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Post By
bd2999

Member Since: Sat May 17, 2008
Posts: 14,503
In Reply To
MysteryMan

Member Since: Fri Apr 28, 2017
Posts: 936
Subj: Except that does not happen...
Posted: Fri Aug 25, 2017 at 12:46:51 pm EDT (Viewed 124 times)
Reply Subj: No I mean specifically the death/inheritance tax...you know where
Posted: Fri Aug 25, 2017 at 08:50:29 am EDT (Viewed 111 times)



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          2. The Estate Tax, death tax, is a perfectly fine tax. The estimate for 2017 was that 1 in 487 pay the tax (0.2%). This is hardly a pressing matter given the number of people implicated. There are bigger issues of fairness in the tax code and other issues than worrying about if very wealthy people can pass property and material tax free.

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          So you like multiple taxing on the same source of income?

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        I recommend you look at other sources

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          https://www.cbpp.org/blog/10-myths-about-the-estate-tax



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    ...when a parent dies the child receives taxes on what's left to them. Which is essentially at least a 3rd tax. First it was taxed when their parent made the money...then there was a tax on any purchases they made and then its taxed again when passed to their children.


https://turbotax.intuit.com/tax-tools/tax-tips/General-Tax-Tips/Video--Is-Inheritance-Money-Counted-as-Income-by-the-IRS-/INF19544.html

If they are left money apparently it is not taxed. And they would only pay taxes on material in excess of the cap. Which, in 2017 is $5.49 million dollars. So, one could own property or have property of that value given to them and owe nothing.

So, unless there is something I do not know about. You are mistaken. At least on the federal level. Everything above is about federal.

Now if you are talking states than some of them do that.

https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/What-are-Inheritance-Taxes-/INF14800.html

But that is different than the topic at hand. As it seemed to me we were discussing federal taxes and actions at the federal level. In particularly the Estate Tax or Death Tax as it is commonly called by critics.


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    I know its often a state issue...maybe I misunderstood what you two were referring too.


It is, the fellow above is referring only to the federal tax system. As that is what Trump and Congress have power over. Nothing they do could fix issues with individual states. At least not through tax law.


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    Either way...multiple taxing on the same source of revenue is dicey.


Maybe, it really depends on what way one looks at it going in. One person did pay taxes on given money. They die and give it to somebody else.

If it is taxed under state law than this would be the only way of doing so. As the person would potentially be getting a load of money that they did not have before. Thus having a new income stream.

So at least by that logic it does make sense to some degree. Given that almost all sources of income are taxed, if people record it right is another matter.






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