[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]
Let’s talk real money. Real money that would be effected by this estate tax. Let’s say I owned a business and for years and years I scrapped by. But I kept working and kept taking risk. And one day that acceptance of risk worked and I made $1mil. Then I took that one $1mil and made it work for me. Again taking risk. So I turn that $1mil into…say $10mil in the stock market. I sell some of that money (paying capital gains) and put it to use somewhere else. I win some…I lose some. But at the end of the day, because I was willing to take risk I ended up with $10mil to give my kids. Why the hell should the government get any of it???? Makes no sense whatsoever.
