View Poll Results: which best describes your view of the inheritance tax?

Voters
153. You may not vote on this poll
  • 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%
Page 35 of 195 FirstFirst ... 2533343536374585135 ... LastLast
Results 341 to 350 of 1947

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

  1. #341
    Sage

    Join Date
    Sep 2010
    Last Seen
    Today @ 11:38 AM
    Lean
    Undisclosed
    Posts
    89,633

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

    There is an old expression that one cannot see the forest for the trees. When I see the labored mental processes that some are putting themselves through to show problems with estate taxes - invoking the memories of relatives who could not manage a business and pay their tax - and other such examples, the expression is crystal clear.

    The fact is this and it must be dealt with: Most people in this country make their money from working for it. Their income comes in the form of wages... salary ... a paycheck. And on that income they pay a tax which can be as high as 35%. That is the rule for the vast vast majority of people in America. These are the hard working people that keep America going and are the backbone of society.

    Then we have a much smaller group who make their money from their investments -capital gains. For the most part, they are a different group of people who have lots of extra income that they do not need for food or shelter or housing or clothing or medical expenses or anything else associated with the daily struggle just to keep body and soul together. They take this extra money and invest in and then pay 15% on the income derived from those investments. For a variety of reasons, political, economic and social - the government extends them a discriminatory and preferential tax rate of 15%.

    Then we have people who, through the good fortune of the lottery of birth, were born into a family of means and wealth and at some point they inherit a large amount of money. For a variety of reasons political, economic and social - they get healthy exemptions against paying any tax on it for the first 5 million dollars. In addition, one can use the assistance of professionals to lower the expected tax bill of 35% upon the remaining portion. Some even point out that more is spent fighting to lower the actual tax paid than is collected.

    What we end up with is an American society where the vast majority of people are paying taxes on their source of money while others are earning far more and paying far less of a percentage on their source of money.

    TAX FAIRNESS. That is the issue which angers so many Americans.

    When we see the details of a Mitt Romney - to use the obvious example in the news - it angers people because they view it as a violation of basic justice.

    And all the individual stories about hard working uncles do not speak to the dissatisfaction that Americans have about this lack of basic justice when it comes to discriminatory government laws favoring one source of money over others.
    __________________________________________________ _
    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

  2. #342
    Banned
    Join Date
    Oct 2011
    Location
    Penn's Woods
    Last Seen
    09-01-12 @ 09:09 PM
    Lean
    Independent
    Posts
    2,984

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

    Quote Originally Posted by haymarket View Post
    Then we have people who, through the good fortune of the lottery of birth, were born into a family of means and wealth and at some point they inherit a large amount of money.
    I can't look at a parent giving to his child in the same way as a salary income or dividend income. I can't see classifying wealth given by one's parent as taxable income. Parents give to their children all the time. Call me crazy, but I just don't see it as a taxable event.

  3. #343
    Banned
    Join Date
    Sep 2005
    Location
    Ohio
    Last Seen
    02-10-12 @ 03:36 AM
    Gender
    Lean
    Liberal
    Posts
    845

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

    Quote Originally Posted by Viktyr Korimir View Post
    Premise 3 is an excellent argument in favor of the progressive income tax, which you know I support, but it doesn't justify an inheritance tax. The amount of revenue that you can generate via this method of taxation is simply not enough to justify the harm that it causes to small businesses, whom it unduly burdens. When the Waltons have to pay a death tax, they sell a few million dollars' worth of stock and nobody loses their job; when the owners of a family-owned ranch have to pay a death tax, they have to sell the whole goddamned thing. If you're worried about unduly burdening the middle class, you need to understand that this kind of tax hurts them most of all, and it hurts them more than any other kind of tax. This is the tax that kills small businesses and thwarts upward mobility in this country.

    It isn't enough that the death tax is dead. Its head needs to be cut off, its mouth stuffed with garlic, and it needs to be buried at the crossroads.
    But if it's fulfilling its purpose with the Waltons, why do we need to send it to its Final Death when an exemption for small businesses would suffice?

  4. #344
    Baby Eating Monster
    Korimyr the Rat's Avatar
    Join Date
    Feb 2006
    Location
    Laramie, WY
    Last Seen
    11-23-17 @ 02:02 PM
    Gender
    Lean
    Libertarian - Left
    Posts
    18,709
    Blog Entries
    1

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

    Quote Originally Posted by cpwill View Post
    hmmm..
    Missed the mark on that one. He isn't arguing marginal utility to the taxpayer-- that the rich guy won't miss his last dollar as much-- but rather fluidity: the more money a person receives, the smaller a proportion of his money he is going to spend, because your economic demands don't rise in proportion to your income. You take the poor man's last dollar, it's the same as taking almost that whole dollar directly out of the till of the local pub-- who would have also paid taxes on it-- while when you take the rich man's last dollar, you're taking it out from under his mattress where it would have been eaten by rats.

    Rich people have rats under their beds too, right?

    And that's why he's arguing for the death tax. Basically, he's arguing that taking what's left of the dead guy's money out from under his mattress and putting it all under someone else's mattress isn't very helpful, while taking the dead guy's money and spending it on all the stupid **** poor people buy helps create jobs in the all-important stupid **** industry.

    Of course, he's still overlooking the fact that the death tax has a ridiculous amount of overhead, so it's more like taking the dead guy's money and setting it on fire, with the government picking up the tab for the accelerant.

