RonD1120 62
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Maybe in some cases. You're not taking into account family farms and ranches where the kids want to continue the operation and look forward to it until the day comes when the inheritance tax has to be paid and the family farm or ranch has to be sold to the highest bidder. In other cases, others want that 'un-earned inheritance' to go to the kids so their kids have life easier than they had it.
Any way you slice it, the inheritance tax is wrong.
Chuck
Not to mention those that take care of their ill or dying parents for years often times sacrificing their professional lives in the process. Yup they certainly don't deserve a dime that their parents wish to leave them with.
This is a ridiculous concept. Should my children have to pay taxes on a car I buy them, or the money I give them to pay for college? How is this any different? They certainly didn't earn anything I chose to buy for them or give to them.
Believe me these things I mentione above, by many children would be considered an elitist unearned luxury. I certainly didn't have any of the above given to me as a child, so by that standard all these kids whose parents provided everything for them should be taxed extra, right? Its only fair?
muff528 3
QuoteQuoteQuoteSounds like communist drivel to me.
It's exactly the opposite.
Sounds like fascist drivel to me.
Actually, no, Ron was right - it's communist drivel.
Communist/Fascist ~ Sally/Sue
QuoteQuote
Maybe in some cases. You're not taking into account family farms and ranches where the kids want to continue the operation and look forward to it until the day comes when the inheritance tax has to be paid and the family farm or ranch has to be sold to the highest bidder. In other cases, others want that 'un-earned inheritance' to go to the kids so their kids have life easier than they had it.
Any way you slice it, the inheritance tax is wrong.
Chuck
Not to mention those that take care of their ill or dying parents for years often times sacrificing their professional lives in the process. Yup they certainly don't deserve a dime that their parents wish to leave them with.
This is a ridiculous concept. Should my children have to pay taxes on a car I buy them, or the money I give them to pay for college? How is this any different? They certainly didn't earn anything I chose to buy for them or give to them.
Believe me these things I mentione above, by many children would be considered an elitist unearned luxury. I certainly didn't have any of the above given to me as a child, so by that standard all these kids whose parents provided everything for them should be taxed extra, right? Its only fair?
To me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty. Also, the tax has all ready been paid on it all through city, county and income taxes.
Chuck
jcd11235 0
QuoteTo me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty.
That sounds fair, provided the kids pay tax on their income like anyone else would have to.
Of course, applying the inheritance tax instead of the income tax allows those kids to get a large chunk of that inheritance/income tax free, with only the remainder being taxed.
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jcd11235 0
QuoteQuoteQuoteTo me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty.
That sounds fair, provided the kids pay tax on their income like anyone else would have to.
Of course, applying the inheritance tax instead of the income tax allows those kids to get a large chunk of that inheritance/income tax free, with only the remainder being taxed.
And the problem is?
I didn't mean to imply that there is a problem.
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jcd11235 0
QuoteQuoteQuoteQuoteQuoteTo me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty.
That sounds fair, provided the kids pay tax on their income like anyone else would have to.
Of course, applying the inheritance tax instead of the income tax allows those kids to get a large chunk of that inheritance/income tax free, with only the remainder being taxed.
And the problem is?
I didn't mean to imply that there is a problem.
Well, it sure came off that way.
How so?
I responded to someone who felt the inheritance tax was unfair, and pointed out how it is actually pretty generous in the way that it allows people to inherent a large sum of money (or other assets) tax free.
Math tutoring available. Only $6! per hour! First lesson: Factorials!
jcd11235 0
QuoteQuoteQuoteQuoteQuoteQuoteQuoteTo me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty.
That sounds fair, provided the kids pay tax on their income like anyone else would have to.
Of course, applying the inheritance tax instead of the income tax allows those kids to get a large chunk of that inheritance/income tax free, with only the remainder being taxed.
And the problem is?
I didn't mean to imply that there is a problem.
Well, it sure came off that way.
How so?
I responded to someone who felt the inheritance tax was unfair, and pointed out how it is actually pretty generous in the way that it allows people to inherent a large sum of money (or other assets) tax free.
You brought it up. Do you have a problem with the inheritance tax exception or not? Or do you just like chopping posts up into individual partial quotes like you just did to me? There was a question to you the end of that- do you care to answer?
I answered your question. Twice.
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jcd11235 0
QuoteI answered your question. Twice.
I don't believe so.
Then you're incorrect. After your first reply, I politely informed you that your inference of my post was inconsistent with my intended meaning. When you still didn't get it, I clarified further. I've reached the conclusion that the communication problem is one of reading comprehension. I can't help you with that.
Math tutoring available. Only $6! per hour! First lesson: Factorials!
jcd11235 0
QuoteSo i Can assume the answer is no?
Like I said, the estate tax is very generous, certainly not unfair to inheritors. I don't have a problem with it. I also wouldn't have a problem treating an entire inheritance as regular income, which would also not be unfair to inheritors.
Math tutoring available. Only $6! per hour! First lesson: Factorials!
jcd11235 0
QuoteSo, the answer is no but yes at the same time.
Incorrect. That's neither what I said nor implied.
