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which best describes your view of the inheritance tax?

which best describes your view of the inheritance tax?

  • There should be no inheritance tax of any amount of money or assets.

    Votes: 64 50.8%

  • The first 5 million dollars should be exempt. After that the tax rate should be 35%.

    Votes: 20 15.9%

  • The first 5 million dollars should be exempt. After that the tax rate should be 50%.

    Votes: 10 7.9%

  • The first 1 million should be exempt. After that the rate should be 50%.

    Votes: 18 14.3%

  • No exempt amount. Tax at 35% from the get-go.

    Votes: 7 5.6%

  • No exempt amount. Tax at 50% from the get-go.

    Votes: 1 0.8%

  • Abolish all inheritance. In other words, tax 100%.

    Votes: 6 4.8%
  • Total voters
    126
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Thrilla said:
inheritance tax?.. i'm against it.

the money has already been taxed as income...
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New owner of the money since it changed hands. New tax on it with the new owner. Thus, it has not already been taxed on current owner.

That is the way money works. The same money is taxed again and again and again when it changes hands - just like an inheritance.
 
haymarket said:
You miss the truth Turtle in your fervor to attack me
1- I want ALL Americans who earn as much as one dollar to be taxed more
2- what constitutes a rational policy is indeed a matter of national discussion between the people and their elected representatives.... something you think is an unholy act.
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why on gods green earth do you want all Americans to be taxed more?

if TD is, as you say,a "statist"... i haven't the foggiest idea what that makes you... good lord, do you ever advocate for anything other than that which benefits the government?..
 
haymarket said:
Actually I want the government to pay its current bills and not pass them on to my grandchildren.
Actually I want the government to balance its annual budget.
Actually I want the government to pay off the national deficit.
Isn't that what most of you claim you want also?
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so do i but taxing those who aren't the cause of the massive spending and who pay too much isn't the proper avenue

1) cut massively government spending-the less constitutionally proper the action, the more it should be cut

2) if taxes have to be raised, raise them on those who demand much and pay little. they might demand less
 
Thrilla said:
why on gods green earth do you want all Americans to be taxed more?

if TD is, as you say,a "statist"... i haven't the foggiest idea what that makes you... good lord, do you ever advocate for anything other than that which benefits the government?..
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Yeah I am a statist-I want the beast to go on a diet and Haymarket figures the way to cure its diabetes is to give it a sugar cane plantation
 
Thrilla said:
why on gods green earth do you want all Americans to be taxed more?

if TD is, as you say,a "statist"... i haven't the foggiest idea what that makes you... good lord, do you ever advocate for anything other than that which benefits the government?..
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Of course. I am advocating for a balanced budget - and that benefits all of us. I am advocating for the government not running up more debt. And that benefits all of us. And I am advocating for our grandchildren not having to be saddled with our debts. And that benefits future generations.
 
haymarket said:
New owner of the money since it changed hands. New tax on it with the new owner. Thus, it has not already been taxed on current owner.

That is the way money works. The same money is taxed again and again and again when it changes hands - just like an inheritance.
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this is a specious argument used to justify taking more money from people for the government to waste
 
haymarket said:
New owner of the money since it changed hands. New tax on it with the new owner. Thus, it has not already been taxed on current owner.

That is the way money works. The same money is taxed again and again and again when it changes hands - just like an inheritance.
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..and if the inheritance goes to the wife?... you want that taxed again too?.. even though it's basically hers through common law?
 
TurtleDude said:
so do i but taxing those who aren't the cause of the massive spending and who pay too much isn't the proper avenue
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When the wealthy begin paying the same percentage on taxes on all their sources of money as other wealthy do from wages - then you can begin complaining about fairness. Until that happens - its hollow and empty and worthless since it is a fraud based on a lie.

And we are ALL the cause of spending. We are all citizens. We all use the nation. We are all responsible.
 
TurtleDude said:
this is a specious argument used to justify taking more money from people for the government to waste
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Actually, it is reality.

It matters not how you characterize it or judge it. It is still reality.
 
haymarket said:
Of course. I am advocating for a balanced budget - and that benefits all of us. I am advocating for the government not running up more debt. And that benefits all of us. And I am advocating for our grandchildren not having to be saddled with our debts. And that benefits future generations.
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I'm so far from believing you it's not even funny.
 
haymarket said:
When the wealthy begin paying the same percentage on taxes on all their sources of money as other wealthy do from wages - then you can begin complaining about fairness. Until that happens - its hollow and empty and worthless since it is a fraud based on a lie.

And we are ALL the cause of spending. We are all citizens. We all use the nation. We are all responsible.
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when everyone who has the benefits of citizenship pay the same 15% effective rate that those who only have investment income do then maybe I will take your bash the rich stuff seriously

the fact is those who have dividend income tax are already paying far higher than 30% effective tax rates on their income
 
Thrilla said:
..and if the inheritance goes to the wife?... you want that taxed again too?.. even though it's basically hers through common law?
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from the IRS

What is excluded from the Estate?
Generally, the Gross Estate does not include property owned solely by the decedent's spouse or other individuals. Lifetime gifts that are complete (no powers or other control over the gifts are retained) are not included in the Gross Estate (but taxable gifts are used in the computation of the estate tax). Life estates given to the decedent by others in which the decedent has no further control or power at the date of death are not included.

What deductions are available to reduce the Estate Tax?

