Re: The States: At Least Michigan is Better Than Indiana
Although admittedly blue legislators received more votes than red.
Although admittedly blue legislators received more votes than red.
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The States: At Least Michigan is Better Than Indiana
- Thread starter MissThundercat
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aparch
Acetaminamerican
Re: The States: At Least Michigan is Better Than Indiana
Pop quiz: guess which Midwest city, after denying lead tainted water issues, just announced 1-in-5 homes have high lead levels.
If you named any city in Michigan, you're wrong.
Pop quiz: guess which Midwest city, after denying lead tainted water issues, just announced 1-in-5 homes have high lead levels.
If you named any city in Michigan, you're wrong.
Re: The States: At Least Michigan is Better Than Indiana
Ahhh, New Jersey. Keep taxing.
And, of course, I moved to Maryland in 1979 which also has an inheritance tax.
https://www.nj.com/business/index.s...d_inheritance_tax_how_it_works_how_to_av.html
Ahhh, New Jersey. Keep taxing.
And, of course, I moved to Maryland in 1979 which also has an inheritance tax.
https://www.nj.com/business/index.s...d_inheritance_tax_how_it_works_how_to_av.html
unofan
Well-known member
Does your state tax inhertance?
Slap Shot
I got nothing
unofan
Well-known member
Re: The States: At Least Michigan is Better Than Indiana
Yes, but even if it didn't, i'd be for it. Every other monetary transaction is taxed. Inheritance should be, too.
Yes, but even if it didn't, i'd be for it. Every other monetary transaction is taxed. Inheritance should be, too.
Re: The States: At Least Michigan is Better Than Indiana
That money was most likely already taxed once. I'm against it.
That money was most likely already taxed once. I'm against it.
FadeToBlack&Gold
Microlot Marxist
Re: The States: At Least Michigan is Better Than Indiana
We technically do, but the methods of collection have changed to the point that the tax rate is effectively 0%, and no money is collected. We used to tax inheritance prior to 1993, and then it was converted to an estate tax, which ceased to be collected in 2005 when the feds changed some collection rules, and we didn't do anything to adapt the existing laws.
We should have both. Maybe that money could've helped, "Fix the d@mn roads!" or the d@mn public schools.
There are usually exemptions up to a certain amount. A couple million or so for estates, and several hundred thousand for inheritances.
To put it another way - sure, keep the family homestead. But not the two vacation homes, and the ski condo in Aspen, and the yacht.
Plus, with all the tax shelters and loopholes, most of the money earned by the wealthy today hasn't been taxed at a particularly high rate.
We technically do, but the methods of collection have changed to the point that the tax rate is effectively 0%, and no money is collected. We used to tax inheritance prior to 1993, and then it was converted to an estate tax, which ceased to be collected in 2005 when the feds changed some collection rules, and we didn't do anything to adapt the existing laws.
We should have both. Maybe that money could've helped, "Fix the d@mn roads!" or the d@mn public schools.
There are usually exemptions up to a certain amount. A couple million or so for estates, and several hundred thousand for inheritances.
To put it another way - sure, keep the family homestead. But not the two vacation homes, and the ski condo in Aspen, and the yacht.
Plus, with all the tax shelters and loopholes, most of the money earned by the wealthy today hasn't been taxed at a particularly high rate.
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D
Deutsche Gopher Fan
Guest
Do you get taxed for your previous years refund too? That one seems weird to me
Re: The States: At Least Michigan is Better Than Indiana
I'm talking personal income from inheritance. Of course EVERY dollar is taxed more than once, but in the cases you are stating, you are also receiving goods/services. You choose to spend that taxable money, you know?
I'm talking personal income from inheritance. Of course EVERY dollar is taxed more than once, but in the cases you are stating, you are also receiving goods/services. You choose to spend that taxable money, you know?
unofan
Well-known member
Every dollar has been taxed before. Probably thousands of times. The money you spend, the money you earn, everything.
unofan
Well-known member
And in inheritance, you're receiving stuff too.
Re: The States: At Least Michigan is Better Than Indiana
You don't really choose that.
