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What do you think about Death Tax?
I believed that if a person dies he/she should have the right to give his money to whoever he/she likes, without been tax.
if a person earns his/her money and payed his/her taxes he/she shouldnt not be taxed again when that person gives his money to whoever he/she likes.
5 Answers
- GEORGIANNALv 51 decade agoFavorite Answer
There is no such thing as a death tax. There is a tax on inheriting money without working for it. You can think of it as the "winning the birth lottery tax" if it makes you feel better. After all, people who win the Mega Millions lottery or the Power Ball Lottery pay the tax, why not the winners of the birth lottery?
- cactusgeneLv 71 decade ago
While I generally would agree with you, the person who died now doesn't give a hoot about it anymore. Actually estate taxes for net estates of $5 or $10 millions would not be unreasonable. Do you really need any more than that?
However, this year there are no Federal Estate taxes at all, even on estates of hundreds of millions of dollars. They will however return with a venegance next year after the current legislation sunsets (expires) and the tax exclusion amount returns to $1,000,000. So if your sick, old uncle intends to leave you $10,000,000 you better hope he has the courtesy to die this year.
- ArtemiscLv 71 decade ago
You do realize that the inheritance tax doesn't kick in until you leave an estate of something like 6 million, right? SOMEONE has to pay taxes. Roads don't pave themselves.
and I prefer to call it the Paris Hilton tax.
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- troLv 71 decade ago
when one dies and leaves an estate, there are taxes to be paid, with some very large exclusions and exemptions
and leaving it to heirs is inheritance to them and not taxable