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  • #5
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    I never understood why those inheriting from a deceased person should pay taxes over the estate for a person that has been a taxpayer for all his life. I paid a handsome sum when my late father died and when I inherited the money that we received from the sale of his property and for what exactly ? My father had worked all his life and paid taxes - as if the government hadn't taken enough from us already. There should be no such thing as an inheritance tax as it basically amounts to stealing from the dead.
  • #94
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    What dip would voted you down... i dont see how the goverment is owed anything when you die... they dont even know how to kerp a budget..
  • #95
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    @freaky6smurf Probably another liberal that wants to "redistribute" the wealth from the hardworking middle class to him and his buddies by even going as to far as to pluck the recently deceased and their descendants.
  • #115
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    @Dutchman1982 they voted me down also... "HAHAHA HAHAHA HAHAHA HAHAHA HAHAHA" 2 Funny..
    Our government has shown how they don't even know how to make budgets & make the money last.. i can invest my own money better than they can & make profits.. its time for our government employees to have everything like the rest of us.. But they can't even handle that.. Look how they wrote themselfs out of Obamacare.. we are taxed enough so im all for them to end this death tax nonsense... I also don't see how they should get half of what you win .. its a old law that needs to be put to bed.. I laugh every time I see someone win the lottery and such just waiting for the to see how much is taken out.. im all for tax shelters also..
  • #139
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    The proceeds from sale of property is money that had not been taxed. Those funds did not exist until property was sold.
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  • #11
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    @BravoJuliet

    Yup, my folks have both. What gets split between 4 siblings won't be a fortune. I was just hoping what was left over after death tax wouldn't be a penitence.
    Anyways, that's 20 or so years off. My folks just turned 70, they might get it all spent by then and then some so I'm not gonna worry.

    Warren Buffet, what a joke. He's all for everyone paying in taxes but himsrlf.
  • #30
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    @RoyFloyd

    Guess you have no idea how much a farmer has in tied up in equipment and land when you consider the cost of a couple of tractors, the implements, grain storage, and the combine and grain truck along with the buildings...five million isn't shit after you total it all up.
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  • #9
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    Warren Buffett. Lmao. The man who does EVERYTHING he can to NOT pay taxes calls this a "gift to the rich?" This man is nothing but a crony capitalist. Let's see how much taxes his estate pays in taxes when he finally keels over. I guarantee you he won't willing pay taxes on it and will set it up to avoid paying them. Typical leftist hypocrite.
  • #273
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    Typical righty hypocrite who screams and cries over a lefty taking advantage of the same tax breaks as every other rich person.
  • #313
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    @AceLuby the hypocrite is warren Buffett. A crony capitalist who claims he should pay more taxes, then does everything he can to avoid paying more taxes. Nice try though gum meant worshiper.
  • #314
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    @AceLuby I don't have a problem with him avoiding taxes. I have a problem with this crony capitalist saying one thing an doing another. If he truly thought he should pay more taxes, he would simply declare a salary, instead of living off dividends. Nice try at deflecting though.
  • #321
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    @Ets101592 Technically he isn't doing anything illegal. He's not avoiding anything he doesn't have to. He's merely using what is there, that's his point. It would be stupid not to do so.
  • #334
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    @DrMoonshine that's right. But he is bitching and moaning that the rich should pay more taxes, while doing everything he can NOT to pay taxes. That is the definition of a hypocrite.
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  • #275
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    And exists everywhere. Everything is taxed infinitely. The raw materials are taxed, the sale to the middleman is taxed, the sale to the consumer is taxed... everything is double taxed.
  • #282
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    @AceLuby
    The difference here is that the individual already paid his taxes on that money and the Government is imposing basically what amounts to another income tax on income they have already taxed.
  • #17
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    Finally someone in government is doing something I can bet on board with, but of course it benefits the rich more. Republicans wouldn't do it for any other reason.
  • #47
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    @galt45 how? Middle class people arent normally inheriting estates that would ever be subject to this tax?
  • #78
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    @Poltal
    Farmers and small business people are hardest hit. If they are close to the cut off their inheritors end up having to sell the farm or business to pay the tax, unless they have other money of their own to use. Then the question is whether or not the farm or business is worth keeping after paying the tax. In essence the government says if you want to keep your parent's property you have to pay us for it. Really rich people can afford to pay without giving up the property.

