because that money has already been taxed ... You should be able to pass anything you want on to your children without having the gov't stick its hands in on everything.
I belive this is a gimme gimme gimme attitude and you don't ... I guess we are going to have to agree to disagree. It's a bottom-line issue. And to let you know I am not a rich person nor anyone in my family ... I just believe that they don't owe a higher percentage than anyone else. By an equal percentage they do may more for services that used. But I can respect your point of view ... i just disagree
It's been taxed for you, but your heirs haven't paid a dime in taxes. Look, if I win the lottery, I have to pay a tax even though the money I will win... from lottery ticket purchases by thousands of individuals... has already been taxed. Why should I pay taxes when I'm lucky enough to hit the Powerball and Paris Hilton shouldn't because she's lucky enough to be Conrad's daughter. Neither of us did much of anything to generate our wealth. There's the further dangers of creating a whole class of lay-about rich people, decreasing charitable contributions, and a host of otehr sociological issues.
You are arguing for an absolutely flat tax, which I agree with in principal. However, the tax code being what it is, the rich have loophole after loophole and shelter after shelter to hide their money from the IRS. If we are going to do away with the progressive tax, I will be on board, but the current tax cuts are not going to accomplish that. The current tax cuts are a massive government dividend to the rich and anyone who believes otherwise has been snowed by the rhetoric. A flat tax with absolutely no deductions, loopholes, or shelters? Now that I could support!
agreed .. I am for eliminating almost all loopholes and deductions except for a few things like charitable donations and other things that might keep important "government-like" services going. I believe that is fair. If it was a flat rate for everyone then I think it would be perfectly fair.
If we have an INCOME tax, isn't inheritance income? Especially at the level where the inheritance tax kicks in, it is a tax on exorbitantly rich trust fund babies. You can pass what you want to your kids, but the government can (and should) tax that income.
Because it is not fair ... If my father owns a farm and that is passed on to me .. I should not have to pay taxes on that. That is like saying that my father cannot give me ANY property. He has to give it to the gov't for them to take their cut and then they will pass it on back to me. NO ... He should be able to directly GIVE it to me.
Anyway ... I really have to get going so I am going to have to agree to disagree. I hope yall have a good night and maybe we can continue some other time even though all of us knows no one is going to change anothers mind on this issue.
Besides which, the inheritance tax doesn't even kick in until $3 million or so. If you want to give $3 million to of each your kids, that's not taxable. The inheritance tax is a tax for all the advantages society gave to the individual amassing the wealth as well as a tax on the inheritee's income.
If the farm is worth $3 million, he CAN give it to you. The myth of the family farm being taken by the government is a fallacy used to snow people like you into supporting an indefensible position. Open your eyes.
1. again..i said only the people i know. but i find it curious that everyone i know who is wealthy earned their income. i suppose you're talking about percentages of a total...i'm talking about pure numbers..just the number of millionaires. obviously that gets skewed when you have people like bill gates worth billions compared to those who are sitting on a million or two. 2. legal action...did they not "earn" that money? presumably they were damaged in some way. i'm sure that some portion of those won millions as actual economic damages...not punitives on hot coffee. i'm not saying there aren't a ton of people who inherited wealth...i'm saying everyone i know...except for one i just remembered while i was typing this very sentence! ...earned their wealth.
andymoon, The inheritance tax does not start at 3 million, it's more like 1 million or so (unless they just changed the number). If you live in a place where property values are high (NY, SF, Boston), the house a long might just take the whole exception. The inheritance tax are taxed on the giver, (it's related to the gift tax). Anytime someone give more than the allowable gift amount (11k per year), the extra number eats into the inheritance exception after they die. So the inheritance tax exception might not even be 1 million, it might be much less than that. Also, all the loopholes you are talking about for rich people are just not something just for the RICH. If you think a doctor who makes 400k year can use all kinds of so called loopholes to avoid tax, you are sadly mistaken. My best friend is a doctor, he certainly pays his fair share. And the myth of only rich people can use different tax laws to their advantage is just a myth. ANYONE can get the two volumns of IRS tax code. Anyone can read it, and figure out what deductions/exceptions you can use. I have serveral friends working in the Finanace/Tax field. There is NO way to make a lot of money and pay very little tax. Unless you lie and cheat, since the tax system is based on trust, you may or may not get caught if you cheat. But, there is NO legal way for rich people to pay way less tax than average americans.
