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. #251
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by cpwill View Post
    ah. "fairness". so, for example, do you think it is "fair" for all of my uncles' employees to lose their jobs?
    It's funny how definitions come about regarding fairness. "Thanks for paying taxes during your wealth accumulation, it's only fair that the accumulated value is subject to a different tax when you transfer to those you care about because John Doe fast food worker doesn't have as much as you do because he didn't make sacrifices, but that's irrelevant we want to be "fair"".
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

  2. #252
    warrior of the wetlands
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by LaMidRighter View Post
    It's funny how definitions come about regarding fairness. "Thanks for paying taxes during your wealth accumulation, it's only fair that the accumulated value is subject to a different tax when you transfer to those you care about because John Doe fast food worker doesn't have as much as you do because he didn't make sacrifices, but that's irrelevant we want to be "fair"".
    their definition of fair basically comes down to anything that justifies the federal government taking more money from those who make more than they do.

    you can pay 10 billion in taxes and get nothing but the same vote as some clown on welfare because he has been freebasing for 20 years but if he actually pays a slightly higher overall percentage of his income-even if his income is mostly paid for by us taxpayers-on the sales taxes for pipes and razor blades than the billionaire pays the lefties will claim the billionaire isn't paying enough

  3. #253
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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.
    You don't understand, the 1st $5 million is tax free, it's only the remainder that is taxed

  4. #254
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by iguanaman View Post
    You don't understand, the 1st $5 million is tax free, it's only the remainder that is taxed

    and Obama and l lots of dems want to drop the exemption down to 1 million and jack the rates way up

  5. #255
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by LaMidRighter View Post
    It's funny how definitions come about regarding fairness. "Thanks for paying taxes during your wealth accumulation, it's only fair that the accumulated value is subject to a different tax when you transfer to those you care about because John Doe fast food worker doesn't have as much as you do because he didn't make sacrifices, but that's irrelevant we want to be "fair"".

    Well, what I don't get is how it seems they visualize this wealth. As though millionaires kept money-vaults a'la Scrooge McDuck, and they were just taking a portion of that.

  6. #256
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    Re: which best describes your view of the inheritance tax?

    Inherited wealth is anti American. It runs contrary both to our opposition to aristocracy and the American Dream of self made success.

    First, power in this country is meant to be accountable to the people, and not simply handed off to one's descendants. Everyone with half a brain knows that wealth translates directly into power in this country, and so the ability to pass wealth on stagnates power in the hands of an un-elected elite. Our democratic system was created entirely in opposition to the English aristocracy, and so to mirror it through an informal and thus less accountable monetary system is to betray everything this country was founded on.

    Second, in this country, we have the ideal of equal opportunity to succeed for everyone. Starting out rich hardly qualifies. Ensuring that no one is born into poverty is infinitely more important and more moral than protecting inheritance. If we were really serious about a commitment to equal opportunity, and giving everyone a chance to succeed, taxing inheritance and massive fortunes to pay for programs to eliminate poverty would the most appropriate means to do this. It's honestly shameful that the wealthy in this country care so much more for their bank accounts than for living, breathing human beings who are suffering.

    These are ideological maxims. I would not advocate abolition of inheritance in its entirety, only that it be subordinate to more important social pressures. Private wealth at the expense of public good is anti American and unpatriotic. And we should use taxes to accomplish the more important goals. Once everyone is taken care of, then those who contribute more to society, like inventors, leaders, artists, and scientists, should be able to do whatever they want to with their leftovers. But the advancement of overall public good (which, of course, makes the whole county wealthier and more prosperous) is much more important.
    Liberté. Égalité. Fraternité.

  7. #257
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by cpwill View Post
    Well, what I don't get is how it seems they visualize this wealth. As though millionaires kept money-vaults a'la Scrooge McDuck, and they were just taking a portion of that.
    A lot of people think wealth is a "zero sum" game, in that they believe if someone else attains it the pot gets smaller. The ridiculous nature of this is that they spend more time worrying about what the other guy has than learning how to get there. It only accomplishes taking money out of the private sector that would have been used for maintaining, expanding, or expenditures that can only grow an economy. Even money in an account grows the economy by allowing for loans and investments. These pro-taxers don't tend to show an understanding of the importance of building an estate not only for personal benefit but that it has a net positive aggregate effect on the rest of the economy.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

  8. #258
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    e"


    I pay 15% on investment income-the HIGHEST RATE
    Yes, we know that you receive a preferential and discriminatory rate on capital gains which permits you to pay some 60% less than others do on the same money earned as salary or wages.

    That is a disgraceful abomination which must be stopped.

    But thank you for the admission.
    __________________________________________________ _
    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

  9. #259
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Paschendale View Post
    Inherited wealth is anti American. It runs contrary both to our opposition to aristocracy and the American Dream of self made success.

    First, power in this country is meant to be accountable to the people, and not simply handed off to one's descendants. Everyone with half a brain knows that wealth translates directly into power in this country, and so the ability to pass wealth on stagnates power in the hands of an un-elected elite. Our democratic system was created entirely in opposition to the English aristocracy, and so to mirror it through an informal and thus less accountable monetary system is to betray everything this country was founded on.

    Second, in this country, we have the ideal of equal opportunity to succeed for everyone. Starting out rich hardly qualifies. Ensuring that no one is born into poverty is infinitely more important and more moral than protecting inheritance. If we were really serious about a commitment to equal opportunity, and giving everyone a chance to succeed, taxing inheritance and massive fortunes to pay for programs to eliminate poverty would the most appropriate means to do this. It's honestly shameful that the wealthy in this country care so much more for their bank accounts than for living, breathing human beings who are suffering.

    These are ideological maxims. I would not advocate abolition of inheritance in its entirety, only that it be subordinate to more important social pressures. Private wealth at the expense of public good is anti American and unpatriotic. And we should use taxes to accomplish the more important goals. Once everyone is taken care of, then those who contribute more to society, like inventors, leaders, artists, and scientists, should be able to do whatever they want to with their leftovers. But the advancement of overall public good (which, of course, makes the whole county wealthier and more prosperous) is much more important.
    many of the highest earning women tennis players were blessed with the genes of extremely athletic parents

    how are you going to prevent that sort of inequality. Both my parents were extremely well educated and tested on the far right of the bell curve. Again that gave me a huge advantage. and look at all those models-they got the beauty genes that lead to millions of dollars

    so if you wanna whine about having industrious parents maybe you want to tax Andre Agassi and Steffi Graf's children for having parents with off the chart athletic talent.

  10. #260
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    Re: which best describes your view of the inheritance tax?

    In theory, if I didn't have to worry about any practical issues, abolishing inheritance would be the way to go. Use the money collected to give everybody a much better life. For example, you could easily provide free health care, free education, and eliminate the sales and property taxes while still covering the entire deficit and starting to pay down the debt if you had a 100% estate tax. People would thrive or flounder based more on their own efforts than on those of their parents.

    But, in reality that isn't practical. People wouldn't just leave all the money to the government that they leave to their kids today. They'd find ways to sneak it to their kids and evade the estate tax. People would have to move out of their own homes when a parent dies. Small family businesses would need to be sold off. The practical concerns are too great, so I voted for a 1 million exemption. That doesn't totally solve all the practical issues, but it lessens them to a manageable level.
    Total tax rates- People living in poverty: 16.2%. The median American: 27%. Working people who make over $140k/year: 31%. The top 1%: 30%. Super rich investors: around 15%. Help the democrats retake the house.

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