Plldwnyrpnts
join:2003-04-19
Chicago, IL
| reply to Ahrenl
Re: ....so?
said by Ahrenl  :It's called the estate tax, and generally you only pay if the estate net worth is X million dollars. Recently they were trying to bump it to 10, and I'm not sure if they pushed that through. Some of the richest people in the world back this tax, and list it as a debt owed to the society that allowed them to be prosperous. It's hard to argue that people who did nothing but be related to someone who worked hard for a lot of money should only be entitled to half of it. boo hoo. Large amounts of inherited wealth generally do more harm than good, especially in the extremes. It's complete and utter bullshit! There is no way in hell, just because I didn't earn it, the government should be allowed to take half of it. Explain to me WHY the government is entitled to it. They sure as hell didn't work hard for it.
Fortunately I don't/won't have this problem as me and my family are BROKE! And the rich and the politicians are the ones that are setting this crap up, so it's basically for themselves. But at the same time, think about how many people this has kept from joining that elite group of wealthy snobs. Maybe that's the whole point to that tax (sneaks in conspiracy theory.) |
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KoolMoe
Aw Man
Premium
join:2001-02-14
Annapolis, MD
clubs:
 ·Verizon FIOS
 ·Speakeasy
| I doubt the tax rate is 50%.
It only applies to those with multi-million dollar inheritances.
I generally agree the gov't shouldn't be entitled to one's money but that's pretty well established. They sure don't work hard for it!
Taxes like this are ones I support more. I think those who inherit 10 million can afford to pay 2 million of it to the gov't. Aw, only got 8 million for free from your dead uncle? I'm so sorry 
I'd much rather that policy. If we're talking about unfair taxes, how about taking 1/3rd of a low-middle-class salary! That's a lot more painful.
Repealing the Estate Tax is just another friendly backslap for wealthy politicians to give to their wealthy political backers. You and I will never be affected by it.
KM
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Don't Lie - Be Kind - Realize your Potential |
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Ahrenl
join:2004-10-26
North Andover, MA
·Verizon FIOS
| reply to Plldwnyrpnts
said by Plldwnyrpnts :said by Ahrenl :It's called the estate tax, and generally you only pay if the estate net worth is X million dollars. Recently they were trying to bump it to 10, and I'm not sure if they pushed that through. Some of the richest people in the world back this tax, and list it as a debt owed to the society that allowed them to be prosperous. It's hard to argue that people who did nothing but be related to someone who worked hard for a lot of money should only be entitled to half of it. boo hoo. Large amounts of inherited wealth generally do more harm than good, especially in the extremes. It's complete and utter bullshit! There is no way in hell, just because I didn't earn it, the government should be allowed to take half of it. Explain to me WHY the government is entitled to it. They sure as hell didn't work hard for it. Fortunately I don't/won't have this problem as me and my family are BROKE! And the rich and the politicians are the ones that are setting this crap up, so it's basically for themselves. But at the same time, think about how many people this has kept from joining that elite group of wealthy snobs. Maybe that's the whole point to that tax (sneaks in conspiracy theory.) The government is the people's stewart who provided the environment that enabled the accumulation of the large amount of wealth. I'd say the environment did a heck of a lot more to earn it than you did. I do think all tax programs with exemption limits should be inflation adjusted, and that 2m is too low. Also there should be an exemption if say 70% or more of the value is due to a small (under 50m) business or single real estate holding.
That being said, people who are rich generally have gotten there by being talented, some of which is genetic, and is probably passed down through procreation. Therefore passing on large piles of wealth to survivors who haven't had the chance to contribute their potential to societies talent pool diminishes society by removing their incentive to do so. That's why the estate tax, properly implemented, should remain.
Most people will make between 1-2 million in their ENTIRE LIFETIME. If you can't be happy with being handed 5m+ when you could have gotten 10m+ then we have no common frame of reference with which to continue this conversation. |
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04875776
Rollin' up my dog ends
Premium
join:2006-11-14
Chicago, IL | reply to KoolMoe
This year, the estate tax rate is 45% of the amount above $2 million. Doubt away, but it doesn't make the rate lower. |
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