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. #571
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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.
    So just to be clear, your position is that any time money changes hands, that money represents income to the new owner and ought to be taxed?

  2. #572
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    You have been answered repeatedly. For someone who evades questions like dodge balls in gym class you seem pretty insistent. But I will oblige you in the hopes of getting straight answers out of you for a change.

    1 - if the rate on income is set at 35% for the top bracket, it is discriminatory and an unfair preference to knowingly allow one source of income to avoid that taxation by as much as 60%. In addition, we know from both experience and the historical record from past years that the discriminatory benefit is enjoyed and employed largely by the very wealthy and are using that capital gains preference to effectively gut the intent of the progressive income tax. The issue then becomes one of fairness and equality before the law.

    2- a corporation is not taxed twice. A corporation is taxed once. They then distribute profits to shareholders and they are taxed once. The corporation and the shareholder are two different legal entities with different sets of responsibilities and legal obligations.



    Corporation - Wikipedia, the free encyclopedia

    Corporate personhood - Wikipedia, the free encyclopedia

    But then, you have been given the law and all this time after time after time before in thread after thread after thread.
    more evasions-the same entity taxes the same amount of money which has not been used in any exchange of value twice, twice. you rely on formalistic nonsense while avoiding the obvious

    you also assume that having progressive brackets for one kind of income is "fair" and anything else is UNFAIR

    the unfairness is the income tax

  3. #573
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    more evasions-the same entity taxes the same amount of money which has not been used in any exchange of value twice, twice.
    NEWS BULLETIN: THIS JUST IN...........

    The government - entity you are referring to - taxes the same amount of money over and over and over and over an over and over and over and over and over an over and over and over and over and over an over and over and over and over and over an over and over and over and over and over an over and over and over and over and over an over and over and over and over and over an over and over and over and over and over an over and over when it changes ownership.

    To pretend that it is otherwise is intellectual fraud of the worst sort.

    And again you invent this nonsense about "exchange of value" as if it is some sort of rule or law of precept that determines taxation. Just where are you getting this stuff from Turtle? Are you doing the Indiana Jones thing again and making it up as you go along?
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  4. #574
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Centinel View Post
    So just to be clear, your position is that any time money changes hands, that money represents income to the new owner and ought to be taxed?
    My position is that $800,000.-- earned in wages should be taxed on the same schedule as $800,000.00 in capital gains or $800,000.00 in inheritance money.
    __________________________________________________ _
    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

  5. #575
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    Re: which best describes your view of the inheritance tax?

    I'm not defending haymarket's position but there are some interesting observations to be made:

    Quote Originally Posted by TurtleDude View Post
    a rational tax policy would prevent politicians from using the tax code to pander to voters or to punish those who vote against them
    You''re going to have to change more than tax policy to accomplish that!

    Quote Originally Posted by TurtleDude View Post
    the fact is those who have dividend income tax are already paying far higher than 30% effective tax rates on their income
    ???

    Quote Originally Posted by Thrilla View Post
    horsehockey... you government employees and your bosses are responsible for the spending.
    And who has by far the biggest influence on political decisions, including spending? PACs and their ilk. Who funds those?

    Quote Originally Posted by TurtleDude View Post
    and you ignore that the person with capital gains is risking the money and paid massive taxes getting the money to invest.
    Let's reverse this, then. I pay interest to the credit union on a car loan. The interest money I pay to the CU is taxed when I earn it. By your reasoning the CU should not be taxed on that interest. I don't think that's gonna' fly. The same would apply if it's Joe Nextdoor that loans me the money.

    Companies are basically paying interest when they hand out dividends regardless of what label you want to put on it. Capital gains are similar except the company, instead of issuing dividends, decides to keep the money for other uses, thereby increasing it's assets and (usually) increasing the value of it's stock. The part of capital gains that isn't from an increase in assets is, in essence, gambling. If you have a capital gain, as opposed to a loss, then you won the bet!
    Last edited by MoSurveyor; 02-02-12 at 10:30 AM.

  6. #576
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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.

    Quote Originally Posted by Centinel View Post
    So just to be clear, your position is that any time money changes hands, that money represents income to the new owner and ought to be taxed?

    Quote Originally Posted by haymarket View Post
    My position is that $800,000.-- earned in wages should be taxed on the same schedule as $800,000.00 in capital gains or $800,000.00 in inheritance money.
    So are you saying that any time money changes hands, that you regard the recipient of the money as having received income? It's a simple question; I'm not sure why you're dodging.

  7. #577
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Centinel View Post
    So are you saying that any time money changes hands, that you regard the recipient of the money as having received income? It's a simple question; I'm not sure why you're dodging.
    It looks like a semantic trap you are laying. Can you say OATMEAL? I have made my position clear. My position is that $800,000.-- earned in wages should be taxed on the same schedule as $800,000.00 in capital gains or $800,000.00 in inheritance money.
    __________________________________________________ _
    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

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

    Quote Originally Posted by Centinel View Post
    So are you saying that any time money changes hands, that you regard the recipient of the money as having received income? It's a simple question; I'm not sure why you're dodging.
    Quote Originally Posted by haymarket View Post
    It looks like a semantic trap you are laying. Can you say OATMEAL? I have made my position clear. My position is that $800,000.-- earned in wages should be taxed on the same schedule as $800,000.00 in capital gains or $800,000.00 in inheritance money.
    I'll take that as a no.

  9. #579
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by Centinel View Post
    I'll take that as a no.
    I really don't give a bag of leaky manure how you take it.
    __________________________________________________ _
    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

  10. #580
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    I really don't give a bag of leaky manure how you take it.
    So what's the answer?
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

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