View Poll Results: which best describes your view of the inheritance tax?

Voters
153. You may not vote on this poll
  • 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%
Page 94 of 195 FirstFirst ... 44849293949596104144194 ... LastLast
Results 931 to 940 of 1947

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

  1. #931
    Banned
    Join Date
    Jan 2012
    Last Seen
    02-15-14 @ 04:49 PM
    Lean
    Independent
    Posts
    5,939

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

    Quote Originally Posted by LaMidRighter View Post
    I do agree here. As for the discretionary income argument, my goal in debating is to get to a point where people understand that there is a depreciation effect on the dollar right now which is caused by spending and other government induced factors all paid for by unjust taxation.
    Taxes are at their lowest levels in decades. Such inflation as can currently be found in the economy is a welcome relief from the deflation and near-deflation of recent years. Indeed, the value of a dollar held has recently increased, even if it was earning no interest at all the entire time.

    Quote Originally Posted by LaMidRighter View Post
    I personally believe a consumption tax is the best way to go.
    This isn't religion. Personal beliefs shouldn't enter into it. It is mathematically correct that over longish periods of time, a consumption tax will be more efficient than an equivalent income tax. That is, GDP at the end of the longish period of time would be slightly higher under the former than under the latter. We could move the current income tax closer to being a consumption tax simply by allowing all deposits to qualified accounts to be counted as deductions, while all withdrawals from those accounts were counted as additions to taxable income.

    Quote Originally Posted by LaMidRighter View Post
    Sure, being wealthy people can "pay more" at this particular moment, but there is a threshold and frankly the way it's structured now leads to people shutting things down if they are at the borderline between brackets.
    There are no brackets above $388K for those married and filing jointly. The "wealthy" as they are talked about here all confront a single-bracket tax structure. You may need to overlay the effects of the AMT, but the same sort of situation will still apply.
    Last edited by Cardinal Fang; 02-12-12 at 02:22 PM.

  2. #932
    warrior of the wetlands
    TurtleDude's Avatar
    Join Date
    Oct 2005
    Location
    Ohio
    Last Seen
    Today @ 02:00 AM
    Gender
    Lean
    Libertarian - Right
    Posts
    180,700

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

    Quote Originally Posted by Cardinal Fang View Post
    Try to get the basics straight. People are not taxed under the Sixteenth Amendment. Income is. From whatever source derived. Obviously, inheritance is one of those sources.

    massive fail. the estate is taxed as an estate not income

  3. #933
    Banned
    Join Date
    Jan 2012
    Last Seen
    02-15-14 @ 04:49 PM
    Lean
    Independent
    Posts
    5,939

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

    Quote Originally Posted by Viktyr Korimir View Post
    I think the progressive income tax is the way to go-- it just needs to be reformed to correct for the undesirable factors, such as negative tax burdens and the ability for people to vote for tax increases that don't affect their tax rates.
    There will not be a referendum on changes to the tax code. As always, Congress will decide that on our behalf regardless of how any of us might have voted if given the chance. That is their job, after all -- to represent our INTERESTS, not our OPINIONS.

    Negative income tax rates meanwhile exist because of welfare-to-workfare reforms. Two of our larger income support programs -- the Earned Income Tax Credit and the Additional Child Care Credit -- are not administered by some welfare agency, but by the IRS. One must be working, actively looking for work, or training for work in order to be eligible. If one owed say $700 in income taxes but was eligible for $2300 in benefits from one or more of these refundable credits, he or she would receive the difference between the two. The result is the same as if taxes of $700 were paid while getting back a check from HHS for $2300. But because it is all streamlined to happen via W-2's and 1040's, it appears as if these people are not paying income taxes.

