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For one thing, there isn't any rule against taxing the same money over and over and over again. In fact it's done all the time. As a rule of thumb, if money changes hands, it's apt to be taxed.
For another thing, of all the wealth included in the very large estates that actually end up paying estate taxes, more than the majority consists of unrealized capital gains. No tax has ever been paid on these, and as the underlying assets will pass to an heir at their stepped up basis, those gains will NEVER be taxed even once. They will permanently escape taxation if they are not taxed as part of an estate.
There is a just a small fraction of people who fall into estate tax situations I am not sure why anyone posting on here would care. If I am not wrong the estate tax was way higher until the last 20 to 30 years and somehow the rich made ends meet. I think crony capitalism is what is wrong with the our government but I somehow don't think giving trust fund kids more money will solve that. I could be wrong though
For one thing, there isn't any rule against taxing the same money over and over and over again. In fact it's done all the time. As a rule of thumb, if money changes hands, it's apt to be taxed.
For another thing, of all the wealth included in the very large estates that actually end up paying estate taxes, more than the majority consists of unrealized capital gains. No tax has ever been paid on these, and as the underlying assets will pass to an heir at their stepped up basis, those gains will NEVER be taxed even once. They will permanently escape taxation if they are not taxed as part of an estate.
the concept of the government never getting a dime of that money is exciting to me. as taxpayers, we all should be doing everything we can to keep money out of the hands of the government.
I never understood this irrational fear of government. I came to the US at the age of two with my parents (legally before you ask). Of course government isn't perfect because it consists of imperfect people. Do I like paying taxes - NO but I understand this country has given me a better life than if my parents had decided not leave our home country. To me taxes are my part in supporting this country (I do have a brother in the military but I didn't serve). I think most tea party types/libertarians just love to complain and like to feel like victims. Sorry, that is how I feel. I worked with a guy who was a libertarian yet his wife was on disability. That is the kind of thing that drives me insane and just makes me discount libertarianism/conservatism completely
the concept of the government never getting a dime of that money is exciting to me. as taxpayers, we all should be doing everything we can to keep money out of the hands of the government.
This only makes sense if you don't believe there should be government at all. This is akin to what an Anarchist believes.
If you believe there has to be even a minimal government than the whole question is what are the most fair forms of taxation.
My heart cries out for those whose estates exceed $5.25 million.
Why oh why should they have to pay any taxes at all?
Oh the humanity.
If I work a lifetime and have been fortunate enough to accumulate $5.25M or more, I think it is absurd that I cannot give that money to whomever I please without any tax consequences to the recipient. I should not have to pay for advice from attorneys and accountants to figure out how to minimize the tax impact of dying.
Whatever I might accumulate is what is left over after already paying income taxes, capital gains taxes, dividend taxes, property taxes, etc.
If I work a lifetime and have been fortunate enough to accumulate $5.25M or more, I think it is absurd that I cannot give that money to whomever I please without any tax consequences to the recipient. I should not have to pay for advice from attorneys and accountants to figure out how to minimize the tax impact of dying.
Whatever I might accumulate is what is left over after already paying income taxes, capital gains taxes, dividend taxes, property taxes, etc.
Why do you have more of a right to keep your money and pass it on to people who have not earned it than I (a wage earning individual) have to pay a lower tax rate? The answer is you don't. We are basically making value judgments as a society. I see about three possible positions here:
1. All taxes should be abolished and we shouldn't have government at all.
2. Its better to tax inheritances and money going to people who have not earned it than to tax incomes.
3. Its better to tax the money that working people earn than it is to tax unearned money bequeathed to people who did not work for it.
Position #2 is the value judgment that I would make. Position #1 is one that civilized people cannot respect. Position #3 is a choice you make that I imagine is shared by a minority of people.
This only makes sense if you don't believe there should be government at all. This is akin to what an Anarchist believes.
If you believe there has to be even a minimal government than the whole question is what are the most fair forms of taxation.
i believe there should be government, just much less than there currently is. i believe that the more money you give government; the more they will spend. to our politicians, money coming into government translates into more power for them. more power for them to sell our money to the highest bidder.
i believe there should be government, just much less than there currently is. i believe that the more money you give government; the more they will spend. to our politicians, money coming into government translates into more power for them. more power for them to sell our money to the highest bidder.
You've stated many times you are against government. But even if all we have is the minimum (military, police, fire department, courts, prisons, perhaps public schools) we still have to pay for it. What is unclear to me is what tax you believe is fair or appropriate. Is it a tax you would have to pay?
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