As a non-American I am curious how you Americans feel about the estate tax? To me it seems as the most un-American tax that you can come up with - you spend your whole life building your American dream (while paying income and bunch of other taxes), and then when you want to leave what you built to your kids they slam you with another round of taxes?! On top of this, even many of the most socialist countries seem either never had it or eventually repealed it http://taxfoundation.org/article/estate ... ound-world
Given that it's election time in US, is anyone even talking about the estate tax?
Simonjester wrote:
they aren't talking about it to loudly , the issue gets drowned out in all the chatter about nonsense... but (to the best of my recollection), Hillary is in favor of increasing estate taxes and bringing the base amount down to apply them to the middle or upper middle class, trump wants to eliminate it or raise the amount so it applies to fewer people...
edit to add -- yes it is a very un-american and cold hearted theft of peoples chances for creating prosperity for their family's..
LazyInvestor wrote:As a non-American I am curious how you Americans feel about the estate tax? To me it seems as the most un-American tax that you can come up with - you spend your whole life building your American dream (while paying income and bunch of other taxes), and then when you want to leave what you built to your kids they slam you with another round of taxes?! On top of this, even many of the most socialist countries seem either never had it or eventually repealed it http://taxfoundation.org/article/estate ... ound-world
Given that it's election time in US, is anyone even talking about the estate tax?
It's complex. It was part of the Progressive movement during the Oil Baron days so that the obscenely SuperRich wouldn't continue to get even more obscenely SuperSuperRich and result in an obscenely widening wealth gap.
If you look at the situation closely, it does feel grossly unfair and unjust that the children of the obscenely SuperRich get all the world literally handed to them without having to do a damn thing. Why do they deserve that good fortune in life merely by accident of birth? So fuck that!
On the other hand, the estate tax threshold levels are generally set so low and not indexed to inflation that it ensares (and destroys) long-standing family businesses or middle/upper class inheritance transfers. So fuck that too!
Fortunately, there are ways around the estate tax using a competent attorney that specializes in this stuff. Mostly it involves state-level trusts, tax-free insurance, etc.. So the issue may be more philosophical smoke than actual fire.
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
Estate tax is unlikely to go anywhere in my opinion since that law is basically the democratic "tyranny of the masses" targeting the minority of the rich because of jealously. In fact, I suspect it will get worse given the country's financial trajectory and mood.
