It's almost like you have to pay to be brought in this world and pay to exit (die). It really doesn't make sense to me. Why does the government take so much? Could someone please elaborate on this?
2007-12-04 12:01:05 · 21 answers · asked by lookinforexcitement 3 in Society & Culture ➔ Royalty
I was looking for the REASON for the Death Tax. Is there a link where I can find this information that gives the provisions of the Death Tax? If they're taking 40% they'll get a hefty penny off of Oprah.
2007-12-04 12:11:48 · update #1
there is no specific reasoning behind the inhertaince tax or gift tax (aka death tax) but for people being greedy as was said before the government takes a very large percent of the estate that should have been pasted down to the next generation of family but them makes little to no money off of it the tax has made 1.2% of annuale revinue for federal gov
it is a wasted tax that just hurts individual citezens
2007-12-04 16:26:54 · answer #1 · answered by naldar 2 · 1⤊ 0⤋
Good question, go to the IRS. It really doesn't make sense if you have paid taxes all along. But don't fear the CPAs and lawyers are being paid well and they discount land and stuff down to nothing or about 25% of rel value, it's a sacm all the way around. Take care. Jack brings up a good piont, but if you give it away you only have a deduction up to 1.5 mill now. So the answer is to get rid of it over time. Medicaid works the same why, when an older person can no longer afford the meds and stuff the government will take their house and let them be on medicaid. You can give the house to children and it used to be a three years time, well wait period, before it went into effect, now it is five. years. Go figure. 10% rate would be fair or even 15%, but not 50%.
2007-12-04 12:42:59 · answer #2 · answered by R J 7 · 1⤊ 1⤋
Because they pay $500 for a claw hammer because it is dual purpose it puts in AND removes nails. (This is not a joke, when asked why they charged the government so much, this was the ACCEPTED response)
Because people like the king (Robert Byrd) and queen (Hillary Clinton) of pork add spending amendments to all bills they will know will pass to "bring home the bacon".
Because each Senator and Representative has a staff large larger than my real estate office which has over 500 agents.
Because each Senator and Representative gets a retirement package which is out of this world.
Because Congress controls their own wages.
Because the US government is the world's largest organized crime.
The purpose of the death tax is to milk more tax dollars off of the wealthy to pad our government's pockets.
Arcanum...what are you smoking? They take large amounts from the ultra wealthy (if not properly sheltered) it is designed to do EXACTLY OPPOSITE of what you suggest it does. And by the way, I entered adult life well below the poverty level, and stayed that way for 10 years, then in the next 10, I became financially independent. You think that you cannot escape the life you were born into, but you are self-sabotaging, and ANYONE can become wealthy if they CHOOSE to.
2007-12-04 12:10:52 · answer #3 · answered by Anonymous · 3⤊ 2⤋
A better terms is estate tax or inheritance tax. It's meant for the government to get a cut of whatever is left when someone dies. It's also the reason why many people with anything significant to leave to their heirs put it all in a trust fund, avoiding probate and estate taxes. The trust fund becomes the owner, and the deceased's will details who gets what. The executor of the will makes sure everything is distributed per the deceased wishes. Unless there's a huge battle in court and/or the person was not competent to write the will.
http://en.wikipedia.org/wiki/Death_tax
2007-12-04 12:12:58 · answer #4 · answered by Anonymous · 3⤊ 2⤋
Who cares, you just give it away to whom you chose right before your death and then leave nothing for the government to take at the end! Besides this only effects the rich, because the poor never have anything left to even permit proper burial!
2007-12-04 15:46:46 · answer #5 · answered by Anonymous · 0⤊ 1⤋
At one point in time there was a sunlight tax in England
Windows facing north south were taxed less then windows facing east west and the larger the window the more you had to pay
2007-12-04 12:04:08 · answer #6 · answered by Anonymous · 2⤊ 2⤋
Conservatives have tried to get rid of the Death Tax...but liberals want every thin dime out of you, dead or alive, and could care less how your family gets screwed because of it.
I say we tax liberals twice as much for dying. That way they actually pay for something they have imposed on US !
2007-12-04 12:25:05 · answer #7 · answered by commanderbuck383 5 · 2⤊ 2⤋
Inheritance tax.
It is a tax cut from the capital gains tax that would otherwise be levied on an estate.
It is how we avoid a feudal system in which Nobility passes property from generation to generation.
2007-12-04 12:14:14 · answer #8 · answered by Anonymous · 2⤊ 2⤋
It's a great way for the Government to steal the family farm after dad dies.
It is also a embarrassment and should be abolished.
2007-12-04 12:27:20 · answer #9 · answered by NEOBillyfree 4 · 4⤊ 1⤋
Easy. It keeps a class system consisting of nothing but the rich and the poor. It prevents family legacys from ever rising and keeps them in a loop.
Once poor, always poor. Thats the only use for the death tax.
P.S. It wouldn't affect a family created corporation.
Edit:
"It is how we avoid a feudal system in which Nobility passes property from generation to generation."
lmao, its exactly the opposite. Must have come out of the Republican play book.
2007-12-04 12:08:55 · answer #10 · answered by Arcanum Noctis 5 · 2⤊ 4⤋