Rich Scumbag Wants To Cut Taxes For Rich Scumbags

[brewer]

@Min, my thread was first!

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. 

For you fellow old farts, I suggest you take the right steps to eliminate as much death tax as possible.

That being said, I don't anticipate much support for his proposal. It does not make financial sense.

You're looking at inheritance tax wrongly, first of all it is not a tax on the deceased, but on the unearned capital windfall of the deceased's inheritors. Therefore you are wrong in saying that it already has taxes paid on it, if that were the case all taxes levied on property changes would be equally as wrong as you say inheritance tax is.

Secondly, inheritance tax limits in the USA are already set with ridiculously high limits on them, meaning that if you end up leaving anything to your wife or children, then the chances are at around 98% that not a penny tax will be paid on. Unless I'm much mistaken the cutoff point at which inheritance tax starts being paid in the US is c. $10m.

Nope, you are wrong. 

The limits are not the issue.