General Discussion

SheilaT

(23,156 posts)

6. First of all, money gets taxed multiple times

Reply to Fantastic Anarchist (Original post)

Mon Mar 24, 2014, 04:22 PM

Mar 2014

as it moves through the economy: income taxes, sales taxes, school taxes, and so on and so forth.

I honestly think one reason very rich people fight so very hard against estate taxes is that once that tax kicks in, it's very high. Of course, it does provide a great deal of employment for tax lawyers. It's my opinion that estate taxes should kick in at about a $1million point, but not go immediately to 46%, or whatever it actually is. I'd say start at about 15%, escalate to 25% at $10million, and maybe top out at 35% above $25million.

The up side of estate taxes is that it does tend to encourage the wealthy to give money away, and not just to their children or grandchildren.

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On the Estate Tax [View all] Fantastic Anarchist Mar 2014 OP

Its a Millionaire's Tax Stallion Mar 2014 #1

Yep, so even less of the total population. ;) Fantastic Anarchist Mar 2014 #2

Time to set up a trust. badtoworse Mar 2014 #3

That gets your estate away from probate Warpy Mar 2014 #5

Sounds like a trust is the way to go badtoworse Mar 2014 #7

Well, you're dead, you're paying no taxes Warpy Mar 2014 #10

I understand all that. badtoworse Mar 2014 #12

If they use infrustracture ... Fantastic Anarchist Mar 2014 #14

They're already paying their own taxes, so they're covering their share. badtoworse Mar 2014 #16

and when your money becomes their (unearned) money whatthehey Mar 2014 #18

Excellent point! A HERETIC I AM Mar 2014 #20

Earned income is one thing, estate tax is a different matter. badtoworse Mar 2014 #22

Are you planning on passing 5.25 million to your heirs? Fantastic Anarchist Mar 2014 #30

My heirs should be well taken care of. badtoworse Mar 2014 #32

And that you don't want to give back to society which made it possible for you ... Fantastic Anarchist Mar 2014 #45

I give back plenty already. There is a point at which you've given back enough. badtoworse Mar 2014 #50

And your heirs need to give back enough too, especially enough of unearned income. whatthehey Mar 2014 #53

I pay at least a couple of families worth in income tax and have for quite a while. badtoworse Mar 2014 #56

Financial sevices are a leech PowerToThePeople Mar 2014 #54

I think those same standards call for civil discourse. badtoworse Mar 2014 #57

No insults at all. Just truth. n/t PowerToThePeople Mar 2014 #59

Yes earned income is one thing. UNearned is indeed another whatthehey Mar 2014 #52

I oppose estate taxes on principle. badtoworse Mar 2014 #55

All right; we have your vote gratuitous Mar 2014 #15

Rest assured, whatever they pay will be the minimum possible. badtoworse Mar 2014 #17

Amen MO_Moderate Mar 2014 #43

They won't pay anything unless it's over 5.25 million dollars. Fantastic Anarchist Mar 2014 #46

but you have NOT already been taxed on it hfojvt Mar 2014 #37

I don't have a problem with capital gains tax badtoworse Mar 2014 #38

but the capital gain is NOT taxed hfojvt Mar 2014 #39

Let him inherit the basis. badtoworse Mar 2014 #40

And some of the deceased property has never been taxed... IphengeniaBlumgarten Mar 2014 #25

Well, it is if it goes over the total untaxed dollar amount Warpy Mar 2014 #28

OK, agreed IphengeniaBlumgarten Mar 2014 #29

OK, we have a trust. It doesn't really protect heirs from taxes. mainer Mar 2014 #24

The really wealthy launder their money to their offspring House of Roberts Mar 2014 #4

Do you have any examples of this? A HERETIC I AM Mar 2014 #21

A lot of people whose estate would be subject to pipoman Mar 2014 #31

If the life insurance premiums were paid by the deceased mainer Mar 2014 #33

As i remember there was a minimum estate value before it made sense. . pipoman Mar 2014 #44

It's 14K per year per child now. Gormy Cuss Mar 2014 #48

Right, I'm behind a year! mainer Mar 2014 #49

First of all, money gets taxed multiple times SheilaT Mar 2014 #6

I do not know why Republicans are against estate taxes PowerToThePeople Mar 2014 #8

My argument is simpler: I don't care if Paris Hilton inherits enough money to live in splendor .... Scuba Mar 2014 #9

Absolutely. After the last 40 years of governments hostile to working people Warpy Mar 2014 #11

This tax only affects the larger estates Gothmog Mar 2014 #13

It's easier than that. Money isn't taxed. People are taxed. eallen Mar 2014 #19

Not to mention, it's not the governments responsibility to set up dynasties TexasBushwhacker Mar 2014 #23

You buy insurance for that tax. Turbineguy Mar 2014 #26

As I mentioned above, life insurance payouts are part of the estate mainer Mar 2014 #36

Here's the rebuttal to your "solution" mainer Mar 2014 #41

My idea was based on not dumping a business or farm in order to pay taxes. Turbineguy Mar 2014 #42

They should just change the rules of baseball, football, and basketball. gulliver Mar 2014 #27

I wasn't aware that Bill Gates had paid income tax on his 50 billion already. n2doc Mar 2014 #34

Excellent post, thanks for sharing this! JNelson6563 Mar 2014 #35

You bet! Fantastic Anarchist Mar 2014 #47

Money hidden on various foreign islands/countries hasn't been taxed. Frustratedlady Mar 2014 #51

I was reading the OP... Bigmack Mar 2014 #58

Yes, unfortunately, that is part of the problem. Fantastic Anarchist Apr 2014 #60