What exactly is the "death tax" that is getting so much attention this election cycle?

Answer 1

The "estate tax" as it is more properly known, is an American answer to a historic European custom of inherited political and economic power. A fuller history, which I won't reproduce here can be found at the sources listed below.

Answer 2

There was legislation that allowed the government to impose a huge tax on the holdings of someone who was very successful and made a lot of money in their lifetime. No matter that the person already paid their income taxes when the money was earned, and paid taxes on any interest the money earned, when they died, 50% of whatever they had was taken from them by the government as a death tax. The best example I can think of is the Robbie family of South Florida. Joe Robbie owned the Miami Dolphins and the stadium that they played in. Upon his death, the family faced so many taxes that they had to sell the team and stadium to Wayne Huizenga to satisfy the tax man. All this did was encourage wealthy people to move their money offshore to protect it. The great Democratic Party Ikon, George Soros, the guy who thinks that you aren't paying enough taxes, moved his money out of the USA so he doesn't have to face anything like that. If the Democrankies get back in office, you'll see the death tax return. It's as stupid an idea as I've ever heard because, if the money is taken by the government, it'll be squandered. On the other hand, rich people, when left to decide what to do with their money, themselves, are usually pretty generous. look at Bill & Melinda Gates, Warren Buffett and Richard Branson. Don't let the Democrankies rob people in this manner.

Answer 3

It is an estate tax, designed to prevent the development of an upper class of people whose wealth is inherited through the generations, as existed in Europe; this was seen as being bad for democracy as it enables the rich to get richer while the poor get poorer. Ain't we got fun.

The dollar figures for imposing an estate tax should be adjusted to protect the actual small businessman or family farmer who wants to pass along the fruits of his/her labor to their heirs. And realize that only maybe one or two farms have been lost to the estate tax; this is bad but not the epidemic you are led to believe exists by the opponents of the estate tax.

However, in the vast majority of cases the estate tax is on income that resulted investments, it was not the fruits of hard labor and sacrifice and was never taxed as income, so there goes your dual taxation argument right out the window.

Try a little research, if you google estate tax history your first two options are an article for and one against the estate tax. Go to the library. Read the newspaper. Do the research and then make your decision.

Answer 4

The "death tax" is a tax on inherited money and expensive goods. All of the money is usually taxed 5-6 percent and then 20-30 to each benefactor. Contrary to popular belief, the tax does not hurt the super-rich (they're so rich it doesn't matter) but self-made men and women.

Answer 5

It is another way for the government to steal your money. You had already paid taxes on the income you made to develop your estate and when you die the government will confiscate one half of your estate.

Don't like it? Vote for someone other than a socialist democrat for congress.

Answer 6

After you die, any money, property, etc that you leave to someone is taxed by the Demoncrats to make sure they bleed every penny they can from you! This tax is levied on EVERYBODY rich or poor. The poor just don't leave as much as the rich!

Answer 7

It is a tax applied to the estate of very rich people only to limit how much money can be left to their heirs.

Answer 8

estate taxes.

Answer 9

The feds nail your butt even after you die.