Should an increase in estate/inheritance tax be included in a "fiscal cliff" deal?
Looks like when we're done being their milk cow, the government wants to use us as a meat cow.
... feelings and free speech was valued as long as what you said fit a liberal agenda. You speak of a dream land as if you didn't already live there!!
Living in a liberal dream world would be a nice place too here money grew on trees and taking from hard workers to give to lazy people somehow made the lazy people work. Where I'd guns were illegal criminals would obey that law and also not own guns. The liberal dream land where cars ran on good
Actually we don't. That revenue has already been taxed the first time it was earned. No need to tax it just for passing it on to a loved one. Compensating for "lost taxes" wouldn't be an issue if the government would keep its spending bone on its pants.
Wouldn't it be nice to live in the right-wing fantasy world where you can abolish all taxes and money would magically appear to pay for expenditures. Sadly, reality doesn't work that way. Abolish the estate tax, fine, but then we have to raise income taxes to compensate for lost revenue.
Ha! You can try to stereotype me but I'm not a liberal
The death tax might be the most unfair thing the government does. You get taxed your entire life but then can't even pass your money on to your loved ones without it getting taxed again? It's so stupid.
I challenge you-- name a tax that is more business-friendly than the estate tax.
50% of everything you worked for in life isn't enough already? Government doesn't deserve any of it to begin with.
@Tilton Note that all your objections to the estate tax are moral or ethical--NONE are economic. Low capital gains taxes encourage investment, low payroll taxes enc. hiring, low corporate taxes enc. business activity, low sales tax enc. sales, what do low estate taxes encourage?
That is such BS. You libs are taking away every incentive in this country for people to work hard, create ideas and create jobs. As a small business owner I wonder why the hell bother anymore.
Through Obamacare the government will be deciding who is authorized to have what healthcare at what point in their lives. This will clearly lead to the early death of some. Doctors no longer have the final decision in patient treatment and care.
Back to whatever socialist country you came from please
No, it should be abolished.
......and surprise, surprise. Sook is from California.
And who gives a care what those that inherit it, do with it either. It's not anyone's business except their family. It's not the governments money, or the voters that elect them. It's theirs today, but if they die tomorrow, the government is owed another cut?!? That's theft.
I can and have and will argue it. They were taxed as they earned all their life! They were taxed on their purchases all their life! And because they simply died your going to allow the government to tax it a third time?
If there is one tax that doesn't hurt business/investment, it is the estate tax. You can argue against all other taxes (payroll, income, investment/cap gains, corp profits) from a economic standpoint.
Spend all your life earning and purchasing and paying taxes on both, and then because you die, they want to tax it again?!? It's highway robbery!
So money and property that is inherited, that was already taxed upon earning the money, should be taxed again? I can't believe that you actually believe that. Please tell me you are kidding. How should you owe any of that to the govt.
Income tax, and inheritance tax by proxy, is morally reprehensible. It is yet another example of coercive theft.
When someone says to you, 'You don't know what socialism is!'
Your answer should be that progressive tax on income is a primary tenet of the Communist Manifesto. Read it. Written in 1848
Obamacare will provide bad health services for everyone. This will increase the revenues from estate taxes.
Then it has failed miserably. It's time for a pay cut.
Everyone should have to provide something to society. Getting something for nothing is not the American way. If you are lucky to have a rich family, have the decency not to complain when you have to pay a small amount of taxes for something your parents did. You're still better off than 90%.
If the government is going to steal a portion of one's net worth upon death, they should also be required to pay an equal portion of obeys debts.
You can't have it both ways.
The government is not a business. Its job is to ensure Protection and freedom for its people in a democratic way, meaning what's best for the majority is what they should be for.
I would be ecstatic if we could adopt an intuitive tax code that compliments life, intuitively.
I can't tell if this is a joke or what...
How about the removal of the death tax?
Ludicrous! The government doesn't play a part in letting people die sooner. Matter of fact it is the government who is trying to prolong life by getting healthcare for everyone.
Anyone dumb enough to work for a sole proprietorship with that employee base probably deserves that fate. As a matter of fact, that type of corporate structure should not be legal as it is not fair to the employees.
After a loved one dies taxing them a lot isn't the best solution.
Ask yourself if the company that you work for now is traded on a public stock exchange. If not it could be a sole proprietorship, and if it is and the owner is getting old...
I am opposed to special taxes or exemptions in inheritances, "cliff" (really a gentle slope), or no "cliff". The recipient of an inheritance should pay tax on it as ordinary income at whatever rate is in effect for the bracket. If that means a few percent increase on the amount over $250K, OK.
it is an incentive for the government to let its taxpayers die sooner.
No. The government should have to work for their money. Not the other way around.
No. Less taxes, more budget cuts. The people shouldn't pay for un controlled government spending, the government needs to pay for that.
Yes, let's tax dead people, and raise the taxes too, great idea.
It has already been taxed. Why tax it again.
Note: There are some sole proprietorships / family businesses with more than 1000 employees that would be forced to close and fire everyone if such a tax were to be implemented and their current owner were to die.
Oh, this is a great idea. Lets force all sole proprietorships to close when their founder dies so that their kids can pay the death tax instead of keeping the business going.... Because we haven't lost enough jobs yet.
My children would be much stronger people as a result.
That was a bit harsh, I suppose. Still, large estates should not be allowed to be passed on. No one has a right to an inheritance. Why people consider it a 'birthright' is beyond me. I consider it poor parenting. If I had a large fortune, I would will it to charity, not to my children.
Ok even I, a democrat, don't support that one. Why should people who have been taxed all their lives be taxed again for what they want to give their loved ones.
I'm thinking of something else actually. I forgot that the tax has a baseline if 5m. The 500k that gets taxed is subsequent taxation.
You can complain all you want- but we have to solve the crisis.
If you are leaving $500k or more you get taxed up to 55%.
At that point it's like everything you own actually belongs to the government, the government just allows you to use it for the duration of your life.
There is no social value in allowing large estates to pass to heirs. I say we have a 100% tax on any estate above $20,000,000. Anyone dumb enough to die without a plan in place, the money gets redistributed to the ret of us!