I kinda agree with trump that it kills small family business by taxing it too high. Though he may have an agenda so his children won't get taxed.
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Should inheritance 40% tax be removed
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The estate tax only affect .02% of households in the U.S. The estate tax exemption was $ 5.45 million in 2016.
Given that you are married $10.9 million of your assets would be exempt from federal tax when you and your wife die.
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Originally posted by B.UTLER View PostI kinda agree with trump that it kills small family business by taxing it too high. Though he may have an agenda so his children won't get taxed.
How many actual small family businesses are worth over $5m?
The family farm isn't getting hit, the family restaurant isn't getting hit, the mom-and-pop local store isn't getting hit, the Father & Son's service business (plumbing, landscaping, electrical, barber, etc) isn't getting hit, and even the chain of car dealerships isn't getting hit.
Don't be fooled by the rhetoric.
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I think so, i think its stupid even though is only affects a very small % still its their money they earned and made and as so should be able to pass it on to whoever without this double taxation, with that being said theirs numerous ways around it, doubt anyone really paying it to the full amount.
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Originally posted by BostonGuy View PostThe estate tax only affect .02% of households in the U.S. The estate tax exemption was $ 5.45 million in 2016.
Given that you are married $10.9 million of your assets would be exempt from federal tax when you and your wife die.
Good post
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Originally posted by -Swizzy- View PostI think it should be higher. Why should kids inherit their parents hard work? They don't deserve it.
My parents are rich btw.
Why is the government getting involved in this? If I die, my money should go to whoever I want it to go to, all of it. For the government to tax such a low number at such a high rate is ridiculous. I'd understand if it was a seriously high figure like the states is but even then.
I think they shouldn't be taxed higher than 20% anything else is robbery. It's not the governments money, they didn't work for it so why are they getting such a high percentage of my money? Ridiculous.
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During his speech on tax reform Wednesday President Trump called for the repeal of the estate tax, saying “To protect millions of small businesses and the American farmer we are finally ending the crushing, the horrible, the unfair estate tax.”
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