The estate tax is a tax that is levied on all property that is declared in a deceased person’s will. The tax is also known as the “inheritance tax” or “death tax.” In 2016, the estate tax rate is 40% and only applies to estates with a value greater than $5.45 million. In 2015 5,300 estates in the U.S. were subject to the tax and paid $18.4 billion in taxes. Proponents of the tax, including Hillary Clinton, argue that more estates should be subject to the tax and the threshold should be lowered from $5.45 million to $3.5 million. Opponents of the tax, including Donald Trump, argue that people who have paid income taxes their entire life should not be subject to another tax when they die.
@ISIDEWITH8yrs8Y
Yes, and we should eliminate it
@9F82PPH8mos8MO
The estate tax is used by the wealthy to hoard wealth, keeping it in the same circles for people who did not work for it to benefit it. It does not affect the poor or middle class much if at all.
@9JHHRYC4mos4MO
Wrong. all my family is lower middle class and we lost our small family farm because the inheritance rate was so high we could not pay it. did you know unfarmable land still sells at the same price as farmable? so the creeks and waterways counted toward the land acerage, making the inheritance tax on a small farm 280k. we could not rent out the land for enough to cover a loan. that farm meant the world to me.
@ISIDEWITH7yrs7Y
@ISIDEWITH8yrs8Y
Not sufficiently well-informed to make a judgement.
@9846DX41yr1Y
No, not until we reduce our national deficit
@85QWNPG4yrs4Y
Yes, by eliminating it and allowing all tax to be under the veil of either income tax on the personal scale, or a yearly charged vat value upwards of 30% on all sales from corporations.
@92QPJZ52yrs2Y
@8GYHMN64yrs4Y
I don’t have enough information to make an informed decision.
@9BDWCVF1yr1Y
Switch to a land value tax
@988NN371yr1Y
Yes, and replace it with a land value tax
@8XLR4JX 8mos8MO
No, it should mirror a progressive tax equivalent to both the deceased and the inheritant’s respective incomes.
@97P4T882yrs2Y
No, not until we reduce out national deficit
@8PPMZSS3yrs3Y
Replace it with a Land Value Tax
Yes, reduce the estate tax rate to 28% but also lower the threshold to estates with a value greater than $2 million.
@997XQ7KProgressive1yr1Y
I am not educated about this
@8P7G73C4yrs4Y
Yes absolutely and we should eliminate it
@9MFBRSL6 days6D
No, it should mirror a progressive tax rate that depends upon both the wealth of the deceased and the wealth of the inheritor.
@9MDD3XT1wk1W
Not across the board, but the unequal burden of tax rates should be addressed—raised for some (wealthy) lowered for others (poorer)
@9LZW3863wks3W
We should limit the amount of times money can be taxed. How many times does someone need to pay taxes on an acquired asset.
@9LSZVNT 3wks3W
Make the estate tax rate logarithmically proportional to an equation involving the income of the family receiving the tax, as well as the cost of the tax.
@9LNNH2P4wks4W
No, It should increase or decrease at a rate that makes its current place in the market. It should be equal to things such as stocks and bonds.
@9LLWM3K1mo1MO
I believe that you mean the amount that can be excluded from taxation by the beneficiaries (The uniform gift and estate tax credit). There is no tax rate on the esstate, unless it retains assets for more than a certain period of time, in which case it is taxed at the highest individual rate, currently 37%
@9LL3P59Peace and Freedom 1mo1MO
well this is a complicated topic because, yes, the tax has increased however our economy stays stable .
@9LG32NL1mo1MO
the taxes are not the same all over the United States, every state has a different estate tax. So I am not specialized in the economy but some taxes are too high compared to the living cost of people. But without taxes the economy of the country is at risk, so we should have a compromise witha good estate tax, not too low and not too high either.
@9L988TW2mos2MO
Yea do we really need to be paying taxes on land?? OOh i have a big area, now i have to give the government money because i have a home. stupid
@9L66SXJ2mos2MO
Yes, if inherited money has already been subject to taxation, it should not be taxed again, but sales of inherited property should be taxed as normal income.
@9KZ7NML2mos2MO
no but lower threshold to 2 million dollars and ty it with inflation and real estate prices also only do this if it was the second house owned by the person
@9KWTZP72mos2MO
I think the tax should be reevaluated and the budget should be looked at to maximize efficient spending.
@9JWR4PY 3mos3MO
If people only own one home, it should not be taxed, but taxes on owning more properties should be increased.
@9JW87V63mos3MO
No, it should mirror a progressive tax rate based upon the value of the estate and the wealth of the recipient
@8ZNJ923Independent2yrs2Y
Only on estates of the richest 5% to prevent generational wealth transfer.
@8ZMB2ZZ2yrs2Y
Yes, but increase for additional properties.
@8ZF8XX72yrs2Y
@8Z3FMSB2yrs2Y
No, increase each rate by 10%
@8Z33DVB2yrs2Y
No, only when the owner lives in the home
@8Z2XTXN2yrs2Y
Yes, Estate tax should be based on both size of the estate totals and inflation.
@8Z2KQ7Q2yrs2Y
I do not have enough information about this system to form an opinion.
@8YZR8JH2yrs2Y
Land Value tax is a better form in every way
@8YZDMZY2yrs2Y
No, just create a flat tax instead.
@8YY7Q7MRepublican2yrs2Y
yes; decrease over time but not all of a sudden drastic change
Depends on the price of estate. A line should be established.
@8YY26PC2yrs2Y
I will have to do my research
@8YN9XFH2yrs2Y
yes but raise for rich lower for poor
@8YMVB8B2yrs2Y
I guess we should keep it as it is since many people are fine with it
@8YLRV9H2yrs2Y
Yes, but decrease it at a progressive rate
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