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Estate tax Vs. Taxable income

From an op-ed in the NYT:

America seems to have lost interest in preventing wealth concentration. So why not give up on the estate tax altogether - and tax inheritances as income?

http://www.nytimes.com/2010/12/15/opinion/15madoff.html?_r=1&nl=opinion&emc=tya1

Answer Question
 
UpSheRises

Asked by UpSheRises at 12:15 PM on Dec. 15, 2010 in Politics & Current Events

Level 31 (48,798 Credits)
Answers (8)
  • That is just Bull that they want to tax inheritance, IT HAS BEEN ALREADY TAXED!!

    Some people have to sell what they got to pay for this tax............WRONG!!

    Our Government has to stop stealing from it's people!! that is not freedom is about.

    STOP SPENDING DEAR OBAMA, Where is the money going to come from when you done bleeding us to death?? You will have riots on your hands like in Paris, Spain, etc................
    gammie

    Answer by gammie at 12:25 PM on Dec. 15, 2010

  • What a weird concept "... preventing wealth concentration"
    As if my scrimping and saving, my working hard and capitalizing on ingenious ideas is ANYBODY'S business but my own !!

    And the prefatory phrase "lost interest in ..." implies that preventing wealth concentration is actually a legitimate goal !!

    Gee. If I'm a gardener, it looks like I would be better off not cultivating and planting and tending and harvesting. Just sit in my house and play video games.

    Because obviously - according to the above attitude - success is only okay so long as I don't get TOO successful !
    waldorfmom

    Answer by waldorfmom at 12:56 PM on Dec. 15, 2010

  • I think it is pathetic anyone thinks the Gov is entitled to someone else's money. Doesn't matter if they earned it or family left it to them that money is theirs and the Gov should keep their hands off it. The Gov needs to quit spending and maybe learn from those who are wealthy how to manage money. If I ran my finances the way our Gov does I would be on welfare right now and in debt.
    Anonymous

    Answer by Anonymous at 1:00 PM on Dec. 15, 2010

  • Evan Sayet NAILED IT when he realized that liberals expand the idea of stamping out racial discrimination into every other aspect of thought. They move it into "There is no right / wrong, good / bad."
    This shapes our thinking to reject the notion that behaviors can be harmful or beneficial, that certain behaviors create failure and opposite behaviors create success.

    Once you eliminate the possibility that a person can succeed because they are making right decisions, then the ONLY alternative is that they are more successful than their neighbors because they are CHEATING somehow.

    This conclusion convicts successful people of being BAD GUYS, because they MUST be cheating when things go better for them than for others.
    And suddenly we have this bizarre antagonism toward success.

    Hating What’s Right: How the Modern Liberal Winds up on the Wrong Side of Every Issue
    http://www.viddler.com/explore/tonykatz/videos/1/
    waldorfmom

    Answer by waldorfmom at 1:07 PM on Dec. 15, 2010

  • How many times does the family farm have to be paid for?

    When the old farmer dies, why does a farm that's been in the family for generations have to be sold because his heirs can't pay a couple hundred thousand in estate taxes?

    How is that fair?

    The farm's already been paid off a couple generations ago!

    Hell, you NEVER really own something with friggin Democrats.

    They're always looking at what you've got, licking their chops.

    They need what you've got as "stimulus blood money" to buy votes from the unsuspecting, and that's putting it kindly.
    mustbeGRACE

    Answer by mustbeGRACE at 1:36 PM on Dec. 15, 2010

  • It's already been taxes as income once. This is double taxation.
    SweetLuci

    Answer by SweetLuci at 3:49 PM on Dec. 15, 2010

  • Call it whatever you want it's all a money grab. They don't care where it comes from.
    itsmesteph11

    Answer by itsmesteph11 at 7:16 PM on Dec. 15, 2010

  • We have friends who have been running family businesses for years that have been in their families for decades. The PERFECTLY LEGAL way they are inheriting the businesses without having to pay inheritance tax is via "gifting" and "purchasing "shares" of the business. One of the families we know "gifts" their children $10,000 per year in business value, and with that the children purchase "shares" of the business (they have official titles--president, CFO, marketing manager, etc.). When the value of the business is eventually divvied up equally among all of the children who will be inheriting said business, a business title transfer will be completed, and since the selling price will be $1.00 (to make it legal), the children will not have to pay sales tax on the transfer or an inheritance tax on the value of the business. The soon to retire parents have done the same with their residences.
    LoriKeet

    Answer by LoriKeet at 7:41 PM on Dec. 15, 2010

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