Quote:
Originally Posted by cykoe6
Agreed. The worst part is that the money was already taxed once when it was earned n the first place so it is being taxed for a second time. The Death Tax is the worst tax there is.  |
Bunch of HS. The estate tax is a transfer tax. It is not a death tax, since ONLY the person who accepts an estate pays it, not the person who passed. If you say the money was already taxed you may as well argue, if someone joins your pay site, you shouldn't have to pay tax on that money either because the other guy already paid income tax on it.
The estate tax only applies to large fortunes, plus there are many exemptions for real estate, farms, etc. so 99% of the US population will never pay any estate tax. Typically, if you inherit something around 1.5 mill in cash you may pay around 25k.
Big deal! How fucking unfair! Move to the UK . Everything over £312,000 (the "nil-rate band) has a 40% inheritance tax on it.