(April 26, 2017 at 3:22 pm)mh.brewer Wrote: I'm for eliminating inheritance tax. A person dies (death or inheritance tax kicks in) and the family now gets taxed extra on money/income/property that the deceased has already paid taxes on.
The "already paid taxes on" issue seems a non-issue. If they're living, gifts of over $14K annually are fully taxable as income - to the person who has presumably already paid tax on the income.
Also, most non-wealthy people are not affected by the death tax at all. One of the biggest issues with it is the inheritance of family farms/homes of substantial value, where the family doesn't have the means to pay the tax, and the property must be sold or split.
That being said, I don't really have a huge issue with reforming the estate tax, but I would prefer to see more generous exemptions to prevent such injustices, such as an exclusion on non-investment real property (i.e. the personal residence). I would not exclude cash or liquid investments at all.
