Topic: Is it Un-American to Pass Your Full Inheritance on to Your Family?

[jpatrickham]

Filed under Economics, Socialism, Taxes

"Campaign years always bring tax issues to the forefront of the news.  Obama and fellow Democrats want to increase taxes in a number of areas and Republican Herman Cain is advocating his 9-9-9 flat tax plan.

One tax that has often been a subject of political haggling has been the estate tax or as some call it the death tax.

Some politicians, mostly Republicans, have advocated that the estate tax be repealed.  A group known as American Family Business Institute has been pushing for the elimination of the estate tax.  Dick Patten of AFBI uses a study conducted by Steve Entin that indicates that a decrease of the estate tax could result in an increase of federal revenues.

However, political analyst and columnist for Time magazine, Fareed Zakaria is advocating that the estate tax be increased to 50%.  He claims that ‘nothing is more un-American than an inherited elite that perpetuates itself.’

Read more: Is it Un-American to Pass Your Full Inheritance on to Your Family? | Godfather Politics http://godfatherpolitics.com/1692/is-it-un-american-to-pass-your-full-inheritance-on-to-your-family/#ixzz1bp8Vs0mH

And they say you can't take it with you! You want to bet?

[LadyVirginia]

Why don't we just call them out for what these people are?


JEALOUS.

[benb61]

Totally ticks me off that after years of accumulating wealth for myself and family (that I have already been taxed upon) that the government feels that those that I have been saving it for are not entitled to it.  Talk about taxation without representation.

[LadyVirginia]

Totally ticks me off that after years of accumulating wealth for myself and family (that I have already been taxed upon) that the government feels that those that I have been saving it for are not entitled to it.  Talk about taxation without representation.

It doesn't really make any sense at all.  That you die you some how owe money for that.

I wonder how people would feel if they knew when grandma dies the taxman would physically come to her house and just take half of what he finds there.  that might make people understand what the death tax is.

But since it's on the rich it's a-okay.

[benb61]

Does that mean that if I am in debt when I die is the government gonna come in and pay half of my debt?


Didn't think so!! 

[AlanS]

Why don't we just call them out for what these people are?


JEALOUS. ASSHOLES.
 

FIFY.

[Pandora]

Totally ticks me off that after years of accumulating wealth for myself and family (that I have already been taxed upon) that the government feels that those that I have been saving it for are not entitled to it.  Talk about taxation without representation.

It doesn't really make any sense at all.  That you die you some how owe money for that.

I wonder how people would feel if they knew when grandma dies the taxman would physically come to her house and just take half of what he finds there.  that might make people understand what the death tax is.

But since it's on the rich it's a-okay.

On the not-so-rich too.  Gunsmith's Mother died in 2000, in her mid-50s, in her sleep -- unexpected, she wasn't ill.  Her estate came to a million and half, counting the house.  Good thing she had a 240K insurance policy; it covered most of the death tax.

Before Duh Wun came along to manage our decline, it wasn't extremely difficult to accumulate that much wealth if you'd been saving for retirement (401K/IRA) and depending on where your house was; property values were high in NJ at the time.

[LadyVirginia]

On the not-so-rich too. 

I know.  But the not-so rich are lumped in with the rich now too.

So if you don't waste and spend your whole life and end up with something saved you get to be rich and pay to die.

[Pandora]

On the not-so-rich too. 

I know.  But the not-so rich are lumped in with the rich now too.

So if you don't waste and spend your whole life and end up with something saved you get to be rich and pay to die.

Rush was discussing this today in the realm of estate planning.  It's either retain access to your money or limit that by setting up a trust or foundation to keep the mitts of the envious off your leavings.

I don't see them as jealous, so much as envious -- if they don't have what you have, they don't want you having it either; Dog in the Manger.

[Libertas]

Ravenously envious.

To socialist trash, today's rich is tomorrows destitute...then they go to the next level of so-called rich, and the cycle continues.  It's not just taking from the so-called rich and giving to the so-called poor, it's about punishing and destroying the so-called rich.  Do not forget the bloodthirsty piece of that envy, it is a key lever driving these sociopaths!

[jpatrickham]

Ravenously envious.

To socialist trash, today's rich is tomorrows destitute...then they go to the next level of so-called rich, and the cycle continues.  It's not just taking from the so-called rich and giving to the so-called poor, it's about punishing and destroying the so-called rich.  Do not forget the bloodthirsty piece of that envy, it is a key lever driving these sociopaths!

Let me just say, I have personally gone through at least two fortunes well, to me they were fortunes. Now at my old age, I am giving my inheritance, all $31.94 to my Son. Obama and his Morphodites, can go screw themselves! 

[Libertas]

I hear ya.  Who was it, Rodney?  Said I want "the last check I write to bounce"?  About the only way you can cheat the bloodsucking tax collector!

[jpatrickham]

I hear ya.  Who was it, Rodney?  Said I want "the last check I write to bounce"?  About the only way you can cheat the bloodsucking tax collector!

 

[Castaway]

Mixed feelings on this one.  The death taxes should be done away with PERIOD!

Being able to set up trust so you can put the cost of your elderly parents care on the taxpayer....this is where I have a problem.  Big business does this, it's legal.  Many common Americans do this also legal.  Legal doesn't always equal moral. 

Don't mean to derail the thread but there is more than one way to look at taxes on things worked for in the senior years.  Who should be taking care of your family seniors prior to death,  you with everything they worked for or should that be allowed to be put in a trust so it can't be touched and the tax payer picking up the tab?

[LadyVirginia]

Until the death tax is done away with along with various entitlements et al people will look for any way to get back whatever they put into the system in the form of taxes.

[Castaway]

Wouldn't making better insurance choices at a younger age be another option?  They sell nursing home policies, cancer policies etc..  I'm not advocating this for everyone, lord knows I would risk a family owned farm or long running business with employees counting strictly on this insurance but I see people try everything they can to avoid paying medical bills on their senior family members mainly for the sake of personal gain.   This puts a burden on an already taxed system. 

[Pandora]

Wouldn't making better insurance choices at a younger age be another option?  They sell nursing home policies, cancer policies etc..  I'm not advocating this for everyone, lord knows I would risk a family owned farm or long running business with employees counting strictly on this insurance but I see people try everything they can to avoid paying medical bills on their senior family members mainly for the sake of personal gain.   This puts a burden on an already taxed system. 

I agree insurance is the better option.  The moral obligation to help pay your parents' bills is one I hold to, but I've no children to consider, and many parents are old but not incompetent and if it is their choice to extract from the systems into which they've been made to pay, that's their choice.

[Sectionhand]

Filed under Economics, Socialism, Taxes

However, political analyst and columnist for Time magazine, Fareed Zakaria is advocating that the estate tax be increased to 50%.  He claims that ‘nothing is more un-American than an inherited elite that perpetuates itself.’

Fareed Zakaria (much like Martin Bashir ) is just another commie jackass who comes from another country to instruct us about what's "American" and what isn't . They work for CNN and MSNBC respectively . That tell you anything ?