Current Events > Any of you here want the estate tax to be ended?

(+) Yeah! (+)

I want the threshold for the estate tax to be lowered. $12 million is way too high.

I want the threshold for the estate tax to be lowered. $12 million is way too high.

I want the threshold for the estate tax to be lowered. $12 million is way too high.

From someone who spent half his law school career studying taxes: lol no.

I don't see the point of estate tax, you already pay taxes your whole life, why should your assets get taxed before being transferred as you deemed fit? Trump is a bafoon but hes right about estate tax. It's just another way for the government to dip their hand in your personal cookie jar.

to what? and what do you think the taxation rate should be?

$500,000. 60%.

$500,000. 60%.

That's pretty much anyone who owns a house.

why? what did law school teach you about this? And, for those of you that want the threshold lowered, to what?

Because there's an entire segment of my profession who dedicate their careers to concocting mechanisms to evade the estate tax, my side-hustle included. Trusts, segmented gifting, the fundamentals of establishing a property's basis. All of these things work to limit the actual amount of taxable value in an estate, regardless of what its actual present value is.

Notwithstanding the fact of the gift and estate tax's existence, there are so many mechanisms in favor of the taxpayer that the tax is essentially toothless to 95% of the 1% that are actually obliged to pay the tax.

I think it needs its teeth back, but the current whinging about its abolishment comes from a nonsensical place from people who will never be impacted because they're fucking idiots.

Multi-generational wealth is some monarchist nonsense. Why should kids with rich parents get even more of an advantage than they already do.

Good.

I don't see the point of estate tax, you already pay taxes your whole life, why should your assets get taxed before being transferred as you deemed fit? Trump is a bafoon but hes right about estate tax. It's just another way for the government to dip their hand in your personal cookie jar.

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You think they're not going to find ways to weasel out of estate taxes?
All this does is fuck over family farms that are "worth" 12 million but have been barely solvent for decades.

Citation needed.

So exempt farms, easypeasy.

https://givingcompass.org/article/building-generational-wealth-to-end-child-poverty
https://journals.sagepub.com/doi/full/10.1177/2378023119831799
https://news.harvard.edu/gazette/story/2021/06/racial-wealth-gap-may-be-a-key-to-other-inequities/

Money is a finite resource. If there's no redistribution through taxation the rich will continue to hoard it at the expense of the poor.

These are arguments against snowballing historical wealth inequality (most notably across race), which generational wealth perpetuates. Money is a finite resource. If there's no redistribution through taxation the rich will continue to hoard it at the expense of the poor.