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. #531
    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
    New owner of the money since it changed hands. New tax on it with the new owner. Thus, it has not already been taxed on current owner.

    That is the way money works. The same money is taxed again and again and again when it changes hands - just like an inheritance.
    this is a specious argument used to justify taking more money from people for the government to waste

  2. #532
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    New owner of the money since it changed hands. New tax on it with the new owner. Thus, it has not already been taxed on current owner.

    That is the way money works. The same money is taxed again and again and again when it changes hands - just like an inheritance.
    ..and if the inheritance goes to the wife?... you want that taxed again too?.. even though it's basically hers through common law?

  3. #533
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    so do i but taxing those who aren't the cause of the massive spending and who pay too much isn't the proper avenue
    When the wealthy begin paying the same percentage on taxes on all their sources of money as other wealthy do from wages - then you can begin complaining about fairness. Until that happens - its hollow and empty and worthless since it is a fraud based on a lie.

    And we are ALL the cause of spending. We are all citizens. We all use the nation. We are all responsible.
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  4. #534
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    this is a specious argument used to justify taking more money from people for the government to waste
    Actually, it is reality.

    It matters not how you characterize it or judge it. It is still reality.
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  5. #535
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    Of course. I am advocating for a balanced budget - and that benefits all of us. I am advocating for the government not running up more debt. And that benefits all of us. And I am advocating for our grandchildren not having to be saddled with our debts. And that benefits future generations.
    I'm so far from believing you it's not even funny.

  6. #536
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    When the wealthy begin paying the same percentage on taxes on all their sources of money as other wealthy do from wages - then you can begin complaining about fairness. Until that happens - its hollow and empty and worthless since it is a fraud based on a lie.

    And we are ALL the cause of spending. We are all citizens. We all use the nation. We are all responsible.
    when everyone who has the benefits of citizenship pay the same 15% effective rate that those who only have investment income do then maybe I will take your bash the rich stuff seriously

    the fact is those who have dividend income tax are already paying far higher than 30% effective tax rates on their income

  7. #537
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Thrilla View Post
    ..and if the inheritance goes to the wife?... you want that taxed again too?.. even though it's basically hers through common law?
    from the IRS

    What is excluded from the Estate?
    Generally, the Gross Estate does not include property owned solely by the decedent's spouse or other individuals. Lifetime gifts that are complete (no powers or other control over the gifts are retained) are not included in the Gross Estate (but taxable gifts are used in the computation of the estate tax). Life estates given to the decedent by others in which the decedent has no further control or power at the date of death are not included.

    What deductions are available to reduce the Estate Tax?

    Marital Deduction: One of the primary deductions for married decedents is the Marital Deduction. All property that is included in the gross estate and passes to the surviving spouse is eligible for the marital deduction. The property must pass "outright." In some cases, certain life estates also qualify for the marital deduction.

    and more from wikipedia

    Marital deduction is a type of tax law that allows a person to give assets to his or her spouse with reduced or no tax imposed upon the transfer. Some marital deduction laws even apply to transfers made postmortem. Spouses can transfer property between themselves tax free and ex-spouses can do that according to divorce decree. For U.S. estate and gift tax purposes, there is no tax on transfers between spouses, whether during lifetime or at death. There is no limit on the amount that may be transferred. However, there are two important exceptions. The federal gift tax marital deduction is only available if the donee spouse (the person receiving the gift) is a U.S. citizen. The federal estate tax marital deduction is available for bequests at death to a surviving spouse, whether or not he or she is a U.S. citizen. However, if the survivor is not a U.S. citizen, the bequest must take the form of a specialized type of trust known as a Qualified Domestic Trust.
    Last edited by haymarket; 02-01-12 at 11:28 PM.
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  8. #538
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Thrilla View Post
    I'm so far from believing you it's not even funny.
    some people think the government really needs more and more money and all it does is proper good and not wasteful

  9. #539
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    When the wealthy begin paying the same percentage on taxes on all their sources of money as other wealthy do from wages - then you can begin complaining about fairness. Until that happens - its hollow and empty and worthless since it is a fraud based on a lie.

    And we are ALL the cause of spending. We are all citizens. We all use the nation. We are all responsible.
    horsehockey... you government employees and your bosses are responsible for the spending.

  10. #540
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    Re: which best describes your view of the inheritance tax?

    Most people don't pay the estate or death tax-why? because any politician who advocated it apply to all estates would be out of office or dead rather quickly.

    so tell us Haymarket, why should those who already pay the most income taxes be the ONLY group that suffers this abomination. If it was really needed everyone would pay it. What harm does it do to get rid of it and save all the money wasted in complying with it or guarding against it?

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