Reply to Vox article on inheritance

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]So just to be clear, specifically what estate tax are we proposing here?

Bernie has the most extreme proposal out that’s out there at the moment — 45% on estates between $3.5M and $10M and 77% for anything above $1 billion.

https://www.bloomberg.com/quicktake/the-estate-tax

Now, you may say that $3.5M is unequivocally a rich person’s estate (and on many metrics, it is), but it isn’t hard to imagine a lot of people in this area hitting that. If someone has a fully paid off home, and has invested relatively well over a 30-year career, it isn’t at all hard to imagine all of that coming out to at least $3.5M.

So people need to be ok with their kids paying 45% in taxes off of the sale proceeds from a home they inherited + any investments. [/quote]

I’m trying to figure out what they want too.  The current estate tax exempts everyone except the very rich.  I thought that’s what liberals wanted.  Progressive taxation that hits the very rich the hardest.  But I seem to be hearing a lot of complaints that the estate tax doesn’t hit people who inherit small estates.[/quote]

I'm a conservative who wants to see the estate tax changed. I don't want to tax the rich into oblivion. But I think that the step up in basis on capital gains PLUS an $11 million estate tax exemption is too little taxation. I would be in favor of something like this:

1. Eliminating step up in basis, reduce estate tax exemption to $3 million dollars AND lower the estate tax rate to 30-35%.[/quote]

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