I heard that Clinton was trying to abolish the inheritance tax, and congress, as usual, was fighting him because we all know how Congress hates to part with a source of income. They stated that the country would loose billions.
I’ve never considered the inheritance tax as fair anyhow. The donor works for the money and pays taxes on it. If he banks it and it gains interest, he pays more taxes on it. If he invests it, he pays taxes. If he spends it, he pays taxes, so I would think it has been taxed enough. Yet, when he passes it on after death, the new owner gets to pay 40% more taxes on money which has been taxed nearly into oblivion.
I want the tax law repealed! We pay taxes on almost everything now as it is, except food and medication. The way I look at it, soon the government will tax the use of the Internet, tax the sunlight, tax the night time and probably start applying an air tax in large cities.
Anyone know how that effort to abolish the inheritance tax is going? I figure we need to tax congressmen for taking too much time to do anything and for making ridiculous laws. Then tax them for the honor of being in congress and tax lobbyists for the privilege of lobbying.
Who do you think is paying inheritance tax?
If you feel that the dearly departed is paying them then what’s wrong with that? You can’t take it with you, after all.
If you feel that the heir is paying the tax then there is no “it has been taxed enough” issue.
First of all, it’s the other way around - Congress wants to repeal the tax, and Clinton doesn’t. And it’s “lose”, not “loose”.
Oh, and you might want to do a search on this topic, which has been done to death many times before on these boards.
Why not? Why is it any less fair than an income tax or a sales tax or an excise tax? After all, the guy who made it isn’t around anymore.
No, he pays income tax on the interest. He still gets to keep most of the interest, which then earns more interest. And you think this is fair? You don’t seem to complain about it. Why is this fair but not the estate tax?
Huh? No - only if it earns interest or dividends or if there is a recognized gain (i.e., he sells it for a gain) is there tax imposed. If he buys AT&T stock and holds it forever, and it goes from $10/share to $100,000/share, he pays no tax until he sells it, and if he dies with it, he will never pay capital gains tax. This is fair?
I assume you mean sales tax. Why is this fair but the inheritance tax is not? Arguably, commerce is much more beneficial to the economy than death, so commerce should be tax free and death should not.
If only it were true.
First of all, do you have any idea what you’re talking about? Never mind, I think your post has answered that question. And if all of this money has been taxed “into oblivion”, how is it that there’s anything left to tax, given that you need to have about $700,000 and no spouse in order even to begin to be taxed at the federal level? Also, the federal tax is an estate tax, not an inheritance tax - it is taxed to the decedent, not his heirs. If your assumption was correct and the heirs pay the tax, then it hasn’t been taxed to them ever, has it?
I want Al Gore to be President. Learn to live with disappointment.
Phil has already addressed this.
Uh huh.
Given the closeness of the election, it’s probably not going to happen. Rather, there is likely to be an increase in the unified credit (the amount anyone can pass tax free to someone other than a spouse), and a phase-in of that increase sooner than 2006.
Gee, I would, but it looks like Cantrip has already done most of it.
OK, it is the GOP that wants the Inheritance tax lifted. Not Bill.
Next- the Inheritance tax does not tax the dead guys money again. He is dead- he can’t take it with him. The inheritance Tax- taxes the TRANSFER of that money to folks who have NOT paid taxes on, (or in most cases 'earned") it. And, in most cases, we tax tranfers of money to others.
The Estate tax taxes only the most wealthy- ie the “filthy stinking rich” (or the real stupid just rich). Not “small businesses”, not “family farms” (unless, again, everyone is REAL stupid). With any sort of decent estate planning, you can leave an Estate of some 4 million with no tax. More if the wife survives or if you have a 'small business" or “family farm”.
Adventur- you will not be bothered by the ravages of the Estate tax.