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Originally Posted by mcsluggo
that is exactly the point?
I am saying that when Ma and Pa Kettle's 60 year old children recieve the wealth transfer it should be taxed as income. I don't think you are saying that.
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No I am NOT saying that...
To me the income was taxed when it was earned into the FAMILY. If I make my millions, I am making it to take care of my family. Regardless of how old I am, I want my children and their children to be well taken care of. I don't want them to be dependant on the Government...
I suppose you could say that I am doing my part to take my family off of the Government Welfare program. I am being responsible.
Now, when I FIRST earn the money, I am more than willing to pay my % of taxes...hopefully it's the same % as EVERYONE else.
How I choose to spread the wealth is up to me. Personally I want to give my wealth to my family without it being taxed AGAIN!!!
It has been taxed once as Income, why would I want to have it taxed again?
That is why, I believe we should go to a FLAT tax...get rid of Inheretance Tax, Sales tax, Property Tax...any other tax. Just make it one tax, flat % on INCOME.
This way, if I choose to give 1,000,000 dollars to a family member or a friend and it was a gift from me, then it is NOT INCOME to them...it is simply a gift. Gifts should NOT be taxed.
I earned it from my work, investment or such.
The only gift I would consider to be Income is that which one wins in a lottery, gambling or game show. You actually have to do something to get the pay-off.
However a family or friend who receives a gift from me does nothing more than exist...thus no Gift Tax!!!
With a flat tax, you get rid of every loop-hole and everyone pays their fair share.
As it is today, I still owe nearly $20,000 in back taxes, because I was renting and not owning the home I am in. Thus I didn't get the same tax break...my company didn't pull out enough taxes on me and at tax time I had a debt larger than I could pay.
All my other money goes to my kids and their school activities (Public School)
Once I am out of this hole, I hope to never see another negative tax bind.
Had I been under a Flat Tax program, I would NEVER have accrued the Tax Debt as it would have been pulled out correctly from my pay check the first time.
I have lived broke over the years, even survived under the poverty line...now I'm in that 70K-90K a year bracket and hopefully if things continue to go well, this will increase.
I have nearly nothing saved up as I have been caught in tax hell.
Again, I am in support of a Flat Tax...no strings attached, no special deductions...just flat across the board on INCOME.
The lawyers can all work within the Government to determine how to manage the Tax Dollars within the system.
I don't agree with half the crap the government spends its money on, but let that which is Ceasers go to Ceaser.
Once I'm in the green and I have the means to give back to my family...then they should NOT be taxed for my generosity...during my life or my death!!!