Parents die: okay, we had this, now it's yours.
Uncle Same: okay, we want another piece of that. Just because.
I don't like it.
I agree that in the cases of the rich, they probably found loopholes to avoid an initial taxing (so close those loopholes), I just disagree with the inheritance tax. That money/property/etc is in that family. Let it be when it passes on to the next generation.
You don't really choose that.
Parents die: okay, we had this, now it's yours.
Uncle Same: okay, we want another piece of that. Just because.
I don't like it.
I agree that in the cases of the rich, they probably found loopholes to avoid an initial taxing (so close those loopholes), I just disagree with the inheritance tax. That money/property/etc is in that family. Let it be when it passes on to the next generation.
unofan
Well-known member
You don't really choose that.
Parents die: okay, we had this, now it's yours.
Uncle Same: okay, we want another piece of that. Just because.
I don't like it.
I agree that in the cases of the rich, they probably found loopholes to avoid an initial taxing (so close those loopholes), I just disagree with the inheritance tax. That money/property/etc is in that family. Let it be when it passes on to the next generation.
Yeah, the parents earned it, not the kids. If there's any income that deserves to get taxed, it's unearned income. We already have an income inequality problem in this country. There's no need to exacerbate it by encouraging dynastic wealth.
And do you know how many family farms have been lost to the estate tax? 0. That's a scare tactic raised by the GOP.
Re: The States: At Least Michigan is Better Than Indiana
Our culture is generally: we earn to make our kids' lives a bit easier. It's not the kids' faults that their parents were successful. Why should that next generation be taxed for their parent's success?
Our culture is generally: we earn to make our kids' lives a bit easier. It's not the kids' faults that their parents were successful. Why should that next generation be taxed for their parent's success?
FadeToBlack&Gold
Microlot Marxist
Re: The States: At Least Michigan is Better Than Indiana
Often, the kids end up living off the fat of what their elders earned, instead of further contributing to society. Particularly by the time you get to the third and fourth generations.
For argument's sake, let's keep this simple. Say a billionaire dies, and his/her will divides the estate evenly among their three kids. Assuming no legal squabbles between them, that's a gross worth of $333 million for each kid. What's the buzzkill in the gubmint getting 20% from each of them? Sure, they'd have to have the lawyers liquidate some assets to cover it, but that's still more than enough wealth for them to do whatever with their lives, including sitting around and snorting blow all day, if they really want to.
Often, the kids end up living off the fat of what their elders earned, instead of further contributing to society. Particularly by the time you get to the third and fourth generations.
For argument's sake, let's keep this simple. Say a billionaire dies, and his/her will divides the estate evenly among their three kids. Assuming no legal squabbles between them, that's a gross worth of $333 million for each kid. What's the buzzkill in the gubmint getting 20% from each of them? Sure, they'd have to have the lawyers liquidate some assets to cover it, but that's still more than enough wealth for them to do whatever with their lives, including sitting around and snorting blow all day, if they really want to.
Re: The States: At Least Michigan is Better Than Indiana
Was it Warren Buffett that had clauses? I appreciate that, and I would do the same. Get a job to contribute, and then you get my money. However, not everyone thinks like that. Either way, I don't like the idea of an inheritor getting taxed for something they really had no choice in participating in.
Was it Warren Buffett that had clauses? I appreciate that, and I would do the same. Get a job to contribute, and then you get my money. However, not everyone thinks like that. Either way, I don't like the idea of an inheritor getting taxed for something they really had no choice in participating in.
FadeToBlack&Gold
Microlot Marxist
Re: The States: At Least Michigan is Better Than Indiana
IIRC, most of Buffet's money will go to charitable causes, such as the Gates Foundation. There are small trusts of a few million each for the kids and grandkids - enough to give themselves every advantage towards what they want to do with the rest of their lives, but not enough to do nothing.
IIRC, most of Buffet's money will go to charitable causes, such as the Gates Foundation. There are small trusts of a few million each for the kids and grandkids - enough to give themselves every advantage towards what they want to do with the rest of their lives, but not enough to do nothing.
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