The estate tax is a bad tax say 727 economists

[Masark]

How would you deal with the massive increase in inequality that would result from abolishing the estate tax?

You don't. In their minds, if inequality is what the Holy Market wills, that is what should be.

But the tax as it was really screws over people that weren't even classified near rich. I.e. farmer families where the father dies and is taxed so hard they can't afford to keep the land.

Except all those claims are false and you should feel bad for falling for propaganda.

Farms already have a double size exemption, meaning they can pass down up to $11 million of farm property without paying a cent in tax on it. And only amounts above that are taxed, so if you has $11,000,001, you only pay tax on $1.

Furthermore, you're telling me that someone with $11 million of property isn't rich?

[Rasulis]

Under the new tax bill, if you want to minimize paying tax, you are better off leaving appreciating assets to your children. Here are a couple of examples.

If we ever want to cash our house, we would have to pay tax on the appreciation after deducting 500k. On the other hand, if we leave it to our children, they don’t have to pay any tax on the appreciation. The same with our rental properties.

Stocks are the same. We have stocks that we have had since 1980s. If we ever need to sell them, we have to pay capital gain tax. On the other hand, if we leave the stocks to our children, they don’t have to pay any capital gain tax.

I am actually rather annoyed with this feature of the new tax bill.

[Dmitro]

It is no different than taxing lottery and casino winners, the government usually taxes money you haven't earned in this case they just won the genetic lottery.

lol, you dont know what family means "genetic lottery"

state has no right for our property

[Draco-Onis]

lol, you dont know what family means "genetic lottery"

state has no right for our property

There are plenty of countries with no laws, society and taxes feel free to live there.

[Machismo]

lol, you dont know what family means "genetic lottery"

state has no right for our property

This coming from a guy who wants to install a religious ethnostate, and ban gay marriage.

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There are plenty of countries with no laws, society and taxes feel free to live there.

He wants lots of laws, just not that one. He's one of the authoritarian "conservatives" running around.

[Draco-Onis]

It's money that's already been taxed, much like sales taxation.

Same goes for most gifts and lottery money it comes from money already taxed.

[Bronan]

The economists are all CNN employees and Chinese and Russian agents. MAGA.

[Draco-Onis]

This coming from a guy who wants to install a religious ethnostate, and ban gay marriage.

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He wants lots of laws, just not that one. He's one of the authoritarian "conservatives" running around.

Got to love those I only hate laws that I don't agree with types.

[Machismo]

The economists are all CNN employees and Chinese and Russian agents. MAGA.

Huh?

/10char

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Got to love those I only hate laws that I don't agree with types.

Honestly, he's pretty much an Orlong clone.

[God Save The King]

The estate tax is around the income tax level, and you get the first 5 million tax free (now 10 million under Trump's plan, or 20 million for a couple).

Since it's a common misconception, if your estate exceeds the exemption, taxes are not levied on the exempted estate, just like in income tax. As an example, if I had a $4m estate on my death, there is no taxes. If I had a $6m estate on my death, there would only be taxes on $1m of it ($6m-$5m exemption). They don't tax the exempted estate if you exceed total exemption.

I don't really see an issue with the estate tax. I view it basically as an income tax. That money no longer belongs to the decedent, and will become income for whoever the decedent decides in their will. If anything I'd lower the estate tax rate, and apply it to all estates.

[ati87]

I didn't say that, did I? The estate tax is double taxation by the same government entity on the same money. It's nothing more than another money grab by the government. Most people happen to be fine with that, because it's not their money.

But that is the core of your argument. You say ''this bag of money was already taxed so why is it again taxed if I give it to somebody else''

But with that logic I can also say that about my income. My employer and his supplier will be paying taxes on the bag of money the company is getting, I only get a fraction of that money so why am I being taxed when the company is also being taxed.

[Machismo]

But that is the core of your argument. You say ''this bag of money was already taxed so why is it again taxed if I give it to somebody else''

But with that logic I can also say that about my income. My employer and his supplier will be paying taxes on the bag of money the company is getting, I only get a fraction of that money so why am I being taxed when the company is also being taxed.

I don't believe in double taxation, it is almost always an attempt to get more money from a select group of people. All too often, the motives behind it are anger, hatred, and jealousy. I have no ill will towards the wealthy simply for having money. I don't want to punish the wealthy. Sop, if you are going to want an estate tax, then put your money where your mouth is, and tax everyone who dies. The same goes for all non-profits, get rid of such a status. That means churches and charities.