  4. #934
    Banned
    Join Date
    Jan 2012
    Last Seen
    02-15-14 @ 04:49 PM
    Lean
    Independent
    Posts
    5,939

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

    Quote Originally Posted by haymarket View Post
    The reality is a simple one and cannot be denied: The wealthy are not taxed as a class of people. Income is taxed as an amount earned on a schedule and the individual earning it is responsible for making their tax payment.
    This is exactly correct.

    Quote Originally Posted by haymarket View Post
    In fact, to say that the rich are the target is simply not true. One can be rich... very rich.... dripping with wealth in fact ...... but if one has no income for that year, they pay no income tax for that year.
    Well they could have some income, as long as it was offset in full by the very same exemptions, deductions, and credits that cause low-income AND low-wealth workers to avoid taxation.

    The point you raise here is one that many consider in wondering why we have an income tax rather than a wealth tax. As it happens, income tax burdens have actually tended to follow rather closely the patterns of wealth that exist in the country. Wealth would further be much more difficult to hide than income, so some part of the 15% of income taxes actually owed each year that never gets collected might indeed be recovered, allowing rates to be reduced elsewhere.

    Quote Originally Posted by haymarket View Post
    A racial minority is a racial minority each and every year and belongs to an identified class over which they have no control. The same with gender and ethnicity (sex change surgery noted but it is statistically insignificant). Age changes with the calendar but one has no control over it. Religion is a protected class as it falls under the first amendment. None of those characteristics apply to a person making money on the income tax schedule.
    These classes are a product of the Civil Rights Act of 1964 et seq., so might or might not be relevant. Essentially, what a taxpayer would have to prove against the tax code was that he or she was being treated differently from another similarly situated taxpayer -- that is, one with the same income and expenditure patterns. That would constitute a justiciable injury alright, but under the tax code as it actually exists, it's a pretty much impossible case to make.

  5. #935
    Klattu Verata Nicto
    LaMidRighter's Avatar
    Join Date
    May 2005
    Location
    Louisiana
    Last Seen
    07-21-17 @ 02:42 PM
    Gender
    Lean
    Libertarian - Right
    Posts
    30,534

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

    Quote Originally Posted by Viktyr Korimir View Post
    My problem with consumption taxes is that unless necessary goods are exempted, they disproportionately affect the poor and middle class and have almost no effect at all upon the wealthy-- who largely consume only about as much as the upper middle class, with the bulk of their economic activity being either charitable or investment. We shouldn't discourage investment, but we absolutely cannot afford to discourage consumption, even of luxury goods. Especially luxury goods, considering the role that the various entertainment industries play in our overall economy.

    I think the progressive income tax is the way to go-- it just needs to be reformed to correct for the undesirable factors, such as negative tax burdens and the ability for people to vote for tax increases that don't affect their tax rates.
    I'm actually okay with a slightly higher luxury goods rate than necessary ones. I'm fine with the full rate taxed on electronics, cars, etc. and a basic rate on food, utilities, basic housing, and other needs. To me the rate discussed in the "fair tax" book seems a little high but it was around 22%, the thing is they proved that we're already paying that along the chain in hidden taxes. So if it's 22% on luxury goods I'd say maybe around 5-10% on necessities depending on the current earnings climate.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

  6. #936
    Klattu Verata Nicto
    LaMidRighter's Avatar
    Join Date
    May 2005
    Location
    Louisiana
    Last Seen
    07-21-17 @ 02:42 PM
    Gender
    Lean
    Libertarian - Right
    Posts
    30,534

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

    Quote Originally Posted by Cardinal Fang View Post
    Try to get the basics straight. People are not taxed under the Sixteenth Amendment. Income is. From whatever source derived. Obviously, inheritance is one of those sources.
    Okay. 1) People drive income, there is no income to tax without people so you are wrong. 2) Inheritance is not income. It goes Income, Dividends, Capital Gains, Inheritance and they are all different types of monetary transactions with very specific definitions. Under any honest definition income has already been taxed. For the purposes of today's tax code dividends come from investment and capital gains are a secondary tax, which is fine because there has been a value transaction. The Inheritance is off of the estate which is all monies and items pertaining to the deceased including properties, items of value, investments, and money all of which has been taxed already and is not a value transaction but merely a transferrence. So if you are equating it to income you are wrong.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

