Can someone explain this to me? I don't have 5 million, or 10 million as a couple, but if I did, what right does the federal government have to ANY of it? I earned it, I paid taxes on it in the year I earned it, my obligation to the tax man is met. There is no moral reason to attempt to confiscate the wealth (whatever it may be) I have accumulated. It's simply jealousy. Once I have paid my income taxes, there should be no legitimate claim to my estate.
If one person earns money, why should it be taxed more if they decide to let their child spend it rather than spend it themselves? That's a fundamental part of this I've never understood.
as a couple you wont be taxed for anything over I believe it;s 28 million now it's the way the system works, that money is a gift, gifts are taxed, they exempt the first 14 million, 28 million for a couple it's what keeps society running smoothly, what right does the government tell you that you can only drive the speed limit, it's because not doing so is bad for society it's always sad to see how hard the right fights to get the rich bigger tax cuts, how about putting half that effort into getting the working class super sized tax cuts trust me, trumps kids will do fine with a couple billion a piece I would add a tax for citizenship with another courtly tax too of 50%, want to be unpatriotic and leave, pay the tax and go
if one worried about the tax over income over 28 billion they earn from someones death, I call that getting greedy
The Gubmint has regarded inheritance as a Capitol Gain to the heirs, & the Gubmint wants they cheese.
Apparently, once you die, you cannot take it with you so you leave to your offspring or dog or cat; that's considered earned income and taxes have to be paid on it. Only the 1 % end up paying taxes on inheritances; so if your not in the 1%, you pay no taxes.
yep, your right, not sure where I got that figure, it's a figure that wont effect 90% of the countries population I will happily pay the tax on anything over 5.49 million if someone leaves it to me
Of course you wouldn't. But you are perfectly happy to watch others who have EARNED it and already paid tax on it be taxed again.......till they are down to your level of income. Like the man said, jealousy and envy. Maybe you should channel that envy to make your own fortune, instead of being butt hurt about someone else's EARNED wealth.
no one is taxed again, the person is dead, the estate is taxed, no one that receives that money was ever taxed previously and you only even pay a tax on money over that 5.49 million or twice that if a couple, like I said, I will gladly pay the tax on anything over 5.49 million I earn from someone that died maybe if you cared about the working class as much as the rich the country would be better off the rich will do fine, you don't need to protect them, most are not that concerned about the inheritance tax as you seem to be, in fact many rich people donate much of the money before they die so they wont be taxed, their choice, you can't take it with you
By that same logic if I buy a house and then sell it later after a profit my gains should not be taxed. Or if I but a stock and get dividends they should not be taxed. Stepped up basis for inheritance is irrational and all gains in assets should be taxed at death and before the assets go to the heirs. That should apply to all inheritance.
Estate tax revenue is only $20 billion per year so in the grand scheme of government revenue of around $3 trillion (or government spending of $4+ trillion) it's mouse-nuts! It's less than 1% of all federal annual revenue. Based on this data, for those who actually are required to pay an estate tax, I think they should have an option to pay that money to the government or to a valid 501c3 non-profit. Because the idea of an estate tax is not to increase tax revenues but more about keeping a family from gaining too much wealth and power...
No, thats not the same logic. After you sell your house, you pay tax on the profits, thats income. If you try to tsx it AGAIN, after the tsx has been paid, thats double taxation. Or theft, more appropriately. No one is entitled to the fruits of my labor but me, or if i choose to give it to them, my kids. The government isnt entitled to squat. Its the same thing when they talk about "paying for" tax cuts. Whose money is it anyway, mime, or theirs?
Thanks for the honesty, I thought I needed new glasses or have to go to the doctor ..i am bad at spelling and grammar but great at reading comprehension.
Easy enough to compensate for that. That is already done for SS payments, and many financial instruments.
Several of them, I'm a liscensed contractor. When I sell a house, I pay taxes on the profit. AFTER I pay the tax, the money left is mine. Or, whoever I choose to give it to. You're not comprehending, IVE PAID THE DAMN TAX. After the tax has been paid, the government has no claim on it. I dont care if you think I need it, or not. I don't care if you think I'm greedy. The fact remains that once the tax bill is settled, it's none of your concern. Or anyone else's.....
Two different issues. You are building houses for a living. Different from selling one's residence. And of course after you pay the taxes on profits the money remaining is yours. But if you invest that money and then make a profit that profit will be taxed.
Of course if I invest it, the gains will be taxed. Nobody is arguing that. What I'm saying, is once the taxes are paid on income, whether its wages, capital gains, profit from a home sale, or a newspaper route, the net, after tax, is mine. If i want to give it to my kids, give it to my church, give it to the NRA, or pass it out to strangers, i will. The government has no claim on any after tax income. A tax on wealth is theft.
No tax on wealth is re-inforcing the value of work and prudent spending habits instead of waiting for "your share" from uncle sam. You dont get a share, you get an opportunity.