[Deleted]

The basic argument against the estate tax is moral.

Nobel Laureate in Economics could only come up with a moral argument? Morals are subjective, this isn't anything factual, this is as good as saying "I feel like you should repeal this because I do!".

Accumulating wealth and amassing assets stagnates the economy, spending stimulates the economy. Spend, or be taxed. It's chill.

[AcidicSyn]

I really don't see any benefit in allowing the generational accumulation of wealth. Most ways in which children benefit from wealth are due to things like better childhood, education and connections. Adding millions of dollars on to that just prevents wealth from moving around and allows people who should have the easiest time making something off themselves to basically rest on the money and let it work for them. Funny that one of their reasons is that people get out of it, as if people avoiding a rule means it should just be removed.

^+++ the bolded. Seems to me like instead of getting rid of it, we should be ferreting out and removing methods for circumventing it.

Not that I am in any particular camp one way or another; I'm a first generation American born citizen in my family, parents fled commies, started here with nothing and now here I am with a college education living a middle class life, same as both my siblings; not too shabby, but an estate tax isn't really something I'll need to be concerning myself with, at least not on the receiving end.

I'm ignorant when it comes to the specifics of how many of our more controversial laws are supposed to work; but at the same time I almost always find myself thinking the same thought, be it taxes, guns, "the 1% <doing stuff>", and other issues. Whenever I hear someone say a law needs to be removed, or in some cases changed in some large way; I can't help but think to myself:

"How can <person> be so confident that a law needs to be abolished if it is not being enforced? If the law WAS enforced, and there was no way to get around it; would it still be the horrible failure this person says it is? If there were no loopholes, would so many resources be wasted to begin with?"

[ati87]

I don't believe in double taxation, it is almost always an attempt to get more money from a select group of people. All too often, the motives behind it are anger, hatred, and jealousy. I have no ill will towards the wealthy simply for having money. I don't want to punish the wealthy. Sop, if you are going to want an estate tax, then put your money where your mouth is, and tax everyone who dies. The same goes for all non-profits, get rid of such a status. That means churches and charities.

So governments around the world, you know those guys that probably live in a estate, hate rich people?

You know how borderline silly you sound? It;s allot of vague assumptions and wishful thinking.

[xChurch]

^+++ the bolded. Seems to me like instead of getting rid of it, we should be ferreting out and removing methods for circumventing it.

Not that I am in any particular camp one way or another; I'm a first generation American born citizen in my family, parents fled commies, started here with nothing and now here I am with a college education living a middle class life, same as both my siblings; not too shabby, but an estate tax isn't really something I'll need to be concerning myself with, at least not on the receiving end.

I'm ignorant when it comes to the specifics of how many of our more controversial laws are supposed to work; but at the same time I almost always find myself thinking the same thought, be it taxes, guns, "the 1% <doing stuff>", and other issues. Whenever I hear someone say a law needs to be removed, or in some cases changed in some large way; I can't help but think to myself:

"How can <person> be so confident that a law needs to be abolished if it is not being enforced? If the law WAS enforced, and there was no way to get around it; would it still be the horrible failure this person says it is? If there were no loopholes, would so many resources be wasted to begin with?"

America really needs an actual tax reform, like one that really makes an effort to narrow/eliminate loopholes and to tighten regulation. The odds of that happening are extremely slim though. It's funny what years of adding/removing and tinkering with taxes will do.

[Machismo]

So governments around the world, you know those guys that probably live in a estate, hate rich people?

You know how borderline silly you sound? It;s allot of vague assumptions and wishful thinking.

You think I'm silly, I want equality under the law. If you are going to demand an estate tax, then you should also be willing to pay it. Make the minimum value 0, then see how many people who support the estate tax will still go for it.

[ati87]

You think I'm silly, I want equality under the law. If you are going to demand an estate tax, then you should also be willing to pay it. Make the minimum value 0, then see how many people who support the estate tax will still go for it.

Their is a minimum threshold in taxes for a reason.

So with your logic you should just go and do the ridiculous 9–9–9 Plan because why are rich people, those that benefit the most of having a healthy economy and who take in the most of the gains, should be realistic paying a higher percentage (even if they don't do that)?

[taliey]

Won't anyone think of the poor suffering prosecuted rich people being taxed?

[Tyris Flare]

It's bad because it should be 100% past about a million dollars.