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. #351
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    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.
    You asked for my opinion, so I gave you my opinion. And yes, my opinion is based upon my personal values and principles.

    As far as capital gains, I honestly don't care. The only problem I have with capital gains is that the gain ought to be true gains, not gains due to devaluation of the currency. As far as the rate, there must be some reason why the law specifies a lower rate. Perhaps the rate is lower for a good reason.

    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?
    Once a person pays income tax on their earnings, they should be able to share their own money to their spouse or children without their spouse or children being taxed on it. Money or wealth moving among family members does not seem to me like a taxable event.

    I actually think that the average American shares this opinion.

  2. #352
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    Re: which best describes your view of the inheritance tax?

    Public opinion polls say otherwise. And it is not hard to find them and I am sure you have seen them. The overwhelming majority of people want taxes increased upon the wealthy. The obvious way to do that is to see what discriminatory practices have allowed the rich to get preferential treatment and change that so all sources of income are taxed according to the same schedule.

    http://www.cbsnews.com/8301-503544_1...58-503544.html

    Fifty-six percent of Americans think taxes should be increased on households earning $250,000 a year or higher to help lower the deficit, while 37 percent say taxes should not be raised on those households.
    http://www.gallup.com/poll/149567/am...xing-rich.aspx

    66% favor tax increases on upper earners.

    http://www.cbsnews.com/8301-503544_1...-millionaires/

    Six in ten Americans believe Congress should raise taxes on Americans earning more than $1 million per year, according to a new CBS News poll, while only 35 percent oppose such an increase.
    http://politicalticker.blogs.cnn.com...spending-cuts/

    According to the poll, 63 percent say the super committee should call for increased taxes on higher-income Americans and businesses, with 36 percent disagreeing
    http://www.dailykos.com/story/2011/0...suranceprogram

    On tackling the deficit, voters by a margin of 2-to-1 support raising taxes on incomes above $250,000, with 64 percent in favor and 33 percent opposed.
    Independents supported higher taxes on the wealthy by 63-34 percent; Democrats by 83-15 percent; and Republicans opposed by 43-54 percent....

    Most Americans DO NOT agree with you. They DO NOT share your opinion.

    So now convince them they are wrong and they should support a system which rewards others and hits them harder for making the same amount of money.
    Last edited by haymarket; 01-30-12 at 10:06 AM.
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  3. #353
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    Re: which best describes your view of the inheritance tax?

    While I believe a person should be able to pass on their wealth to their children, over time the funds can accumulate to such massive sums that it distorts the economy and the money itself becomes a money manipulator, self generates greater masses of income, and is raw weapon against economic competitors, money markets and overall economic health. In a sense, generation to generation growing astronomical sums of wealth becomes destructive even to those receiving it.

    An inheritance tax also forces at least some effort be made to invest the money into some functional usages (to reduce the taxable estate) rather than just money making more money by virtue of having massive gobs of money.

    So while I believe a person should be able to pass on even great wealth, perpetually growing astronomical sums should have some braking effect across generations.
    Last edited by joko104; 01-30-12 at 09:55 AM.

  4. #354
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    Public opinion polls say otherwise. And it is not hard to find them and I am sure you have seen them. The overwhelming majority of people want taxes increased upon the wealthy. The obvious way to do that is to see what discriminatory practices have allowed the rich to get preferential treatment and change that so all sources of income are taxed according to the same schedule.

    Polls show most Americans support raising taxes on wealthy - Political Hotsheet - CBS News



    Americans Favor Jobs Plan Proposals, Including Taxing Rich

    Poll: Most back raising taxes on millionaires - Political Hotsheet - CBS News

    New CNN Poll: Majority want tax increase for wealthy and deep spending cuts – CNN Political Ticker - CNN.com Blogs

    Daily Kos: Marist/McClatchy poll: Raise taxes on the rich, preserve social insurance*program

    Most Americans DO NOT agree with you. They DO NOT share your opinion.

    So now convince them they are wrong and they should support a system which rewards others and hits them harder for making the same amount of money.
    I'm not sure these polls reflect people's opinions on inheritance taxes.

    But who knows? Maybe I'm wrong and the majority of people do indeed wish to tax transfers of money between family members. In that case, I would once again find myself in the minority. I still think that it seems ridiculous to consider transferring wealth from one family member to another as taxable income.

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

    Quote Originally Posted by Centinel View Post
    I'm not sure these polls reflect people's opinions on inheritance taxes.

    But who knows? Maybe I'm wrong and the majority of people do indeed wish to tax transfers of money between family members. In that case, I would once again find myself in the minority. I still think that it seems ridiculous to consider transferring wealth from one family member to another as taxable income.
    If you have other data, I would be glad to look at it.
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  6. #356
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by joko104 View Post
    While I believe a person should be able to pass on their wealth to their children, over time the funds can accumulate to such massive sums that it distorts the economy and the money itself becomes a money manipulator, self generates greater masses of income, and is raw weapon against economic competitors, money markets and overall economic health. In a sense, generation to generation growing astronomical sums of wealth becomes destructive even to those receiving it.
    See, this is another reason why I support creating tax incentives for rich people to have more children. After a few generations of fiscally-motivated fertility, the wealth isn't so "accumulated" anymore.

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

    Quote Originally Posted by haymarket View Post
    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.
    What do you think you know about my "practical economic situation"?

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

    Quote Originally Posted by Jerry View Post
    What do you think you know about my "practical economic situation"?
    Perhaps I am wrong, but I see a younger guy in a military uniform and figured that was your current occupation.

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

    Quote Originally Posted by Viktyr Korimir View Post
    See, this is another reason why I support creating tax incentives for rich people to have more children. After a few generations of fiscally-motivated fertility, the wealth isn't so "accumulated" anymore.
    An alternative also would be to have automatic will allocations despite written will beyond a certain level of wealth to more dilute the mass wealth accumulation - meaning not just children or spouses but also cousins, nephews, nieces, aunts, uncles, way down the ancestry scale. I can't see that happen but that would prevent the accumulation of literally tens of billions of dollars for which those sums can manipulate virtually any market and can outright crush any competition by raw money power.

  10. #360
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    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
    again, if it were just money it would be one thing - but you are attempting to go after wealth; and there your logic breaks down. the government does not deserve a piece of whatever one generation passes down to the next.

    TAX FAIRNESS. That is the issue which angers so many Americans.
    low information Americans, perhaps - the average effective FIT rate for an wage-earner is below the 15% paid by those who live on capital gains.

    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.
    then (again), they are low-information citizens working off of a false premise. I can see why we would want to mount an education campaign, but not why we would wish to encourage them in their false beliefs unless we wished to demagogue and take advantage of their ignorance for our own ends.

    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.
    attempting to conflate capital gains tax with death/estate tax = fail.

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