Should inheritance passed from parent to child be taxed?
The "already paid taxes on it" myth just won't go away. Money is taxed every time it changes hands, from customer to company to payroll again and again. It's the *recipient* of the inheritance who pays the tax. It's new money to them. Of course if you leave your money to a charity there's no tax.
Not a myth. FACT. It does not matter if money is taxed when it changes hands in other situations. Taxing other transactions does not justify taxing inheritance. What I leave to my kids will not be taxed. It will be sheltered so that Uncle Sam is cut out of the "will" and there's no changing it.
My mom passed in 2010, because of Bush tax plan this was the year no federal taxes was taken, yet Indiana took 11%.
If you want to leave anything to your kids protect it now!
That is absolutely unfair. "My mom passed, time to pay the government for that too."
Its already been taxed several times. So no
if the money has been in an account that the parent already paid taxes on thay money (when gaining it and on interest) then its unfair for the child to pay taxes on money that has already been taxed. somehow it seems like the irs is almost having their cake and eating it too in this instance.
I came on the board to post these same thoughts. I'm glad I'm not alone in my thinking. :)
What's wrong with 8% of you? :)
How about this? If you are for the inheritance tax, in your will, leave a portion of it to the government and then leave the rest of us alone!!! Sounds like a good compromise to me!
The child didn't do anything to earn that money except pop out of a vagina, NO ENTITLEMENTS!!!!!!
Well the government and the deadbeats that it redistributes wealth to definitely should not get it. NO REDISTRIBUTION OF WEALTH. There should be NO taxes on inheritance. You don't get to decide who gets a persons wealth. They and their will do. Period.
The government didn't do anything to earn either. What entitles them to the money?
Hey Democrats, what's going on in your heads? Your dad dies and you only get a little bit of it so the government can waste even more money. It's obvious as to who's who in this country.
Just because the government taxes us on just about every single breath, blink, and step doesn't mean that they should tax us on the transferral of money between family members. If your mom would give you $20 to go out with your friends, you would go to the IRS and say, "You forgot to tax this"?
Very heavily (above a certain amount of inheritance).
Nope. Not at all regardless of amount. Taxing inheritance is STEALING sanctioned by the government!
Sales tax is "double dipping". Medicare, social security, excise taxes, class 3 permits, car taxes, state income taxes, payroll tax, and many more are also "double dipping" because you already paid federal income tax. Your logic is invalid.
For the ultra wealthy, yes.
What qualifies as ultra wealthy though?
Nope. Not for anyone! What do you have against the wealthy? Don't tell me you are going to say "they don't need it and the govt will give it to those in need" that's garbage!
HELLO ..... any politicians looking at this? Remember you are the servants of your constituents. They pay your salary and all those ridiculous benefits you vote for yourself. This is one of the largest mandates I've ever seen on SOH.
Taxation = Theft
Theft = Wrong
Are you arguing that we should have no taxes whatsoever? That's absurd. If you think sequestration is negatively affecting the economy just wait until the government shuts down alltogether.
The government shuts down every weekend. What's the big deal? Clinton and Reagan shut the government down for several weeks. We survived. Government shut down=save taxpayers $$$=who the hell cares? Shut it down!
It was ALREADY taxed you grave robbing psychopaths
Why do the Democrats on here think that only Republicans can be rich? Last time I checked, I didn't fly to Pebble Beach with Tiger Woods and my buddies to play a round of golf.
It's your relative's final gift. The govt has no right to that.
It's amazing how Democrats feel about taxes when it's their money on the line.
It's bad enough the gov't put a cap on inheritance.
Socialists.........go home........you are drunk....
Who the heck would vote "yes" and why?
They wish they had a seven figure inheritance. Plain and simple.
As always, the question here is overly simplistic. The point of an estate tax is to discourage the creation of dynasties, with the younger generations inheriting wealth and power without having worked for it. Obviously that is less of a concern with a few million $ or less.
Again Rebel, no it is not. And wears if you haven't already, scroll down. You may not agree with the view points, but maybe it will give you a slightly different perspective. (Hasn't worked with Rebel though, he "sticks to his guns" in his views of ppl who voted yes).
Stealing from the dead is a low blow. The government is NOT entitled to dead people's $$ that has already been taxed. There should be no cap on inheritance. People make the wealth, it should ALL go to whoever the owner dictates in the will.
So it can be double taxed?
It was a rhetorical question. : )
No way man! Make the laws. Go ahead. I'll find a way to shelter it so my kids will get everything and Uncle Sam will be cut out! Nothing anyone can do about it. How do ya like that libs? Ps.. Save your false morality for someone who will give it value 'cause I won't ????
Nope. When the parents made it, the gov taxed it then. How many times are they gonna tax the same money?
