ESTATE TAX should it be repealed? with poll

[Amused]

Originally posted by: SuperTool

Originally posted by: AmusedOne

Originally posted by: SuperTool

You obviously do not understand the intent of the Constitution. It does not list what the Federal Government can't do, it lists what the Federal Government CAN do. Everything else is reserved for the states.

Section. 8. The Congress shall have Power To lay and collect Taxes...

Congress has laid the estate tax, and they will collect it. If you think it's unconstitutional, take it to court.
/edit
Damn, PSYWVic, you beat me to it. 🙂

Yes, but it does not state that congress has the right to reduce wealth handed down among generations, so to use that as the reason behind the tax is Unconstitutional.

Amendment XVI

The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration.

Which part of "from whatever source derived" do you not understand? It doesn't say from "whatever source except your parents"

The point is, the money has ALREADY been taxed. How many times does Congress get a whack at your money, Tool?

 

[Amused]

Originally posted by: PSYWVic

Anyway, it seems a lot of you are planning on large inheritences soon...

Ever stop to think that most people DON'T suffer from class envy and are disgusted that people --no matter how rich they are-- are having their rightfully earned money stollen from their families just because they died?

Does one need to be expecting a large inheretence to oppose the tax? Of course not... however, that's what liberals would like you to believe.

 

[SuperTool]

So, cut spending. Stop electing people who wish to spend massive amounts of money. Stop supporting new socialist programs. Oh, wait, I forgot who I was speaking to... As if you'd stop begging the government for more programs... what was I thinking?

Who should I have voted in 2000 election to cut spending? Bush? Gore? Nader? Thanks, I needed a good laugh. 😀
I am single, I don't get a cent from the government, and I pay taxes with only a standard exemption. So you can shove your programs for all I care.

I have NEVER seen you advocate small govenment.

I want smaller government, but if you think you are going to get it by voting for one politician over other, you are being silly. It won't happen.

 

[Vic]

Originally posted by: AmusedOne

Originally posted by: PSYWVic

Anyway, it seems a lot of you are planning on large inheritences soon...

Ever stop to think that most people DON'T suffer from class envy and are disgusted that people --no matter how rich they are-- are having their rightfully earned money stollen from their families just because they died?

Does one need to be expecting a large inheretence to oppose the tax? Of course not... however, that's what liberals would like you to believe.

I thought I clarified my position pretty well. I would much rather see people taxed after they are dead than while they are alive. In fact, as I said on page one, my ideal tax system would involve no taxes except the estate tax. I would much rather see further cuts to the income tax and the elimination of the capital gains tax than to cut the estate tax. Were GW to propose these, he would have my unwaivering support.
As for wealth itself, I think of it as an individual thing, not as something created by families. As far as I am concerned, if the children of wealthy individuals can't cut it on their own, or with the assistance of their parents while their parents are still alive, then I have no sympathy.

Cut taxes for the living, not the dead.

 

[Maetryx]

It really comes down to your definition of "my" money. Is my parents' money mine? The government says no. They see it as unearned income. The government has decided that married couples are a single economic unit. But not generational.

Anyway, I'm against the death tax because I don't see how it is equitable to have the government decide how a deceased person's money is distributed.

A point to consider: accumulated wealth is what makes up the venture capital that eventually funds a lot of our incomes.

 

[Don Vito Corleone]

The estate tax is widely misunderstood, and its political importance vastly exceeds its real-world relevance. Something like 1% of all estates are subject to estate tax as it currently exists, and it only affects very large estates. The people who are passionate on this subject are nearly always political partisans.

 

[etalns]

Originally posted by: Viper GTS
For God's sake yes repeal it.

Viper GTS

 

[Tominator]

So, you admit that Reagan's tax cuts failed to result in spending cuts? If so, you made my point, so I don't see where the Public Education comment is coming from. I have no problems with public education. My public education got me to an Ivy League electrical engineering school, and I had a full year of AP college credit coming out of an inner city high school in Los Angeles. Just because most American children are too dumb to take advantage of the learning opportunities public education presents, that's not my problem.

Reagan's tax cuts succeeded. They nearly doubled the real money government had to spend in just 7 years.

The economic boom of he nineties was how we got a balanced budget and shrinking deficit, not tax increases.

You made my point! Find me just one school that teaches this is what happened. Public school. Just one.....

Our colleges are run by Liberal Socialists that continue to rewrite history and teach junk science. Sure, many like yourself end up excelling but look at how many fail. It's amazing that you don't care about those that fail and yet care a whole lot that an unfair tax gets canned.

 

[Frolodo]

How much money do you need before the tax takes anything from you?

$1,000,000?

I was just thinking the other day how it would be really sweet if the rich became more wealthy.

• Less than 2% of people pay this tax!

 

[IGBT]

Get rid of it along with taxes on savings accounts. Income on post tax investments shouldn't be taxed again.

 

[Amused]

Originally posted by: Don_Vito
The estate tax is widely misunderstood, and its political importance vastly exceeds its real-world relevance. Something like 1% of all estates are subject to estate tax as it currently exists, and it only affects very large estates. The people who are passionate on this subject are nearly always political partisans.

Which proves my previous statement:

"Ever stop to think that most people DON'T suffer from class envy and are disgusted that people --no matter how rich they are-- are having their rightfully earned money stollen from their families just because they died?

Does one need to be expecting a large inheretence to oppose the tax? Of course not... however, that's what liberals would like you to believe."

 

[Tominator]

I am single, I don't get a cent from the government, and I pay taxes with only a standard exemption. So you can shove your programs for all I care.

If you went to any college funded by state or federal money you were subsidized by us working stiffs! So you are saying we can shove the programs AFTER you took advantage of them.

