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. #21
    Basketball Nerd
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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.
    Why should "they have too much" or "they have more than they need to be happy" be a prima facie argument for the government taxing it? After all, that wealth has already been taxed at least once when the individual earned it.
    Last edited by StillBallin75; 01-28-12 at 11:36 PM.

  2. #22
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by MaggieD View Post
    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%.
    There was an article done about the death of George Steinbrenner, they said if he had passed in 2011 versus 2010 the family would not have been able to pay the taxes and keep the New York Yankees. Some people who say "but they didn't earn it anyway" are fools, Hal and his brother Hank were making executive decisions with their dad for years before he passed, and because they were not yet principle owners but would inherit the contolling interest they would have lost all their dad and themselves had worked for due to the tax code. Yet another reason the inheritance tax is a punitive onerous and needless tax.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

  3. #23
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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.
    Having a surplus of money is wise.
    For one, if you can't work anymore government disability insurance doesn't cover a similar lifestyle.
    If you have a temporary emergency, having the extra cash to cover any losses or repairs is a life saver.

    I've been at barely getting by and it blows.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

  4. #24
    warrior of the wetlands
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    Re: which best describes your view of the inheritance tax?

    an interesting article I just read from another board-has some major relevance here


    Angry about inequality? Don’t blame the rich. - The Washington Post

  5. #25
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    an interesting article I just read from another board-has some major relevance here


    Angry about inequality? Don’t blame the rich. - The Washington Post
    I'm surprised that came from the WaPo. They are almost left of the NYT. Good one though.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

  6. #26
    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
    I'm surprised that came from the WaPo. They are almost left of the NYT. Good one though.
    Yeah I did a double take thinking it was the Moon Unit Paper the WT

  7. #27
    Sage

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

    Any transfer of money should simply be considered as income and taxed at the appropriate rate. On millions of dollars that would be 35%.

    Nothing could be fairer.
    __________________________________________________ _
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  8. #28
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    Any transfer of money should simply be considered as income and taxed at the appropriate rate. On millions of dollars that would be 35%.

    Nothing could be fairer.
    NO what would be fairer is that if you crave the government take more wealth from people the taking is at the same rate for everyone

  9. #29
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    Any transfer of money should simply be considered as income and taxed at the appropriate rate. On millions of dollars that would be 35%.

    Nothing could be fairer.
    It makes no sense to do so. Transfer payments from one individual to another don't fall under "national income,' and moreover, the wealth in that transfer has at one time or another already been taxed as income. That is my argument for why they should not be taxed.

    If you give a friend $5 bucks for losing a bet, should that be taxed? Or simply considered a transfer of wealth between two individuals and left alone?
    Last edited by StillBallin75; 01-28-12 at 11:55 PM.

  10. #30
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    Quote Originally Posted by TurtleDude View Post
    why does the government have such a need? why give an irresponsible spending entity more money to waste?
    Government runs on taxes. I see no reason a chemist or Dr. Should pay more on the money they recieve than someone who didn't even earn it.

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