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. #821
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    Oh there might be someone with a salary of 20 Million who might be. but they aren't the ones complaining about the dividend tax rate. It tends to be people who are not in danger of ever paying an effective federal income tax rate of 15% let alone 25% (which is about what most of us in the top one percent pay) You don't hear me whining that I pay a higher effective rate than Romney (because I have a higher proportion of my income in salary-which is taxed at 35%-than MR). Its people like you who do it and the rich dems who pander to people who are upset (for no valid reason) that the rich aren't paying AS MUCH a PERCENTAGE as they think the rich should.
    Actually Turtle, since you like to use the personal as evidence, I paid a higher rate than Romney in two of the last four years, was virtually tied for a third and just a bit lower in the fourth.

    And it again is incredible that you see fit to speak for those others who may pay more than both you and Romney.

    You and some others here miss the point and it seems you are into a forest and trees situation. The fact is a simple one and an obvious one: wages and salary fo the higher earners are taxed at far higher rates than are long term capital gains. Many who inherit up to five million dollars pay ZERO on it. And we have not even got into the intricate details of Machiavellian schemes like off shore accounts which some like Romney use to reduce their tax burden even further.

    The defenders and supporters of the wealthy scream bloody murder when these sort of things get publicity. They do NOT want the average American to be tipped off to how the game is rigged in favor of the wealthy. That is more than evident in threads just like this where some try to make it about CBO statements and not about discriminatory tax rates.

    When the rich investor or inheritor pays as much as the million dollar salary earner, then we will have a proper arrangement.
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  2. #822
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    and people whine when I claim spite and envy motivates many of the posts from the extreme left.

    afflicting the comfortable is not going to help you Winston even if you think it will
    Turtle, you are a bright guy but it seems your ability to recognize sarcasm from Winston is a bit impaired. He was clearly being sarcastic when he made the comment about the rich having it so rough.
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  3. #823
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    Turtle, you are a bright guy but it seems your ability to recognize sarcasm from Winston is a bit impaired. He was clearly being sarcastic when he made the comment about the rich having it so rough.
    I base it on his past history of constantly whining about the rich. As to your post 821-the average person has it great compared to the rich in terms of what they pay vs what they get

  4. #824
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    I base it on his past history of constantly whining about the rich. As to your post 821-the average person has it great compared to the rich in terms of what they pay vs what they get
    Which is why it is deceptive and dishonest to compare the "average person" whatever that is - to "the rich" whatever that is in terms of what they pay and what they get since it is virtually impossible to accurately do that and the individual variance would be so great from case to case and person to person.

    This is why I compared three individuals - all earning the same dollar amount of one million dollars - and applied no dedictions to any of them to keep the playing field level and clean - and looked at their tax bite according to the current rules.

    We discovered that a salary earner pays $326,000.00 in federal tax on that million in wages or salary.
    We discovered that the investor with long term capital gains pays less than half than amount - $150,000.00 in federal income tax on that same one million dollars.
    We discovered that the person who inherits pay ZERO in tax on that same one million dollars in federal income tax.

    Three stacks of one million dollars that looks the same and spends the same but all three taxed as drastically different levels with the rich benefitting disporportionately from the discriminatory rates.

    That is what must be changed.
    Last edited by haymarket; 02-08-12 at 10:44 AM.
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  5. #825
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    Which is why it is deceptive and dishonest to compare the "average person" whatever that is - to "the rich" whatever that is in terms of what they pay and what they get since it is virtually impossible to accurately do that and the individual variance would be so great from case to case and person to person.

    This is why I compared three individuals - all earning the same dollar amount of one million dollars - and applied no dedictions to any of them to keep the playing field level and clean - and looked at their tax bite according to the current rules.

    We discovered that a salary earner pays $326,000.00 in federal tax on that million in wages or salary.
    We discovered that the investor with long term capital gains pays less than half than amount - $150,000.00 in federal income tax on that same one million dollars.
    We discovered that the person who inherits pay ZERO in tax on that same one million dollars in federal income tax.

    Three stacks of one million dollars that looks the same and spends the same but all three taxed as drastically different levels with the rich benefitting disporportionately from the discriminatory rates.

    That is what must be changed.
    why your constantly repeated example fails is its not people making 800K a year whining about the stuff you whine about. its people who are uber billionaires or government teat sucklers who are whining. The former to get the votes of the latter

  6. #826
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    why your constantly repeated example fails is its not people making 800K a year whining about the stuff you whine about. its people who are uber billionaires or government teat sucklers who are whining. The former to get the votes of the latter
    You and your belief about who complains or does not complain is both irrelevant and silly and is besides the point.

    Your constant allegation about buying votes is something you have never supported with evidence.