Until there's none left
If I were pres, the answer would be until our debt was paid off, then taxes would be dropped as low as possible. However, that's not happening now. If things were run differently, I think people would be more accepting of these sort of taxes for awhile.
Soccerchk, if u were president there a thousand other ways you could eliminate our debt without BS taxes
It should go to anybody in the will tax free.
The Feds shouldn't be allowed to discriminate.
No, their money was already taxed when they earned it. Why tax them again when it is passed to their children/heirs? Double taxation is double not cool.
This is nothing more than a war of the haves and have nots.
I'm a single guy living comfortably in a middle class area. I have no ill will towards those who have more than me because SOMEONE in their family earned it.
The only ones taking what they don't deserve is the govt.
So you're a have and anyone who wants to tax is a have not?
I wish. I live comfortably but I have a mortgage and debt. You can decide where that lands me.
What I am not is someone who uses govt force just to stick it to people who have things I wish I do.
People like randfan try to package it up in "the roads and police" but it's just envy.
Ok well I think this is my last opinion of the topic and I should move on: I am not envious, I too have necessities covered, and also a mortgage and student loans. But if someone like Warren Buffett (who obv is not envious) supports inheritance tax (which he does), then I am happy with my stance :)
Wealthy people, like Buffet, use trusts to pass assets on to their heirs without the encumbrance of taxes. It's only people that have significant assets but fail to plan who are taxed. Don't get me wrong, I think the government has no right to this money. There are, however, ways to avoid it.
CPA, so I'm aware of the loopholes. I think cash only should be taxed for which I will not get into again on this thread except to say it would promote more investment in other assets rather than cash hoarding. And Buffett has specifically said he will not be handing too much down to his kids.
Warren Buffet does NOT make the rules for the rest of us. His opinion is not more informed just because he has $$$
Please brush up on your reading comprehension. I value Warren Buffett's opinion, therefore I am happy with my stance. I am telling no one else how their opinion should be, nor am I stating WB is either. And not sure how ANYONE can be "informed" on a topic such as this. It's all just a preference.
No kidding. Brush up on your "preferences" and reading comprehension. WBs opinion is not a consideration when it comes to someone else's money and assets. His opinion is irrelevant and presents no obligation for anyone so why do you mention it? Who cares what WB thinks? Certainly not me.
Inheritance should be capped. Uncapped inheritance creates a never-ending cycle of Bush's and Romney's.
You ignorant, jealous fool, Romney didn't inherit money! He made it, and earned it!
Even the teenager gets it more than you!
Hahaha thank you, Sometimes I feel like I get it more than most people in Calofornia!
You're right, Romney DID inherit a fortune. He then promptly gave it ALL away to charity turned around and EARNED his Own fortune.
Romneys - plural, and he DID inherit $, but he also made more off it. I think the point of the post is the whole clan are greedy rich money grubbers who try to rule politics with $. Just trying to clarify what his point may have been since people tend to have a warped perception of the written word
Soccerchk... "greedy, rich, money grubbers"...?! OMG, you really don't know anything about Romney than what your lib friends tell you do you? This mans character is pristine. He gives more money away every yr. than you or I will make in our entire lifetime! Please, read up on him b4 you judge!
Dangit, I ignored you (forever, wth!) so I can only read part of your comment in my notification. But yep, I will admit I know little about Romney (see, I'm not arrogant). I was just interpreting what I thought the poster meant. Kind of like in school "what's your interpretation of the author".
SC, Apologies I gave u cause to do that :-(
No. That money has already been taxed.
I can't even begin to describe how bullshit that is...
It's already been taxed how many times?! Give it a break government!!
I am so pleased to see that the overwhelming majority vote "no" on this. It is clearly an unfair tax. The comments in favor have so far been rather weak.
Even the majority of the tax lovers voted no!
Does the relationship to the deceased change the answer? Some states don't tax, or tax differently, the portion of an estate left to a lineal descendant. Should the dead guy's girlfriends really pay more tax on their shares than his deadbeat money-grubbing kids? Assuming he leaves them anything.
Taxes should be eliminated as much as possible, especially on inheritance, no matter who inherits it. It was already taxed.
afford it". as long as they made their money through legal means, they are the only people with a right to their money.
its is so hypocritical for people to say that the children of parents who wanted to pass on money to their children "don't deserve it" When is the last time you ever worked for a birthday present. In addition, it baffles me that people think the rich should be taxed more simply because "they can
They are unknowingly following Karl Marx: "From each according to their ability, to each according to their need". The "because they can" argument libs love is Straight out of Marxism.
Google the "tobin tax", this is a concept that has been around for decades and is just another liberal scheme to legally take money from people who have it and redistribute it to people they deem more worthy of your money than you.
Because people who work hard are just greedy assholes.
