Bye, Bye Estate Tax!

[GePap]

Originally posted by PLATO1003
I wasn't speaking of a legal obligation now was I? I was speaking of the duplicity of how government works. They encourage us to do one thing and then penalize us for it.

Why shouldn't my children (which I created) not get the benefit of my wealth (which I created)?

Blasphemer!

Penalize you? How can they possibly do that? You are dead if the issue is your estate. They can;t possibly penalize you now, as you no longer exists (not in this plain of existance at least). As for why your children should not benefit from your wealth? Why should they? They might be your decendents, but they did nothing to earn that money other than by accident of thier birth, and by your affections. After all, estates do NOT go immidietly to children at all: in fact, if you hated your kids, they will never get a penny of it.

The government taxes large gifts of money. Getting an estate at best can be called a gift from beyond: I fail to see how the status of the gft giver should affect the tax issues.

Let your ids go out and earn their own estates. That will benefit them and the whyole a lot more than letting wealth sit and stagnate.

[Japher]

Mommy and/or Daddy earned that money... Jr. didn't. Junior is getting money... and hence, should be taxed.

Why? Why does the government have more right to the money than Jr.? It wasn't Jr. who was receiving the money as it was coming in, that was the government.

Say Daddy and Mommy made 200,000 per year. Th government already took 80,000 of that already, so they are left with 120,000 a year. Now the government tells me that if I don't die broke they are going to take another 60,000! So, I invest it so that I can make up for that 60,000, but I never can because the more I earn the more the government takes! What gvies the government the right to take from me what I earn, and then to take more from me if I don't spend it before I die? What the hey!? That, my friend, IS double taxation.

You have bothered to look at from only oneside of the coin. While I see what you mean in that it is "new" money for junior, but it is old money for the dead or dying... money they already were taxed on, and now the government is dictating how it will be spent... The whole estate tax is basically a wealth tax (communist).

Capital gains is the same thing. It's not double taxation. Their money is MAKING money. The additional income was never taxed

Exactly, income tax is on earning money not making it, that is what capital gains is for... Capital gains is at about 35% not 49%. Also, capital gains has a reduction after holding an investment for x number of years (to a minimum of 17% I believe). Income tax can't be handled like that. If estate tax were to be handled like capital gains, then Daddy could bundle all that dead money into a trust and make me sit on it until it matures to remove it at 17%... Yet, you can't, because the minute someone dies the government is there looking for a check at the wake.

[Sava]

"“There are those who claim that an estate tax is un-American, but I believe that the idea of an inherited upper-class is un-American,” --Seth Goldman, owner of a small business "Honest Tea" in Bethesda, Maryland

[Imran Siddiqui]

House

Get rid of the death tax!!

[GePap]

Originally posted by Japher
Say Daddy and Mommy made 200,000 per year. Th government already took 80,000 of that already, so they are left with 120,000 a year. Now the government tells me that if I don't die broke they are going to take another 60,000! So, I invest it so that I can make up for that 60,000, but I never can because the more I earn the more the government takes! What gvies the government the right to take from me what I earn, and then to take more from me if I don't spend it before I die? What the hey!? That, my friend, IS double taxation.

Ahem, but since an estate does not start paying estate taxes until it is over 600,000 in value, how does this make any sense? Add to his the fact that you are dead, and hence you have nothing to worry about. It is your children or whomever inherits this money who will pay the tax, and their income was not in that tax form you sent in, nor part of the income you reported. Where lies the double taxation of your income?

You have bothered to look at from only oneside of the coin. While I see what you mean in that it is "new" money for junior, but it is old money for the dead or dying... money they already were taxed on, and now the government is dictating how it will be spent... The whole estate tax is basically a wealth tax (communist).

You don;t have to give the estate to anyone, you know? Make it part of some perpetual trust fund that lives for ever, and the wealth will just accumulate.

The dying could always tranfers titles and deeds to thier inheritors prior to when they die. as for the dead: they have no rights, and they don;t pay taxes anyomore either.

[Sava]

House

Get rid of the death tax!!

HURRAY FOR THE SUPER RICH!!

**** 99.7% of AMERICA!

[Imran Siddiqui]

Yep, I back fairness, Sava .

[I Am Jeff]

Whether you believe in or do not believe in the estate tax, the budget is in a state of crisis with HUGE deficits. Bush is continueing to cut taxes, make the deficit bigger and bigger for YEARS to come. It is alright to have some deficits here and there, but at this rate the nation will be in a record amount of debt.

The bottom line is, the money has to come from somewhere. Eventually these deficits will catch up with us and something will HAVE to be taxed more. Does not matter where it is from, it all comes from the same place.

[Sava]

Yep, I back fairness, Sava .

Sure you do. In fact, I think you should go to your local unemployment office and explain to everyone your ideas on fairness. Explain that their childrens health and education needs to suffer so some multi-millionaire's kid can have even more money.

[GePap]

Originally posted by Imran Siddiqui
Yep, I back fairness, Sava .

Fairness he? OK: everyone should have access to the same tax loophoes the rich get to use! And ALL estates should be taxed, not just the biggest ones.

There you go Imran, fairness.

[rmsharpe]

Wow...just imagine, people keeping what they earned! I'm glad they finally cut the death tax, serves the government right for trying to run our economy.

[Lawrence of Arabia]

I'm all for helping the poor, but I don't see why the government should take your money. Sure, Jr. didnt earn any of it, but the person who made that money can give it to whoever they want to. There is no tax on birthday presents, or gift certificates, and there shouldnt be any on estate. helping the poor doesnt necessairly mean hurting the rich.
If the government cut military spending by $100 Bn, cut all subsidies to corporations both domestic and foreign, lowered all tariffs, and cancel all aid to developed countries (like germany, france, and Israel) we'd have plenty of money to invest at home namely in helping the poor and improving education, creating a state run healthcare and insurance program (with private healthplans and insurance available.)

[Imran Siddiqui]

Fairness he? OK: everyone should have access to the same tax loophoes the rich get to use! And ALL estates should be taxed, not just the biggest ones.

There you go Imran, fairness.

You can do it that way... I'll back the contrary way.. no estates should be taxed. And everyone does basically have access to the tax loopholes the rich get to use.

[PLATO]

Originally posted by GePap
Blasphemer!

The government taxes large gifts of money.

Didn't say I agreed with this eithier.

That will benefit them and the whyole a lot more than letting wealth sit and stagnate.

I doubt that they would stuff it in a mattress...but they might.

and by your affections.

This is, after all, why I am trying to leave them something.

[PLATO]

Originally posted by Sava
By supporting politicians that are destroying these valuable, working social programs, you are effectively saying they are bad.

Sava, because I support many of the things that a politician does, it does not mean I support all things that he does. In politics you must sometimes chose the lesser of the two evils.