Board 8 > Do you support the estate tax?

(+) Yeah! (+)

tiupic

bump

Do I support ... tax?

No.

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No, death tax is awful.

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What if they're a billionaire and the govt wants half or something like that? the govt has to get money from somewhere. everybody pays taxes

CwebbMichSac4 posted...

What if they're a billionaire and the govt wants half or something like that? the govt has to get money from somewhere. everybody pays taxes

They already taxed the money

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maybe, but if they were a billionaire through founding a company then most of it may be in stocks and capital gains taxes are much much lower than if you make a salary of millions of dollars

Theres a death tax in the United states?? Damn I didn't know that. I guess canada got something right

canada doesn't have it?

CwebbMichSac4 posted...

canada doesn't have it?

We have a one time use tax excepmtion form (literally one time use ever). 99.9% of people use it for their inheritance since even if your parents dont have money in the bank many own an old house that has value. Without it the government would demand you pay %50 of the fair market value since it's a capital gain.

We dont really call it a tax exemption everybody just understands you get your inheritance tax free (if your family/whoever had anything they could or wanted you to have).

I cant think of any other reason to use it. If you win the lottery here its already "tax free" in the sense that the numbers we are playing for already have the tax taken off.

yeah but what if you're a billionaire in canada then they must take a percentage if you die right?

CwebbMichSac4 posted...

yeah but what if you're a billionaire in canada then they must take a percentage if you die right?

No.

It's fair across the board. Sure if you're making $100 million a year you'll be paying like 20 million in taxes, you make more you pay more - but there is no "punishment" for having more to pass down when you die than someone else.

Depends on how awful the family is

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iirc trump is against the estate tax iirc very much against it, though i'm not saying him or his family is awful or anything, obv.

Interesting article: https://smartasset.com/taxes/5-ways-the-rich-can-avoid-the-estate-tax

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Absolutely. There should be a wealth cap, as well.

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100%.

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Yeah 100%

Dead people don't need the money.
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ChaosTonyV4 posted...

Absolutely. There should be a wealth cap, as well.

what do you dudes think about the article that was posted right above your post?

You're going to need to provide some other external motivation to the working man then. If people are now told that when they die /should they abruptly die they'll essentially lose 90% of everything they made that's not exactly motivating anyone to pay taxes, follow the rules, etc.
Quite a few people find motivation to comply since they can at the very least die someday knowing they helped their kids and grandkids and so forth.

I'm not wealthy by any stretch of the imagination but saying it's unfair some people inherit too much isnt really... justifiable - providing that wealth was acquired legally and in compliance with all current legal and judicial systems.

Telling someone they can't inherit what their parents worked for because its somehow unfair that someone elses parents didnt end up with as much? Nothing in life is completely fair across the board no matter what we do.

Will we start requiring all healthy kids to have a finger cut off at birth to even the playing field since some are born with disabilities? No that's ludicrous.

Yes - absolutely tax the wealthy at the highest amount compared to the average man making an average wage we all agree that's smart but I feel like a lot of this stems from jealousy.

LadyVyxx posted...

You're going to need to provide some other external motivation to the working man then. If people are now told that when they die /should they abruptly die they'll essentially lose 90% of everything they made that's not exactly motivating anyone to pay taxes, follow the rules, etc.

I'm not wealthy by any stretch of the imagination but saying it's unfair some people inherit too much isnt really... justifiable - providing that wealth was acquired legally and in compliance with all current legal and judicial systems.

Telling someone they can't inherit what their parents worked for because its somehow I fair that someone elses parents didnt end up with as much? Nothing in life is completely fair across the board no matter what we do.

Will we start requiring all healthy kids to have a finger cut off at birth to even the playing field since some are born with disabilities? No that's ludicrous.

Yes - absolutely tax the wealthy at the highest amount compared to the average man making an average wage we all agree that's smart but I feel like a lot of this stems from jealousy.

i kinda agree with your post. Weren't you a mod before on this site? i thought i remember you.

CwebbMichSac4 posted...

i kinda agree with your post. Weren't you a mod before on this site? i thought i remember you.

Nope

The first $22 million is exempt from estate tax in the U.S.... there's really no need for anyone to pass down more than that.
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KingButz posted...

The first $22 million is exempt from estate tax in the U.S.... there's really no need for anyone to pass down more than that.

Who exactly gets to decide what "too much" is? What right does someone have to tell anyone else that they arent entitled to their legal earnings because its "too much"??

KingButz posted...

The first $22 million is exempt from estate tax in the U.S.... there's really no need for anyone to pass down more than that.

yeah what about someone like bill gates? so that would leave his heirs with only a millionth of a fraction of a percent of how much he's worth? the perc. is probably higher, but you get my point. I mean his heirs do deserve more than that imo. Their dad or whatever really contributed and did a lot in his lifetime.

Yes, and it should be increased. It's way too low. It's the best way to make life more fair. ^_^
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Mac Arrowny posted...

Yes, and it should be increased. It's way too low. It's the best way to make life more fair. ^_^

what is the percent now? isn't the highest bracket at like 50 percent iirc?