Marital Deduction: One of the primary deductions for married decedents is the Marital Deduction. All property that is included in the gross estate and passes to the surviving spouse is eligible for the marital deduction. The property must pass "outright." In some cases, certain life estates also qualify for the marital deduction.
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and more from wikipedia

Marital deduction is a type of tax law that allows a person to give assets to his or her spouse with reduced or no tax imposed upon the transfer. Some marital deduction laws even apply to transfers made postmortem. Spouses can transfer property between themselves tax free and ex-spouses can do that according to divorce decree. For U.S. estate and gift tax purposes, there is no tax on transfers between spouses, whether during lifetime or at death. There is no limit on the amount that may be transferred. However, there are two important exceptions. The federal gift tax marital deduction is only available if the donee spouse (the person receiving the gift) is a U.S. citizen. The federal estate tax marital deduction is available for bequests at death to a surviving spouse, whether or not he or she is a U.S. citizen. However, if the survivor is not a U.S. citizen, the bequest must take the form of a specialized type of trust known as a Qualified Domestic Trust.
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Thrilla said:
I'm so far from believing you it's not even funny.
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some people think the government really needs more and more money and all it does is proper good and not wasteful
 
haymarket said:
When the wealthy begin paying the same percentage on taxes on all their sources of money as other wealthy do from wages - then you can begin complaining about fairness. Until that happens - its hollow and empty and worthless since it is a fraud based on a lie.

And we are ALL the cause of spending. We are all citizens. We all use the nation. We are all responsible.
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horsehockey... you government employees and your bosses are responsible for the spending.
 
Most people don't pay the estate or death tax-why? because any politician who advocated it apply to all estates would be out of office or dead rather quickly.

so tell us Haymarket, why should those who already pay the most income taxes be the ONLY group that suffers this abomination. If it was really needed everyone would pay it. What harm does it do to get rid of it and save all the money wasted in complying with it or guarding against it?
 
TurtleDude said:
this is a specious argument used to justify taking more money from people for the government to waste
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The waste of tax money is not inevitable. Tax dollars can be either well spent or poorly spent.
 
haymarket said:
from the IRS



and more from wikipedia
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i didn't ask wiki or the IRS a question... i asked you... Haymarket.
( i know what the IRS has to say on the matter already)


..what was it you told TD?.. something about definitions and laws being changed by politicians?....yeah...
 
TurtleDude said:
when everyone who has the benefits of citizenship pay the same 15% effective rate that those who only have investment income do then maybe I will take your bash the rich stuff seriously

the fact is those who have dividend income tax are already paying far higher than 30% effective tax rates on their income
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Your attempt to rationalize tax preferences is irrelevant to the facts and their impact upon the American people.

The fact is that somebody putting $800,000.00 in their pocket from wages pays $280,000.00 on that money.
Somebody putting $800,000.00 in their pocket from capital gains pays $120,000.00 on that same amount of money.
Somebody putting $800,000.00 in their pocket from inheritance pays $0.00 on that same amount of money.

Now please give the American workers three good reasons why they should support that system when their income comes from wages.
 
Luna Tick said:
The waste of tax money is not inevitable. Tax dollars can be either well spent or poorly spent.
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well when the government proves it is not wasting billions maybe then I won't hurl everytime some government apologist claims it needs even more money
 
Thrilla said:
i didn't ask wiki or the IRS a question... i asked you... Haymarket.
( i know what the IRS has to say on the matter already)


..what was it you told TD?.. something about definitions and laws being changed by politicians?....yeah...
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and I gave you the answer and if you read it you would learn that your premise was a FALSE ONE.
 
haymarket said:
Your attempt to rationalize tax preferences is irrelevant to the facts and their impact upon the American people.

The fact is that somebody putting $800,000.00 in their pocket from wages pays $280,000.00 on that money.
Somebody putting $800,000.00 in their pocket from capital gains pays $120,000.00 on that same amount of money.
Somebody putting $800,000.00 in their pocket from inheritance pays $0.00 on that same amount of money.

Now please give the American workers three good reasons why they should support that system when their income comes from wages.
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yet you are being dishonest

and you ignore that the person with capital gains is risking the money and paid massive taxes getting the money to invest.

and the inheritance-that wealth was massively taxed when it was made. its not being "made" again when it is transferred to a family member
 
TurtleDude said:
Most people don't pay the estate or death tax-why? because any politician who advocated it apply to all estates would be out of office or dead rather quickly.

so tell us Haymarket, why should those who already pay the most income taxes be the ONLY group that suffers this abomination. If it was really needed everyone would pay it. What harm does it do to get rid of it and save all the money wasted in complying with it or guarding against it?
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And I keep telling you Turtle that I agree that we should abolish the estate tax and wipe it off the books. Same with capital gains taxes. Wipe them off the books completely.

Simply tax all monies coming into persons pocket as income according to the appropriate rate schedule as is wages and salary.
 
haymarket said:
And I keep telling you Turtle that I agree that we should abolish the estate tax and wipe it off the books. Same with capital gains taxes. Wipe them off the books completely.

Simply tax all monies coming into persons pocket as income according to the appropriate rate schedule as is wages and salary.
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and everyone should pay the same flat rate
 
TurtleDude said:
yet you are being dishonest

and you ignore that the person with capital gains is risking the money and paid massive taxes getting the money to invest.

and the inheritance-that wealth was massively taxed when it was made. its not being "made" again when it is transferred to a family member
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It is NOT the job of the government to subsidize risk by private individuals in private ventures investing their own private money.

When money changes hands from one owner to a new owner, it is normal for it to be taxed. My wages work like that - your salary works like that... money is taxed over and over and over again when it changes hands from one owner to another.
 
TurtleDude said:
and everyone should pay the same flat rate
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Again, you confuse apples with cinderblocks.

Everyone making a certain income should pay the same rate for that income level. Agreed. and good night to all. :2wave:
 
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