If you're lucky enough to inherit 2 million dollars?

Question

Do you think the government should take 60% of anythng over 1 million dollars?

Answer 1

Depends on the government. This is how i figure it 1 mill = 30 percent 2 mill = 30 percent and so on. Now if it gets over the hundred mill mark then 50 percent  per one hundred mill.

Answer 2

I think there are two questions here - one is an inheritance tax appropriate and, if so, how much?

1) Absolutely yes we need an inheritance tax - it ensures that not all wealth is concentrated in very few hands (even though you can argue that even now).  Why would you want Paris Hilton to inherit millions of dollars tax free - what did she do to earn it?  And to the argument that it is double taxation - I must disagree - the deceased isn't paying the taxes - he's dead! Instead, its the children or grand children - or even great grandchildren!

2) What level should there be? Well, let's make sure small businesses don't get caught up in it - I mean if a father owns two pizza parlors and the businesses are valued at $1 million because of equipment and annual sales then that business should be exempt.  But, if a great great great grandchild of the Rockefeller or Kennedy family stands to inherit millions then yes tax it.  

I think the general agreement is to make the first 5 to 7 million tax exempt to cover all small businesses and small family farms.

Answer 3

No.  

Not that I am "rich".... but FUNDAMENTALLY I have not choice but to OBJECT to the idea that the Government is "entitled" to say who can, or who can't, keep THEIR OWN MONEY.

Class Envy is a TERRIBLE thing.     When I see some one richer than me, I want to LEARN from them, and do what they do.   I don't want to hate them, and berate them, and find some excuse to "punish" them and take away their wealth.

Liberals are SICK people.   To think you are "entitled" to some one elses wealth.... it goes against EVERYTHING this country stands for!

Answer 4

Yes I do. I didn't earn that money, and I do understand that freedom isn't free. As prices for freedom go, money is getting off really really easy. Besides, I'd still have $800,000 that I didn't have before to console me.

By the way, the current estate tax on $2,000,000 would be closer to 40%, not 60%. http://en.wikipedia.org/wiki/Estate_tax_...

Answer 5

It's greed on the part of government, and it's ugly envy on the part of people who believe in taxing it.

Answer 6

no they shouldn't tax inheritance

Answer 7

Absolutley not.

Answer 8

That's Not Very Fair...!!

Answer 9

That's fine with me, believe it or not.

My parents have given me so much more - the value of education, compassion, and how to handle finances.  One of my learnings is that it isn't good to have huge windfalls.  $1.4 million would be quite enough, thank you.  Come to think of it, even $0 would be enough.

Answer 10

Yes. They should tax it at 100%

True capitalism will only work when everyone starts out the same. Give all 18 year olds a free education and let them begin life with an equal start. Then we'll see who works hard and who whines about daddy's money.

Answer 11

No.  Inheritance is not luck.  It is the result of somebody working their tail off to leave something for their kids.

The government should not tax it.

Of course, it is entirely too easy to tap into envy and class-hatred such that too many people support sticking it to 'the rich'.  

Imagine if you are pulling your family uphill on a cart, working just as hard as anybody else.  When you manage to progress ahead of the group, though, more and more people stop puling their carts and jump on yours.  Then, if you protest, the government comes in with the power to take your cart away and/or lock you up.

Fortunately, there is still some incentive left to pull your own weight.  Let's hope the government can refrain from piling more people on the carts of those who pull their weight.

Answer 12

I don't think the government should get any taxes on an inheritance.  Taxes have been paid on that money.  Double taxation.