Inheritance taxes... what do you think about them?

Question

America is the land of opportunity and those that inherit money didn't do anything to earn it, so why not tax it heavliy?

I'm sure that the kids will go work hard and make plenty of money on their own...

double taxation... good point.. I don't really like the idea of that...

Answer 1

If I am taxed all my life, why should the money I leave my children be taxed when I ALREADY PAID TAXES ON IT??

Answer 2

Why tax it, just let the government take it. I mean in the end, that's what happens. My great grandfather paid $3,000 for a car. He paid Sales tax of 8% or $240. He had it for 7 years and hardly ever drove it. He paid right at $55 per year registration. That's $625 total. He died and left it to my grandfather. He paid 25% inharrantance tax or $750. The he paid an average of $70 per year in regs for a car he never drove for 12 years. Now my father has it. He paid 32% inharrantance tax on the current value which is now a classic and only 5000 miles on it. He paid $9,325 in taxes. His regs are $175 a year and he has had it for 4 years. Ok, math time:

175x 4= 700
9,325
750
840
625
240
Total tax for this vehicle: $12480 for vehicle that was purchased for $3,000. Here's the spin. The car burned up in fire at the storage facility it was being stored at. They didn't have insurance and the insurance covering the vehicle won't pay.

Current value: $0.00

Yea, government should have just taken then dang thing.

Answer 3

I'm against the high rate of taxes that we have as a nation, I am very conservative, however of all the taxes I dislike the inhertience tax the least. I would rather have the government take my money after I've died than while I am still alive. The key is how the rich hide their money so that it is not taxed at death so that it is really only a tax on the middle and upper-middle class.

Answer 4

There should be NO tax on inheritance. As a 38 year old, father of two teenagers, my desire is to build a legacy and a certain amount of financial freedom that I can pass down to my future generations.

I worked for the money I have, paid taxes on the money I have, I should have the freedom to do with the money that I earned and paid taxes on as I wish. If my wish is to pass it on to my family after I have died, then I also don't want to be taxed on the money I earned AGAIN!!!

R.I.P. I should be able to rest in peace, knowing that I have done my part to take care of future generations of my family and that they don't have to rely on SS or other government programs.

I also give to charity, in some instances to families whom I don't know, and who have done nothing to "Earn" the money or support...should they in turn pay taxes for my generosity?

NO!!!

This notion is foolish and the Government should not be able to steal from the dead!!!

Answer 5

I'm against it. If you earn a bunch of money, and your sole motivation was to support your family for generations... the last thing you want is for someone to take it away at a rate unproportional to that of other earnings.

Tax it, like everything else would be, but don't discriminate.. you start that, and it all goes to hell, cause it'd probably never end.

Answer 6

Well, If I was to pass away, I would prefer all my belongings to be given to my children and afterwards the U.S. government could tax it when they decide to spend it. Too many taxes, whats next?
Tax the air you breath?

Answer 7

Sure - confiscate all of it; after all, Congress surely has a much better use for it! ;-))