Posted on 06/09/2006 6:30:26 PM PDT by wjersey
"Only American Citizens get the deduction. That is 2 million this year."
Interesting. That would discourage people from bringing and creating wealth in this country.
Actually it encourages people to become citizens....we have friends who are Canadian....who after 20+ years of living here...raising there kids here....became citizens when they found out about the tax implications.
You would be surprised about what some people assume and don't know.
Many come from places like Korea, buy properties and make large estates.
They pass without becoming citizens and their estate gets taxed away at near some level like 45%.
YIKES!
The same US citizens might avoid all taxes unless their estates are very very loaded.
My understanding is that the top 5% of the wealthiest class control 90% of the wealth. There's something really loop-sided about that. So I have no pity for the rich, or those "conservatives" that have lost there way....
It's more like the top 5% pays 90% of the taxes.
In addition, neither Canada or USA allows today their citizens to drop their citizen ship if they go to the other country.
They only allow duel citizenship between those two nations because so many that changed have wanted to change back.
I pay far more than my "fair share".
I've paid my way, my families way and all my immediate relatives way and then some.
The government has gotten enough from me.
I really resent the implication you're making.
Quite a few of the wealthiest people are in favor of inheritance taxes--many, because they have already prevented their kids from having to pay such taxes.
Bill Gates is in favor of inheritance taxes
http://www.pbs.org/now/transcript/transcript_inheritance.html
Not only that, the "rich people" who happen to die early, who are being hit by big taxes aren't really rich. Many in the middle class are being hit with the death tax (just like the AMT - I have to figure out my taxes two ways). Modest homes are worth $500K-$1000K in many places. Combine that with a reasonable retirement nest-egg ($1 to $1.5 million, it is prudent to have sufficient savings to be able to sustain your lifestyle with a 4% to 5% annual withdrawal, = $40K-$75K from the nest-egg), you're there.
People have been inflated into being rich! Just like the inflation after the big bang, middle class drones are being redefined as the "super rich" who are subject to excessive taxation, and common derision.
I'm there (3-5 years from retirement), many of my (most assuredly, middle class) colleges are there - and I'm certainly not rich. Modest 2000 sq. ft. home, 6 year old car, no yacht (not even a boat), no second vacation home, no housekeeper, pinch pennies to invest, do my own laundry, worry about gas prices, shop at Wal-Mart. What was it, 10 years ago that the "Millionaire Next Door" was published? Since then 20% (pure speculation - but including me) more of the population has been "inflated" into this class.
My state takes a big bite (which by the way, is no longer a deduction from the federal take - it used to be), and the feds will take a big bite, certainly if the old tax rates come back (2012 is is? - $1M exemption, 55% of the remainder - as well as 5-15% state tax, on the gross). My premature death (and many other middle class worker bees) will be a windfall for the tax men (soak the rich, indeed)!
It's time for the FaairTax!!
Didn't your parents "do anything for you"???
Not all inherited wealth is multi-millions of dollars. When my Dad died, his wealth including his own home, equaled about 1.1 million. We had to sell his home, which when dead you do not get the $250,000 capital gains exemption any more, sell his car, all his stocks and pay over 50% on the 100,000. Remember it is 46% fed, another 9+ percent state!! So my brothers and I, at 50 years old inherited about $300,000 each. We all bought real estate, and businesses with that money. Then hired people to help us with our investments and that $300,000 is worth much more, to then pass onto our children. In most cases when "children" inherit money they are 50 or more years old and don't automatically turn into slackers and spend it all blindly.
The main point here is my Dad already paid tax on all the money he left to us. And those that say we win life's lottery, believe me I would rather have my Dad and Mom than their money.
It's time for the FairTax!!!
I was responding to a poster who pointed out that Ludlow was an Open Borders supporter. Hope it doesn't come as too big a shock for you.
The goal of all satire and irony is to make a point from a different direction. Sadly, you don't understand that the point is still the same. Why is that?
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