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. #41
    Sage

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

    Quote Originally Posted by LaMidRighter View Post
    Newsflash for YOU. Taxing money more than once is supposed to be ILLEGAL, your type has ignored that over the years to the detriment of American tax contributors and businesses.
    Really!??!?!?! You need a lesson in economics.

    Money is taxed over and over and over again. I get paid and pay tax on that money - all of my salary is taxed. So I take $100 dollars of it - write HAYMARKET on it and go to the store with it. I buy something for $100 and hand my bill with my name on it to the cashier who charges me 6% tax on that purchase. My $100 dollar bill - of which I was already taxed in income tax from my salary - is now subject to another tax. It is taxed twice.

    So the cashier turns it over to the store. Later, a supplier who insists on being paid in cash, makes a delivery and part of his payment is my $100 bill. He signs a receipt and acknowledges that he is responsible for his own taxes on the money. So he pays tax on my $100 bill also. He goes to the gas station and fills up his truck and the cost is $100.00 which he pays for with my bill with my name on it. Some 15 to 20% of what he paid for is tax.

    The gas station owner takes the bill and pays a snow plow driver the next day to plow out the station after five inches of snow. He pays income tax on his income of the $100 bill.

    And on and on and on it goes. And that is just day one. Each day that same money changes owners and is taxed again and again and again.

    Welcome to the real world of low finance.
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  2. #42
    Sage
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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?Play nice folks or someone will go to the corner.
    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

  3. #43
    warrior of the wetlands
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    Really!??!?!?! You need a lesson in economics.

    Money is taxed over and over and over again. I get paid and pay tax on that money - all of my salary is taxed. So I take $100 dollars of it - write HAYMARKET on it and go to the store with it. I buy something for $100 and hand my bill with my name on it to the cashier who charges me 6% tax on that purchase. My $100 dollar bill - of which I was already taxed in income tax from my salary - is now subject to another tax. It is taxed twice.

    So the cashier turns it over to the store. Later, a supplier who insists on being paid in cash, makes a delivery and part of his payment is my $100 bill. He signs a receipt and acknowledges that he is responsible for his own taxes on the money. So he pays tax on my $100 bill also. He goes to the gas station and fills up his truck and the cost is $100.00 which he pays for with my bill with my name on it. Some 15 to 20% of what he paid for is tax.

    The gas station owner takes the bill and pays a snow plow driver the next day to plow out the station after five inches of snow. He pays income tax on his income of the $100 bill.

    And on and on and on it goes. And that is just day one. Each day that same money changes owners and is taxed again and again and again.

    Welcome to the real world of low finance.
    You seem to ignore the difference between properly taxed transactions that result in income exchanged for value be it goods or services vs gifts which were never seen as taxable transactions until the greedy parasites in government decided they needed more money to waste

    this sort of madness is why there should only be a consumption tax. lefties have proven that they want to get their paws on any activity that they can use to justify taking more money from the citizens. why aren't loans taxed? wait I suspect those who worship the government and want it to have more money will try to do that

  4. #44
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    Quote Originally Posted by LaMidRighter View Post
    Because they pay as they earn it, the money you are laying claim to has been taxed at least once and sometimes more than twice. You are talking about further taxing already taxed money with no actual justification other than empty emotion. That is why.
    All money is in circulation. My boss paid taxes on profits. Our customers paid taxes in their pay before that. When you recieve money you didn't have before that is income and should be subject to appropriate tax.

  5. #45
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    Re: which best describes your view of the inheritance tax?

    To rehash my own beliefs in simpler terms:

    I believe only national income should be taxable (essentially anything included under Y = C+I+G+(N-X)). Transfers of wealth do not fall under that category.

  6. #46
    warrior of the wetlands
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by kenvin View Post
    All money is in circulation. My boss paid taxes on profits. Our customers paid taxes in their pay before that. When you recieve money you didn't have before that is income and should be subject to appropriate tax.
    so a loan should be taxed?

  7. #47
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    Really!??!?!?! You need a lesson in economics.

    Money is taxed over and over and over again. I get paid and pay tax on that money - all of my salary is taxed. So I take $100 dollars of it - write HAYMARKET on it and go to the store with it. I buy something for $100 and hand my bill with my name on it to the cashier who charges me 6% tax on that purchase. My $100 dollar bill - of which I was already taxed in income tax from my salary - is now subject to another tax. It is taxed twice.

    So the cashier turns it over to the store. Later, a supplier who insists on being paid in cash, makes a delivery and part of his payment is my $100 bill. He signs a receipt and acknowledges that he is responsible for his own taxes on the money. So he pays tax on my $100 bill also. He goes to the gas station and fills up his truck and the cost is $100.00 which he pays for with my bill with my name on it. Some 15 to 20% of what he paid for is tax.

    The gas station owner takes the bill and pays a snow plow driver the next day to plow out the station after five inches of snow. He pays income tax on his income of the $100 bill.

    And on and on and on it goes. And that is just day one. Each day that same money changes owners and is taxed again and again and again.

    Welcome to the real world of low finance.
    Which has absolutely nothing to do with multiple taxation. Try again.
    Neither side in an argument can find the truth when both make an absolute claim on it.

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  8. #48
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    Really!??!?!?! You need a lesson in economics.

    Money is taxed over and over and over again. I get paid and pay tax on that money - all of my salary is taxed. So I take $100 dollars of it - write HAYMARKET on it and go to the store with it. I buy something for $100 and hand my bill with my name on it to the cashier who charges me 6% tax on that purchase. My $100 dollar bill - of which I was already taxed in income tax from my salary - is now subject to another tax. It is taxed twice.

    So the cashier turns it over to the store. Later, a supplier who insists on being paid in cash, makes a delivery and part of his payment is my $100 bill. He signs a receipt and acknowledges that he is responsible for his own taxes on the money. So he pays tax on my $100 bill also. He goes to the gas station and fills up his truck and the cost is $100.00 which he pays for with my bill with my name on it. Some 15 to 20% of what he paid for is tax.

    The gas station owner takes the bill and pays a snow plow driver the next day to plow out the station after five inches of snow. He pays income tax on his income of the $100 bill.

    And on and on and on it goes. And that is just day one. Each day that same money changes owners and is taxed again and again and again.

    Welcome to the real world of low finance.
    You're not making the distinction between payments for goods and services and labor, which is consumption/investment that can and SHOULD be taxed as income, and simple transfer payments. One involves an equal exchange of value, the other does not.
    Last edited by StillBallin75; 01-29-12 at 12:11 AM.

  9. #49
    warrior of the wetlands
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by StillBallin75 View Post
    To rehash my own beliefs in simpler terms:

    I believe only national income should be taxable (essentially anything included under Y = C+I+G+(N-X)). Transfers of wealth do not fall under that category.
    I don't believe any income should be taxed. this would get rid of the class envy we see, it would get rid of punishing the frugal and it would capture tons of unreported or illegal income

    most importantly, it will castrate a far too powerful federal government from playing the different tax brackets against each other (or the current rage among the left-those with investment income vs those with earned income)

  10. #50
    warrior of the wetlands
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by StillBallin75 View Post
    You're not making the distinction between payments for goods and consumption which can and SHOULD be taxed as income, and simple transfer payments. One involves an equal exchange of value, the other does not.
    Of course not-such a distinction would prevent justifying the government getting more money

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