this is sad and grotesque. you can be for low taxes because its your money or its bad for the economy, but to have this view because poor are lazy and rich work hard is wrong ---factually, morally and ethically.
You ignore the fact that these super rich, the ones you call idle don't really get the free ride you describe. Upon death the estates of these super wealthy are taxed at 50% above the exemption line (except for this year). The heirs of a billionaire will pay something like 490 million in estate taxes.
I'd be surprised if the vast majority of Bill Gates fortune will ever be taxed. The majority of his wealth is tied up in capital gains that won't be realized until sold. Why do you think these guys create foundations? Barring stupid investments, it is a permanent power base. Heirs don't need to directly inherit to reap the benefits. Besides, it's not a death tax; it's deferred taxation.
i guess that miserable jerk will use that money for something evil like being the biggest philanthropist in history. we better tax him and his rich friends before they get the chance to give those kids in africa malaria medicine.
I'll sum it up in a few sentences. Liberals must hate rich people and the private sector and like rich politicians and rich government.:lol: All you have to do is watch what these people say in threads dealing with things from big oil, AIG to totally ignoring all the total amount of money laundering and corrupt deals done by politicians and corrupt government.
Income is income. If you inherit a billion dollars, you owe a huge tax bill on that huge income. They could make that part of the flat tax, too and lower it to the tax rate of all income. Got a problem with that?
Yes. Two of them. Inheritance is not income. It should not be treated as such. Under the current estate tax those who inherit wealth are not taxed. The estate of the deceased is taxed. This serves to purposes. One is that since most wealth is unrealized capital gains the tax forces the estate to, sort of, realize the gains. The second is to step up the tax basis for the inheritors. The second problem I have with it is that a flat tax is more burdonesome on the poor if all tax codes from the federal to the municipality are not completely overhauled. Our current tax system has a hodgepodge of flat (Medicare), progressive (state and federal income), and regressive (social secutirty) taxes. The things like sales taxes and property taxes run the gambit of progressive to regressive depending on individual consumption. Overall, I think it is fairly equitable. My problem is that government is too fat. Our governments do not have income problems. They have spending problems. They need to do less, tax less, and allow freedom and competition more.
Why isn't it income? If my dad left $100 to me, am I not 100 dollars richer? Have I not just added $100 of income? Effectively it is the same. Kind of like taking the taxes out of your paycheck all year for taxes not due until the next. The government gets its taxes off the top. But this could be changed to taxing those who receive the income. A flat tax only works if all of the complex existing system is reexamined.
