The money has already had taxes paid on it, why should someone who is inheriting it have to pay ADDITIONAL taxes? It makes no sense..... It makes perfect sense. The money you earn from your job has been taxed when it was earned by someone else too, yet you don't think income taxes make no sense. The money is taxed when it changes hands. It was taxed then the first individual earned it, and it is taxed when the inheritee "earns" it.
It is income, FREE MONEY to the recipient and it is that TRANSACTION that is being taxed, not the money. As has been pointed out, every single dollar we make is taxed up to four times already so the double taxation argument is a HUGE red herring.
After being earned, it is taxed. Then we have sales tax, which amounts to another tax on those dollars that have already been taxed. Then we have property taxes, state income taxes, and that is before you even begin talking about all the FEES that are charged, which are all just taxes. Y'all (not you, Major, the people using the "double taxation" mantra) need to get over this hangup on double taxation. The term sounds good, but it has no basis in fact or tax law.
You guys are nuts. There is absolutely no reason to tax money multiple times because someone dies. We pay sales tax, property tax, gasoline tax, etc...etc..etc... Why should we also pay an inheritance tax? The money belongs to the family from whence it came, if the family decides to give it to it's members, it should do so TAX FREE !! Just as if the money was donated. There is ZERO cost to the government to handle this transaction, and the government should get ZERO monies from it. The government already has their hands deep in our pockets, why do you guys want to give them more? What a joke !! DD
Exactly, and as the inheritance is spent it will be subjected to all these fees and taxes, why tack on another tax? What exactly has the government done to deserve it? What exactly does the government need the money for? It has already taxed the income once, why are we taxing it again. Who cares if it is not the same person, the government has ALREADY FRICKEN TAXED THE MONEY !!! They should not be into double dipping. Ludicrous. DD
You guys are nuts. No, you just don't know what you're arguing. First, you argue that it makes no sense to tax things twice. Then, you change that entirely and go a different route. You can argue that it shouldn't be taxed because taxes are too high, or its unfair, or whatever. But don't try to argue that it makes no sense to tax money twice, or you're going to get the response you get.
I think we should have the estate tax depend on the cause of death. When would it be applied? Ski accident with tree. APPLIED. Complications from obesity. APPLIED. Any cause over 90 years of age. NOT APPLIED. Cancer. NOT APPLIED. Coke overdose. APPLIED. Not at fault traffic accident. NOT APPLIED. At fault traffic accident. APPLIED. Equestrian mishap. DOUBLY APPLIED. Seems like the best solution to me.
It has already taxed the income once, why are we taxing it again. Who cares if it is not the same person, the government has ALREADY FRICKEN TAXED THE MONEY !!! So since the income I make was taxed when it was earned by its last owner, I assume you believe my income should not be taxed either? (Since it doesn't matter that it's not the same person) I assume you're saying only to tax money when its printed - every other dollar has already been taxed?
Becuase her family went out took a RISK and EARNED the money. If you want to do the same, go ahead. Have's versus Have nots....age old argument. I think most of us should strive to join the haves, instead of wallowing and trying to think of ways to penalize them. If they took the risk, which also includes some family risk, then their families should benefit, without government penalties. DD
People who have enough money to trigger the inheritance tax have had societal benefits bestowed upon them that need to be repaid. These people rely on the court system much more than the rest of us and should pay for it. These people have access to and influence on elected officials that helps them make even MORE money and that access should be paid for. Most importantly, we have an income tax system and I would say that inheriting over $3 million IS DEFINITELY INCOME and as such should be taxed. Besides, you are acting like this is a NEW tax that we are planning to enact. This is a tax that the RICH are trying to REPEAL. Who will end up paying for that shortfall? I (and every other member of the middle class) will end up paying it and I don't find it necessary to foot the bill so that Paris Hilton (or any other ultra-rich trust fund baby) can save over a billion dollars on her tax bill when daddy dies.
Sure, if the money is given to you, or are you making an assinine argument that your services that you are paid for should be included? We are talking death tax, not transaction for services Major....come on ... DD
Their families WILL benefit, their newfound INCOME will be taxed, however, which is the way it should be. Otherwise, I (and the other middle class taxpayers) will have to make up the BILLIONS in shortfall caused by repealing this tax.
What a bunch of hogwash !! Why not just say what you really mean. "tax the rich because they can afford it" Ridiculous, people that are rich GENERALLY took some risk to get there, and their families took that risk as well. I just do not believe in penalizing people for becoming wealthy...good for them, that is the American dream...... Money that is inherited should NOT be subject to taxation as income, it is NOT income, it is inheritance. Big difference. DD
How about the government curb excessive spending, and become fiscally responsible? Wouldn't that be peachy ?!?!?!? It is NOT newfound income, it is inheritance that they are entitled too because their families took the risk and earned it. And, it has been taxed as income already....it should NOT be taxed as income again, as it is NOT income, but inheritance. Big difference. DD
It is income. If my father gives me over $10,000 (enough to trigger the "gift tax"), it is seen as income and is taxable. This is the same thing.