    I live in a farming community, farmland can be worth a lot of money, but most farmers don't have a lot of cash. It's sad when the kids lose the farm because of a tax on property that has already been taxed.
  • #81
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    @bleakoutlook Actually, that used to be a common practice for avoiding capital gains, but with the new thresholds, its rarely necessary. It also comes with its own HUGE problems.

    Very few people inherit homes that meet the tax threshold of $5.6 mil. And then they are only taxed on the estate value OVER that mark, which is also progressively graduated.

    SO lets say you inherit a house from your dad worth $7,000,000, and he sells it to you for $100. Seems OK right, no estate tax on dad. But if you dont intend to keep that home, now YOU are liable for SHORT TERM capital gains tax on $6,999,900...OUCH You were much better off with that estate tax!
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  • #35
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    For estates less than say $10-$20 Million I am fine with getting rid of the tax.

    The inheritance tax should be INCREASED on all estates above a set level. We should institute an inheritance tax on the ultra rich of at least 50% of their estates. This country does not need dynasties like the Kochs or Waltons owning half of America. A tax like this would limit family dynasties and would ONLY effect the ultra rich.
  • #144
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    @DontBlameMe2 Yes, all extremely wealthy people. If you're going to name all the ones you know, it's going to get awfully boring.
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  • #252
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    Isnt it funny how those most concerned with "redistribution" are also the ones who have that vested interest in keeping their wealth consolidated within their families and holdings so their descendants are able to maintain and further redistribute wealth into their family holdings.
  • #279
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    It's a transfer of funds from one source to another, the only difference between this transfer and someone working for it is that the heirs did nothing to earn it.
  • #141
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    It was the Robber Barons of the Golden Age who thought the death tax was a good idea. They'd won the game (most of them) by working from the ground up and having no scruples, at all. Many of them felt that was healthy and exactly how the system should work. Once the winner died, the money should go back to the kitty for other players to use, whether it be through charity or taxes.

    I'm not sure myself. My inheritance was not the fortune of a robber baron and our family could have used the tax money.
  • #7
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    I might feel differently if my estate was worth 5.34 million, but as it is this is simply another tax cut for the rich. We've seen how well those work in stimulating the economy.
  • #8
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    "Tax cut for the rich?" How so? The property taxes still have to be paid, just not at the highway robbery rates that the liberal god demands now.
  • #15
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    It's a tax cut for anyone who expects to inherit something, especially the middle class. It won't matter either way to the very rich, but for someone leaving their kids a few hundred thousand, that's a big chunk o change!
  • #39
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    Ive known several people that have lost all or part of their farms because they couldn't afford to pay the death tax on their land... I see it as more of a tax cut for the middle class...
  • #43
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    @methinks You are confusing estate tax and inheritance tax. there currently is no inheritance tax at the federal level. The estate is taxed before any inheritance is dispersed.
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  • #163
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    Buffett says it would be a "gift to the rich"? A gift from whom...to whom?!

    Newsflash for ya, Buffy. My money should be mine to do with as I please - your money should be yours to do with as you please. It shouldn't belong to the federal government, the state, or the people.
  • #158
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    It's really a tax on people who hope to inherit single indivisible assets. If it's money or a portfolio, you can avoid the tax by phased distribution before death. If it's a small business, then either the parents have to give up control to their kids really early (which is legally complex and involves a huge degree of faith that your kids will keep it going until you die), or accept that there will be a sale.

    I actually think that, at the very least, farms worked by the resident owner should be free of tax when they continue to be worked my that owner's heirs.
  • #336
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    I am not going to say this is not an important topic by any means BUT what would it take for this same government to discuss how sad it is that kids can go to public schools and still be treated like they are?
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