Eliminating the Death Tax...

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posted on Nov, 16 2012 @ 11:30 AM
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I am not a fan of the Estate (Death) Tax that we see in this country. I find it to be highly unreasonable to think that a family should surrender (pay a tax) to the Govt. when their loved one dies. The money that's been accumulated over a person's life is taxed already, so why is it that when they die the family who receives the money is being taxed at such a high rate?

Estate Tax

Exemption Rate
Current $5 million 35%

2013 $1 million 55%

Proposed $3.5 million 45%
(By Obama)

I'm curious if anyone on ATS finds these taxes to be fair? Do you feel that the Govt. deserves this money? They state that the estate tax is really just for the super rich of the world to make sure wealth isn't just passed from one generation to the next. So they essentially want to shorten the gap between the rich and poor. My issue is that a household after 30+ plus years of 2 parents working can easily go over the $1 million mark that's set for 2013. The super rich have more to lose, but they also have more to live on so they likely won't see much of an affect to their lives. Now the family that has a net worth in the low millions will see a VERY significant hit to their wealth...

If this tax is for the super rich, then why not set the number at $20 million or higher? why is it just north of $1 Million? $1 million net worth does not making super rich by any stretch today...

Anyways, that's how I feel about the Estate Tax and I'm curious to hear how other ATS members feel? Would you like to see if go? Are you okay with the current set up?
edit on 16-11-2012 by jhn7537 because: (no reason given)




posted on Nov, 16 2012 @ 11:58 AM
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The death tax is double taxation, plain and simple. Its serves no function other than to line the pockets of the treasury. There are ways it can be beaten though, well until we become the cashless society they keep thrusting on all of us that is.

Communist like it though, they don't believe descendants deserve to have the fruit of their ancestors labor. Marx wanted to abolish all rights of inheritance. Of course in a just society the dead decide what happens to their lifetime of labor and the government keeps their greedy hands to themselves. Obviously though, we live in a place that in no way resembles a just society.



posted on Nov, 16 2012 @ 12:10 PM
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reply to post by sageofmonticello
 


I'm still trying to determine how this is even legal... I'm shocked that estate taxes isn't battled more... My parents struggle to make ends meet so I'm not going to receive anything when the day comes and they pass... So I don't have a dog in this fight, its not like im trying to protect an inheritance im set to get. I just have strong beliefs that being taxed twice on money earned like this is plain wrong.



posted on Nov, 16 2012 @ 12:26 PM
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I'm all for it! Back when I was working the exemption was $650,000. Then they upped it to $1 million - then $5 million. Still a husband can pass the entire estate to his spouse tax free. The only folks I've heard of that have been "hurt" by estate tax considerations were some of my ex-inlaws that had a large amount of farm land and the government WAY overvalued it - still they conglomerated the whole mess and operated it as a family farm for a decade, thus avoiding the estate tax.

Me, I've never worried one second about the effect of estate taxes - my estate beneficiaries will never pay a penny.

ganjoa



posted on Nov, 16 2012 @ 12:48 PM
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reply to post by ganjoa
 


Your all for it huh? Can you please tell me what about the estate tax you find so great?

Your realize it does more than just tax those wicked rich people right?

Ever wonder why there are so few family run businesses these days? So few jobs? You can put a lot of the blame squarely on the shoulders of the death tax. You do realize it taxes assets as well as cash right? What do you think a family has to do to pay that tax? Well they have to sell the business, and in a hurry. Who do you think that benefits? That's right, the super rich people it is supposed to be leveling the playing field against.

Not to mention, According to economist Dr. Douglas Holtz-Eakin, over 1,000,000 jobs would be created by simply eliminating the death tax. Who likes jobs though?

Douglas Holtz-Eakin and Cameron T. Smith, “Changing Views of the Estate Tax: Implications for Legislative Options,” American Family Business Foundation, February 2009


edit on 16-11-2012 by sageofmonticello because: (no reason given)



posted on Nov, 16 2012 @ 01:19 PM
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Originally posted by jhn7537
reply to post by sageofmonticello
 


I'm still trying to determine how this is even legal... I'm shocked that estate taxes isn't battled more... My parents struggle to make ends meet so I'm not going to receive anything when the day comes and they pass... So I don't have a dog in this fight, its not like im trying to protect an inheritance im set to get. I just have strong beliefs that being taxed twice on money earned like this is plain wrong.


I'm right there with you. Actually, I might be a bit past you even. I have bigger gripes about the income tax, which, seeing how one can't live without an income in this society, to provide necessities, I see as a life tax. Probably shouldn't open that can of worms right now though. The propaganda as to why the income tax is "necessary" is pretty hard to break though as most people can't even conceive of how life could possibly exist without it.

The death tax would be a great place to start reforming this corrupt system.


Inheritances can be one of the primary means for a family to improve their economic condition. By confiscating inheritances, the estate tax is an obstacle to improved living standards and the promise of the American dream.


source: “Cost and Consequences of the Federal Estate Tax,” Joint Economic Committee, May 2006, 22.


edit on 16-11-2012 by sageofmonticello because: (no reason given)





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