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Death tax? Really?

I was reading an article this morning about a Houston billionaire who died this year and because congress hadn't updated the death tax and gave everyone a free pass for 2010 - his family won't have to pay HALF of his estate in taxes.

Good for them, obviously - but the rest of it just infuriates me.... what right does the damn government have to take HALF of a person estate just because they die?

Reeks of grave-robbing to me. Guess I really will start putting our money in coffee cans in the yard. Grrrrr

Answer Question
 
Anonymous

Asked by Anonymous at 12:49 PM on Jun. 9, 2010 in Politics & Current Events

Answers (18)
  • When my grandfather died (california) there are estate taxes there too. If you don't have your estate in a trust, it goes into probate, and it takes up to a YEAR for the estate to be divided among whoever is in the will. If you have over 1.5 million in assets when you die, they tax everything after that.
    I don't see how they get off taxing the already taxed assests that you have! In fact, it pisses me off to all ends. My grandfather was audited one time, and the government actually OWED HIM and had to fork over money to him!!!! hahahaha
    I think the government are a bunch of crooks!
    I also think that people who make up these laws to tax the rich are STUPID! THE RICH SHOULDN'T HAVE TO PAY MORE TAXES!
    Have you ever thought that they worked hard for thier money?????? My grandfather did! SELF MADE MILLIONAIRE with NO EDUCATION!
    Anonymous

    Answer by Anonymous at 12:53 PM on Jun. 9, 2010

  • Well that's just it - the rich already pay more taxes just by sheer mathematical calculation - obviously 25% Of a million is more than 25% of $25K. It's no wonder it's the richest people who get caught trying to not pay taxes - my god, taking half a person's money is just wrong.
    Anonymous

    Answer by Anonymous at 12:58 PM on Jun. 9, 2010

  • I think an estate that is worth over $500,000. is taxed only on the amount OVER $500,000. Check at Google or the IRS website.
    Anonymous

    Answer by Anonymous at 1:01 PM on Jun. 9, 2010

  • I know that rich people pay more because they make more.....I think everyone deserves the same tax rate, and that's not the case!
    Anonymous

    Answer by Anonymous at 1:04 PM on Jun. 9, 2010

  • They have to do something to take care of all the deadbeats.

    mustbeGRACE

    Answer by mustbeGRACE at 1:07 PM on Jun. 9, 2010

  • The money was already taxed when it was earned. That is what income tax is, you also get taxed on royalties and investment interest. Taxing it again when someone dies is ludicrous. 


    At 50% tax, our family farm would have to be sold to pay the taxes.  If we sell, most likely it will be sold to developers, since it's mostly mountainous and only a portion is actually farmable.  Say goodbye to open spaces and untouched forests, say hello to McMansions. 

    mancosmomma

    Answer by mancosmomma at 1:15 PM on Jun. 9, 2010

  • Government wants the rich peoples money even after they are dead. Government debt this year  12 trillion, next year 14 trillion. Reason , over spending. 60 years ago government spending was 25% of the economy, today 44%.


    Income tax revanues down, only the top 47% pay taxes.  60% at the bottom now getting more back then they pay in.


    How long before we start having trouble like Greece, not long.

    Natesmom507

    Answer by Natesmom507 at 1:25 PM on Jun. 9, 2010

  • They just announced, government over spending the debt will now be 19 trillion by 2015.


    Afraid we are all going to feel the pain if we don't get some people in office to stop all this overspending..

    Natesmom507

    Answer by Natesmom507 at 1:31 PM on Jun. 9, 2010

  • They don't, and sorry the story is missing serious amounts of details. If he had the correct shelters and trusts set up they wouldn't have been able to take anything but the normal cashing in taxes that we have all had to pay since the dawn of time when we inherit money.

    What right do they have? Ask the 1918 Congress that set it up.
    urkiddingright

    Answer by urkiddingright at 2:06 PM on Jun. 9, 2010

  • uh Sorry.. urkiddingright.... but you didn't read what was written - the OP didn't say they TOOK half this mans estate - she said he got a free pass. And the story is on MSNBC - it's just a short article. You're kidding right?; You post without having correctly read what was posted?
    Anonymous

    Answer by Anonymous at 2:29 PM on Jun. 9, 2010

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