Two different approaches can both be considered fair by the same observer. However, one single approach cannot be considered both fair and unfair by the same observer, provided fair is well defined. Further, depending on how fair is defined, not unfair may or may not imply fair.
Math tutoring available. Only $6! per hour! First lesson: Factorials!
QuoteQuoteTo me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty.
That sounds fair, provided the kids pay tax on their income like anyone else would have to.
Of course, applying the inheritance tax instead of the income tax allows those kids to get a large chunk of that inheritance/income tax free, with only the remainder being taxed.
My original point was the inheritance tax hurts the small family farms and ranches. The kids can't afford the inheritance tax and have to sell the family operation to pay the tax. Which means fewer sources for food for this country.
Chuck
kallend 2,027
QuoteQuoteQuote
Maybe in some cases. You're not taking into account family farms and ranches where the kids want to continue the operation and look forward to it until the day comes when the inheritance tax has to be paid and the family farm or ranch has to be sold to the highest bidder. In other cases, others want that 'un-earned inheritance' to go to the kids so their kids have life easier than they had it.
Any way you slice it, the inheritance tax is wrong.
Chuck
Not to mention those that take care of their ill or dying parents for years often times sacrificing their professional lives in the process. Yup they certainly don't deserve a dime that their parents wish to leave them with.
This is a ridiculous concept. Should my children have to pay taxes on a car I buy them, or the money I give them to pay for college? How is this any different? They certainly didn't earn anything I chose to buy for them or give to them.
Believe me these things I mentione above, by many children would be considered an elitist unearned luxury. I certainly didn't have any of the above given to me as a child, so by that standard all these kids whose parents provided everything for them should be taxed extra, right? Its only fair?
To me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty. Also, the tax has all ready been paid on it all through city, county and income taxes.
Chuck
The old "the money has already been taxed" fallacy. Money doesn't pay tax, people do. Pretty much any time money changes hands in a financial transaction (income, sales, capital gains...) a tax is due.
The heirs should pay tax on an inheritance just as if it were any other form of financial transaction.
...
The only sure way to survive a canopy collision is not to have one.
The only sure way to survive a canopy collision is not to have one.
Quote
I responded to someone who felt the inheritance tax was unfair, and pointed out how it is actually pretty generous in the way that it allows people to inherent a large sum of money (or other assets) tax free.
The death tax is horribly unfair.
The "tax free" money has already been taxed at least once (as income) or twice (as corporate income then as dividends when it was distributed) so the remainder has been taxed at least twice or thrice.
QuoteQuoteQuoteQuote
Maybe in some cases. You're not taking into account family farms and ranches where the kids want to continue the operation and look forward to it until the day comes when the inheritance tax has to be paid and the family farm or ranch has to be sold to the highest bidder. In other cases, others want that 'un-earned inheritance' to go to the kids so their kids have life easier than they had it.
Any way you slice it, the inheritance tax is wrong.
Chuck
Not to mention those that take care of their ill or dying parents for years often times sacrificing their professional lives in the process. Yup they certainly don't deserve a dime that their parents wish to leave them with.
This is a ridiculous concept. Should my children have to pay taxes on a car I buy them, or the money I give them to pay for college? How is this any different? They certainly didn't earn anything I chose to buy for them or give to them.
Believe me these things I mentione above, by many children would be considered an elitist unearned luxury. I certainly didn't have any of the above given to me as a child, so by that standard all these kids whose parents provided everything for them should be taxed extra, right? Its only fair?
To me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty. Also, the tax has all ready been paid on it all through city, county and income taxes.
Chuck
The old "the money has already been taxed" fallacy. Money doesn't pay tax, people do. Pretty much any time money changes hands in a financial transaction (income, sales, capital gains...) a tax is due.
The heirs should pay tax on an inheritance just as if it were any other form of financial transaction.
I understand that. It's like guns don't kill people... people kill people. (sneaky of me to get guns in there, huh?) Seriously, to be honest, I really don't care about those folks who won the lottery and got hundreds of millions amassed or the guy that played the stock market. My concern is how the inheritance tax is hurting family farms and ranches. Most of them are working on a shoe-string budget and hip-deep in debt, trying to feed this country. Then, the inheritance tax comes along and the family is forced to sell. Usually to some land speculator. That's the reality. I know, city folks love their meat and vegatables so, why is our government hurting them more, with another tax?
William Jennings Bryan said; "Burn your cities and they will come back. Burn your farms and the cities will dis-appear."
Chuck
jcd11235 0
QuoteQuoteQuoteTo me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty.
That sounds fair, provided the kids pay tax on their income like anyone else would have to.
Of course, applying the inheritance tax instead of the income tax allows those kids to get a large chunk of that inheritance/income tax free, with only the remainder being taxed.
My original point was the inheritance tax hurts the small family farms and ranches. The kids can't afford the inheritance tax and have to sell the family operation to pay the tax. Which means fewer sources for food for this country.
Currently, the first $5 million of an inheritance is exempt from the estate tax. That isn't hurting small family farms and ranches.
Math tutoring available. Only $6! per hour! First lesson: Factorials!
