The family worked and paid taxes on their income. Then they saved up and bought property or made investments. For property, they paid taxes on the property. If they received interest or dividends, the family paid taxes on money received from investments paid with money already taxed. If, after the end of their life, they have money to give to the rest of the family, the estate tax then takes another chunk. This is double, if not triple, taxation.
The U.S. Government should repeal the taxes heirs must pay when inheriting money, real estate, and other assets, because they have already been taxed. Inheritance taxes are a dis-incentive to amassing wealth or working hard. Frequently, inheritance taxes on the deceased owner of a small business are so high that the business is forced out of business, causing job loss.
A person should be able to inherit the belongings or money that a family member or loved one wished to pass on to them, without having to pay taxes. This type of transfer is not part of business or profit-making, it is a personal and family matter, and should not be taxed.
I think if money has already been taxed once, it should not be taxed again. I don't think it matters that now it's going to a relative. The person who gave away that money has already been charged tax on it when he or she earned it. Now this money should remain tax-free if he or she wants to reassign it to someone else in the family.
First of all, throughout the life of the person, in the process of creating the inheritance taxes were paid on the accumulated wealth. Second, when property is inherited there may not be enough money in the estate to pay the the taxes. If life insurance is exempt from taxation, why shouldn't everything else be?
Taxing heirs who receive money, real estate, and other assets as inheritance should not be punished for receiving either monetary or physical wealth. Taxing the heirs on that money with special taxes makes no sense, instead they can spend the money and be taxed on it at the retail level and at the personal income level at the end of the year. Additional taxes on top of retail and income taxes do not make sense.
I believe the inheritance tax should be eliminated. This would allow heirs to keep more of inherited taxes and to stop looking for strategies (legal and not) to circumvent the payment of such taxes. Having the assets free and clear of taxes would bring more of these assets into the economy in the way of investment, purchases, or savings. This way heirs could more directly benefit from these assets.
Why punish the heirs for astute monetary moves that their parents or grandparents made? That money has already been taxed so it should never be taxed again.
Generally all forms of income are taxed. Estate/inheritance taxes are looked down upon by many people because they hit a family when it is dealing with a hard time, but in reality the inheritance is still money. It is still a sudden increase in wealth. There is no reason to single out this source of income just because the people are dealing with the death of a family member.
Since these taxes only apply to very large estates, they only affect wealthy people who can afford to pay. Repealing them would place a stress on our already struggling government, and not do anything to help people who really need it. Just as you have to pay a tax on a gift, paying a tax on a large estate is totally reasonable.
Not only do I believe that the U.S. Government should keep the inheritance tax, I believe it should be increased. The tax only affects the very wealthiest Americans, and I believe that, at the end of their lives, they owe a debt to the system that allowed them to live so well. I don't believe that all of their wealth should be taxed away, but I support the taxation of a significant portion of it. The wealthiest Americans benefit the most from being a part of our society, they are the most able to pay taxes to support it, and they have a moral obligation to pay those taxes.
The government needs tax revenue. Heirs did not earn their money, so why should the USA repeal the taxes they pay? As a people, we Americans are in agreement that hard work deserves fair pay. Heirs did absolutely nothing to earn that money, therefore, it should be taxed. In my opinion, it should be taxed heavily. Heirs that inherit millions should pay a higher percent of tax than heirs that inherit thousands pay. An heir that has millions is, or should be, set for life with accesses to more than enough money to afford the best schools, shelter, transportation, and everything else needed to better a person's life.
People who have inheritances that are big enough to have to pay those taxes are wealthy enough to absorb those taxes. People try to hide their assets to avoid paying taxes. When they die, they have gotten away with a crime of sorts. If their children are getting a huge fortune in property or other assets, then let them pay the taxes that are due to be paid. Taxes are a part of what makes this country run, so if they are meant to be paid, pay them.
Only something like 2% of the population is affected by estate taxes and, of course, these people are multimillionaires. They can afford to give up a bit of their inheritance to help the country and those less fortunate. If they inherit $10 million instead of $40 million, the odds are good that they won't starve to death.
I believe heirs must pay taxes when inheriting money, real estate, and other assets because it is required of everyone else no matter the situation. There shouldn't be an exception because paying taxes should not be a surprise. If you don't require taxes to be paid then there could be more fraud and one might actually think of deceptively making themselves a heir.
Most if not all of the tax lets the heir/heirs know that it is not just a free ride. It took a lifetime to build up the sum of money that is taxed. The tax does not interfere with daily business expenses that a son or daughter may incur when inheriting a business. The windfall should be considered a blessing.