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. #1
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    which best describes your view of the inheritance tax?

    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:
    • 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.
    So vote your opinion.
    Last edited by Luna Tick; 01-28-12 at 10:38 PM.

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

    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.
    Last edited by StillBallin75; 01-28-12 at 10:40 PM.

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    If you get money you didn't have before you should pay taxes.

    Whether its from a lottery ticket, job, or inheritance.

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

    I hesitate to support this tax, but a lack of inheritance tax creates an Aristocracy. With that being said, 50% tax rate is highway robbery. I went with the 35% and the first $5 million exempt. Some people own farms or businesses, and can rack up $5 million in assets alone. These people aren't super rich. It's a tricky issue. I don't want to punish people who have work hard and saved. I just want to prevent the System we have now from existing.
    “In politics, stupidity is not a handicap.” -Napoleon

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

    Since anyone with a large enough estate can wrangle their way around estate taxes anyway, I think reform is needed. Why isn't the tax progressive like regular income tax? Why is it this confiscatory flat rate?

    In 2001, the Federal estate tax on $3 million was figured with a $675,000 exemption and then 55% on the remainder. That resulted in a Federal tax of $1,278,750. State taxes vary. If I'm understanding Illinois' estate tax rate, on $3 million, the tax would be 7.5%. For God's sake, that's 62.5%. How nutz is that? We don't tax income that high. Why on earth would we tax the fruits of someone's labor that have already been taxed??

    What the heck gives the government a right to confiscate?? It's thievery.

    So I say exempt a certain amount....I don't know, $3 million...get rid of all of the trust loopholes and tax it progressively with the top rate being certainly no higher than the highest bracket of income tax.
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  6. #6
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    Re: which best describes your view of the inheritance tax?

    given the massive income taxes which did not really exist when the "reason" for the death tax was created already tax the rich plenty this abomination should be abolished. Any politician who would try to impose a 100% tax hopefully would lose his office-or worse-immediately

    the inheritance tax is designed to appeal to envy and is a most inefficient tax-more money is spent trying to avoid it than it raises. the people who most support it are those who benefit from it-democrat politicians, tax lawyers, insurance salesman and some charities who think if it goes away so will donations

    btw it was never designed to raise revenue but to engage in social engineering which is really not a proper role of the federal tax system

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

    Quote Originally Posted by kenvin View Post
    If you get money you didn't have before you should pay taxes.

    Whether its from a lottery ticket, job, or inheritance.
    why does the government have such a need? why give an irresponsible spending entity more money to waste?

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

    Quote Originally Posted by TurtleDude View Post
    given the massive income taxes which did not really exist when the "reason" for the death tax was created already tax the rich plenty this abomination should be abolished. Any politician who would try to impose a 100% tax hopefully would lose his office-or worse-immediately

    the inheritance tax is designed to appeal to envy and is a most inefficient tax-more money is spent trying to avoid it than it raises. the people who most support it are those who benefit from it-democrat politicians, tax lawyers, insurance salesman and some charities who think if it goes away so will donations

    btw it was never designed to raise revenue but to engage in social engineering which is really not a proper role of the federal tax system
    I included 100% as an option because I've actually met people who advocate not allowing any inheritance. IMO that's a ridiculous position, but some people do support that.

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

    why do people need so much money to be happy? My family barely gets by but everything is fine and we are ok with that. I don't need millions of dollars to be happy.

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

    Quote Originally Posted by iacardsfan View Post
    why do people need so much money to be happy? My family barely gets by but everything is fine and we are ok with that. I don't need millions of dollars to be happy.
    Who said anything about need? This is more about what is appropriate for the government to take.

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