  7. #937
    Klattu Verata Nicto
    LaMidRighter's Avatar
    Join Date
    May 2005
    Location
    Louisiana
    Last Seen
    07-21-17 @ 02:42 PM
    Gender
    Lean
    Libertarian - Right
    Posts
    30,534

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

    Quote Originally Posted by Cardinal Fang View Post
    No, it may be a little clumsy, but it is in fact an accurate representation of the fact I just pointed out above. People are not taxed. Income is. In order to press any sort of Constitutional challenge you have to show standing, and that includes a showing that you have personally incurred some sort of qualified injury that some judicially imposed remedy would exist for. Paying taxes according to the same set of rules and regulations as everyone else does isn't going to cut the msutard.
    You want to back that? You cannot be in a higher earning bracket without a higher income. So that was in fact a stupid assertion, do you actually want to deny that people with more money are being hijacked by the tax code because they earn more?
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

  8. #938
    Banned
    Join Date
    Jan 2012
    Last Seen
    02-15-14 @ 04:49 PM
    Lean
    Independent
    Posts
    5,939

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

    Quote Originally Posted by maquiscat View Post
    And THIS point is what makes the Fair Tax a "fair" tax plan. Through the prebate it eliminates the tax on necessary expenses (i.e. the poverty line) and taxes only disposable income.
    Not to put too fine a point on it, but the so-called Fair Tax is a poorly crafted welfare-for-the-wealthy scheme that is unworkable by its own assumptions and definitions. The proclaimed 23% rate is actually 30%, and that is nowhere near enough to achieve the promised revenue-neutrality. It creates huge incentives for fraud as between what is a "new" and "used" good, and there is nowhere near the claimed collection mechanism already in place to cover 100% of transactions, given that state and local sales tax regimes cover only about 50% of all transactions. If there are some beneficial ideas embedded in the Fair Tax proposal, those will have to be stripped out and housed within an entirely different vehicle in order to make any actual economic sense.

  9. #939
    warrior of the wetlands
    TurtleDude's Avatar
    Join Date
    Oct 2005
    Location
    Ohio
    Last Seen
    Today @ 02:00 AM
    Gender
    Lean
    Libertarian - Right
    Posts
    180,700

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

    Quote Originally Posted by Cardinal Fang View Post
    Not to put too fine a point on it, but the so-called Fair Tax is a poorly crafted welfare-for-the-wealthy scheme that is unworkable by its own assumptions and definitions. The proclaimed 23% rate is actually 30%, and that is nowhere near enough to achieve the promised revenue-neutrality. It creates huge incentives for fraud as between what is a "new" and "used" good, and there is nowhere near the claimed collection mechanism already in place to cover 100% of transactions, given that state and local sales tax regimes cover only about 50% of all transactions. If there are some beneficial ideas embedded in the Fair Tax proposal, those will have to be stripped out and housed within an entirely different vehicle in order to make any actual economic sense.
    what makes sense is a tax system that prevents the masses' votes being bought by a system that allows politicians to promise them more government paid for by tax hikes on others

  10. #940
    Banned
    Join Date
    Jan 2012
    Last Seen
    02-15-14 @ 04:49 PM
    Lean
    Independent
    Posts
    5,939

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

    Quote Originally Posted by TurtleDude View Post
    the 5% increase on everyone has some merit but only after the rates are more fair. The rich are paying too much right now and half of America not enough
    The rich seem to be paying about 20% LESS per dollar than they were just a decade or so ago. These last years have been like a tax holiday for the wealthy. More and more low-income workers meanwhile fall off the rolls because their incomes are stagnant enough to render them unqualified to pay taxes anymore.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •