CPA
Elite Member
- Nov 19, 2001
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Originally posted by: MonkeyK
Originally posted by: CPA
Originally posted by: MonkeyK
Originally posted by: Genx87
We have this theory in the United States called private ownership of wealth. Passing on the wealth created\earned in a lifetime is a right the person who died has.
What right do you have to take what somebody else created\earned?
By your tone, it sounds like jealousy is a driving factor.
If that is the case, what is so different about giving one wealth while alive from giving one's wealth after death?
Last I checked, you can only give something like 24K/year tax free to someone. After that it is considered income.
Estate/Death tax, should not be considered that, it should be considered as an income tax on the recipient. It is also crazy that one could give 2 million to one person and not be taxed, but have 3 million to distribute to two people (1.5 million each) which would need to be taxed before distribution
It's not income. Where the heck did you read that? It's taxable to the DONOR, NOT the DONEE. And the gift tax is part of the broader Estate and Gift Tax and uses the same exclusions and limitations. geesh.
geesh yourself. I said should be considered income. I think that it is ridiculous to tax the estate and even agree with others that doing so apears to be taxing the same accumulation twice. What someone recieves from the doner is essentially income, so why not just treat is as such for tax purposes.
Actually you did: "After that it is considered income."
But, in any case reading your response to my response, I understand better your position. I just don't agree with it. I don't think it should be taxed either way.