Death Taxes

[Kidlicious]

Originally posted by Whoha
How about my argument where this will be like every other tax on the "super rich", ie they find away around it, and the rest of us get inflated into it?

Most people do not pay inheritance tax if they get an tax accountant to plan for them. You have to be super rich to pay it.

[Imran Siddiqui]

Originally posted by Whoha
How about my argument where this will be like every other tax on the "super rich", ie they find away around it, and the rest of us get inflated into it?

The rest of us? Exactly how much do you think most of us make? Inheritance tax only kicks in at a very, very high level.

[St Leo]

Originally posted by Caligastia
Why shouldn't I be allowed to pass on my wealth to my children?

You are. Just not all of it.

Do you know how Britain got rid of their useless aristocracy? They taxed their estates away on inheritance.

Do you know what will happen if you don't tax estates? Your descendants will be butlers and scullery maids to the upper class. Capitalism will disintegrate into feudalism as entrepreneurship dies.

[St Leo]

Originally posted by nostromo
In Canada, abolish the Governor General

But someone has to go to all the international symposia the GG goes and cut all the ribbons the GG cuts. They are much likelier to do something stupid like create an elected President, which incurs election expenses and gives them dangerous ideas about mandates.

and the Senate

When you get rid of visible patronage, you create invisible patronage. All the people currently in the Senate will likely get plum trade consulate postings abroad instead.

and reinvest those millions of dollars in something actually worthwile. And those are the obvious examples of money wasted and mismanagement.

Meh.

One way to cut income taxes in Canada would be to hike our corporate taxes. We've spent the last 15 years cutting them, and they are about half the American ones.

[Arrian]

It would be much better if the inheritance was taxed. That way, a large estate distributed to a large number of people wouldn't be taxed, but a smaller (but still > $1million or whatever cutoff we think is appropriate) estate given to 1 person would be taxed.

Lefty tells us this is unconsitutional. That would seem to explain the cumbersome work-around that is the transfer (estate) tax.

Setting all that aside, many have argued that taxing inheritance is immoral. I find that puzzling. Why isn't it immoral to receive - for no other reason than the fortuitous circumstance of your birth - money you didn't earn? I got lucky and hit the "be born to rich parents" lottery. Huzzah!

**** that. Not only is it unfair, but it has a clear negative impact on society. America prides itself (or used to) on social mobility. Work hard, young (wo)man, and you can make it!

Eliminating the "death tax" or whatever you choose to call it spits in the face of that. "Be born to the right family, and be set for life!"

-Arrian

[Lorizael]

Originally posted by Arrian
Why isn't it immoral to receive - for no other reason than the fortuitous circumstance of your birth - money you didn't earn? I got lucky and hit the "be born to rich parents" lottery. Huzzah!

There are many reason why I wouldn't want to have children, but this happens to be one of them. Not that it really matters, since I rate my chances of being rich about as low as I rate my chances of having children.

[Ramo]

[q]

One tax is simpler than two, especially if they are going to tax exactly the same thing, and be spent on exactly the same project.

As I was saying, simplicity is besides the point. The complexity is an artifact of a progressive tax system. Again, what's the fundamental philosophical objection to two taxes of 10%, relative to one tax of 19%?

It won't effect that change though. The people at the top will find a way around it, and the people at the very bottom will be inflated into it.

The current estate tax exemption is at $2 million. If you're about to inherit an estate significantly more than $2 million, I dare say that you're not "at the very bottom."

[Ramo]

There are many reason why I wouldn't want to have children, but this happens to be one of them. Not that it really matters, since I rate my chances of being rich about as low as I rate my chances of having children.

That's a really ****ing bizarre reason...

[Arrian]

Lorizael is really ****ing bizarre. I say this without a hint of malice, btw.

-Arrian

[Lorizael]

I'd explain my position more thoroughly, but I don't think it would deter anyone from thinking I was really ****ing bizarre.

[Patroklos]

If people vote for higher taxes on the wealthy then the state has a responsibility if it likes to call itself democratic.

Lets follow that to its logical conclusion shall we?

who benefits more from police protection and national security? the rich person with more to lose in assets and quality of life, or the poor person who has almost nothing?

The poor, who can't afford to lose.

Besides, we aren't just talking about police forces, but also infrastructure maintainence and the sort which has a greater effect on the bottom lines of the rich that own the multinationals than the poor who buy stuff from them.

That is the most ridiculously false statment you have ever made.

[Bugs ****ing Bunny]

Originally posted by St Leo

Do you know how Britain got rid of their useless aristocracy? They taxed their estates away on inheritance.

It didn't work particularly well.

[Imran Siddiqui]

That is the most ridiculously false statment you have ever made.

If by "ridiculously false" you mean "true".

Though perhaps you misunderstood the statement? Just because poor people end up better, that doesn't mean that rich people don't benefit to a greater extent (after all, in any period of economic expansion, the gap between rich and poor grows, well at least in recent US history - even though all groups benefit, the rich benefit more).

[Whoha]

Originally posted by Kidicious
Most people do not pay inheritance tax if they get an tax accountant to plan for them. You have to be super rich to pay it.

Originally posted by Imran Siddiqui
The rest of us? Exactly how much do you think most of us make? Inheritance tax only kicks in at a very, very high level.

Originally posted by Ramo
[q]
The current estate tax exemption is at $2 million. If you're about to inherit an estate significantly more than $2 million, I dare say that you're not "at the very bottom."

Inflation.

Originally posted by Ramo
[q]
As I was saying, simplicity is besides the point. The complexity is an artifact of a progressive tax system. Again, what's the fundamental philosophical objection to two taxes of 10%, relative to one tax of 19%?

Why do we need to duplicate government effort? two different offices to do the exact same thing in the exact same way with the exact same resources.

[Arrian]

If one were to set up a sensible cut-off for the estate tax, it would be indexed to inflation.

-Arrian