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. #211
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Centinel View Post
    I'm still curious to know his answer. I wonder whether I will ever get it.
    I did answer you.
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  2. #212
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Centinel View Post
    So now I'm confused. Earlier you said that any time money goes into someone's pocket, that is income. Is that not true?
    YOu seem to inhabit a reality (if that is the correct term) where everything is 100% black or white, good or evil, one way or the other way and there is nothing in between the extremes. Do you understand that one can make a basic distinction between the money that a parent spends to feed their family and the millions of dollars a parent gives to their progeny in inheritance?

    Or is that distinction too confusing for you?
    __________________________________________________ _
    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

  3. #213
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by specklebang View Post
    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.



    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.


    so lets get rid of this surcharge on high tax payers and then deal with the ones that annoy everyone


    "free money" LOL

  4. #214
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    No I tire of people who think that they are entitled to the wealth of others because they exist in the same geopolitical boundaries as the wealthy do
    Why would you reproduce the post about the founding fathers being against inherited wealth and then completely ignore it in favor of making one of your personal pompous political pontifications?

    Yeah... I know .... silly question.

    But it must grind you up into pieces to know that both Jefferson and Franklin are against your position.
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    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

  5. #215
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    so lets get rid of this surcharge on high tax payers and then deal with the ones that annoy everyone

    When we discuss the wealthy who have gotten things their way the last few decades we are talking about those who do indeed annoy almost everyone..... except themselves that is.
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  6. #216
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    Re: which best describes your view of the inheritance tax?

    Haymarket, you've mainly focused on definitions of income. What about the examples in this thread of people inheriting a business and having to sell it or struggle to come up with the taxes or maybe lay people off? There was the example of the people who inherited the Miami Dolphins, but not being able to keep the team. There was the example of the people inheriting the chain of restaurants.

    Don't you want the people who inherit a business to be able to keep it?

  7. #217
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    Why would you reproduce the post about the founding fathers being against inherited wealth and then completely ignore it in favor of making one of your personal pompous political pontifications?

    Yeah... I know .... silly question.

    But it must grind you up into pieces to know that both Jefferson and Franklin are against your position.
    remind me where something the founders wrote that actually impacts on the law has such sentiments in it

    what do you think the founders thought of leaches who suck wealth from others? well we know they only wanted landed freemen voting.

  8. #218
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    When we discuss the wealthy who have gotten things their way the last few decades we are talking about those who do indeed annoy almost everyone..... except themselves that is.
    If we had things our way there would be no death tax and you and I would be paying the same rate or same amount of taxes or I would have more votes than you since I pay more taxes

    and your RICH liberal masters in the dem party want more taxes-its how they get power from the votes of people who feel like you

  9. #219
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    I did answer you.
    Sorry, I must have missed where you answered whether you supported or opposed the exemptions on inheritance taxes you cited earlier. Could you either restate, or provide a link?

  10. #220
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Centinel View Post
    Sorry, I must have missed where you answered whether you supported or opposed the exemptions on inheritance taxes you cited earlier. Could you either restate, or provide a link?
    just look at everyone's answers to the poll. Haymarket had the guts to vote, got to give credit where credit is due

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