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What should we do with the estate tax?

Should the government take a big bite out of inheritances? Does taxing big estates help or hurt the economy and the country? And is such a tax fair to heirs, not to mention the people who worked and saved over the decades to build up those assets?

The estate tax has always been contentious—but now the debate has taken on new life. Because of Senate inaction, the estate tax lapsed at the end of last year. While there's no estate tax this year, heirs of those dying in 2010 may owe full capital-gains tax on sales of inherited property and may actually face a bigger tax bill than they would have if they had inherited in 2009.

 
tasches

Asked by tasches at 1:35 PM on Sep. 20, 2010 in Money & Work

Level 48 (298,202 Credits)
This question is closed.
Answers (7)
  • Blacksheep, "giving" money back to the Government means that a small fraction of it goes back into public assistance programs. And who's to say that people that used to be on PA don't give back to charities instead of paying more in taxes? Anyway I think that's a terrible idea.

    The estate tax is the Government way of double dipping. If you save money, you invest well, you live below your means, then the government gets to tax you if you do "too well." But really it's just stupid. I mean $100 a month invested well from age 25 to 65 and viola you're a millionaire. But instead most Americans choose car payments, or cable, or eating out so we punish the one that saves (and their offspring) and "reward" the ones that don't. DUMB DUMB DUMB!!!
    Erica_Smerica

    Answer by Erica_Smerica at 2:03 AM on Sep. 21, 2010

  • It actually damages and forces a lot of small businesses to close.
    lovinangels

    Answer by lovinangels at 1:37 PM on Sep. 20, 2010

  • Sadly there is probably nothing we can do about it......
    mommy_of_two388

    Answer by mommy_of_two388 at 1:40 PM on Sep. 20, 2010

  • Write your congress and senate.
    Keksie

    Answer by Keksie at 1:42 PM on Sep. 20, 2010

  • I hate the estate tax.
    MomToBeISaMom

    Answer by MomToBeISaMom at 2:02 PM on Sep. 20, 2010

  • Many believe Congress will tackle the estate-tax question in the weeks before it adjourns, along with a slew of other tax matters. What's likely to happen? Many think lawmakers will return the estate tax to its 2009 level—a $3.5 million exemption per individual and a top rate of 45%—and possibly raise the exemption. Heirs of those who die in 2010 may also get the choice of using 2009 rules. If lawmakers don't step in, the tax will return in 2011 with a $1 million exemption per individual and top rate of 55%.

    Excerpt from WSJ online.
    tasches

    Comment by tasches (original poster) at 1:36 PM on Sep. 20, 2010

  • I do believe that at the very least, people who have ever recieved any welfare in thier ives should have a percentage docked out of any ingeritance they recieve to help pay back the american people
    BlacksheepSati

    Answer by BlacksheepSati at 1:43 PM on Sep. 20, 2010