There's a reason why it hasn't been that high in several years (though it was much higher at one time).
What an a-hole question... If parents work hard and successful and want to leave things for their children and their children's family, there's nothing wroing with that. You are a big time hater.
Nope, Sam just has a communist like view when it comes to inheritance which fortunately is in the minority here in America.
Nobody said there's anything wrong with it. What im asking is why its "fair" for somebody to be able inherit money received by chance tax free while others who earned (or even won) their money are penalized? Hell at least lottery winners put in the effort and forked over a buck, and we tax them pretty heavily on that. But winners of life's lottery according to you shouldn't really have to pay anything at all despite having done zero to earn it. How does that make any sense at all?
He sounds like he's whining because he felt he was "short"changed at birth. Gotta agree with him on that but no reason for him to hate on kids who have parents who provide for their future.
So it's now "Communist" to voice an objection to the idea that massive wealth transfers between dead people and family members should be tax exempt and encouraged. The proper word for it is actually "capitalist" ; Get the f-ck out of the 14th century before you are consigned to the idiot's quarter and pelted with rotten fruits and dung by local urchins.
Certainly not all but maybe go back to the tax rate that helped build this country. That's why government exists, to serve all the people. Not simply to serve rich assholes.
Why doesn't somebody here answer a single one of my questions first before you begin redspotting your bloomers cousin. It's been presumed that a default state of tax exempt wealth transfers is "fair" but we're 4 pages in and nobody has explained why. It's your turn. Gracias in avant-garde
Fair? Come on Sam. Being born into a wealthy family isn't "fair" but neither is being born to parents who had good genes and produce a heck of an athlete. Why is it "fair" that Lebron got his athletic gifts and I didn't? Why is it fair that you were born in the United States and some other kid was born in Nigeria?
I think Sam is right that nobody has offered an affirmative defense of wealth transfer without an estate tax. Stop calling him names and explain.
Why shouldn't the government do so? If anyone gives you stuff while you're alive, you'd be taxed. Why should there be an exception because they are dead? We tax transactions - that's the entire basis of our tax system. This is a transaction. What is the basis for exempting it?
Because the way things work little one...and I shouldn't have to tell you since you have over 33k posts here.... but I will since you are slow... You wrote this "A better question is how is it fair that you get to inherit 5 million just because of somebody's birth? Or 1 million + whatever the remainder less the tax is? " and I responded what you wrote with "What an a-hole question... If parents work hard and successful and want to leave things for their children and their children's family, there's nothing wroing with that. You are a big time hater." Then you contract Alzheimers and write "Nobody said there's anything wrong with it. What im asking is why its "fair" for somebody to be able inherit money received by chance tax free while others who earned (or even won) their money are penalized? Hell at least lottery winners put in the effort and forked over a buck, and we tax them pretty heavily on that. But winners of life's lottery according to you shouldn't really have to pay anything at all despite having done zero to earn it. How does that make any sense at all? " See the bolded part....That's called a Fail around these parts because you indeed said that. Pay attention son or you will get punked again.
Reality: The estate tax affects only those most able to pay, and the funds it raises are used to support a range of programs that benefit the nation. The estate tax is the most progressive component of a tax code that overall is only modestly progressive, particularly when regressive state and local taxes are taken into account. The money it raises helps to fund essential programs, from health care to education to defending the nation. If the estate tax were repealed, then other taxpayers — presumably a more numerous and less well-off group than the taxpayers paying the estate tax — would have to foot the bill for these programs, face cuts in the benefits and services provided, or bear the burden of a higher national debt. Like other Americans, the very wealthy benefit from public investments in areas such as defense, education, health care, scientific research, environmental protection, and infrastructure, and they rely even more than others on the government’s protection of individual property rights (since they have so much more to protect). Bill Gates, Senior, a prominent advocate of retaining a strong estate tax, has explained, “The reason the estate tax makes so much sense is that there is a direct relationship between the net worth people have when they pass on and where they live. The government that protects their business activities, the traditions that enable them to rely on certain things happening, that’s what creates capital and enables net worth to increase.” (http://www.cbpp.org/6-1-06tax-transcript.pdf ) It seems fair that people who have prospered the most in this society help to preserve it for future generations through tax revenues that derive from their estates. President Theodore Roosevelt stated in 1906 that "the man of great wealth owes a particular obligation to the State because he derives special advantages from the mere existence of government." http://www.cbpp.org/files/estatetaxmyths.pdf
The entirety of the warrant for your claim is "there is nothing wrong with that." Wow, what an explanation of why we shouldn't have an estate tax.
No genius - I'm not saying there's anything wrong with such a wealth transfer - I'm asking (non rhetorically) why you and others think that such transfers are by themselves inherently fair - apparently to the point where they should be accorded tax exempt status?
Someone who also dances around answering questions and calls others names doesn't deserve that courtesy.
I'd be happy to take your question and I won't call you a name. Just riddle me why a tax exemption for large wealth transfers is inherently fair? important caveat: if you say something stupid like double taxation i will post apicture to ridicule you.
