To be honest — of all the idiotic Democrat tax proposals I've seen, this one seems to be the least idiotic. It involves a tax that must ultimately be paid anyway, and simply changes the timing of when part of it is paid.
“It involves a tax that must ultimately be paid anyway, and simply changes the timing of when part of it is paid. “
I don’t think that is right. When you inherit something, the basis generally steps up to the value at the time you received it. This makes sense because otherwise we would be taxing estates twice - through the inheritance tax and through the capital gains tax. It is true there is a big exemption on the inheritance tax but keep in mind that the exemption applies regardless of the number of heirs (so if you have ten kids each receiving 1/10th of the farm, they have to pay the same tax / same exemption as where there is an only child.
Boy, have you been fully indoctrinated...
“It involves a tax that must ultimately be paid anyway, and simply changes the timing of when part of it is paid.”
The power to “tax” was levied to support the Government, originally the taxes were fairly limited, then came the IRS, to remind you that ONLY the wealthy would be taxed, well that changed from a century ago didn’t it?
If we must be taxed, then establish a flat - consumption tax, because I don’t think I am getting worthwhile results in my State (from the taxes I pay), and I am suspect with what I am getting Federally either—— Equity, Critical Race Theory training, Inclusivity training, Federally funded Abortion, Gender reassignment surgery for Military “upon request”, Resettling Illegal Immigrants, and the list goes on....
Please see #5.
The current way of doing it may seem inaccurate, but it’s certainly a lot simpler than trying to guess the value that the deceased added to the inherited possessions.
It is not their money.