    Quote Originally Posted by Befuddled_Stoner View Post
    But if it's fulfilling its purpose with the Waltons, why do we need to send it to its Final Death when an exemption for small businesses would suffice?
    Because, basically, it's impossible to set the exemption high enough not to screw over family-owned businesses or the tax rate high enough that it actually affects the Waltons. It is not possible to make this tax function the way that it is intended to, and no matter what you do with it, the benefit never outweighs the harm. It's just bad policy.
    Last edited by Korimyr the Rat; 01-30-12 at 08:40 AM.

  5. #345
    Banned
    Join Date
    Sep 2005
    Location
    Ohio
    Last Seen
    02-10-12 @ 03:36 AM
    Gender
    Lean
    Liberal
    Posts
    845

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

    Your link looks interesting, like its got some real intellectual merit. I'll give it a perusal in hopes of finding some meaty arguments to help me better understand the concept of marginal utility.

  6. #346
    Sage

    Join Date
    Sep 2010
    Last Seen
    Today @ 11:38 AM
    Lean
    Undisclosed
    Posts
    89,633

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

    Let us take three examples.

    case #1 George Brown. Works as a record producer and has risen up in the ranks due to hard work and his own talent. He made an income of $800,000.00 in 2011. His tax rate is 35%. Without any deductions, his tax bill is $280,000.00 in federal income tax.

    case #2 is Susan Green. She does not work at a job. She has a portfolio of investments and lives off that income. In 2011, she earned an income of $800,000.00 in long term capital gains. Her tax rate is 15%. Without any deductions, her tax bill is $120,000.00 in federal income tax.

    case #3 is Tom Wallace. He did not work in 2011. He did inherit $800,000.00 from his father who died leaving him the money. Because of the 5 million dollar exemption, his tax rate on the $800,000.00 is zero percent. His tax bill is nothing - zero dollars in federal income tax.

    So we have three Americans all who placed $800,000.00 into their pockets in 2011.
    One paid $280,000.-- in federal tax upon that sum.
    Another paid $120,000.00 in federal tax upon that sum.
    A third paid $0.00 in federal tax upon that sum.

    Now explain to me, why the American people - the vast vast majority of which get their money from wages and salary, should support this sort of system which discriminates among sources of money and applies discriminatory rates to them?
    __________________________________________________ _
    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

  7. #347
    Banned
    Join Date
    Oct 2011
    Location
    Penn's Woods
    Last Seen
    09-01-12 @ 09:09 PM
    Lean
    Independent
    Posts
    2,984

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

    Quote Originally Posted by haymarket View Post
    Let us take three examples.

    case #1 George Brown. Works as a record producer and has risen up in the ranks due to hard work and his own talent. He made an income of $800,000.00 in 2011. His tax rate is 35%. Without any deductions, his tax bill is $280,000.00 in federal income tax.

    case #2 is Susan Green. She does not work at a job. She has a portfolio of investments and lives off that income. In 2011, she earned an income of $800,000.00 in long term capital gains. Her tax rate is 15%. Without any deductions, her tax bill is $120,000.00 in federal income tax.

    case #3 is Tom Wallace. He did not work in 2011. He did inherit $800,000.00 from his father who died leaving him the money. Because of the 5 million dollar exemption, his tax rate on the $800,000.00 is zero percent. His tax bill is nothing - zero dollars in federal income tax.

    So we have three Americans all who placed $800,000.00 into their pockets in 2011.
    One paid $280,000.-- in federal tax upon that sum.
    Another paid $120,000.00 in federal tax upon that sum.
    A third paid $0.00 in federal tax upon that sum.

    Now explain to me, why the American people - the vast vast majority of which get their money from wages and salary, should support this sort of system which discriminates among sources of money and applies discriminatory rates to them?
    I support it because I feel that once a parent has earned his money it doesn't matter to whom he gives it. He has paid taxes on his earnings and may give those earnings to whomever he wishes. Giving it to a spouse or children should not be considered giving them income, in my opinion. That's how I justify it.

  8. #348
    Sage

    Join Date
    Sep 2010
    Last Seen
    Today @ 11:38 AM
    Lean
    Undisclosed
    Posts
    89,633

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

    Quote Originally Posted by Centinel View Post
    I support it because I feel that once a parent has earned his money it doesn't matter to whom he gives it. He has paid taxes on his earnings and may give those earnings to whomever he wishes. Giving it to a spouse or children should not be considered giving them income, in my opinion. That's how I justify it.
    What you have done is given us your personal opinion about it based on your ideological beliefs. And Centinel, lets face it, your ideological beliefs about politics are certainly NOT those of the average American. I am not knocking you for that or ripping on you for that. Its just reality. And even then you only spoke to the inheritance aspect and ignored the capital gains aspect.

    So why should the average American, who makes their money through salary and wages, support such a system knowing full well that they are taxed in ways that make them the losers in this system because they earn their money through work and labor?

    Explain to George Brown why he should support a system that demands he pay $280,000.00 on the same amount of money that Susan Green only pays $120,000.00 or Tom Wallace pays nothing at all on the exact same amount going into his pocket.
    Last edited by haymarket; 01-30-12 at 09:19 AM.
    __________________________________________________ _
    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. #349
    Banned
    Join Date
    Jan 2006
    Location
    United States
    Last Seen
    01-21-16 @ 12:21 PM
    Gender
    Lean
    Independent
    Posts
    51,124

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

    A dollar should be taxed only once: when it's spent.

  10. #350
    Sage

    Join Date
    Sep 2010
    Last Seen
    Today @ 11:38 AM
    Lean
    Undisclosed
    Posts
    89,633

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

    Quote Originally Posted by Jerry View Post
    A dollar should be taxed only once: when it's spent.
    While you may indeed be more that willing to allow political ideology to trump your own practical economic situation, I doubt that the vast majority of Americans are.
    __________________________________________________ _
    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

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •