Poll of the Day > Do you support the estate tax?

(+) Yeah! (+)

do you support it

Explain it to us foreigners.

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It's double taxation. You already paid taxes when you received the income, your death shouldn't prompt the government to double dip.

Also the common counterargument to the notion that taxation is theft is that you receive something in exchange for paying your taxes; that's not true if you're dead. The government is literally robbing your children because you accumulated wealth before your death.

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Lokarin posted...

Explain it to us foreigners.

When you die, the income you've accumulated and transfer to your children is taxed a second time (first being when you earned it).

The idea in theory is to prevent families from accumulating too much wealth.

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there should be a 100% estate tax

BADoglick posted...

It's double taxation. You already paid taxes when you received the income, your death shouldn't prompt the government to double dip.

Also the common counterargument to the notion that taxation is theft is that you receive something in exchange for paying your taxes; that's not true if you're dead. The government is literally robbing your children because you accumulated wealth before your death.

waaaah i cant spoil my kids :(

BADoglick posted...

When you die, the income you've accumulated and transfer to your children is taxed a second time (first being when you earned it).

The idea in theory is to prevent families from accumulating too much wealth.

yeah the idea is to prevent families from accumalating too much wealth. That's why i really don't have a problem with it

BADoglick posted...

When you die, the income you've accumulated and transfer to your children is taxed a second time (first being when you earned it).

The idea in theory is to prevent families from accumulating too much wealth.

Tax in Canada is taxed. This sounds normal to me. No I dont support it.

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What is the return on the tax? If you get 100% of it back then it's valuable for paper trailing previously sequestered funds.

Sequestered assets do not help the economy, the cash must flow.

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Absolutely.

Money naturally concentrates, the more you have the more can you make. It's good to have an estate tax to reduce the concentration of wealth into an ever smaller pool of people. It also doesn't even affect the vast VAST majority of Americans b/c it doesn't start until millions of dollars into an inheritance. Not to mention that it's pretty easy to lessen the amount if you gradually "gift" (that's what IRS classifies it as) the money to your heirs year after year instead of one big lump sum when you die.

BADoglick posted...

It's double taxation. You already paid taxes when you received the income, your death shouldn't prompt the government to double dip.

Pretty much every tax you pay after received your taxed income is double taxation. Stop acting like this is some special case. Invest in stocks? Taxed? Put money in a CD account? Taxed. Buy stuff? Taxed.
EDIT: Plus, they're not taxing *you*, they're taxing your heirs, so it actually is more like a first instance tax in this case.

Nope. If I ever get a lot of money, I'm making sure I give 100% of it to my kids or whoever I think deserves it before I die.

I'm going out without a cent to my name. Gov't aint getting shit.

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Absolutely. It only effects multimillionaires who dont pay their fair share anyways. Fuck em.

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I'm against it! Won't someone please think of the poor oppressed 10 times millionaires?! Their kids are completely fucked if they don't get 100% of it!

Obviously in support of it the us does not have hereditary nobility fuck off with the people trying to get rid of it.

It might make more sense to just tax the income the proper amount the first time around to streamline the process and limit opportunities to work around it, but the fundamental concept of attempting to break up oligarchies by preventing wealth from concentrating is fair.

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Id rather me be taxed at death than to tax me now if those are my options.

Highly for increasing the estate tax to lower other taxes.

Didnt know so many here love the government. Some of yall are talking like the estate tax somehow puts money in your pocket.

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Tax your income, tax your spending, tax your death. Such a great system of extortion.

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Veedrock- posted...

Didnt know so many here love the government. Some of yall are talking like the estate tax somehow puts money in your pocket.

Or maybe we'd like to not FURTHER blow up the deficit?

I'd rather we had no stimulus and just extended unemployment to cover those out of work. Those still working as "essential" or teleworking don't need extra money. Trump just wanted to goose the economy. The extent we're obliterating our financial future during his term (both the semi-necessary giant expenses due to corona and all the shit before it that left us in such a mess with no tools to fight it that that the Fed resorted to printing a fucking trillion dollars a day!) for short term propping of the stock market is evil and disgusting.
But sure, let's run the deficit up EVEN MORE and get rid of the estate tax!

streamofthesky posted...

But sure, let's run the deficit up EVEN MORE and get rid of the estate tax!

Estate tax accounts for so very little of the total tax revenue. But given your unprovoked rant I can only assume you support any and all taxes, including taxing the same money time and time again, so it's pointless to argue.

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The Federal Estate Tax is 40% and California Estate Tax is also 40%. I can see why people hide their money. But most families won't have to worry about those taxes.

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awezomerobot posted...

The Federal Estate Tax is 40% and California Estate Tax is also 40%. I can see why people hide their money. But most families won't have to worry about those taxes.

Most people who qualify will have the means to move their wealth out of the country.
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https://americansfortaxfairness.org/tax-fairness-briefing-booklet/fact-sheet-the-estate-inheritance-tax/

It's a few years old but is full of information.

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Veedrock- posted...

I can only assume

Yes, I've certainly noticed that about you

awezomerobot posted...

The Federal Estate Tax is 40% and California Estate Tax is also 40%. I can see why people hide their money. But most families won't have to worry about those taxes.

wow did not know that calif estate tax is 40 perc. too

CedarPointcp posted...

wow did not know that calif estate tax is 40 perc. too

oh no the California children of billionaires will only get hundreds of millions of dollars those poor souls

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streamofthesky posted...

Yes, I've certainly noticed that about you

Nice save. Some day you'll grow up and pay taxes of your own. Until then keep roundhouse kicking stop signs like a certified badass. Dont damage them though that'll add to the deficit.

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SunWuKung420 posted...

Tax your income(payroll taxes), tax your spending (sales tax), tax your life (yearly taxes), tax your death (estate tax). Such a great system of extortion.

waaaah my money. how am i going to pretend my life is worthwhile now u-u;

Veedrock- posted...

Estate tax accounts for so very little of the total tax revenue. But given your unprovoked rant I can only assume you support any and all taxes, including taxing the same money time and time again, so it's pointless to argue.

where do roads come from

Mead posted...

oh no the California children of billionaires will only get hundreds of millions of dollars those poor souls

But how much of the Tax do they get returned? I mean, y'all file tax RETURNS don't ya?

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Most people with millions or billions use trust funds and other methods to avoid estate tax. Usually the ones paying estate tax are people who didn't plan properly and usually those without a lot of money.

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Veedrock- posted...

Nice save. Some day you'll grow up and pay taxes of your own. Until then keep roundhouse kicking stop signs like a certified badass. Dont damage them though that'll add to the deficit.

I have no kids and rent instead of having a mortgage on a house.
All my savings go into bank accounts where the interest gets taxed as income, and none goes to stocks, which get taxed as capital gains.
I pay more in income tax rate than most people as it is thanks to how tax break incentives are laid out.

But all you can do is assume (and make a fool of yourself), so you wouldn't know that.

streamofthesky posted...

Absolutely.

Money naturally concentrates, the more you have the more can you make. It's good to have an estate tax to reduce the concentration of wealth into an ever smaller pool of people. It also doesn't even affect the vast VAST majority of Americans b/c it doesn't start until millions of dollars into an inheritance. Not to mention that it's pretty easy to lessen the amount if you gradually "gift" (that's what IRS classifies it as) the money to your heirs year after year instead of one big lump sum when you die.

Pretty much every tax you pay after received your taxed income is double taxation. Stop acting like this is some special case. Invest in stocks? Taxed? Put money in a CD account? Taxed. Buy stuff? Taxed.
EDIT: Plus, they're not taxing *you*, they're taxing your heirs, so it actually is more like a first instance tax in this case.

well when you put it that way. Yes Id support it

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SunWuKung420 posted...

Most people with millions or billions use trust funds and other methods to avoid estate tax. Usually the ones paying estate tax are people who didn't plan properly and usually those without a lot of money.

The estate tax only applies to exceedingly wealthy people. It's not those without a lot of money that are paying it, as much as many rich people circumvent it via whatever means they can.

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SunWuKung420 posted...

Most people with millions or billions use trust funds and other methods to avoid estate tax. Usually the ones paying estate tax are people who didn't plan properly and usually those without a lot of money.

lmao it starts at 11 million dollars.

SunWuKung420 posted...

Most people with millions or billions use trust funds and other methods to avoid estate tax. Usually the ones paying estate tax are people who didn't plan properly and usually those without a lot of money.

you: 'the estate tax is bad because it forces people to pay taxes'
me: 'actually, forcing people to pay taxes is good'
you: 'oh, it actually doesnt force people to pay taxes. still bad tho'

adjl posted...

The estate tax only applies to exceedingly wealthy people. It's not those without a lot of money that are paying it, as much as many rich people circumvent it via whatever means they can.

In PA, there's no estate tax, just an inheritance tax that applies to all. I assumed incorrectly about estate tax. Yea, tax those rich bastards, they hid most of it anyways.

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Taxes are just another way of getting robbed.
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Certainly not. I'm against double taxation, no matter the amount.

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Lokarin posted...

But how much of the Tax do they get returned? I mean, y'all file tax RETURNS don't ya?

They don't get any of the taxes returned. The return is only if you paid too much. If the estate is $100 million the tax would be $40 million. You pay it and never see it again (well, you do see it again in the form of public infrastructure ie roads and such).

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CaptainStrong posted...

Won't someone please think of the poor oppressed 10 times millionaires?! Their kids are completely fucked if they don't get 100% of it!

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CedarPointcp posted...

yeah the idea is to prevent families from accumalating too much wealth. That's why i really don't have a problem with it

"too much wealth" ?

the only way you could have too much is if you had so much that it wasn't a currency for most of the world anymore
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Krazy_Kirby posted...

"too much wealth" ?

the only way you could have too much is if you had so much that it wasn't a currency for most of the world anymore

What?

BlackScythe0 posted...

What?

i'm saying there is no such thing as "too much wealth", unless there is some unrealistic scenario where somone has all/most of the wealth in the world
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Krazy_Kirby posted...

i'm saying there is no such thing as "too much wealth", unless there is some unrealistic scenario where somone has all/most of the wealth in the world

Michael Bloomberg trying to buy an election with his pocket change is proof there's such a thing as too much wealth. No one should be able to flush a fucking billion dollars down the toilet and still be unbelievably astronomically wealthy.

CaptainStrong posted...

Michael Bloomberg trying to buy an election with his pocket change is proof there's such a thing as too much wealth. No one should be able to flush a fucking billion dollars down the toilet and still be unbelievably astronomically wealthy.

proving that "commie" tag is accurate
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Krazy_Kirby posted...

proving that "commie" tag is accurate

Proving you dream of wiping your ass on $100 bills.
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awezomerobot posted...

They don't get any of the taxes returned. The return is only if you paid too much. If the estate is $100 million the tax would be $40 million. You pay it and never see it again (well, you do see it again in the form of public infrastructure ie roads and such).

That's a weird, when I pay taxes I get like 80% of it back

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Krazy_Kirby posted...

i'm saying there is no such thing as "too much wealth", unless there is some unrealistic scenario where somone has all/most of the wealth in the world

That is nonsense, before even considering we are already in a situation where the vast amount of the worlds wealth is concentrated into the hands of a tiny amount of people.