From the IRS site on Estate tax:
On one hand, they say that everyone should be given an equal playing field to prove their worth, then on the other hand they think that millionaires shouldn't be taxed when they leave millions of dollars to their kids. They even have the nerve to lie to the American public and make it look like it will affect people who aren't millionaires.
To reemphasize: Most relatively simple estates (cash, publicly traded securities, small amounts of other, easily valued assets and no special deductions or elections or jointly held property) with a total value under $1,000,000 and a date of death in 2002 or 2003, under $1,500,000 and a date of death in 2004 or 2005, and under $2,000,000 and a date of death in 2006 or 2007 do not require the filing of an estate tax return.
2007-07-16 01:57:26 · 12 answers · asked by brickity hussein brack 5 in Politics & Government ➔ Politics
It does affect people who aren't millionaires. I have never been able to figure out why any estate should be taxed at all if those funds have already had income taxes imposed on them.
2007-07-16 02:02:08 · answer #1 · answered by Brian 7 · 4⤊ 4⤋
Do you really think the great-great-great-grandchildren of an oil barron, stock manipulator, or bootlegger deserve to be born into a world of extreme privilege? Who created the economic environment that allowed family dynasties to be built? Would those same families have been able to amass and retain their wealth in a different country?
Without the estate tax, you get these families that live in unimaginable wealth and make few attempts to contribute to society in a positive way. Their spoiled offspring snort coke, drive drunk, and get elected president.
Most of the wealth accumulated by the super-rich is originally taxed as capital gains, which is lower than the income tax. If you're rich, not only does your money work for you, but it also gets taxed less than if you had toiled for it flipping burgers at McDonald's. The poor need to use their income to stay alive, they might not have enough left over to invest, yet their income is taxed more than if it had been gained through a gamble on stock prices.
The questioner is correct in the implication that a true meritocracy should reward individuals for their own accomplishments, not family dynasties.
2007-07-16 02:26:09 · answer #2 · answered by thatrichguy 2 · 1⤊ 1⤋
Because once you receive it "it instantly becomes a capital gain" not unlike winning a jackpot a Vegas (which is also taxed) but here's the kicker... the so called death tax doesn't kick in until either the 5 or 10 million mark (I can't remember which) and some things like the family farm are exempt.
So just about the only ones whine are the extremely wealthy
2007-07-16 02:26:32 · answer #3 · answered by Anonymous · 1⤊ 1⤋
Greed and a way to keep their place in society. The more they have the more they want. this has brought more countries to and end then anything else in history. The rich getting richer and the poor getting poorer. Look at history!
Capitalism is great but if the bottom of society isn't given a chance we are asking for trouble.
2007-07-16 02:06:02 · answer #4 · answered by margie s 4 · 1⤊ 2⤋
What if you bought your property in 1952 for $5K and the market drove it up to that value. Don't be fooled thinking this only affects the wealthy.
2007-07-16 02:02:17 · answer #5 · answered by Anonymous · 1⤊ 2⤋
Because all that money was already taxed when it was earned, or when it earned interest or dividends, etc.
The only possible reason to support re-taxing it, is because of some left-wing type class envy.
Why are you so hateful of people who have earned money? What's wrong with you?
2007-07-16 02:03:09 · answer #6 · answered by Anonymous · 4⤊ 2⤋
Why should I have to pay a tax on something my parents were already taxed on? 1.5 mil is'nt that much money in todays age.
2007-07-16 02:16:36 · answer #7 · answered by Anonymous · 1⤊ 1⤋
The rich hate to pay taxes! Like Leona Helmsley said "Only the little people pay taxes"!
They are also the same ones who sign all their parents homes and vehicles over to them so they can keep the house and WE can pay for the nursing home!
Hell, they even caught Senator Brooke from Mass. doing that!
They hate to pay taxes on money they stole from us!
2007-07-16 02:05:10 · answer #8 · answered by cantcu 7 · 2⤊ 3⤋
Because Rush tells them to whine about it. That is all the "proof" they need that some great injustice was perpetrated against them by the evil liberals.
2007-07-16 02:06:57 · answer #9 · answered by beren 7 · 2⤊ 2⤋
Why should anyone be taxed twice, regardless of worth?
2007-07-16 02:18:08 · answer #10 · answered by Anonymous · 2⤊ 1⤋