Opinion of the estate tax

[bedstuy]

The House recently passed a repeal of the estate tax.  What do you think of the estate tax?

(note, what do you think of that estate tax, NOT the estate tax repeal because that would be the opposite presumably)

[Antonio the Sixth]

Easily the most socially, economically and morally justified tax. It should be very high and very progressive.

[Stand With Israel. Crush Hamas]

As a fundraising tool, it makes a good deal of sense. As a "moral imperative", it's horrible.

I'd support getting rid of it, at least for all inheritances under 500K total value, and keeping the higher level reasonable.

[bedstuy]

As a fundraising tool, it makes a good deal of sense. As a "moral imperative", it's horrible.

I'd support getting rid of it, at least for all inheritances under 500K total value, and keeping the higher level reasonable.

1.  Taxes are literally a fundraising tool. 

2.  The estate tax kicks in at $5.53 million dollars.  So, there is no need to get rid of it for inheritances under $500k.

[Chunk Yogurt for President!]

All taxes are horrible taxes.

[TDAS04]

Better and more ethical way of raising needed revenue and balancing the budget than gutting the safety net for the poor.

[Unconditional Surrender Truman]

All taxes are horrible taxes.

Yeah, who needs infrastructure?

[Sumner 1868]

Freedom tax.

[AggregateDemand]

Death is not a taxable event, especially not when you're trying to tax a pile of after tax money. Estate tax is a joke; however, some of the stepped-up basis loopholes are even more ridiculous. Allowing people to pass tax-free built-in gains to their descendants is equally stupid.

[Chunk Yogurt for President!]

All taxes are horrible taxes.

Yeah, who needs infrastructure?

Some taxes are necessary evils, but I would never call something a freedom tax.  I'm not a purist.

[Indy Texas]

As a fundraising tool, it makes a good deal of sense. As a "moral imperative", it's horrible.

I'd support getting rid of it, at least for all inheritances under 500K total value, and keeping the higher level reasonable.

It doesn't even kick in until well above that level. The Luntz-generated stories of poor family farmers being ruined by the estate tax are total BS.

[Mr. Smith]

If it isn't regressive, it's a freedom tax (not a purist Republican)

It's certainly better than cutting the services.

[ElectionsGuy]

Horrible, I encourage its repeal.

[DC Al Fine]

Estate taxes are relatively easy to avoid or at least reduce their burden. Implementing them at levels much below $5 million would be a terrible idea, since the very wealthy will hire accountants and attorneys to avoid the tax, while the upper middle class will not for the most part.

[True Federalist (진정한 연방 주의자)]

Death is not a taxable event, especially not when you're trying to tax a pile of after tax money. Estate tax is a joke; however, some of the stepped-up basis loopholes are even more ridiculous. Allowing people to pass tax-free built-in gains to their descendants is equally stupid.

Well, capital gains are stupid in part because of the recordkeeping required.  Making the basis for the inheritor be the date of death at least simplifies things.  Imagine if you would how complicated things would be if an asset passes thru several estates before being sold.  In general the estate tax is a good idea, if the tax rates are not too high, and they certainly are not.

[Sprouts Farmers Market ✘]

One of the most fair taxes out there if we need to have taxes. I actually think Obama raised the exclusion amount too much. I would even consider raising the rates slightly, but only if we had to.

[Clarko95 📚💰📈]

Easily the most socially, economically and morally justified tax. It should be very high and very progressive.

[Atlas Has Shrugged]

I oppose it on moral grounds, but the way it is now isn't so bad as long as the tax is kept at a reasonable level.

[bedstuy]

I oppose it on moral grounds, but the way it is now isn't so bad as long as the tax is kept at a reasonable level.

Why is it immoral?

[IceSpear]

Easily the most socially, economically and morally justified tax. It should be very high and very progressive.

[AggregateDemand]

Well, capital gains are stupid in part because of the recordkeeping required.  Making the basis for the inheritor be the date of death at least simplifies things.  Imagine if you would how complicated things would be if an asset passes thru several estates before being sold.  In general the estate tax is a good idea, if the tax rates are not too high, and they certainly are not.

Assets pass through multiple estates frequently, especially assets like real estate. The stepped up basis rules don't simplify anything. In fact, it often complicates the process because everyone has a different basis, depending upon when they received their interest in the property.

Stepped-up basis provides some relief to decedents who receive publicly-traded investments, but the societal cost of allowing the wealthy to transfer built-in tax-free gains is too steep. Eliminate taxes for the lower/middle class or follow the general concept of taxation.

[Zioneer]

If it isn't regressive, it's a freedom tax (not a purist Republican)

It's certainly better than cutting the services.

[© tweed]

very positive, of course ("abolition of all rights of inheritance" was one of Marx's demands in the 1848 Communist Manifesto).

in reality, people with $5.53M or more have the resources to dodge the tax through various legal instruments.

the REAL estate tax is Medicaid.  Medicaid chews up the assets of upper-middle class (and below) folks when they need long-term care (ie nursing home) unless those families have had time to "think ahead" and transfer wealth to a trust or a relative a while ago -- or if they've been paying long-term care insurance for decades.  Medicare doesn't pay for long-term care

[TheDeadFlagBlues]

The estate tax is my favorite tax.

[TNF]

Freedom Tax, as all inheritance should be abolished