The estate tax, should we get rid of it, or keep it?

Question

why or why not.

Answer 1

I say we keep it. The estate tax only kicks in after a certain amount of money is involved. Most of the arguments against it try to paint a picture of 'thanks to this darn estate tax, we can't keep the farm now that dad's passed away'.....this is totally incorrect and misleading. The exemptions on the tax cover estates up to several million dollars- which safely covers most modest estates of hard working families.

We're talking about millions and millions of dollars before the tax is enacted on a particular estate, leaving more than enough for any benefactors to live comfortably.

So some heiress only gets 20 million instead of 30......I'm crying for them- no, really.

Answer 2

there is little possibility that they are going to do away with the valuables Tax. the time-honored objective of the valuables Tax is to maintain money flowing in the time of the economic gadget and society extremely of pooling in the palms of an extremely few extremely-prosperous families. If it weren't for the valuables Tax, the Forbes one million,000 record of the only million,000 wealthiest individuals could be extra like the Forbes 50. Even in its modern variety, below 2% of all estates ever pay any property Tax. you will possibly see the exclusion upward thrust to the $3 to $5 million selection which will shrink the variety of estates that are tapped by making use of extra desirable than one million/2 yet there is merely approximately no possibility that it will bypass away completely. collectively as the valuables Tax is going away in some international locations, that's being replaced with a wealth tax it is a few distance extra hard than the valuables Tax. France, working example, has a wealth tax it is classed at one million% to 3% of the whole internet worth as quickly because it exceeds a undeniable point -- around one million/2 one million Euros or so -- and that's taken each and every 365 days so over the direction of a typical lifetime it drains almost seventy 5% of a prosperous relatives's entire wealth.

Answer 3

The "Paris Hilton Tax" ? Keep it. There is an exemption for the first $2million. If your estate or an estate you are to inherit is not worth over $2million you will not be affected at all. It is a little known fact that after Katrina the Republicans exempted any victims estates from an estate tax. When they researched how many estates would benefit there were none!
The rich do not pay taxes in proportion to the amount of wealth they control. This is one way to ensure that they pay at least part of their fair share.

Answer 4

We should get rid of it.

People are saving their pennies today to leave to their children tomorrow.

God knows our kids will need it.

It is also a double tax. That money has already been subjected to income tax, folks. Double taxation is illegal.

Answer 5

There are many arguments on this and several are good. Why not be able to give your farm to your child? to Is it really right that Bill Gates son will inhertit 60 billion dollars? Probably somewhere in the middle.

Answer 6

Keep it, and maybe even expand the amount taxed on massive amounts, this could be used to take steps towards a balanced budget.

Answer 7

No Tax, and yes I'm a Dem. Folks paid tax all their life,should be un taxed for their heirs.

Answer 8

It is evil for the government to make money off of someone dying, by taxing the family.
It's just another way for the Democrats to milk the people out of money.
"Democrats Care".

Answer 9

Ixnay on the axtay

Answer 10

Keep it. Does it affect you? Do you know how many people it actually affects? Yes keep taking up the cause of the super rich I am sure they will thank you for it.