LadyVyxx posted...

You're going to need to provide some other external motivation to the working man then. If people are now told that when they die /should they abruptly die they'll essentially lose 90% of everything they made that's not exactly motivating anyone to pay taxes, follow the rules, etc.

First of all, the estate tax only applies to people who are inheriting 11.58 million dollars or more. So let's not pretend like this is about the poor working family that can't pass on their $150,000 savings to their kids. At the state level, it's not lower than $1,000,000. Now I get that everybody believes that they too will become a billionaire one day, no matter how unrealistic such beliefs are. But the simple fact of the matter is that less than half a percent of estates are taxed at the federal level.

Secondly, the purpose of an estate tax isn't about motivating people to pay taxes, follow the rules, etc... and I'm not sure why that's even brought up as an issue here. "If we follow the rules, we still can't pass all our millions on to our kids without it being untaxed? Might as well just break the rules now!" Sounds like an excuse to me, and those that think that way are likely to break the rules anyway. Let's not pretend like people who avoid taxes are some altruistic law followers who just want to make sure their kids don't starve to death.

Third, it's not about jealousy. It's about paying taxes on uncapped capital gains. That's why it was instituted in 1916. Taxing the income that goes completely untaxed.

The estate tax should absolutely stay.

Who's to say what's too much? Well the government is. That's who. "You'll take it over my dead body" "I find those terms acceptable." "WAIIIIIIIIIIIIT"

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Mac Arrowny posted...

Yes, and it should be increased. It's way too low. It's the best way to make life more fair. ^_^

Are you taller than me ? I hope we have a tax on tall people because golly gee that just ain't fair

CwebbMichSac4 posted...

KingButz posted...

The first $22 million is exempt from estate tax in the U.S.... there's really no need for anyone to pass down more than that.

yeah what about someone like bill gates? so that would leave his heirs with only a millionth of a fraction of a percent of how much he's worth? the perc. is probably higher, but you get my point. I mean his heirs do deserve more than that imo. Their dad or whatever really contributed and did a lot in his lifetime.

Why do his heirs deserve anything? They didn't work for that money.

It's hard for me to begrudge someone their hard-earned money, but having a multi-million dollar inheritance dropped in your lap isn't something that anyone deserves.
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KingButz posted...

Why do his heirs deserve anything? They didn't work for that money.

It's hard for me to begrudge someone their hard-earned money, but having a multi-million dollar inheritance dropped in your lap isn't something that anyone deserves.

If we go by this stance then I hope you dont support anyone getting food stamps or Welfare because they dont actually deserve any of it. Are we using deserve in the way that we worked for something ?

Anyway, I'm pretty sure Gates has already said he's giving almost all his wealth to his foundation when he dies.
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LadyVyxx posted...

KingButz posted...

Why do his heirs deserve anything? They didn't work for that money.

It's hard for me to begrudge someone their hard-earned money, but having a multi-million dollar inheritance dropped in your lap isn't something that anyone deserves.

If we go by this stance then I hope you dont support anyone getting food stamps or Welfare because they dont actually deserve any of it. Are we using deserve in the way that we worked for something ?

Ah itt we compare lavish wealth with things that people use to get food to survive
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KingButz posted...

Ah itt we compare lavish wealth with things that people use to get food to survive

You busted out the "they didnt work for it they dont deserve it" argument so I kinda need to understand what you're using to determine who deserves what?

LadyVyxx posted...

Will we start requiring all healthy kids to have a finger cut off at birth to even the playing field since some are born with disabilities? No that's ludicrous.

What an absolutely absurd comparison. Also you're acting as if estate tax is taking all of their parents money and leaving them penniless.

Tax the rich like crazy when they're alive and when they're dead. Fuck oligarchs.

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Yes, if we were to bestow tens of millions of dollars on anybody for nothing, I would object.

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CwebbMichSac4 posted...

yeah what about someone like bill gates? so that would leave his heirs with only a millionth of a fraction of a percent of how much he's worth? the perc. is probably higher, but you get my point. I mean his heirs do deserve more than that imo. Their dad or whatever really contributed and did a lot in his lifetime.

Yeah, their dad did do a lot in his lifetime. Including giving lots of money to Jeffery Epstein.

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LadyVyxx posted...

If we go by this stance then I hope you dont support anyone getting food stamps or Welfare because they dont actually deserve any of it. Are we using deserve in the way that we worked for something ?

Are you saying that people aren't deserving of food? An interesting stance to take. I didn't realize "Letting children starve to death" was a popular position. I shouldn't be surprised though. I'd think that EVERY human being deserves basic human decency.

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Dancedreamer posted...

I didn't realize "Letting children starve to death" was a popular position.

I take it you don't know many republicans.

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If the person paid their taxes in life, why should they have to pay again?

Now if the scumbag was exploiting tax loopholes and not paying their fair share, tax away!

