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Reply to "What really needs to be fixed in the tax code?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Eliminate ALL deductions and exemptions. Institute a flat % tax.[/quote] Flat tax should have the first 25k or whatever exempted to allow the working poor to have a chance. Flat tax would need to cover all current taxes: estate, dividends, etc.[/quote] I ask about estate tax, because some people think estates shouldn’t have a tax. (Yes usually the ultra rich ha ha.) But it may be a matter of principal, the idea that the money has already been taxed. (Unless it is from a foreign relative!) I don’t want to get this sidetracked, but what do we all think?[/quote] It's not true that estates are double-taxed. Maybe for first-generation wealth, but we have this thing called "stepped up basis" in the tax code, so any money that's come through a couple of generation is being bequeathed with no taxes paid on it by the decedent.[/quote]
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