[Mooncatt]

Now that potential repeal of the U.S. estate tax is in the news, why not here too? I say good riddance if it goes away. The idea that the government is going to tax an estate simply because a "rich" person dies is beyond me. And before anyone criticises who's rich, it wasn't that long ago when the exemption was only $1 million, which is generally considered a good retirement investment goal for the average American. It's not that hard to hit that mark, so what's to stop the feds from reducing the current $5+ million exemption to something much less?

The amount collected by the government is also only a small fraction of total tax revenue ($12.7 billion of the $2.8 trillion collected in 2013). Obama thinks this money would be good for jobs training programs, but I think families being able to keep a business going and keeping people employed would not only be better use of the money but also has the chance of greater tax revenues over time while also lowering the demand for social programs.

[matty032]

Repeal

[NoYankees44]

There is no reason for it. Get rid of it. The tax is retaxing wealth.

The only exception I could maybe get behind is taxing it as normal income to whoever inherits the wealth.

Sent from my XT1096

[GadgetGator]

Now that potential repeal of the U.S. estate tax is in the news, why not here too? I say good riddance if it goes away. The idea that the government is going to tax an estate simply because a "rich" person dies is beyond me. And before anyone criticises who's rich, it wasn't that long ago when the exemption was only $1 million, which is generally considered a good retirement investment goal for the average American. It's not that hard to hit that mark, so what's to stop the feds from reducing the current $5+ million exemption to something much less?

The amount collected by the government is also only a small fraction of total tax revenue ($12.7 billion of the $2.8 trillion collected in 2013). Obama thinks this money would be good for jobs training programs, but I think families being able to keep a business going and keeping people employed would not only be better use of the money but also has the chance of greater tax revenues over time while also lowering the demand for social programs.

This is one of those times we agree on things. I see no reason to tax money twice. It's okay to tax it when it's earned by someone the first time, but anything more is double dipping and that's just wrong.

[anon8126715]

Fast forward to 7:45 And NSFW, it's HBO.




I look at the Walmart empire and see what's wrong with abolishing the Estate Tax. Sam Walton had a better understanding of community, making sure his employees were taken care of, and was overall a humanitarian. If you look at what his children have done, they've turned Walmart into an abyss where the American dream goes to die. That tends to happen when you grow up with a silver spoon in your mouth. You become detached from reality and lose your empathy towards your fellow man. Donald Trump is another example. He inherited a large portion of his wealth and is more Robber Baron than an example of what making it in America should be, not to mention how many times his companies have had to file for Bankruptcy. If you watch the video (I understand people on the side of abolishing the death tax dismissing it, as tunnel vision tends to be a staple of that side of the issue) it explains that generally the first 5 million dollars is not taxed. If you watch further, he explains how many people that wouldn't benefit from the Estate Tax being abolished still think it applies to them. I think it's safe to say that he's probably referring to some of you.