Do you support inheritance tax?

Question

Should the government have the right to take money that is being passed from people to their family after they die? Your opinions...

Answer 1

Government alread has estate tax. Estate of deceased is taxed before it is passed on.

For more information read: http://taxipay.blogspot.com/2008/02/tax-...    

Answer 2

I support estate taxes for estates over $10 million.  Only 1-2% of estates in the United States pay any estate tax and that is with a $2 million exclusion.  The exclusion goes up to $3.5 million in 2009.  The exclusion is unlimited in 2010 and then it goes back down in 2011.  I shudder to think of how many people are going to "pass away" in 2010- with or without help- because of that full exclusion.  It would be interesting to see how the death rate jumps then if it weren't so sad.  The person who inherits does not pay inheritance taxes.  Inheritance taxes were done away with years ago (at the Federal level, a few states do still have an inheritance tax).  So people receiving the inheritance get that tax free.   I really don't have a problem with the estates of people who have mega amounts of money (like Merv Griffin's over $1 billion) being taxed.  

Answer 3

No and no.

Inheritance task is simply a scheme to redistribute wealth.

It penalizes people for being successful.

Answer 4

The governmet shouldn't be allowed to tax income that is earned from work.

It's ok to tax income that was inherited as long as it is the way with the current system; only affecting inheritances of multi million dollars.

Answer 5

The government is free to tax its citizenry in any fashion that they choose.

Given that there is no Federal inheritance tax in the US, the question is largely irrelevant.  A few States do still have inheritance taxes but they are the exception not the rule.

There is a Federal estate tax, however the exclusion amount is quite high and less than 5% of all estates ever pay any estate tax at all.

I have no issue with the Estate tax.  It brings in billions of dollars from the estates of wealthy individuals and nothing from most taxpayers.  If it was abolished, income or other taxes would have to be raised to offset the revenue loss.