    None of your beliefs, none of your allegations , none of your attacks on people here can change the reality of the following:

    A salary earner pays $326,000.00 in federal tax on that million in wages or salary.
    An investor with long term capital gains pays less than half than amount - $150,000.00 in federal income tax on that same one million dollars.
    A person who inherits pay ZERO in tax on that same one million dollars in federal income tax.

    Three stacks of one million dollars that looks the same and spends the same but all three taxed as drastically different levels with the rich benefitting disporportionately from the discriminatory rates.

    That is what must be changed to have a just tax system. And that is the reality that all our pontifications in the world cannot change.
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    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

  7. #827
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by haymarket View Post
    You and your belief about who complains or does not complain is both irrelevant and silly and is besides the point.

    Your constant allegation about buying votes is something you have never supported with evidence.

    None of your beliefs, none of your allegations , none of your attacks on people here can change the reality of the following:

    A salary earner pays $326,000.00 in federal tax on that million in wages or salary.
    An investor with long term capital gains pays less than half than amount - $150,000.00 in federal income tax on that same one million dollars.
    A person who inherits pay ZERO in tax on that same one million dollars in federal income tax.

    Three stacks of one million dollars that looks the same and spends the same but all three taxed as drastically different levels with the rich benefitting disporportionately from the discriminatory rates.

    That is what must be changed to have a just tax system. And that is the reality that all our pontifications in the world cannot change.

    people making 800K in salary are investing some or most of that

    they will have an estate that will be raped by the death tax-especially one proposed by people like you or Obamatardian dem politicians

    so they aren't the ones who want to change the tax code to rape inheritances or investment incomes

  8. #828
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    Re: which best describes your view of the inheritance tax?

    Quote Originally Posted by TurtleDude View Post
    people making 800K in salary are investing some or most of that

    they will have an estate that will be raped by the death tax-especially one proposed by people like you or Obamatardian dem politicians

    so they aren't the ones who want to change the tax code to rape inheritances or investment incomes
    First, now your powers to correctly know the spending habits of of Americans magically extends to all people making big bucks. Truly amazing. And just how do you "know" this? You are talking out of your hat... or worse.

    Providing an exemption over 5 million dollars is hardly a rape. It is in fact a generous and discriminatory benefit given to the wealthy that allows them to amass large amounts of money while working people pay tax on their earnings.

    Again, you have no idea who personally wants to change the tax code unless each of them stands up and informs you. So take off the shining armor, get off the white horse, put away the golden pennant flying in the wind and quit making pontifications about things which you cannot possible know to be true. It hardly elevates your argument and in fact makes it look foolish since it is so absurd.

    We really are suppose to believe you that somebody making a million dollars in salary is perfectly content to pay over $320,000 in federal income tax while his investor counterpart pays less than half that and somebody who inherits the same one million pays nothing?

    You really stretch credibility with that sort of statement which runs counter and opposite of reason and logic.
    Last edited by haymarket; 02-09-12 at 07:57 AM.
    __________________________________________________ _
    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

  9. #829
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    Re: which best describes your view of the inheritance tax?

    Straight up it all becomes income tax, paid by whoever received it. Short of any capitol gains taxes that are due when the accounts are liquidated (since they haven't been taxed yet), the money has already been taxed once and paid for by the deceased. Now I can see an exception being made for inheriting a business straight out. Naturally any pay the receiver gets out of the business is taxed, but the business itself transferring should not be taxable. After all in normal circumstances the receiver of a business isn't normally taxed but the seller of it is. That could be an argument for a tax on the deceased's estate except that the estate is not receiving any compensation.

  10. #830
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    Re: which best describes your view of the inheritance tax?

    Disclosure: I've only looked at this last page and have not followed the whole argument between you two.

    Quote Originally Posted by haymarket View Post
    A salary earner pays $326,000.00 in federal tax on that million in wages or salary.
    An investor with long term capital gains pays less than half than amount - $150,000.00 in federal income tax on that same one million dollars.
    A person who inherits pay ZERO in tax on that same one million dollars in federal income tax.
    I'll go with you that the inheritor should be paying income taxes on what he receives straight up. But the estate should not be taxed prior to the transfer to the inheritor(s), except as noted in my above post.

    However with the capitol gains vs salary taxation, there is a major difference between how these two incomes are earned. The salaried person really assumes no risk whatsoever short of the business employing him failing. He works he gets paid. End of story. The investor however, takes a major risk in comparison. He may make out like a bandit (to turn a phrase), he may break even or he may lose it all. The capitol gains tax rate reflects that risk.
    Last edited by maquiscat; 02-09-12 at 09:25 AM. Reason: spelling and grammer correction

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