Obama's "death tax" is a tad excessive, don't you think?
The loss of a family member or loved one always takes an emotional toll on people, but it also takes a financial one as well. The average funeral today costs over $7,000 and most of the time the next-of-kin are forced to foot the bill due to hard economic times. But what about those who are in good economic and financial standing at the time of their deaths?
The current "death tax" (IRS Inheritance tax) stands at 35% and Congress enacted a $5,120,000 exemption for both gift and estate taxes. But of course, that's now all going to change. The Obama Administration now plans to only allow for a $1 million dollar exemption and an above tax rate of 55%.
My question is, how is this fair? Say your family owns a ranch or farm and it's been in the family for hundreds of years. Now they will no longer be able to afford to keep it in lieu of these new taxes and allowance laws. Why does Obama not want anyone in America to be successful anymore? Must we all go to the government for all levels of sustainability? It is almost as if we are being punished for being responsible and successful.
So I ask the GaG community your thoughts on this. Why should people now need to bear a financial brunt of a death on top of an emotional one? Also, why close a window to help a family member or loved one out financially as well? This makes no sense. Big government, high taxes and socialism are never a good solution to anything.
What's Your Opinion?
Most Helpful Opinion
The Fuhrer despises successful people and freedom.
He despises successful people because all lefties despise successful people. They for some reason think they are entitled to that money without working for it, that people who work hard somehow have an obligation to share their rewards. This is the logic of the left, instead of letting people do their thing and earn their lifetsyle they want to lower 90% of the populations quality of life by having these successful people pay for everybody's everything. The only people who would benefit from this are the laziest and least motivated of the population, the bottom 10%. This is all in the idea of "the greater good" of course, even though it lowers what "good" is considered to be.
He hates freedom because he wants nobody to be able to do anything without the approval of the government. For whatever reason he seems to think that only the government is capable of knowing how things will work or should work and that of course, they know the best way. Once again this is the logic of the left, everybody (except the government) is a blabbering idiot not capable of taking care of themselves or doing anything right on their own.
This can be undone after the Fuhrer is out of office, considering we actually replace him with someone who is American in spirit. My faith in this happening is low.
What Girls Said 1
What Guys Said 6
The tax only effect people who do not plan correctly.
What the tax say is simple, if you are dumb then pay Sam. If a man has 5 million dollar it should not be sitting naked it should be protected. I know if a loved one of mine died with 10 million all 10 million would not be subject to inheritance taxes.
That tax change does one thing. When a fool with too much money dies instead of it going to the family for a fight, with as much as 90% going to the attorneys in fees for the fights they create. The money now goes to uncle Sam. Rather than have legal fight over it Government will take the money since fools are involved.
5 million should never be exposed to inheritance and should always be held in a trust.
It is easy to criticise the President when you don't care enough to educate yourself.
The term death tax dates to the 1940's. It's not a new idea, and Obama certainly dream it up. The numbers change of course, but let's be clear, this is nothing new.
How is it fair? How many people even have a million dollar estate? A million bucks is a ton of money, and properly taken care and invested would last most people the rest of their lives with enough extra to pass to their heirs. So what if a $2 million estate only passes on $1.45M, that's plenty considering the fact that the country's broke and needs revenue in order to provide services to everyone. Plus there's still all sorts of accounting tricks to work around it, such as giving large but tax exempt gifts each year prior to death.
I just don't think it will actually cause anyone any meaningful harm.