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BruinCPA

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How do you feel about the government taking 55% of your estate when you pass?


Starting January 1, 2011 any estate worth over one million will be subject to a 55% estate tax.

Why should the government get a bigger piece than your own family?

And to those of you that say its fair because its income to your family then why is it taxed at 55% instead of the recipients income tax rate?
Those of you that say it wont affect you do you have no problem with people getting robbed too?

538 day(s) ago

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Answers (15)

MDcpa05 		You can give it away before you die and avoid that so... I don't care

Posted 538 days ago

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crussmba 		Sounds to me like that is double taxing in my opinion

Posted 538 days ago

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ujonesla 		I HATE IT!

That's property that has already been taxed.

Posted 538 days ago

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TaxesandScotch 		Wow, some strange answers. Firstly, it probably won't be $1mil or 55%. Congress is working with the president to get a reasonable estate tax re-instated. They know $1 mil is way too low. Imagine your parents bought a house in the 50's for 20,000 in say, Los Angeles. It's now worth well over $1 mil, so they know those numbers won't work. I don't like high taxes, but the estate tax, reasonably applied, is necessary. Without it, sooner or later, too much wealth would be in too few hands. (Conservative Republican)

Posted 538 days ago

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vinwubulldogs 		GOvernment should take 100% of it that isn't protected in college savings or housing.

Government should tax heavily the fruits of the tree, but not the tree itself. Government should not tax the means to produce money (family businesses) but should tax heavily the money made from them.

It's up to the kids to keep making money from the business.

Posted 538 days ago

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alohachris 		It shouldn't be taxed at all since the income that created the wealth has already been taxed.

Posted 538 days ago

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noamnoam 		Estate taxes serve no purpose, except to reward indirectly the losers who have no estate when they die. Encouraging bad behavior and discouraging good behavior is what modern liberalism is all about.

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ujonesla 		They will never get mine i'll sell every thing and give the cash away i worked for this not the government.

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vinwubulldogs 		It was alwayswrong.

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EchoMan 		It will affect very few people is my guess. Millionaires will find a way to get around most of it so do not cry too much for them.

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brandonm 		Clearly the death tax is unfair. If I time it right, my estate will have enough to cover burial expenses, when I die.

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noamnoam 		Doesn't matter. My kids will have to borrow money to bury me.

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noamnoam 		Seeing as I will be dead as a doornail when it actually happens, I'm quite sure I won't feel anything at all. And I'm sure I won't miss it either.

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MariaT 		Estate taxes have been around for a long time. Don't forget the States usually have a tax on it too.
Now I believe the exemption amount is higher than $1,000,000, which does limit it a small group that can afford it.
Yes, you have until Dec. 31st for your rich uncle George to have that terrible fall down those stairs in his mansion.

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DorthyP 		We never really own property.
Through the so called "right" of State, Local, and Federal Governments of taxation and Eminent Domain, Property Owners are reduced to the status of Renters. The "Estate Tax" is a penalty that the Family must pay in order to preserve the option to continue renting the property simply due to the death of the Principal Renter.
Disguised as a means to enrich tax coffers, this penalty is nothing more than a means for the Elite to increase their holdings by allowing government seizure of property and proceeding to auction it off at bargain prices to those in a better situation to afford the rent.
This is only one more reason for ALL Americans to demand that a "Fair Tax" system be implemented in this Country and eliminate all tax but sales tax. A tax should never be levied on the fruits of labor, but instead upon that which is spent.

http://www.fairtax.org/site/PageServer?pagename=about_main&utm_source=Google&utm_medium=CPC&utm_content=Charlotte&utm_campaign=FairTax%2BPlan&gclid=CMfp09L7w6UCFcPD7QodlQ7MZA

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