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There is no such thing as a double tax as you put it. All money is double, triple, quadrupled so on and so forth taxed. The principle for fairness behind taxa

There is no such thing as a double tax as you put it. All money is double, triple, quadrupled so on and so forth taxed. The principle for fairness behind taxation is that whenever you get money (or wealth) there is a tax. Regardless of where is comes from. There are exceptions and loopholes to this principle. If I work very hard and earn $100,000 in a year I get taxed. If someone else dies and I inherit $100,000 (in the U.S.) there is no tax. In case 1 a person works for it and pays tax and in case 2 there is no tax. Consider another case. Suppose I walk down the street and find $100,000. I have to pay tax on it. (At least I'm supposed to pay tax on it.) Estate taxes are too little in this country. A family can perpetuate a shared set of values over hundreds of years without leaving $x million to the children.

refurb 12y ago
Yet "more equitable" and "socialist" countries like Canada have no estate tax whatsoever.
- yequalsx 12y ago
  In Canada the estate pays the tax not the beneficiaries. In Canada the estate is considered a sale. "The deceased is considered to have sold all of his or her capital property for fair market value immediately prior to death. This includes, with certain exceptions, all the deceased person’s non-registered assets (personal belongings, cars, investments, business assets, etc.). If any of these assets have gone up in value since their acquisition, the estate will owe taxes on the capital gain in the year of death. Capital gain is the difference between the fair market value of the item when purchased and the fair market value item of the same item at the date of death." See this website: http://turbotax.intuit.ca/tax-resources/inheritance-tax.jsp http://turbotax.intuit.ca/tax-resources/inheritance-tax.jsp
  - refurb 12y ago
    That's not an estate tax, that's the estate paying taxes owed on property. In Canada, if you die with $20M in cash, you are free to give it to heirs with no tax penalty.

refurb 12y ago

Yet "more equitable" and "socialist" countries like Canada have no estate tax whatsoever.

yequalsx 12y ago
In Canada the estate pays the tax not the beneficiaries. In Canada the estate is considered a sale. "The deceased is considered to have sold all of his or her capital property for fair market value immediately prior to death. This includes, with certain exceptions, all the deceased person’s non-registered assets (personal belongings, cars, investments, business assets, etc.). If any of these assets have gone up in value since their acquisition, the estate will owe taxes on the capital gain in the year of death. Capital gain is the difference between the fair market value of the item when purchased and the fair market value item of the same item at the date of death." See this website: http://turbotax.intuit.ca/tax-resources/inheritance-tax.jsp http://turbotax.intuit.ca/tax-resources/inheritance-tax.jsp
- refurb 12y ago
  That's not an estate tax, that's the estate paying taxes owed on property. In Canada, if you die with $20M in cash, you are free to give it to heirs with no tax penalty.