I mean you want to talk about welfare, let's talk about welfare. Oh no, a poor person is able to buy food and feed their kids! HOW AWFUL! Meanwhile we give billions in corporate bailouts to big businesses who give their CEO's large amounts of money while paying their workers a pittance. Nobody seems to give a fuck when the CEO of GM makes millions off a bailout, because Hey! Jobs! It's only a few million dollars. But if you want to give food stamps to people... well that's just going too far! They simply don't deserve it. Give me a fucking break. I hope none of these people are 'pro-life', because that'd just make them even bigger frauds and hypocrites. But that's what we should expect these days.

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DDirtyDastard posted...

If the person paid their taxes in life, why should they have to pay again?

Now if the scumbag was exploiting tax loopholes and not paying their fair share, tax away!

It's a different tax. Everyone pays multiple taxes.

LadyVyxx posted...

Are you taller than me ? I hope we have a tax on tall people because golly gee that just ain't fair

I'm probably shorter than you. Not sure how taxing the tall would make life more fair.
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iirc the estate tax only brings in like less than 1 perc. of the national budget anyway in any given year. It is billions of dollars though.

DDirtyDastard posted...

If the person paid their taxes in life, why should they have to pay again?

I paid my taxes last year, why do I have to pay them again this year?!

Also, the person who is paying the taxes isn't the deceased. Its the person inheriting the money, who hasn't paid taxes on it yet. And in fact much of the value hasn't been taxed at all. It's untaxed capital gains. Which again, is why the estate tax was implemented in the first place.


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Dancedreamer posted...

I mean you want to talk about welfare, let's talk about welfare. Oh no, a poor person is able to buy food and feed their kids! HOW AWFUL! Meanwhile we give billions in corporate bailouts to big businesses who give their CEO's large amounts of money while paying their workers a pittance. Nobody seems to give a fuck when the CEO of GM makes millions off a bailout, because Hey! Jobs! It's only a few million dollars. But if you want to give food stamps to people... well that's just going too far! They simply don't deserve it. Give me a fucking break. I hope none of these people are 'pro-life', because that'd just make them even bigger frauds and hypocrites. But that's what we should expect these days.

I understand you let your emotions get in the way during a debate but let's just break it down first.

What does someone deserve and who gets to make that call? Should we all be treated equally?

I never once even hinted at wanting to take away food stamps or welfare but I'm not surprised people would be quick to shove that down my throat the second I made the remark that if people dont deserve an inheritance because they did nothing to acquire that wealth, what grounds do you have to stand on that others deserve tobe fed and clothed and housed on the backs of everyone else?

It's just a question. As I said, I without a doubt agree taxing the wealthy at the highest bracket. We all agree. The second everyo e chimes in with opinions about how much is too much to inherit well now we have thrown it all out the window.

Keep in mind the government has already taxed what I made before I handed anything down. So now the wealthy are taxed twice because fuck em it's not fair no one needs that much money anyways? That's an emotional responce

Also you cant just use the bad apples as justification. There are people who exploit the system at every stage. Some of the same people you so vehemently defended about needing food stamps trade those very stamps for drugs and booze - so that doesnt work

LadyVyxx posted...

Keep in mind the government has already taxed what I made before I handed anything down. So now the wealthy are taxed twice because fuck em it's not fair no one needs that much money anyways? That's an emotional responce

Except the wealthy aren't being taxed twice. They are being taxed once, and their heirs are being taxed once. You're trying to insert your own emotion into this "Oh the poor wealthy people! They can't pass on tens of millions of dollars to their children without their children being taxed! So unfair!" Not to mention you brought emotion into the argument in the first place. "WHAT ABOUT POOR PEOPLE WHO GET WELFARE? DO THEY DESERVE THE MONEY?" That's an emotional argument disguised behind poor logic. Dismissed easily with the simple fact that everyone needs food to live, and deserves basic human decency. After all, we do feed prisoners.

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Dancedreamer posted...

Except the wealthy aren't being taxed twice. They are being taxed once, and their heirs are being taxed once. You're trying to insert your own emotion into this "Oh the poor wealthy people! They can't pass on tens of millions of dollars to their children without their children being taxed! So unfair!"

I'm not wealthy I have no vested interest in either side. The money is being taxed twice. I hope you taxed your niece for the $20 bill she got in her birthday card because we are in the business of fairness. That money has transitioned from on party to the next and she didnt earn any of it.

LadyVyxx posted...

I'm not wealthy I have no vested interest in either side. The money is being taxed twice. I hope you taxed your niece for the $20 bill she got in her birthday card because we are in the business of fairness. That money has transitioned from on party to the next and she didnt earn any of it.

Actually if I gave my niece $15,000 it would be taxed. Anything less, and it wouldn't. I'm not sure why this is so hard to understand for you.

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Dancedreamer posted...

Actually if I gave my niece $15,000 it would be taxed. Anything less, and it wouldn't. I'm not sure why this is so hard to understand for you.

so you really think the estate tax should be at like 99.9 perc. or higher or something like that?

Dancedreamer posted...

Actually if I gave my niece $15,000 it would be taxed. Anything less, and it wouldn't. I'm not sure why this is so hard to understand for you.

No, it would only reduce your lifetime gift tax exemption.

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