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Why will his estate not be taxed? Because he's going to give most of it away before he dies? That makes him some kind of tax cheat? The estate tax doesn't ev
by jbooth 17y ago
Why will his estate not be taxed? Because he's going to give most of it away before he dies? That makes him some kind of tax cheat?
The estate tax doesn't even kick in unless the inheritance is over something like 2 million dollars. That is one "anti tax" issue that I seriously don't understand. Seems like that should be literally the last tax that gets cut, why not cut the income tax if we're cutting taxes?
- yalurker 17y agoFamily farms and small businesses are often severely hurt by estate taxes. Many of the people who oppose the estate tax are those who want to see a farm or business stay in the family, but tax laws make it incredibly hard to transfer it to their children. It is often portrayed as something only the super wealthy need to worry about, but plenty of farmland goes on sale in the midwest because taxes can't be covered.
- jbooth 17y agoWell, advocate for an exemption, then. Advocating to abolish the tax entirely come across as advocating for only the super wealthy's needs -- let's face it, family farms and small businesses with values over 2 million are a tiny minority of these inheritances, nationwide.
- anamax 17y agoYou're missing the point. The estates of the super wealthy aren't subject to the inheritance tax. It only hits family biz because they can't make the necessary arrangements.