Okay, unlike my other poll that was not about inheritance, this one actually is, specifically, the inheritance tax, aka the estate tax or derisively known as the death tax. It's about if you think there should be one and, if so, how much.
I'll admit my views. Some of you will be surprised since I most often agree with liberals and socialists. This is a rare issue in which I agree with many Republicans. I think wealthy people should have to pay a higher rate of tax than the poor or middle class while alive. However, IMO, their tax rate in death should be zero percent no matter what the amount of money or property is being passed on to the heirs. My reasons are as follows:
So vote your opinion.
- The person who has died has already paid tax on that money when alive.
- The inheritance tax can hurt businesses. For example, a person owns a chain of restaurants worth more than 5 million dollars, but doesn't have high liquid assets in the bank. Say the restaurants are worth 20 million. When the heirs inherit them, they get the restaurants, but not any liquid capital. They therefore have to somehow cough up whatever tax amount is owed. Often they end up having to sell the assets in order to cover the taxes on them, sometimes which results in shutting the business down. It makes more sense to me to simply let them inherit the restaurants and keep them running as they were when the person was alive.