[quote=briansd1][quote=GoUSC]
I have never agreed with the gift or estate tax. It is pure double taxation. Why should my kids have to pay taxes on money that I earned and paid taxes on already? [/quote]

Not quite GoUSC. Say you earned and paid taxes on income which, net of taxes leave you $100. That asset grows to $10,000. You then give that asset to your kid. Should that be totally untaxed?

There is such thing as estate planning and most people will never pay estate taxes. And even people who pay estate taxes have planned much of it away.

Estate taxes affect only 5,500 Americans per year (even fewer now with the new law) out of a population of 310 million. I congratulate you if, on your own, you earned enough to be among those privileged folks.

We know who the Republicans are working for. Too bad real American voters are too ignorant to see it.[/quote]

For argument’s sake, how is this different than if you give open a custodian account, give $100 to that custodian account for benefit of your kid, and that custodian account grows to $10k?

In both cases, after tax accounts are already income taxed… However in the former case, you’re also subjecting that account to inheritance tax (at least it is considered from the inheritance limits exemptions). The latter case (custodian account), is not subject to inheritance taxes…