Currently, inheritance valued above 5.49 million dollars is taxed at 40%. Should the estate tax be removed or kept?
There should be a limit to how much can be passed on to another individual. Say a million each. Otherwise, we get idiots like Trump.
Sorry I forgot to mention the 5.45 million number is per a parent so if two parents die, 11 million could be shared by family before the 40% tax comes into effect.
Kill the Death Tax!
There shouldn't be an estate/inheritance tax, period.
Government enforced Envy.
Bunch of temporarily embarrassed millionaires, eh? I am in the 2% of income earners in this country and I won't die with that much, adjusted for inflation. Almost none of you will. Those who do... congrats! And suck it up, cupcake!
I’m totally against such a high inheritance tax. Don’t forget that on top of the federal tax, there’s a state tax. I think Oregon’s is 16% but I’m too lazy to look it up.
It seems criminal to me.
The money has ALREADY been taxed. Why tax it again?!
Those with serious money don’t pay one cent in inheritance tax. Trust funds. Trusts. Foundations. Off shore accounts. So it matters not if the rate is 25% or 75%. It will never be collected.
Smart, actually those who pay the tax most often are farmers. Large family farms located where property values have risen can't exactly hide their assets. I have read that one as a stat, and I would guess that #2 would be small family owned businesses.
PHX. I agree. My comments were directed to the 1%ers. Should have been more specific. Having said that, I’m going to go out on a limb and say that the percent of taxed inheritance from small business and family farms would be dwarfed by the taxed inheritance of the 1%ers if they didn’t work the system.
40% is ridiculous. It should be lowered to 25% tops.
Most people who inherit large sums of wealth become unproductive parasites on society. It is bad for the country and, as hard as it might be to believe, it is bad for the recipients of the wealth. If you don't like the wealth going to the government, then we could use it to provide better care for our veterans.
I completely agree that children being left with a huge sum of money is very often bad for them, but should it not be the right of the parent to choose to leave their children a huge sum of money when they die?
Again, this might seem counterintuitive but no. If I were a billionaire, I would probably leave a great deal of wealth to my heirs even though I know it would be detrimental to them in the long run. I couldn't help myself.