10 ms·

I vote Bernie but I'm against estate taxes. I'm for capita gains being taxed as normal income and so many other things (I'm an in-theory fan of FairTax.org), bu

I vote Bernie but I'm against estate taxes. I'm for capita gains being taxed as normal income and so many other things (I'm an in-theory fan of FairTax.org), but strongly against estate taxes.

deleted 11y ago
[deleted]
Gustomaximus 11y ago
Why are you against estate tax?
- branchless 11y ago
  Maybe his kids are thick?
- pilsetnieks 11y ago
  You didn't ask me but still: because it's relatively easy to avoid (via the aforementioned trust funds and charities,) and the cutoff is kind of arbitrary. Improving income and capital gains taxation would be fairer for everyone.
deleted 11y ago
[deleted]
thecrow1213 11y ago
Seriously, why? Doesn't estate taxes only apply to large large large estates, and wouldn't apply to the majority of homeowners in America?
- disremembered 11y ago
  $5,450,000 for 2016 https://www.irs.gov/Businesses/Small-Businesses-%26-Self-Employed/Frequently-Asked-Questions-on-Estate-Taxes#amirequired https://www.irs.gov/Businesses/Small-Businesses-%26-Self-Emp...
  - adevine 11y ago
    But note that a married couple gets twice that, so a married couple can give nearly $11 million to their children completely tax free (PLUS children get a step up in basis on any capital assets that are inherited). Only a teeny, teeny percentage of estates meet that threshold.
  - themartorana 11y ago
    That's federal. In NJ, the line is $675k. It's different in other states, obviously.
hype7 11y ago
To reply to the people below as to why @themartorana might be against estate taxes: if the tax system does its job properly, death shouldn't be a taxable event. Treating capital gains as normal income, closing shitty loopholes etc - people are paying their fair share that way. Taxing at death would be double dipping. Instead, it's used as a way to claw back failed capital gains tax and it's an awful way to do it (making people sell property, etc)
- dragonwriter 11y ago
  Estate taxes are a problem, but only because inheritances aren't treated as normal income for the recipients. Death shouldn't be a taxable event...but receiving income (even as a result of someone else's death) should be. If there is a desire to allow some level of ubtaxed inheritance, then instead of exempting estates below a certain size, we ought to exempt a certain amount of inheritance income per recipient.
- andrepd 11y ago
  No, it just means that after your death your descendants don't benefit unfairly. Instead, the money that would be used to set a trust fund baby for life is redistributed among all people.
  - clarkmoody 11y ago
    In a free society, you can give your property to whomever you like. How do "all people" have any right to the fruits of your labor, especially a superior right than your own children?
    - andrepd 11y ago
      You and you alone have the right to the fruits of your labour. Once you are dead you are not gonna benefit from it anymore, so your children do not have any more claim to it than anyone in the country. Therefore it should be redistributed back to all people. Do you think your children should have more rights than other people?
    - 11y ago
BatFastard 11y ago
Once you get a lot of money it's a lot easier to keep it and let it grow and grow. Estate taxes keep this from going on for generations like it did in the past.
pilsetnieks 11y ago
I agree on the point, especially with how easy those taxes are to avoid but I'm calling out the divisive dog whistle language. Also, while it would be great if the tax system was reformed, in the short term it wouldn't be too bad if the existing taxes weren't avoided.
adevine 11y ago
As some one who is strongly for estate taxes, I propose we call them "aristocracy-prevention taxes." Accumulation of wealth solely based on inheritance is a shitty way to run a society.
- refurb 11y ago
  What should the asset cutoff for estate taxes be then? I'm going to guess it's more than what you make.
  - adevine 11y ago
    I'm totally fine with it being much, much lower than the assets I'll have when I die. I plan to leave the vast majority of my assets to charity, and even if I didn't, I wouldn't WANT to leave a lot of money to my children. I've met a number of people who grew up with large trust funds, and in every case I think the kids were worse off for it.

I vote Bernie but I'm against estate taxes. I'm for capita gains being taxed as normal income and so many other things (I'm an in-theory fan of FairTax.org), but strongly against estate taxes.

deleted 11y ago

[deleted]

Gustomaximus 11y ago

Why are you against estate tax?

branchless 11y ago
Maybe his kids are thick?
pilsetnieks 11y ago
You didn't ask me but still: because it's relatively easy to avoid (via the aforementioned trust funds and charities,) and the cutoff is kind of arbitrary. Improving income and capital gains taxation would be fairer for everyone.

deleted 11y ago

[deleted]

thecrow1213 11y ago

Seriously, why? Doesn't estate taxes only apply to large large large estates, and wouldn't apply to the majority of homeowners in America?

disremembered 11y ago
$5,450,000 for 2016 https://www.irs.gov/Businesses/Small-Businesses-%26-Self-Employed/Frequently-Asked-Questions-on-Estate-Taxes#amirequired https://www.irs.gov/Businesses/Small-Businesses-%26-Self-Emp...
- adevine 11y ago
  But note that a married couple gets twice that, so a married couple can give nearly $11 million to their children completely tax free (PLUS children get a step up in basis on any capital assets that are inherited). Only a teeny, teeny percentage of estates meet that threshold.
- themartorana 11y ago
  That's federal. In NJ, the line is $675k. It's different in other states, obviously.

hype7 11y ago

To reply to the people below as to why @themartorana might be against estate taxes: if the tax system does its job properly, death shouldn't be a taxable event. Treating capital gains as normal income, closing shitty loopholes etc - people are paying their fair share that way. Taxing at death would be double dipping. Instead, it's used as a way to claw back failed capital gains tax and it's an awful way to do it (making people sell property, etc)

dragonwriter 11y ago
Estate taxes are a problem, but only because inheritances aren't treated as normal income for the recipients. Death shouldn't be a taxable event...but receiving income (even as a result of someone else's death) should be. If there is a desire to allow some level of ubtaxed inheritance, then instead of exempting estates below a certain size, we ought to exempt a certain amount of inheritance income per recipient.
andrepd 11y ago
No, it just means that after your death your descendants don't benefit unfairly. Instead, the money that would be used to set a trust fund baby for life is redistributed among all people.
- clarkmoody 11y ago
  In a free society, you can give your property to whomever you like. How do "all people" have any right to the fruits of your labor, especially a superior right than your own children?
  - andrepd 11y ago
    You and you alone have the right to the fruits of your labour. Once you are dead you are not gonna benefit from it anymore, so your children do not have any more claim to it than anyone in the country. Therefore it should be redistributed back to all people. Do you think your children should have more rights than other people?
  - 11y ago

BatFastard 11y ago

Once you get a lot of money it's a lot easier to keep it and let it grow and grow. Estate taxes keep this from going on for generations like it did in the past.

pilsetnieks 11y ago

I agree on the point, especially with how easy those taxes are to avoid but I'm calling out the divisive dog whistle language. Also, while it would be great if the tax system was reformed, in the short term it wouldn't be too bad if the existing taxes weren't avoided.

adevine 11y ago

As some one who is strongly for estate taxes, I propose we call them "aristocracy-prevention taxes." Accumulation of wealth solely based on inheritance is a shitty way to run a society.

refurb 11y ago
What should the asset cutoff for estate taxes be then? I'm going to guess it's more than what you make.
- adevine 11y ago
  I'm totally fine with it being much, much lower than the assets I'll have when I die. I plan to leave the vast majority of my assets to charity, and even if I didn't, I wouldn't WANT to leave a lot of money to my children. I've met a number of people who grew up with large trust funds, and in every case I think the kids were worse off for it.