Quote:
Originally Posted by cologal
The death tax has been overplayed for years.....When my mother died her estate was way under the limit therefore we filed a small estate probated will. No taxes at all. Obama's plan is to raise the limit to 7 million dollars per couple and leave the estate tax at 45%. From his website:
Estate Tax: The estate tax would be effectively repealed for 99.7 percent of estates. For the remaining 0.3% of estates over $7 million per couple, Obama will retain a rate of 45%. This policy would cut the number of estates covered by the tax by 84 percent relative to 2000.
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When my father in law and mother in law passed away there were no taxes at all either. But, I just cannot understand a government that feels that if someone amasses some wealth that it has a right to tax that wealth away from their heirs. That is simply confiscation of 45% of someones money to subsidize what others don't pay at all.
Is it because of some obscure feeling of fairness being fulfilled in people with less income? What in life is fair? Is owning a new or almost new home in TV fair to those in the surrounding community who live on the other side of the tracks? Would it be fair if TV owners had to pay a tax upon death of 45% to subsidize housing for less fortunate?
Just things to consider when the thought is of governments taking money from one group of citizens to subsidize another group of citizens.