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Are you okay with George Steinbrenner's heirs not paying any inheritance tax?

I am really bothered by this, all the more so because Republicans are trying to tie permanent repeal of estate taxes to extended unemployement compensation.

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rkoloms

Asked by rkoloms at 2:43 PM on Jul. 21, 2010 in Politics & Current Events

Level 35 (72,823 Credits)
Answers (15)
  • Depends on how they got the inheritance, its perfectly legal. If it was done through a trust and not a will, there shouldn't be taxes paid. Imagine working hard for the money you are leaving behind for heirs, money you already paid taxes on, just for them to have to pay even more taxes on. And those taxes are just ridiculous. Mind you, I am not a republican.
    kuriequinn

    Answer by kuriequinn at 2:57 PM on Jul. 21, 2010

  • I don't support inheritance tax. The money was taxed when it was earned. The government is not entitled to it just because someone died.

    You don't actually believe inheritance tax taxes the rich, do you? Most of Congress have estates worth millions. There are tons of loopholes that Congress allows. They hide it away in trusts, and it doesn't get taxed.

    Inheritance tax hurts the cash-poor but land-rich who have been fortunate enough to own a farm or property that later became valuable. Small farmers are completely screwed by inheritance tax, and the families have to sell a the family farm that has been in the family for generations.
    mancosmomma

    Answer by mancosmomma at 2:58 PM on Jul. 21, 2010

  • I don't support inheritance tax. The money was taxed when it was earned. The government is not entitled to it just because someone died.


    I agree

    sweet-a-kins

    Answer by sweet-a-kins at 3:01 PM on Jul. 21, 2010

  • Personally, I'm fine with it. It's his money, he earned it. He has a right to give it to whoever he wants.
    MunchMunch

    Answer by MunchMunch at 3:03 PM on Jul. 21, 2010

  • I have no problem with it. Taxes have already been paid on that money so why tax it again? I don't have a problem with the rich so that could be why I have the stance I do.
    momtolucas2002

    Answer by momtolucas2002 at 3:16 PM on Jul. 21, 2010

  • I don't support inheritance tax. The money was taxed when it was earned. The government is not entitled to it just because someone died.

    Me too I agree
    gammie

    Answer by gammie at 3:31 PM on Jul. 21, 2010

  • I don't support inheritance tax. The money was taxed when it was earned. The government is not entitled to it just because someone died.

    Me too I agree
    lovinangels

    Answer by lovinangels at 3:35 PM on Jul. 21, 2010

  • Op,


    I would like to here why you think the government should have his money?


    Steinbrenner worked hard & earned his money, He should be able to decide who gets it, not the government.

    Natesmom507

    Answer by Natesmom507 at 3:51 PM on Jul. 21, 2010

  • I am really bothered by this

    You need to get over your fantasy that inheritance tax only impacts the obscenely wealthy. Do you know what happens when the owner of a working farm dies? Their heirs inherit all the loans they've taken out for farm equipment and against future crop yields. If the family is then taxed at the inheritance tax rate for the land the farm is, 90% of the time the only option is to sell the farm to pay the debts and taxes. Inheritance isn't a neat and tidy package that comes in a lump sum to be doled out between the kids.
    NotPanicking

    Answer by NotPanicking at 4:15 PM on Jul. 21, 2010

  • I don't support inheritance tax. The money was taxed when it was earned. The government is not entitled to it just because someone died.


    This, exactly.

    momjoy1027

    Answer by momjoy1027 at 5:02 PM on Jul. 21, 2010

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