School funding is as big a joke as any other government program you can name.

 

[HiveMaster]

That's ridiculous. If I bought a house, paid taxes fair and square, then before I die decide to give it to you, what right does the government have to tax it AGAIN? Now, if you're not my relative, then I can see some justification, but if I die and leave everything I have to my child, the government needs to stay out of it.

One of the things I have not seen discussed here is, who exactly gets hit by this tax? I think the amount of the estate is set so high right now that less than 1% of Americans would even have to worry about this tax!

It does not make sense for me to pay more taxes so that a millionaire's family can pay less. You know that if they eliminate another tax break for the super-rich, they will have to make up the money some other way by taxing...that is right...the rank and file AT'rs and their parents.

 

[DonaldC]

Originally posted by: lirion
Yes repeal it. The money has already been taxed and the goods have already been taxed twice (income and sales tax). Where would we make up the money? Cut government spending.

You got my vote.

 

[SuperTool]

Originally posted by: Tominator

I am single, I don't get a cent from the government, and I pay taxes with only a standard exemption. So you can shove your programs for all I care.

If you went to any college funded by state or federal money you were subsidized by us working stiffs! So you are saying we can shove the programs AFTER you took advantage of them.

I didn't go to a state school, but I did get a federal student loan.
And yes, you can shove these programs AFTER I am done with them. Don't give me that tone like I am selfish. You too only want to cut programs that you disagree with. Name one program that you agree with that you would like to cut to get the government in the black

School funding is as big a joke as any other government program you can name.

I agree. Why waste money on US schools, we can always get educated people from overseas here on H1B visas.

 

[yakko]

Not only does the death tax need to go we need to get rid of the current tax structure.

 

[Tominator]

You too only want to cut programs that you disagree with. Name one program that you agree with that you would like to cut to get the government in the black

You would not need to cut even one.....

Government jobs should be based on the need for them. Government employees should face the future just like the rest of us. Layoffs, job cuts and paying for their own healthcare or at least a portion thereof. It should take 30 years of employment to get full retirement benefits just like most companys offer and they should not be able to double dip!

People should be hired based on their qualifications and not their ethnicity.

That alone would balance the budget.

 

[UltraQuiet]

Government jobs should be based on the need for them. Government employees should face the future just like the rest of us. Layoffs, job cuts and paying for their own healthcare or at least a portion thereof. It should take 30 years of employment to get full retirement benefits just like most companys offer and they should not be able to double dip!

You don't know much about goverment jobs. All of those things apply to goverment service jobs. Sorry to interject the truth.


Dave

 

[HomeBrewerDude]

haven't seen this topic in a while!

The problem with this poll, and discussion in general, is that it paints a black and white picture. Do we repeal the estate tax or not? This is not a smart way of approaching the topic.


Realize that for many estates, a good deal hasn't been taxed yet. This would be the case for a man who bought Microsoft stock in the early 80s and died before he ever sold it. In this case, the estate tax is like the capital gains tax. Some people will argue that BOTH taxes should be repealed. I think it is reasonable to expect that INCOME be taxed, whenever it is accrued, whether it be post mortem or not.

Why not just REFORM the estate tax so that those assets that have yet to be taxed, be taxed at the time of probate?

 

[Farmall]

Originally posted by: yakko
Not only does the death tax need to go we need to get rid of the current tax structure.

yakko breaks out the hammer on this one!

Show me one person that understands the current tax code - its a complete library for COL. The death tax is just as ludicrous - why punish someone for fulfilling the American dream? Isn't the idea of all Americans to succeed? I think that the tax kicks in at around $600,000 total estate value - could be wrong after the latest tax revampments. that is not a whole lot considering that includes everything you own. Isn't the tax around 50%?

Why work hard and invest/save for your and your families future if the government has the oppurtunity to take a large portion of your $$$ it you are successful at it. Who really cares if there is a lot of money past down through the generations of those successful, tell me what is wrong with that.

 

[Tominator]

I think it is reasonable to expect that INCOME be taxed, whenever it is accrued, whether it be post mortem or not.

I expect income to be taxed one time and at an equitable rate. The 'death tax' taxes money that has already been taxed!...several times!

 

[HomeBrewerDude]

Originally posted by: Tominator

I think it is reasonable to expect that INCOME be taxed, whenever it is accrued, whether it be post mortem or not.

I expect income to be taxed one time and at an equitable rate. The 'death tax' taxes money that has already been taxed!...several times!

guess you didn't see the part of my post where i point out that in many estates, many assetts haven't been taxed yet. The problem is that stocks, real estate, etc. that were purchased but never SOLD would never have been taxed. That is my point, thank you.

 

[charrison]

Originally posted by: yamahaXS

Originally posted by: Tominator

I think it is reasonable to expect that INCOME be taxed, whenever it is accrued, whether it be post mortem or not.

I expect income to be taxed one time and at an equitable rate. The 'death tax' taxes money that has already been taxed!...several times!

guess you didn't see the part of my post where i point out that in many estates, many assetts haven't been taxed yet. The problem is that stocks, real estate, etc. that were purchased but never SOLD would never have been taxed. That is my point, thank you.

Real estate is bad example..it gets taxed yearly in most places....

 

[HomeBrewerDude]

Gains in value of real estate is not taxed. Real Estate taxes are locally controlled and for the most part city and school taxes. It is a perfect case study for the estate tax because it HIGHLIGHTS the problem with assessing gains tax in probate court.

This isn't a philosophical problem...everyone believes in a different tax structure. This is a problem of how do you tax CONSISTENTLY, regardless of the wealth of estate.

 

[HardwareAddicted]

I believe smart people SIGN THE STUFF OVER BEFORE YOU DIE !!!!!!

My 2 cents