Only One in 1,300 Pay Estate Tax

[hawkdave007]

What do people think of this. Should the number be higher, or lower? Should we eliminate the estate tax altogether?

Wealthy Americans Have Grown Richer Yet Only One in 1,300 Pay Estate Tax

Even as American households have grown substantially wealthier over the past 25 years, those who pay estate tax has shrunk dramatically.

www.investopedia.com

 

[HawkeyeHitman]

Maybe you should quit worrying about others peoples money.

 

[The Tradition]

Should be zero in 1,300.

 

[tarheelbybirth]

Should be zero in 1,300.

Fine...get rid of the step-up in basis and they can keep detailed records and pay the capital gains taxes on EVERYTHING when they sell.

 

[The Tradition]

Fine...get rid of the step-up in basis and they can keep detailed records and pay the capital gains taxes on EVERYTHING when they sell.

Nope, leave the grieving family alone, you vulture...

 

[tarheelbybirth]

Nope, leave the grieving family alone, you vulture...

Uhhh...no. Why should they get a break on taxes that daddy would have had to pay just because daddy croaked?

 

[The Tradition]

Uhhh...no. Why should they get a break on taxes that daddy would have had to pay just because daddy croaked?

Precisely because daddy croaked and he couldn't take it with him.

 

[tarheelbybirth]

Precisely because daddy croaked and he couldn't take it with him.

Ahhhh...so billionaires should be pitied and given hundreds of millions more...because they're supposedly sad. You're a complete f'n moran. Stick to meat. You're completely out of your depth on literally any other topic.

 

[The Tradition]

Ahhhh...so billionaires should be pitied and given hundreds of millions more...because they're supposedly sad. You're a complete f'n moran. Stick to meat. You're completely out of your depth on literally any other topic.

Being "given" their own money is an odd way to describe not taxing people's wealth when they die.

 

[stanzithemanzi12]

Studies have shown even if they made all inherited income taxable, it would be barely a blip on the balance sheet for the IRS.

 

[The Tradition]

Studies have shown even if they made all inherited income taxable, it would be barely a blip on the balance sheet for the IRS.

Doesn't matter. The people who call for estate taxes are just jealous and want to "stick it to the rich family" out of spite.

 

[stanzithemanzi12]

Doesn't matter. The people who call for estate taxes are just jealous and want to "stick it to the rich family" out of spite.

Exactly. They want to tax what has already been taxed. And besides, the basis starts back over at the time of inheritance so any gain after that is taxed if the asset is sold.

 

[abby97]

Uhhh...no. Why should they get a break on taxes that daddy would have had to pay just because daddy croaked?

You really are a moron.

 

[theiacowtipper]

Being "given" their own money is an odd way to describe not taxing people's wealth when they die.

Saw a study that said 56% of the wealth of billionaires is unrealized capital gains. If you eliminate the estate tax, you eliminate the deferred capital gains tax. It’s simply laying what’s always been owed.

 

[Hawky4361]

Fine...get rid of the step-up in basis and they can keep detailed records and pay the capital gains taxes on EVERYTHING when they sell.

Fine...get rid of the step-up in basis and they can keep detailed records and pay the capital gains taxes on EVERYTHING when they sell.

Fine...cut the capital gains tax rate to zero because taxes are already paid at the corporate level and therefore capital gains taxes represent double taxation

 

[tarheelbybirth]

Being "given" their own money is an odd way to describe not taxing people's wealth when they die.

They own stocks daddy bought at 50 that are now worth 500. Daddy sells them he pays taxes on the gains. They inherit them and sell them, they owe the exact same taxes. That is NOT their money, moran.

 

[tarheelbybirth]

Fine...cut the capital gains tax rate to zero because taxes are already paid at the corporate level and therefore capital gains taxes represent double taxation

LOl...another idiot. I suppose you don't think people should pay taxes on income for exactly the same reason.

 

[The Tradition]

They own stocks daddy bought at 50 that are now worth 500. Daddy sells them he pays taxes on the gains. They inherit them and sell them, they owe the exact same taxes. That is NOT their money, moran.

That's not how an estate tax works. That's what it looks like if there's no estate tax.

The Robbie family was decimated by estate taxes.

 

[Hawky4361]

LOl...another idiot. I suppose you don't think people should pay taxes on income for exactly the same reason.

Obviously they dont teach much in North Carolina...Capital gains taxes represent double taxation...The only reason a capital asset has value is its future income stream, which is subject to corporate income taxes...Nice try Einstein

 

[tarheelbybirth]

That's not how an estate tax works. That's what it looks like if there's no estate tax.

The Robbie family was decimated by estate taxes.

That's. Why. I. Said. Do. Away. With. The. Step-up. In. Basis.

Do try to keep up.

And the Robbie family - specifically Joe and Elizabeth - fvcked themselves with idiotic estate planning.

 

[The Tradition]

LOl...another idiot. I suppose you don't think people should pay taxes on income for exactly the same reason.

Actually, there shouldn't be an income tax. Too intrusive, and too difficult to ensure everyone is paying the tax on every dollar they make.

There are plenty of high income people who pay nothing in taxes because it's all under the table. Think drug lords, organized crime bosses, high-end prostitutes... you think they're reporting the money they make and paying the income tax?

But with a consumption tax, everybody pays when they buy things. And the best part is, you don't have to tell the government how you got the money to buy stuff and who gave it to you.

 

[Jerome Silberman]

Buy, borrow, die.

The envy angle thrown around in this thread is lazy.