Reply to Parents/in-laws paying estate tax to avoid giving while alive

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I thought we wanted the rich to pay their fair share. What do you want OP? For the rich to not pay up? Are you that greedy?[/quote]

The rich pay plenty. Leaving that aside, estate taxes are absurd because it’s money that was already taxed. People should be able to do what they want with it, tax free. [/quote]

+1000

Someone called it a "transfer tax" and all money is taxed when it's transferred.  I think that's ridiculous.  We earned the money and paid massive taxes on it, why should it be taxed justbecause we give it to our kids or grandkids.

Smart people do find legal ways with trusts and gifting while still alive to avoid estate taxes. 
[/quote]

Sick of this dumb argument.  When you die, you’re not paying taxes on it.  You’re dead.  Your children are paying taxes on their new income, as they should.[/quote]

Obviously, you don't have a High enough net worth for this to be an issue, so of course you would think "it's dumb argument".  Firstly, it's taxed at a higher rate than income would be, so it's not actually being treated as income (my state has no income tax, so 20% tax is much higher than income tax and 40% is higher than any federal tax bracket).

Thankfully there are still plenty of legal methods of avoiding estate taxes, and most for whom it's an issue will take measures to protect the money from the goverment.  Already paid 37% taxes on majority of our wealth as we made it, will certainly pass it onto our kids and grandkids without them having to pay 20-60% on a good portion of it. [/quote]

You’re correct, I’m one of the non-elite poors of society who has to actually work for my money and pay taxes to contribute to our country.  So forgive me that I don’t have a single sh!t to give about some whiny rich brat complaining that they’re expected to contribute a little to a society which disproportionately rewards them having wealthy parents, but otherwise being completely and utterly worthless.  [/quote]

I've paid more in State income taxes in a single year (multiple times) than you most likely will ever make in your lifetime.  I actually had to work for my money and have paid millions in taxes to our country.  And happily do so and vote Blue because I value our democracy and women's rights a bit more than I value having a few million more in my pocket.

My kids will inherit over $10M each, should we choose to give it to them, it will be done to legally avoid estate taxes (both at federal and state level). My kids also still work for the rest of their money and pay taxes fully on that, they contribute to society as much as anyone else. They hold a full time job and work 50+ hour weeks and work to build a career, budget and save.   They don't have full access to that money now.  They are not "completely and utterly worthless".  [/quote]

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