You still don't get it. 1. The deceased pays no additional tax. 2. The one who inherits it, that is income. Just like a gift, just like a lottery, just like a real estate sale, just like any money that comes to a person...it is income and it is taxable. You call it a death tax, but just because the gift comes upon death, it is no different than a gift tax, or a lottery tax, or windfall profits tax, etc. It can't be a death tax, because the living get the money to be taxed, and they pay the tax, so it is a living tax upon being gifted money or property. Tax the wealthy, so we don't continue with the aristocracy...
That sums it up quite nicely. The remainder of your post accurately points to the lunacy of lower- to middle-income people who vote Republican. Unfortunately, only the choir hears you.
Yes everyone gets your play on words, and your attempt at class envy. Not everyone is born into a wealthy family, there are many, many folks who work, start their own businesses, pay their fair share of taxes as they go along, succeed in life, and when they die they would like to pass along the family business and assets with out the government taxing it again, yes what you do not understand that it is double taxation when the assets stay inside the family. This topic has been debated before it's another attempt to stir up the flames of jealousy, from those who are too lazy to make it on their own and feel the need to punish those who have something they don't.
It's really a tax on wealth. Right now, they wait for you to die before they collect it. Of course that could change in the future.
Success of the working man. If Gates passed away do you think half of his fortune is going into the Treasury coffers? The mega rich have their fortunes protected/'loopholed through trusts and nonprofit organizations which they oversee. The death tax is an attack on the family of the poor guy who worked all his life. Crock of shit.
This is the part of it that always outraged me. Gates' father and Buffett are two hypocrites who have argued for the estate or death tax. Like their heirs will ever pay it. The super rich set up private foundations that shield their assets and provide no work "jobs" for their heirs for decades. The poor sap who starts a small business and works 80 hours a week for 40 years, his heirs get to give half to the government. Of course, that usually means they can't keep the business or farm, etc and have to sell it. If the democrats are really so concerned about perpetuating a rich elite, then first do away with all the estate tax loopholes that only the super rich can use effectively.
One's "family" doesn't end at a spouse and a couple of kids. Each of those members are themselves products of those who came before. There are no actually "self made" people. To the extent that some begin life with so much more work to do to catch up with the rest, and some respect, well, that's a problem, isn't it? The inheritance tax actually strengthens everyone, no dependency, no anticipated bailout, you work now, and work hard, and your future is well nigh assured. Right? (Pun intended.)
Agreed. And akin to the flat tax concepts floating around, a certain size "fortune" and smaller could be exempted from an inheritance tax.
Good points! Optional and all his "777" suffix incarnations (look for them you'll find them everywhere!) is an idiot!