Would you support an estate(death) tax of 75%?

[A dot Ham]

Good, give money to your spouse and children while still alive. No tax on that.

Put everything in your spouses name also.

AND

Name all your children after yourself. Phookah, II, III, IV, etc. ez pz

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On a side note I think how people act at the end of someone's life quite contemptible. It was THEIR stuff what makes you think you have ANY right to it?

My Great Grandfathers sister... Which makes her my great second aunt? Anyway when she was dying, only one of her kids was in the room comforting her, rubbing her feet, making sure she was cool, etc. The others were in the hall dividing her stuff, and making trips to her house to take what THEY wanted before anyone else got to it... disgusting. They basically took anything they thought had monetary value...

[Zoranon]

You earn money, you pay tax on it, you save it, you die, the money is taxed a second time?

No double taxation please.

If only it was double taxation, it is quadruple taxation actually.

First tax is income tax.

Second tax is VAT.

Third tax is property tax.

Inheritance tax is utterly immoral and should not exist.

[Mistame]

You earn money, you pay tax on it, you save it, you die, the money is taxed a second time?

No double taxation please.

This pretty much covers it.

[Elegiac]

Inheritance tax is utterly immoral and should not exist.

Because you say so, right.

[Narwal]

So correct me if I'm wrong, but isn't an estate more than just money being passed down. An estate could be a private business, or a home or land that's been in a families names for generations, correct?

Here's a story that kind of sums up the stupidity of estate taxes:

http://policyandtaxationgroup.com/es...orror-stories/

You want to know what happens to a business when the government randomly walks in one day and says you owe us 75% of the value of your business because the business switched hands due to death? It dies.

[Zoranon]

Because you say so, right.

I said why in my post.

[Elegiac]

So correct me if I'm wrong, but isn't an estate more than just money being passed down. An estate could be a private business, or a home or land that's been in a families names for generations, correct?

Yep. If your kids are insufficiently wealthy to afford the tax, obviously they aren't deserving of said property because they haven't tugged their bootstraps hard enough.

[dwightyo39]

I helped build my parent's retirement home (nice cabin in the woods). I am their only heir. The idea of big government taking 75% of it's value when they die is pretty messed up.

[BuckSparkles]

What a stupid idea. Imagine your loved one dies, which is painful enough, followed by greedy government folks adding salt to the wound by taking everything your loved one earned and left for you because they think you are too stupid to know how to use the money.

Why do you tax-loving folks want to kill motivation so much? I mean, what desire is there to work hard if when you die, all your money goes to some crackhead on some social program instead of the people you love?

[Elegiac]

I said why in my post.

Because 'quadruple taxation', which isn't actually...you know, a thing.

One tax does not invalidate another tax.

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What a stupid idea. Imagine your loved one dies, which is painful enough, followed by greedy government folks adding salt to the wound by taking everything your loved one earned and left for you because they think you are too stupid to know how to use the money.

Why do you tax-loving folks want to kill motivation so much? I mean, what desire is there to work hard if when you die, all your money goes to some crackhead on some social program instead of the people you love?

If you were too stupid to lay the groundwork for your kids having a comfortable life while you were alive then quite frankly, tough shit.

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I helped build my parent's retirement home (nice cabin in the woods). I am their only heir. The idea of big government taking 75% of it's value when they die is pretty messed up.

Unless said cabin is built out of solid gold and has a stable full of unicorns that shit hundred dollar bills, chances are it isn't sufficiently valuable to qualify for estate taxation.

[Zoranon]

Because 'quadruple taxation', which isn't actually...you know, a thing.

One tax does not invalidate another tax.

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If you were too stupid to lay the groundwork for your kids having a comfortable life while you were alive then quite frankly, tough shit.

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Unless said cabin is built out of solid gold and has a stable full of unicorns that shit hundred dollar bills, chances are it isn't sufficiently valuable to qualify for estate taxation.

So you deny that inheritance tax is the fourth (at least) tax on the same property? Are you being intentionally dumb?

[Infracted]

[petej0]

So correct me if I'm wrong, but isn't an estate more than just money being passed down. An estate could be a private business, or a home or land that's been in a families names for generations, correct?

Here's a story that kind of sums up the stupidity of estate taxes:

http://policyandtaxationgroup.com/es...orror-stories/

You want to know what happens to a business when the government randomly walks in one day and says you owe us 75% of the value of your business because the business switched hands due to death? It dies.

Thats how Buffett made his fortune.

[Quibble]

Also this will do VERY little as any person with money that knows they are dying will just give everything to their family/significant other/beneficiary instead of waiting for it to be willed bypassing the law. It would only be useful in cases of sudden death.

In Denmark, this isn't even possible. We not only have a "death" tax, but aren't allowed to gift away more than 9k USD, without having to pay taxes on that gift aswell (that 9k is called something like pre-inheritance).

I think even normal gifts over a given price is suppose to be taxed, but that isn't really inforced.

[Gamer8585]

I don't think a flat tax is ever proper given the wild disparities of income. Estate taxes are fine, but I think there needs to be progressive tax brackets against the total valuation of the estate. I think the first bracket should be: $0-$1,000,000, 0% that would stop the poor and most of the middle class from paying anything, but than graduate it against higher and higher amounts of wealth:
ex:
$0-$1,000,000, 0%
$1,000,001-$10,000,000, 10%
$10,000,001-$50,000,000 25%
$50,000,001-$75,000,000 50%
$75,000,001+ 75%

obviously the number of brackets, ranges, and %s can be adjusted as needed.

Also, before responding, please know how tax brackets actually work.

[Elegiac]

So you deny that inheritance tax is the fourth tax on the same property? Are you being intentionally dumb?

I'm saying that even if it were, it doesn't matter. Unless you are paying what is legislatively the same tax twice, then it is not 'double taxation'. The trigger point being the transfer of assets between the deceased party and his or her inheritors is what differentiates this tax.

[Alvito]

Taxes like this quickly become a way for the state to keep everything. They charge people so much to take control of an estate, if they cannot pay the state keeps it. They are robbing the dead.

[Elegiac]

Taxes like this quickly become a way for the state to keep everything. They charge people so much to take control of an estate, if they cannot pay the state keeps it. They are robbing the dead.

They're dead; what does it matter. I'd rather that money goes to infrastructure and public assistance.

[pathora44]

It is funny that people are so scared and angry at the estate tax when it will never affect them. The estate tax only affects the top 1-2% of the country and boo hoo Daddy Warbucks Jr. only gets 150 million dollars for doing nothing in his life but be born rich then 300 to 500 million dollars. Funny enough shouldn't the people against estate taxes be for them because all that is happening is people who did nothing to earn their money is being handed millions and millions of dollars. They could literally sit on their asses for their entire lives and still be given millions upon millions of dollars. I thought you guys were against people sitting on their asses getting paid tons of money for nothing.

[Alvito]

They're dead; what does it matter. I'd rather that money goes to infrastructure and public assistance.

It is theirs to do with as they choose to. If they wanted to give it to a charity or a person they the state shouldn't come in and gobble up 3/4ths of it. We could just go with your they're dead thinking and green light grave robbers also.

[Foaming Clean]

I feel like the Estate Tax is one of those non-issues used to rile people up. Most of the people who get really upset about it don't have enough money to qualify for it and the people who qualify(something like 0.2% of estates)have a lawyer and accountant telling them how to avoid it.

So I guess, get rid of it because it is an ineffective hold over from when we were on the gold standard where the extremely wealthy hoarding money could actually mess with the economy.