Toggle navigation
Toggle navigation
Home
DCUM Forums
Nanny Forums
Events
About DCUM
Advertising
Search
Recent Topics
Hottest Topics
FAQs and Guidelines
Privacy Policy
Your current identity is: Anonymous
Login
Preview
Subject:
Forum Index
»
Money and Finances
Reply to "Vox article on inheritance"
Subject:
Emoticons
More smilies
Text Color:
Default
Dark Red
Red
Orange
Brown
Yellow
Green
Olive
Cyan
Blue
Dark Blue
Violet
White
Black
Font:
Very Small
Small
Normal
Big
Giant
Close Marks
[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote]People whose parents were prudent with money dont “deserve” it but their parents deserve to pass on what they earned and saved and planned for their kids. [/quote] No they don't. Society helped those parents make what they made. In many cases, those parents got a big head start from their own inheritance – they didn't do it alone. And even if they started from absolute zero, they built a business using roads that society paid for, with workers that society educated, in a peaceful and rule-of-law based society that government agencies and police departments created. Those parents benefited from society and they should pay back to society. Take what they earned and tax it, and make an equal playing field for more kids. No silver spoons for lazy, rich, entitled offspring.[/quote] And they paid taxes on everything every step of the way. Probably paid more in taxes than their dummer, lazier, less lucky etc, etc, etc counterparts. Those roads they used, on a relative basis, they probably paid for more of them. If they were successful, it’s idiotic to assume they used any government services for free. In fact, it’s the lumps who pay low taxes and create little value who should get punished. In my book, you create x number of jobs, pay x amount of taxes etc and you should be off the hook entirely for any estate taxes (which remember, are a tax on already taxed assets). Take out teachers, first responders, military and some healthcare/doctors and then publish everyone else’s overall contributions in taxes, charity, jobs created, etc and tout the successful and scorn the drips. And I am a youngish person with NO hope of receiving any resources via inheritance. [/quote] Let's assume all this is true. (I don't agree with much of it, but for the sale of argument . . . ) A trigger point (probably the most common one) for paying taxes in the US is the transfer of money or assets. You work, get paid, your employer transfers a salary to you, you pay taxes on it. You buy something at the store, the store pays taxes on the money it receives. You sell stocks or mutual funds, you pay taxes on your profit. Why should inheritance be reated any differently? Like it or not, it is a transfer of money or assets - why shoudn't it be taxed? You say it is "a tax on already taxed assets" - that's true for virtually any asset. The money my employer pays me that I pay income taxes on? They already paid taxes on that. The money I pay to a store to buy groceries? I already paid taxes on that. Yes, a decedent already paid taxes in his or her estate - but the heirs didn't. Why shouldn't they? A PP wrote, "parents deserve to pass on what they earned and saved and planned for their kids." First, many heirs aren't kids. [b]But more fundamentally, why should they be able to pass it along tax free? I'm all for a reasonabel exemption, but $10m? Imagine if everyone could exempt the first $10m of wages from their income taxes. [/b] [/quote] Exactly. This PLUS as step up in basis in capital gains? That is crazy. How about we stop taxing capital gains for everyone? Why do only heiresses get an exception? How about we stop taxing income? Heiresses don't have to pay taxes on the first $11 million. Let's extend that to everyone else too. [/quote]
Options
Disable HTML in this message
Disable BB Code in this message
Disable smilies in this message
Review message
Search
Recent Topics
Hottest Topics