What are you talking about? In this scenario they don't even trigger an estate tax.
Originally Posted by caryalsobrook
Read Yardley's quote. Ordinary income tax on ALL of the estate. No exemptions. Anyway why have an exemption at all for any estate tax? As said why do the family deserve any of the estate tax free?
Originally Posted by cotts135
What if the estate was originally owned by Joe. Joe dies and passes the estate to Joe, Jr. Joe, Jr. then dies and passes the estate to Joe, III.
Should the estate be taxed both times? I don't think so.
You are right. Just another fact pointing out the stupidity of a death tax in the first place, much less an exemption of a million, 5 million or 100 million in the first place. It punishes those who save and rewards those who don't. Good system if you want to reward failure and punish success. But what do you expect from progressives, liberals, socialists, or Marxist-Linninists? Different breeds but same species. Conservatives should argue for NO EXEMPTIONS for the death tax then all would understand and think "Oh NO, YOU ARE TALKING ABOUT TAKING WHAT I HAVE SAVED TOO!" I personally don't have near 5 million in assets and probably won't be affected even if they set a lesser amount but I see no reason to steal from someone who has managed to save in order to give their children a better chance.
Originally Posted by jbonnot03
All arguements that I have seen for a death tax would preclude any exemption, soif we are to have it then let there be no exemption and see how many people would agree with having one and what percentage they would think reasonable. I suspect a far greater percent would say "Oh sh### now you are talking about what I have saved." That would leave only those who have nothing and would not care.