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If you work hard all your life, pay taxes many times over, why should what you produce be taxed AGAIN enormously when you die?
How many times should the government tax your money before you actual have a problem with it? Most of you do not seem to mind at all.
buckstalker
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I despise ALL taxes...they are a direct violation of my freedom to do what I want with what I earn...key word here is EARN
a surfer
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bdgee said there is no such thing.... The problem there is he is wrong.
This election will cost me directly due to the crackhead like activity of our government.
We just like to enable moronic activity I suppose.
bdgee Member
posted December 05, 2006 12:21 Yep, no such thing exists in the U.S.!!!!
Quoting from the link you provided, which is NOT any part of the U.S. Code, which I specified, we see that,
"Inheritance tax, estate tax and death duty are the names given to various taxes which arise on the death of an individual. In United States tax law, there is a distinction between an estate tax and an inheritance tax: the former taxes the personal representatives of the deceased, while the latter taxes the beneficiaries of the estate."
The reason there is no distinction is because such specified taxes do not do not exist in federal law.
Any taxes that are to be paid resulting from the death of an individual amount to his or her normal income taxes (which were already owed, but not yet paid) on the properties they held (remember, money in any form amounts to property, but it is not a property tax)and the normal income taxes accrued when the amount they are passing on to another is determined as income to that person, which it is, of course.
Th existing tax debt of the dead individual must paid out of and be subtracted from the estate in order that the amount of the property they had that isn't owed to the IRS before the amount to be passed on is known and the inheriting individual will pay income taxes on his or her income from that inheritance.
It is all simply income tax.
THERE IS NO SUCH THING AS A DEATH TAX IN THE STATUTES OF THE U.S!!!!!! Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005 | IP: Logged |
IWISHIHAD
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Guess it doesn't matter what they call it the government still collects it.
The big problem is that the more they collect the more they spend.
Never balancing anything but their pocketbooks with the extra cash.
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