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. #71
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    I never said inheritance was part of the definition of income IN THE LAW. It is clearly handled under the estate tax laws. I was agreeing with you that we should abolish estate taxes and I said the way to handle this would be to simply classify it as income and tax it accordingly. Are we clear on that now Turtle?

    Again with the statist argument of using the definition in the law to excuse your own position.

    You keep asking question after question after question in a desperate attempt to get yourself out of the tight corner that you painted yourself into.

    Tell us where this allegation of yours about exchange of value for taxation is found in the law.



    Why are you powerless to do this?
    Once again, this has nothing to do with the law. The law is irrelevant to this discussion. What I and TD (and I usually HATE agreeing with TD and other assorted righties) are arguing is that INHERITANCE IS NOT INCOME. Meanwhile, the examples you listed a few pages back of your $100 being taxed more than once IS an example of income, and in each instance you gave it was appropriately taxed as such.

    I don't believe that it's appropriate or makes much economic sense for the government to assess a tax on WEALTH - which is exactly what the estate tax is. It is a tax on a stock, rather than a flow.

  2. #72
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by StillBallin75 View Post
    Once again, this has nothing to do with the law. The law is irrelevant to this discussion. What I and TD (and I usually HATE agreeing with TD and other assorted righties) are arguing is that INHERITANCE IS NOT INCOME. Meanwhile, the examples you listed a few pages back of your $100 being taxed more than once IS an example of income, and in each instance you gave it was appropriately taxed as such.

    I don't believe that it's appropriate or makes much economic sense for the government to assess a tax on WEALTH - which is exactly what the estate tax is. It is a tax on a stock, rather than a flow.
    that pretty much is a perfect summation of our arguments.

  3. #73
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    Re: which best describes your view of the inheritance tax?

    No inheritance tax of any ****ing amount of money or assets. Period

  4. #74
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by StillBallin75 View Post
    I'm not in favor of the estate tax.

    In general terms, I am against taxes on wealth in general. I just think it makes more sense for the government to tax income (a flow) rather than wealth (a stock) in the form of estate taxes, property taxes, and whatnot, and this includes transfers of wealth from one person to another.
    Ok, it's not tax on wealth. It's tax on unrealized appreciation. If you inherit 5 million in stocks, you have to pay taxes on the amount of appreciation from the basis of the stock until the time of inheritance. If this did not occur, wealth could be passed from generation to generation without ever being taxed, which would result in an aristocracy.
    Last edited by liblady; 01-29-12 at 01:08 AM.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


  5. #75
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by liblady View Post
    Ok, it's not tax on wealth. It's tax on unrealized unrealized appreciation. If you inherit 5 million in stocks, you have to pay taxes on the amount of appreciation from the basis of the stock until the time of inheritance. If this did not occur, wealth could be passed from generation to generation without ever being taxed, which would result in an aristocracy.
    that doesn't apply to stuff like land or art work etc.

    especially stuff that was taxed before when the bequeather received it in the past-its the present value and if that didn't go up there is double, triple, quadruple taxation on the same piece of property

  6. #76
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by StillBallin75 View Post
    Once again, this has nothing to do with the law. The law is irrelevant to this discussion. What I and TD (and I usually HATE agreeing with TD and other assorted righties) are arguing is that INHERITANCE IS NOT INCOME. Meanwhile, the examples you listed a few pages back of your $100 being taxed more than once IS an example of income, and in each instance you gave it was appropriately taxed as such.

    I don't believe that it's appropriate or makes much economic sense for the government to assess a tax on WEALTH - which is exactly what the estate tax is. It is a tax on a stock, rather than a flow.
    You are confusing my position. I am NOT saying that inheritance is income under the present law. It clearly is treated differently under its own estate law codes and rates. I was agreeing with the position of Turtle and others that we should abolish the estate taxes and my idea was to simply apply all that new money going into persons pocket or account as INCOME with a new law and apply the appropriate rates.

    As to the exchange of value, Turtle keeps insisting this is necessary for taxation and I keep asking where he gets this from.

    Thank you for acknowledging that my example of repeated taxation of the same money happens all the time and is right and proper. It matters not if the law sees it as income or ot under the law, the principle is a valid one: the same money is taxed repeatedly under our system and to do so for capital gains or inheritance is no deviation from that principle.
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  7. #77
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by liblady View Post
    Ok, it's not tax on wealth. It's tax on unrealized unrealized appreciation. If you inherit 5 million in stocks, you have to pay taxes on the amount of appreciation from the basis of the stock until the time of inheritance. If this did not occur, wealth could be passed from generation to generation without ever being taxed, which would result in an aristocracy.
    Are you arguing that inheritance = capital gains?

  8. #78
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by liblady View Post
    Ok, it's not tax on wealth. It's tax on unrealized unrealized appreciation. If you inherit 5 million in stocks, you have to pay taxes on the amount of appreciation from the basis of the stock until the time of inheritance. If this did not occur, wealth could be passed from generation to generation without ever being taxed, which would result in an aristocracy.
    Which is what they want in the first place.
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  9. #79
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by liblady View Post
    Ok, it's not tax on wealth. It's tax on unrealized unrealized appreciation. If you inherit 5 million in stocks, you have to pay taxes on the amount of appreciation from the basis of the stock until the time of inheritance. If this did not occur, wealth could be passed from generation to generation without ever being taxed, which would result in an aristocracy.
    I'm sorry, but being jealous of someone who is financially successful is also ****.

  10. #80
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by ric27 View Post
    I'm sorry, but being jealous of someone who is financially successful is also ****.
    I don't know what is more loathsome of the two things that motivate this love for the death tax

    envy or the belief that the federal government really needs more of our money and deserves it

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