QuoteQuoteQuoteTo me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty.
That sounds fair, provided the kids pay tax on their income like anyone else would have to.
Of course, applying the inheritance tax instead of the income tax allows those kids to get a large chunk of that inheritance/income tax free, with only the remainder being taxed.
My original point was the inheritance tax hurts the small family farms and ranches. The kids can't afford the inheritance tax and have to sell the family operation to pay the tax. Which means fewer sources for food for this country.
Chuck
Only a minority of 'kids' will want to carry on with the farm. Most will want/find some other sort of livelihood. Same as the kids of doctors don't all become doctors. Only a minority do.
Quote
Currently, the first $5 million of an inheritance is exempt from the estate tax. That isn't hurting small family farms and ranches.
Only if the current asset holders die in the next 4.5 months. In 2013 it reverts to $1M with the remainder taxed at 55%.
jcd11235 0
QuoteQuote
Currently, the first $5 million of an inheritance is exempt from the estate tax. That isn't hurting small family farms and ranches.
Only if the current asset holders die in the next 3.5 months.
You may want to check the definition of currently.
Math tutoring available. Only $6! per hour! First lesson: Factorials!
QuoteQuoteQuoteQuoteTo me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty.
That sounds fair, provided the kids pay tax on their income like anyone else would have to.
Of course, applying the inheritance tax instead of the income tax allows those kids to get a large chunk of that inheritance/income tax free, with only the remainder being taxed.
My original point was the inheritance tax hurts the small family farms and ranches. The kids can't afford the inheritance tax and have to sell the family operation to pay the tax. Which means fewer sources for food for this country.
Currently, the first $5 million of an inheritance is exempt from the estate tax. That isn't hurting small family farms and ranches.
A small ranch runs usually 5,000 to 10,000 acres. At the going raqte of $3,00 t0 $3500 an acre... plus cattle, eequipment, house, barns, water wells and etc. Do the math.
Chuck
QuoteQuoteQuoteQuoteTo me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty.
That sounds fair, provided the kids pay tax on their income like anyone else would have to.
Of course, applying the inheritance tax instead of the income tax allows those kids to get a large chunk of that inheritance/income tax free, with only the remainder being taxed.
My original point was the inheritance tax hurts the small family farms and ranches. The kids can't afford the inheritance tax and have to sell the family operation to pay the tax. Which means fewer sources for food for this country.
Chuck
Only a minority of 'kids' will want to carry on with the farm. Most will want/find some other sort of livelihood. Same as the kids of doctors don't all become doctors. Only a minority do.
Seems, that's with anyone, truck drivers, college proffessors and so-on. With the inheritance tax staring them in the face, there are too many who can't pay it and have to sell. 1% of the U.S. population feeds 100% of the U.S. population. The inheritance tax is helping to reduce that 1%.
Besides, from your original post your statement was in opposition to the inheritance. From your last statement to me, it appears otherwise. So, which is it?
Chuck
kallend 2,027
QuoteQuoteQuoteQuoteQuoteTo me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty.
That sounds fair, provided the kids pay tax on their income like anyone else would have to.
Of course, applying the inheritance tax instead of the income tax allows those kids to get a large chunk of that inheritance/income tax free, with only the remainder being taxed.
My original point was the inheritance tax hurts the small family farms and ranches. The kids can't afford the inheritance tax and have to sell the family operation to pay the tax. Which means fewer sources for food for this country.
Currently, the first $5 million of an inheritance is exempt from the estate tax. That isn't hurting small family farms and ranches.
A small ranch runs usually 5,000 to 10,000 acres. At the going raqte of $3,00 t0 $3500 an acre... plus cattle, eequipment, house, barns, water wells and etc. Do the math.
Chuck
Sorry, but I find it hard to feel sorry for someone inheriting a $35,000,000 property who whines about paying their tax.
...
The only sure way to survive a canopy collision is not to have one.
The only sure way to survive a canopy collision is not to have one.
QuoteQuoteQuoteQuoteQuoteQuoteTo me, if someone wants to work hard amass a fortune and it is their desire to leave it all to the kids, they should be able to without penalty.
That sounds fair, provided the kids pay tax on their income like anyone else would have to.
Of course, applying the inheritance tax instead of the income tax allows those kids to get a large chunk of that inheritance/income tax free, with only the remainder being taxed.
My original point was the inheritance tax hurts the small family farms and ranches. The kids can't afford the inheritance tax and have to sell the family operation to pay the tax. Which means fewer sources for food for this country.
Currently, the first $5 million of an inheritance is exempt from the estate tax. That isn't hurting small family farms and ranches.
A small ranch runs usually 5,000 to 10,000 acres. At the going raqte of $3,00 t0 $3500 an acre... plus cattle, eequipment, house, barns, water wells and etc. Do the math.
Chuck
Sorry, but I find it hard to feel sorry for someone inheriting a $35,000,000 property who whines about paying their tax.
What? That's in real property, not cash money!! That's not what's in their bank account! C'mon man. They would have to sell-off too much to pay the tax. You need to visit with some farmers and ranchers.
Chuck
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