Is taxing inherited money double taxation or taxing new gains? (unemployment, health care)
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When those assets are reassigned to another, they are being taxed on their increased wealth, not yours.
By the way, Paris Hilton, Nicole Richie are poster children for an increase in the inheritance tax.
My death might rip the assets from me, but it shouldnt rip them from my children. Again, should I buy assets under my childrens name to avoid the estate tax because that would do it.. Also, so would buying investments under trusts (which I currently do), and corporations as well, because these things do not cease to exist upon my death.
Call it what it is: a money grab. The dems view themselves as Robin Hood taking money from the rich fat cats and giving to the poor. Sadly, it's why a lot of the midwest farmers are turning into corporate operations. When someone dies the next of kin can't pay estate taxes on the property and has to sell it.
Interesting argument from Democrats.. YOUR DEAD.. Its not YOUR money..
of course it is: In fact it is probably triple taxation in many cases. A person is taxed on their earnings. Then they invest some of thsoe earnings and they are taxed on the profit from their investment and then, add, to that, they or their families are taxed on that money after they die. What else can you call it?
Interesting argument from Democrats.. YOUR DEAD.. Its not YOUR money..
It's not that different from the "double taxation" that occurs when corporations pay taxes and then you have to pay taxes on dividends received from them.
Also, since Obama is agreeing with the Republicans and vice-versa your head must be exploding about right now.
I'd be interested in knowing what that farm was worth cuz it must've been ONE HELL of a farm considering how high the exemption is.
This happened about 20-30 years ago so I don't know what the exemption was at that time. Do you? What difference does that make?
When you grow up on a farm, as in many businesses, kids are an integral part of the business. They have sweat equity in it. They are groomed to take over at some point.
For example, if your Dad remodeled his home and put on an addition and he bought the materials but you did all the labor, would you feel bad if the goverment took that house due to his untimely demise a year later?
The question is whether the tax is fair, not what the exemption is. That can change at any time.
This happened about 20-30 years ago so I don't know what the exemption was at that time. Do you? What difference does that make?
When you grow up on a farm, as in many businesses, kids are an integral part of the business. They have sweat equity in it. They are groomed to take over at some point.
For example, if your Dad remodeled his home and put on an addition and he bought the materials but you did all the labor, would you feel bad if the goverment took that house due to his untimely demise a year later?
The question is whether the tax is fair, not what the exemption is. That can change at any time.
I'm not from a rural area, but i know people where i presently live that inherited their family farms/ranches. Simply put, they've never told me any of these sob stories about how they almost lost the place because of taxes yadda, yadda, yadda.
So when i hear this stuff, it makes me suspicious, that's all. That's why i wondered what the farm must've been worth seeing as how families hand down family farms all the time.....that is, to children who WANT to farm. Frankly, most kids don't want to farm anymore even if they inherit the place.
It's not that different from the "double taxation" that occurs when corporations pay taxes and then you have to pay taxes on dividends received from them.
nope.. change your name from Math guy to something else because corporations do not pay taxes on the amount they pay out in dividens.. This amount gets reduced from their net profits thereby not taxed at the corporate level.
Quote:
Originally Posted by Mathguy
Also, since Obama is agreeing with the Republicans and vice-versa your head must be exploding about right now.
Why would my head be exploading because Obama finally agrees with Republicans? You are making no sense at all.
Interesting argument from Democrats.. YOUR DEAD.. Its not YOUR money..
yes it is double or even triple taxing
and its wrong
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Also, so would buying investments under trusts (which I currently do), and corporations as well, because these things do not cease to exist upon my death.