There should be a tax on inheritance only for amounts over a set dollar value. I'm sick of the 'money' children getting a free ride off old money inheritance while the rest of us struggle to erk out the most basic living.
Why? It affects you not at all.
Get out the pitchforks!! Those monsters with all their wealth and their greedy lil offspring!
Being a liberal is living with the fear that somewhere, someone, is getting something they are not. It's called ENVY.
It affects me in that I get to watch the media build up idiots like Paris Hilton who without her money would be another nameless nobody (not smart, attractive, or talented in any way). We should promote people who worked there way up from the ashes not had life handed to them on a silver platter.
Not true. I'm liberal, I'm going to be getting an inheritance, and I'm ok with it being taxed. A country needs revenue to run (though currently it could be run better), and I am not of the "me only" mentality. I don't need a shitton of money, and really neither does any body else.
Here's an idea next time you see Paris Hilton and it upsets you: Change the frisking channel!!!
I'm not saying you shouldn't get an inheritance but it shouldn't be a free ride the rest of your life. People need an incentive to be good productive members of society. Take all their problems away with insane money and they become worthless piles of crap.
How many of these "money" children can there be?
Good for you soccerchk, feel free to write a check to the IRS, just keep your greedy hands out of MY wallet!
smodcast: Turn the tv off or change the channel
soccerchick: I agree government should start selling assets in order to start having revenue.
smod, how Massively Arrogant of you! Who are You to say who should get a "free ride" or not?!
I love the whole liberal vs. conservative side of this. If conservatives don't want to tax this money then that's fine, but then they need to be willing to cut cost out of their sacred cow defense. We have 2 pay for it somehow. I'd rather you tax the dead guy than a living person barely scraping by
Heyes, cut everything. Sounds great to me!
I don't like Paris Hilton either but when did it become ok to impose a morality tax on ppl we don't like? How do you know how she would have turned out? Soccer, you have every right to give your money away but have no right to demand others give it to those less fortunate or the govt.
And I love that we think we are entitled to this money. My parents worked all their lives to save up this cash. You're right. THEY DID! How about you get your greedy butt to work and do the same thing instead of relying on the life lottery.
I'm ok with cutting defense but the 800lb gorilla in the room is Medicare and Social Security.
My parents (not owned by a government) have saved money (not owned by a government) and assets (not owned by a government) die and so well to me (not owned by a government) all that they (not owned by a government) owned (not owned by a government).
So tell me (not owned by a government) what part of that a government has any right to take.
Liberty 4 by that logic why you at all....
...tax you at all...
I love how people use taxation as a way to stick it to those they are envious of.
They don't owe you anything. You're taxing them out of sheer envy and jealousy.
That's just sick.
smodcast, you tell me...
Why do you have to be an entitled rich kid to get an inheritance. There a lot of people who have worked hard all their life and still get an inheritance. And don't assume that just because your parents worked hard that you can't work hard too.
Soccer, it's not just what you "need" and this "govt needs money to run" nonsense bullshît is your guys' justification for everything.
It never seems like its enough. EVERY new tax is justified this way and we have ZERO increased return on investment. It's just absurd.
They always justify taxing because "they didn't work for it" yet this same logic doesn't seem to work for welfare. It's always about emotions and never about facts, reason, logic, or economics. However, they love to say how intellectual they are.
Just like what I think about the government, it is really none of your business what parents leave for their heirs. They worked for it, paid taxes on it and what they do with it is NO ONES BUSINESS. Don't be a bitter "have not". Work hard and make your own fortune. You can still do this in America.
Smodcast, your problem is that you focus on crap you have no control over. You need to change your focus to WHAT YOU WANT for yourself. Why are you worrying about IDIOT celeb's that aren't worth the toilet paper they use to wipe themselves. Set your goals for you and yours. Focus on that.
Get off your butt & get another Job!
I do take care of my business and work hard to have a comfortable lifestyle. I came up from nothing and made my own way and more people need to do the same (including welfare participants). But the idea that you are entitled to ALL of that inheritance I find absurd.
I would much rather the government take money from the dead who don't need it than the living who are barely scraping by.
That is how it works. 55% on anything over 1.5 million dollars. That is total assets, including houses, land, cars...
The problem comes when it is an item like a business that is worth 2 million, yet has very little liquid assets. In that scenario, they would owe 55% on 500k
Who has 250k to give?
Inheritance for the super rich has become welfare for people who don't really need it. I'm not saying you shouldn't get something, but it should be taxed as INCOME to YOU!
Some people have better jobs or a better boss. Some people work harder than others for the same remuneration. Sone folks get a better start. It has never been fair - never will be. Will we find a way to tax genetically gifted for "inheriting" it from their parents?
Sbb, that's why in my post below, I suggested only taxing of cash, not property. I still got jumped on for the most part.
