Should America remove the estate tax?

by CAPISCE Posted 2012/08/12 02:08:33

Related Topics: IRS, Estate Tax, Income Tax, Food, Tobacco, America, Washington, Remove, Tank, Climbing, Average American, rate, Wealth, Government, Money

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18 votes
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	Yes	15 votes	83%
	no	3 votes	17%
	Undecided	0 votes	0%

Don't we pay enough in taxes? I believe we do. In fact, according to one Washington think tank, the average American spends more paying taxes than buying food, tobacco, clothing, and housing combined.

One of our never-ending goals is to minimize taxes as much as possible, preserving wealth for yourself and loved ones. That goal does not change when it comes to effective estate planning.

And with good reason. Federal estate taxes (which currently mirror gift taxes) can get much higher than your personal income tax, with rates from the IRS climbing as high as 35%. When you combine that with inheritance taxes being imposed by many states, you could see combined estate taxes climbing to 46% or higher.

Why should the Government take money from our children?

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Derhub 2012/08/13 04:21:04

no

+1
Clicked the wrong answer with the touchy touch pad, my vote should be YES..... You should never have to pay taxes twice on the same income. A good estate planning attorney can solve a lot of this with bypassing your spouse from a pure ownership standpoint on your death but you can never fully avoid the estate tax with a trust and that makes no sense.

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Bronar 2012/08/13 01:34:37

Yes

+1
The gov already got there share when it was earned. Enough already.

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Kronan_1 2012/08/12 17:27:34

Yes

+1
Should not even be one.

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gr8punkin 2012/08/12 16:14:15

Yes

+1
Estate taxes hurt small business families, and kill business.

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Temlakos~POTL~PWCM~JLA~☆ 2012/08/12 12:08:10

Yes

+1
Former Congressman Anthony Wein(ie) flew the true colors of the Democratic Party when he said, "No. You won't get taxed more at all. Because you'll be dead." In other words, he wanted to confiscate everyone's inheritance.

And that's what the estate tax is all about: trying to make the government your heir.

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KingdomNow 2012/08/12 09:31:09

Yes

+1
It was always a scam to rob people of their private property.

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Don Leuty 2012/08/12 04:14:40

Yes

+1
The death is generational theft. Often, it forces the dissolution of family business.

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DoxieDad 2012/08/12 03:32:19

Yes

+1
The Estate tax is a tax that enables the government to rip you off in death.

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goatman112003 2012/08/12 03:27:34

Yes

+1
I always found it amazing that when you die you must pay estate tax. You can't Rest In Peace til you pay both the boatman and the US government. What you have left was made with money that already was taxed. Greedy bastards aren't they?

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santa6642 2012/08/12 02:49:15

no

At least 48% of the average American pays no taxat all.

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CAPISCE to santa6642 2012/08/12 02:51:11

Not the point

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kfallslady 2012/08/12 02:47:08

Yes

+1
oh for sure, why should be have to pay taxes on a house or money given to us by a loved one, when they already paid taxes on it

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FAWKES' NOOSE ~ ΔTX 2012/08/12 02:40:49

no

Federal Estate Tax only applies if the estate is in excess of $5,000,000 and only to that amount that exceeds $5,000,000. Once again, Romney favors the rich by wanting to eliminate the Federal Estate Tax so all that old money can get passed around tax-free.

Where will he make up the loss of revenue? That's easy - He said how: By eliminating Federal Tax Expenditures.

Please look up "Federal Tax Expenditures" and tell us what they are and who they affect.

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CAPISCE to FAWKES'... 2012/08/12 02:50:07

What the hell does this have to do with Romney--it was created in 1915 I believe.
If your dad had 5 million you would want America to take 35% of his hard earned money from you and your children?

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FAWKES'... to CAPISCE 2012/08/12 02:52:19 (edited)

Removing the Estate Tax is part of Romney's Campaign Agenda. Didn't you even bother reading his website?

If your dad had $5,000,000 the estate tax would be ZERO. The tax only applies to the amount OVER $5,000,000. If the estate is $5,127,495.63 you pay tax on $127,495.63.

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CAPISCE to FAWKES'... 2012/08/12 02:54:13

+1
That has nothing to do with the question---It was a general question about taxes that people have discussed for nearly 100 years.

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goatman... to CAPISCE 2012/08/12 03:34:48

What is forgotten is the Bush cuts when they expire lower that amount to 1 million exempt or 500,000. and the tax rate jumps to 45 or 55%. What is missed is a number of the blue states have 15% estate taxes on any amount above 30 thousand. So the deceased is fleeced a couple ways other than just the costs of the funeral.

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FAWKES'... to CAPISCE 2012/08/12 03:47:42

The answer is still NO. America SHOULD NOT remove the estate tax.

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KingdomNow to FAWKES'... 2012/08/12 09:32:50 (edited)

+1
Why? What has the government done to deserve a license to steal private property?

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FAWKES'... to KingdomNow 2012/08/12 14:14:16

Deprivation of revenue is what destroyed the Soviet Union. This is the path you and Grover Norquist would like to set the United States on also.

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KingdomNow to FAWKES'... 2012/08/13 03:08:45

...and that was a bad thing?

The US needs regime change now!

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FAWKES'... to KingdomNow 2012/08/13 03:20:04

So you're advocating dissolution of the United States. I have a better idea. Just move to another country.

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KingdomNow to FAWKES'... 2012/08/13 09:17:26

I'd rather make another country. This one is in sore need of a remake.

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Ken 2012/08/12 02:33:25

Yes

+1
Taxes have already been paid on the income.

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john Kills 2012/08/12 02:12:17

Yes

+2
Taxes have already been paid on these estates many times.

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Dagon 2012/08/12 02:09:57