4 ms·
No. 0.5% of a huge number is a still a very large number. $4T in income tax revenue so 0.5% is $20B. That's about the size of NASA. Percentages are horrible
by tankerdude 9y ago
No. 0.5% of a huge number is a still a very large number.
$4T in income tax revenue so 0.5% is $20B. That's about the size of NASA. Percentages are horrible at that.
Keep the "death" tax, and here's the thing. Due to death, the assets changed hands. That money wasn't yours. It was your parent's money, so this is the first time that you are acknowledging the income. You personally won't get taxed on it again. Same with dividends and other stock related taxes No recognized income from you personally until you get the money. That's when you get taxed, pure and simple.
- winter_blue 9y agoIf a person's parents already paid taxes on it when they earned it, why are they required to pay taxes on it again? It's double taxation, and it's utterly unfair.
- bbatha 9y ago> If a business already paid taxes on it when they earned it, why are they required to pay taxes on it again? It's double taxation, and it's utterly unfair. > If the customer already paid taxes on it when they bought it, why business required to pay taxes on it [that income] again? It's double taxation, and it's utterly unfair. Double taxation arguments are like mad libs you can pick any two parties in a taxed transaction and make the same argument. Pretty much every other kind of transaction is taxed. Yet the other places we tax, income and sales, generate healthy economic activity (labor, wealth, and consumption). Unlike inheritance which has little more than net 0 impact on the economy.