I agree with smod for the most part and am proud that we are two of the minority expressing our compromising opinions without putting others down (not directed at you sbb).
My point is, that it is already taxed more than once. When it goes to the kids, et al, let them spend it, invest it, waste it, give it away. It will be taxed again anyway. What gives the government the right to steal from unfortunately dead, hard working people just because they were able to save.
It was already taxed smod. That means the government already robbed the parents. You want them to get robbed twice! You say it's better to steal from the dead? I say it's better to NOT STEAL AT ALL. Weren't we all taught that in kindergarten?
I really wonder how many of the yes votes would change their vote if they were to inherit say $10 million only to loose $5.5 million to Uncle Sam simply because their parents were successful. I just believe that they would scream INJUSTICE! Anyone would.
What's hilarious is you Statists don't see that they take $1.00 and give you back something worth $.25 and you applaud them for it.
It's the only entity I can think of that takes something, gives part of it back, and the brags how much it helped you.
And people like Rand love it.
Doesn't make sense.
We need to apply some of obamacare's regulations to government.
Example: They may only operate with 15% overhead.
Why tax twice? Same with houses and vehicles. Taxes were already paid once. I guess that can also go for food. The distributors were taxed by the suppliers and the customers are taxed by the distributors.
Someone has to pay for the bombs
We kinda have to or we wouldnt be making money on taxes.
"We" are making money on taxes? Hahaha...wow
Rebel, I meant we as a nation, country, government, pretty much anything other than we the people.
Wanna tax allowance money too obama?
I don't support the whole inheritance tax, but its a lot more than double dipping... The same money you have has been taxed over many transactions and other ways. It's whatever was before you, then your gain, then your inheritance, then your children's spending, then whatever happens afterward.
Such is government.
Only on estates of over ten million. Like it used to be
I like the good ole days too. Lets get rid of all the new taxes we've created in the last 50 years.
So money that has already been taxed by the original owner should be taxed again? Ridiculous... I've always been against double and triple taxation and I still think inheritance/death tax should be eliminated or heavily reduced; it's not income...
It doesn't apply to 99% of the population which includes most of you.
So, if I don't fight for everyone's freedom, when they get to one of mine, there won't be anyone left to defend mine.
Correct it has zero effect on me.... In fact my fathers poor planning has ensured I will be out a significant sum of money when he passes. I still am against this unfair theft of property by the government!
Dont death taxes seem like a way to combat, to a limited effect, the rich from creating dynasties of wealth
Who cares? Why would that ever be a bad thing?
Its not fair the poor. Why does your parents success guarantee yours? Rich kids get enough advantages without their parents everlasting wealth
Life isn't fair. Not everyone is created equal. Not everyone works to their greatest potential. Why should the wealthy be punished for their success?
It isn't "not fair" to anyone. Someone can have $80 million and pass all of it on to their son and then he passes it all along to his son.
Everyone else is completely unaffected.
@kscott...not everyone is created equal? hmmmm....I thought in this country all men were created equal...and you earned your merits (not inherited them). Guess I was mistaken.
Jefferson, and I, meant that people were created equal by God with the same rights to life, liberty, and the pursuit of happiness. Not that we all have the same abilities.
It's not just about keeping rich families rich, it protects the family farm from going tithe government because the heirs can't afford to inherit it.
So if all of America (including a majority of Demarcates) don't want this why hasn't Demarcates pass a law??? Republicans don't want this??? Speak up Demarcates!!! There in charge!!!
Government will always become more violent, greedy, and wasteful. That's just its nature.
Still trying to figure out which Rand he's a fan of. Neither Ayn nor Paul would agree with him
He says it's Ayn but then he changed his mind because no one actually earns their money anymore. His words, not mine.
I thought we we were trying to avoid that here.
Was the goal.
That's interesting. I work in sales on 100% commission. I don't get paid unless I earn it.
Now welfare, now we're getting into unearned territory.
I'll argue with 6 liberals at a time if they want.
We don't even have one yet.
I meant on this comment.
I know, I was just saying, I like it, alot of people don't.
Sweet jumped up Jesus NO!!!!!!
He died a long time ago.
For your sins...but that's a whole other topic
Sounds like double dipping to me. We can't do that and neither should the government.
It was taxed at least once already. Keep as much money as possible out of Washington.
Thats the problem with America. The gov. Protects from so much and we dont feel the need to repay them with our taxes.
The government isn't "them". The government is us.
The federal government is not the same thing as our country. As citizens we have given a small portion of our freedom over to the federal govt but our representatives in DC keep trying to suck up more.
The govt. isnt us? I dont want to live on this planet anymore.
Gov't is so great? Soulless, what's the secret handshake to get into your cult meetings? I'd like to see what it is that they're teaching you
Up down left right, test your might! Your wrong and i know im right. (Rhyme intended)