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. #361
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    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.
    But that doesn't really result in money getting taxed only once any more than income tax does. Look at the same situation both ways.

    With an income tax I get paid, and some of it is taken in taxes. I take some of that money to the local gun store and buy that new shotgun I've had my eye on. My money (which has already been taxed once) becomes income for the owner (or some of it does anyway), and gets taxed a second time.

    With a sales tax, I get paid. I take some of that money to the local gun store to buy that new shotgun I've had my eye on, at which point it is taxed. The owner takes some of it as income, and goes and spends it on gas or groceries, or whatever, and it gets taxed a second time.
    If you build a man a fire, he'll be warm for a day.

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  2. #362
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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"?
    well, Haymarket here is referencing the Great Liberal Hope - that enough Americans can be convinced they have a right to someone else's stuff. If you actually have some kind of sense that that is wrong, and hold to it, it makes you an oddity. If you ever want to laugh your head off read "Whats The Matter With Kansas".

    Another assumption is that the wealthy are Scrooge McDuck / Monopoly Man style characters who inherited vast sums and so on and so forth. Given that the vast majority of millionaires in this country are self-made, nothing could be further from the truth, but there you have it. The notion, therefore, that someone so educationally challenged as to have to serve in the military could reasonably anticipate one day accumulating wealth, therefore, is sort of beyond their range of beliefs.
    Last edited by cpwill; 01-30-12 at 06:02 PM.

  3. #363
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by cpwill View Post
    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.



    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.



    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.



    attempting to conflate capital gains tax with death/estate tax = fail.
    I read and reread you post and I have rarely seens such utter contempt for your fellow Americans.

    Low information voters....... really now!?!? it would seem to me people who understand that they are getting the short end of the stick by a system which treats the money of wealthy different than it does the money the working class earns are very high information voters. They have absorbed some very valuable information and it is driving the reality of their anger.

    I love it when you and others grab your handy dandy referee suit from the closet and proclaim FAIL because you disagree with somebodys post based on your own peculiar slant. It would be downright hilarious were it not so self serving and disingenuous.

    The fact is a simple one and all the parsing semantics about what income is or what wealth is or what money is means nothing. The fact that matters is that working people have finally caught on that the game is rigged in the favor of people who get their money through capital gains and inheritance.

    Somebody who pockets $800K in wages, pays 35% on it. That is $280,000.00.
    Somebody who pockets the same $800K in capital gains pays 15% on it. That is $120,000.00.
    Somebody who pockets the same $800K in inheritance pays 0% on it. That is $0.00.

    The warrior of the right through their libertarian and conservative think tanks have tried to brainwash average working people to go against their own economic interests for a long time now. Sadly, this Machiavellian plot has worked with some. But illumination and education is going on all over the land and people are wising up.

    Again, tell the person paying $280,000.00 in taxes on the same amount of money why they should support a system which taxed them at that level while somebody else on the same amount paid $120,000.00 and others paid nothing at all.

    You want to educate those people you look down your nose upon and label as "low information voters"? Start there.
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  4. #364
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by cpwill View Post
    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.



    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.



    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.



    attempting to conflate capital gains tax with death/estate tax = fail.
    Notice how certain people have to use weak focus words like "justice" "fairness" etc. without any legitimate context. I swear the discourse is bordering on sophomoric.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

  5. #365
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by LaMidRighter View Post
    Notice how certain people have to use weak focus words like "justice" "fairness" etc. without any legitimate context. I swear the discourse is bordering on sophomoric.
    Notice how some people whine and com,plain about a lack of legitimate context when the legitimate context was right in front of their eyes the whole time but they ignored in in favor of making an ad hominem attack?
    __________________________________________________ _
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  6. #366
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    Notice how some people whine and com,plain about a lack of legitimate context when the legitimate context was right in front of their eyes the whole time but they ignored in in favor of making an ad hominem attack?
    I wasn't talking to you. CYA
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

  7. #367
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by LaMidRighter View Post
    I wasn't talking to you. CYA
    You confuse me with somebody who cares who you were talking to. I have a right to jump in and post when you speak to somebody on an issue where they produced MY FREAKIN POST and used it as a springboard and you then responded to it.

    Here is your precious context: go to post 341 and read that for context.

    Or read this for even more context:

    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

  8. #368
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    You confuse me with somebody who cares who you were talking to. I have a right to jump in and post when you speak to somebody on an issue where they produced MY FREAKIN POST and used it as a springboard and you then responded to it.

    Here is your precious context: go to post 341 and read that for context.

    Or read this for even more context:

    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?
    Whatever. I really stopped taking you seriously ages ago and don't really care what you think or what you think your rights or your business is. Dismissed.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

  9. #369
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by LaMidRighter View Post
    Whatever. I really stopped taking you seriously ages ago and don't really care what you think or what you think your rights or your business is. Dismissed.
    That is a lie. You only pretend to stop when you get shot down in cases like you just did. And then its a matter of self preservation.

    You are infamous for sticking your neck out trying to be clever, getting it chopped off because you made no sense and then claiming you forced somebody to give you a free haircut.
    Last edited by haymarket; 01-30-12 at 06:48 PM.
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  10. #370
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    Re: which best describes your view of the inheritance tax?

    Moderator's Warning:
    which best describes your view of the inheritance tax?What we have here... is a failure to communicate.

    You two play nice or I'll take your balls and go home.

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