a 35% tax is nothing to them.

  4. #14
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    Re: which best describes your view of the inheritance tax?

    Turtle is correct; the inheritance tax was meant to prevent undue concentrations of wealth. It is also easy to avoid, and inefficient. But I do not support abolishing it. I believe it can be reformed and do what it was intended.

    And those who inherit farms and businesses, but not cash, can be dealt with fairly too.

  5. #15
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by iacardsfan View Post
    it has everything to do with need, if people weren't so sensitive about money they did not even earn then we would not be having this debate. I see no reason that anybody needs 5 million in inheritance, and if they do a 35% tax is nothing to them.
    No, you're looking at it the wrong way. The people who receive the inheritance don't really care much about the tax since they don't pay it. So often, they're really happy to get what they get. The people who are angry about estate taxes are the people with the money who are trying to leave it to their heirs -- and suddenly find out that Uncle Sam's an heir at the rate of 62.5%.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  6. #16
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    Re: which best describes your view of the inheritance tax?

    There should never be an inheritance tax, it basically amounts to triple taxation. First off, all monies that went into the estate whether they be in the form of investments, ownership of a company, income, or royalties from an invention have already been taxed, then any gains from using the money wisely have been taxed again. The estate thus becomes the sum total of whatever was left over from the government taxing the revenue stream twice already. Then the government comes in and says that whatever is left is subject to a third tax due to no other merit than the original property holder no longer has possession of it. This is such a ridiculous mentality and should be abolished.

    A little background on my stance. I am still a licensed insurance agent but considering leaving my practice as I have lost my drive for what I do, mant agents use the inheritance tax to sell products to minimize estate shrinkage, it is legitimate but there are better methods to sell the products such as investment growth by freeing up dollars to be inherited using insurance policies(also legit). The CPA and legal lobbies love the estate tax because it complicates the tax code and forces the wealthy to hire professionals in this field to save what they can for their families due to the basic theft upon their deaths. And of course politicians love the inheritance tax because it's an easy class warfare sell and nets them even more freebies at someone else's expense.

    Basically the inheritance tax needs to be abolished forever, the income tax needs to be repealed in lieu of a national sales or flat tax, and the tax code should be simplified to never more than 10 pages for individuals of all tax brackets.
    Neither side in an argument can find the truth when both make an absolute claim on it.

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  7. #17
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by iacardsfan View Post
    it has everything to do with need, if people weren't so sensitive about money they did not even earn then we would not be having this debate. I see no reason that anybody needs 5 million in inheritance, and if they do a 35% tax is nothing to them.
    Someone earned the money though, and it wasn't the government, it wasn't anyone enrolled in government services, it was the deceased and that person is the only one who should make the final decisions on who gets to partake when they have passed.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

  8. #18
    warrior of the wetlands
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by iacardsfan View Post
    it has everything to do with need, if people weren't so sensitive about money they did not even earn then we would not be having this debate. I see no reason that anybody needs 5 million in inheritance, and if they do a 35% tax is nothing to them.
    Need has no issue when it comes to keeping what you earn. I find those who want to tell others what they need to keep of their own property to be dangerous. You certainly have the right to tell us what you need, but you really don't have the right to say that your need is an affirmative duty on us to give it to you or be forced to supply you with what you need

    and You certainly have no right or standing to tell me what I need-especially if I legally own or earn it

  9. #19
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by iacardsfan View Post
    it has everything to do with need, if people weren't so sensitive about money they did not even earn then we would not be having this debate. I see no reason that anybody needs 5 million in inheritance, and if they do a 35% tax is nothing to them.
    Double taxation, I'm not so sure you'd be in favor of the concept if you were on the receiving end.

  10. #20
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by iacardsfan View Post
    it has everything to do with need, if people weren't so sensitive about money they did not even earn then we would not be having this debate. I see no reason that anybody needs 5 million in inheritance, and if they do a 35% tax is nothing to them.
    It's not always liquid cash. In the example of the chain of restaurants worth 20 million, 35% tax on that is 7 million dollars. If someone inherits those restaurants, but not much cash, he or she has to come up with that 7 mil somehow or sell some of the restaurants or close some down and lay people off. To me that makes no sense. It seems better for jobs and the economy to just leave them alone and let the restaurants continue as they did before the death.

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