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. #201
    warrior of the wetlands
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by liblady View Post
    However, if all that he owned was that painting, there would be no tax. I have no problem with property being passed on at the REAL basis. Do you?
    I oppose all taxes on income or wealth so I don't agree with you. I believe the death tax should be abolished and the income tax abolished or modified to where it is a flat rate with some exemptions-to prevent the many from demanding their political representatives jack up our taxes without facing any cost to themselves

  2. #202
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    Look how he voted --he wants every dollar of inheritance taxed at 35%
    I'm still curious to know his answer. I wonder whether I will ever get it.

  3. #203
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    Re: which best describes your view of the inheritance tax?

    I'm in favor of not treating inheritance specially. Just tax it the same as you would any other source of income.
    If you build a man a fire, he'll be warm for a day.

    If you set a man on fire, he'll be warm for the rest of his life.

  4. #204
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by StillBallin75 View Post
    I didn't craft it. This is Econ 101, **** I learned in high school.
    It was the same in the class I had. A gift was regarded differently than income. I think if I want to give you any amount of money, I should be able to with no taxes involved. I should be able to in life or in death.

    Quote Originally Posted by TurtleDude View Post
    He opposes it-he believes it should be taxed the same as income meaning it is the amount of the heirs' wealth rather than the size of the estate that determines the tax rate. Just click on the poll

    one person-not an American-believes the government should take everything you own upon your death. Someone who advocated that as a US Politician would have a most brief political careeer
    Brief indeed. He would likely be recalled if that's available as an option. The people I knew who were for a 100% inheritance tax were communists. That's not hyperbole. They literally were members of a communist party. It would be interesting to see how the USSR handled inheritance. Did the Soviet government snatch every cent when a person died?

    Quote Originally Posted by TurtleDude View Post
    its a good thing if you think that the government ought to have more and more and more money. suppose My grandfather owned a painting worth 100K that does not appreciate. My father inherits it and paid 55000 on it because when my grandfather died, one million was the limit and 55% was taxed on all wealth above that. and then when my parents died my brother took it and more taxes were paid on it

    that is ludicrous
    That's an interesting topic. If someone bequeathed a painting worth 80 million (and there are paintings worth that much), the recipient wouldn't be able to keep it unless he were already rich enough to pay the taxes. If the person who died wanted him to have it and the recipient wanted it and not money for it, they're out of luck. The wishes of the deceased person are overridden by the government. That's just wrong.

  5. #205
    warrior of the wetlands
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by molten_dragon View Post
    I'm in favor of not treating inheritance specially. Just tax it the same as you would any other source of income.

    so the income of the heirs rather than the size of the estate is what matters to you?

    and would you have all gifts taxed the same way?

  6. #206
    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
    It was the same in the class I had. A gift was regarded differently than income. I think if I want to give you any amount of money, I should be able to with no taxes involved. I should be able to in life or in death.



    Brief indeed. He would likely be recalled if that's available as an option. The people I knew who were for a 100% inheritance tax were communists. That's not hyperbole. They literally were members of a communist party. It would be interesting to see how the USSR handled inheritance. Did the Soviet government snatch every cent when a person died?



    That's an interesting topic. If someone bequeathed a painting worth 80 million (and there are paintings worth that much), the recipient wouldn't be able to keep it unless he were already rich enough to pay the taxes. If the person who died wanted him to have it and the recipient wanted it and not money for it, they're out of luck. The wishes of the deceased person are overridden by the government. That's just wrong.
    two interesting points

    i recall reading about a game show winner who won a car but had to sell it because he couldn't afford the income taxes on it

    and one of the main reasons why the Catholic church didn't want its priest to marry was because in the feudal ages, churchmen especially bishops were often the second or third son of a noble. Men without children would not have an estate to pass on and the church would take it

    it was far more about the church getting wealth rather than some bs rule that priests ought to be celibate (or I should say unmarried)

  7. #207
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    Re: which best describes your view of the inheritance tax?

    Sir Turtle,

    Sorry for the delayed response. The answer is no - I disclosed this in my original posting and indeed, it was part of my point. I consider myself to be very well off, I own my house, my car and even a few rental properties outright. My net worth is over 1.5 million and I'm in no danger of paying this tax. So, this tax is only for people who have an awful lot of money. If my estate was, say $5 million, the tax exposure would still be only 1.1 million at worst (assuming no clever generation skipping or other tricks) and I would still have $3.9 million to pass along. So it's NOT 55% of everything. Just 55% of the amount that exceeds $3 million.

    My other point was why do people feel so much passion about this rare tax instead of all the really annoying taxes. Look at property tax, punishment for owning a home.

    Quote Originally Posted by TurtleDude View Post
    so you think that perhaps half of what you earn and pay taxes on along the way should be taken by the government? sorry, the "it only applies to some" is not a valid argument to me.

    are you in any danger of paying a death tax?
    Originally Posted by specklebang
    All taxes are offensive. However, it seems to be what is. We could just be tax-free and allow the Government to print up what they need. But for some reason, that doesn't seem to be the reality of our present universe.

    So, if we accept that taxes are necessary, or not necessary but a fact of life, this discussion is on a very specific portion of taxation, i.e. The Inheritance Tax.

    To me, it's bizarre that this is an emotional issue for so many people. This tax only affects those with large estates. The IRS has provisions for payoff on farm and business inheritances. Personally, I think it's a perfectly acceptable tax and it won't affect me at all: a) I'll be dead and b) my estate will maybe be valued at $1.5M so no tax will be due. If the Inheritance Tax were eliminated tomorrow I would still be dead.

    We used to have, and still do, have an aristocracy in America. Despite these high taxes, the heirs of the uber-rich still get plenty of free money and/or the uber-rich use generation skipping techniques', charitable donations and gifting to minimize this tax.

    There are a lot of other taxes that should really upset people, like sales tax, phone tax etc. and nobody ever mentions them. Why do you suppose that is? These taxes claw at you every day, even if you're dead broke.

  8. #208
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    btw it was never designed to raise revenue but to engage in social engineering which is really not a proper role of the federal tax system
    It is in fact social engineering. It's meant to prevent stagnation.
    You know the time is right to take control, we gotta take offense against the status quo

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  9. #209
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    take it up with the website I cited.

    but I know for a fact that my father in law, who has had a place in Florida for decades switched his tax residence to Florida to avoid the taxes. He keeps a calendar to make sure he spends the requisite number of days in Florida so as to not run afoul of the law. which means he spends maybe two weeks more in florida than he has in the past.
    So now you are hiding behind some entity which cannot communicate while you can? There are words for such things. You are extremely judgmental about things which lots of people do and nobody raises as much as an eyebrow about. Florida is the elephant graveyard of America. Johnny Weismuller could have told you that.
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  10. #210
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by molten_dragon View Post
    I'm in favor of not treating inheritance specially. Just tax it the same as you would any other source of income.
    Most excellent.
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