Is the inheritance tax just?

Discussion in 'Politics' started by Socrates, Jun 12, 2004.

  1. Socrates
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    If a firefighter makes two million dollars by working overtime for 20 years and a kid born into a wealthy family inherits two million dollars without working a minute, which person's $2 million should be taxed at a higher rate?

    Bush: The inherentance shouldn't be taxed at all !! 0%.
    We should tax the money earned from labor 25 or 30%.

    Kerry: This is silly. It's certainly fair to tax passive income more than income from labor. Hard work should be encouraged. We don't need policies that punish those who work hard, just so we can perpetuate an aristocracy of the wealthy.

    Kerry's right.
     
  2. MtnBiker
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    MtnBiker Senior Member

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    How much was that 2 million taxed when earned before the kid recieved it?
     
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    A farmer works the land for 40 years earning a modest income. At the end of his life he has little liquid assets to pass down to his children but wants to pass down the land and equipment for the farm valued at 2 million dollars. The government places an inheritance tax on the estate greater than the family can afford to pay and must sell the farm at a lost value, to pay tax.

    Kerry is right?
     
  4. Socrates
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    The answer is that the government should not make them sell their family farm, and the government does not. Neither Kerry nor Bush nor anyone else proposes that policy.

    Now, I've answered your question, will you answer mine?

    Most people who pay inheritance tax are not family farmers, and since there's an exemption for them anyway, they can't be used to avoid answering the policy question I originally asked.

    So, yes, Kerry is right (unless you're rich, elitist, and in favor of rewarding privileged birth rather than hard work).
     
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    What about this?

    Do you have something against rich people?
     
  6. Socrates
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    If I work for my dad, my income is taxed. If I don't work for him, but just wait and inherit the money, then I don't get taxed when I receive it. So, the answer to your question is that it doesn't matter how much tax the person paid before he transferred it to me. When I get income, I have to pay tax on it. (Unless I'm elitist and believe in special rights for being born into a privileged family.)
     
  7. Socrates
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    No. Do you have something against poor and middle class people since you don't want rich people to pay their fair share of taxes?

    My parents are worth over 3 million bucks, so according to some people, they're rich and I'm going to inherit part of their estate. But I still think I should pay more on money I don't work for than money I work for.
     
  8. OCA
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    Biker forget about it, its just another person who's repeating the lies about the rich they read on some blog somewhere or that some lefty professor drilled into them. The simple fact is that the rich pay disproportionately more taxes in America and the rich are who drives the economy by creating new business. But no the left wants to punish them out of some sort of weird jealousy make everyone equal type deal.

    To answer Socrates(your nickname perturbs me as i'm a native born Greek and with your views you are doing him a disservice and dishonouring a person who would've had no views like you) question no tax on inheritance and lower the firefighters tax rate. Double taxation on inheritance money is wrong.
     
  9. Socrates
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    Of course rich people pay disproportionately more in taxes- they have most of the wealth in this country. My dad's net worth has gone up over 1 million dollars in the past 2 years, and he hasn't worked a single day. It's perfectly fair for society to tax me on that money when I inherit it. He didn't work for it, and I didn't work for it. That's not punishment. Punishment is taxing labor more than privilege.

    2nd: How can we lower taxes even more now since we can't even come close to paying our bills? You are like Reagan- you love huge deficits. Let our children pay it off?
     
  10. 5stringJeff
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    5stringJeff Senior Member

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    First, because people have more, they should give more (i.e. in a "progressive" tax scheme)? Sounds like Marx at his best: "From each according to his ability, to each according to his needs."

    Second, we are at war, in case you haven't noticed, and we need quite a bit of extra money. Smart bombs ain't cheap. And we will get more in tax revenues by charging a lower tax rate. Reagan's tax policies proved that.
     

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