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Originally Posted by mcsluggo
does this mean you are in favor of the inheritance tax?
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and btw... it is neither here nor there, but 90% of millionaires are first generation because there are so many more this generation than in any generation past. THis is true both because opportunity is greater (the real standard of living moves ever up in our great nation) but also even more so because the threshold "millionaire"is SOOOOOO much lower for this generation than it ever has been because of accumulated inflation.
Millionaire just simply ain't got the cache it used to.
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No, I am not in favor of the inheritance tax. I believe as Flaco said, that the money has already been taxed. It's an "inheritance", not an "income" earned by employment or investment. Just because a man dies, doesn't mean he should be taxed again for the amount of money in his estate. Now, if his house is sold as part of the estate liquidation, then I don't have a problem with a tax on the increase (if there is one), because that has not been taxed yet.
And yes, I know the inheriter of the money has an increase, so it's a fine symantical line. But I don't think the dead man should be punished for building wealth to pass to the next generation.
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