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this post was submitted on 14 Jan 2024
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Estate tax only starts at 13 million, but a shit ton of poor Republicans are worried about it....
It's amazing how many Republican voters foam at the mouth about inheritance taxes when it won't ever affect them or anyone they know. Temporarily embarrassed 14-millionaires.
It's one of the few taxes that I think are completely valid. When you're dead, you don't need your income anymore, so there's really no negative impact to you. Yeah, it impacts your heirs, but you can provide for them in other ways, like paying for their education, giving them gifts while you're alive, etc.
Let's not act like they don't get anything, it's just taxed.
Yup, and current rates are quite reasonable.
If you read into it, it's even crazier. Imagine you have a wealthy couple with 3 kids. Each kid can inherit $13 million from each parent. So if things are done right, there won't be any inheritance tax unless this hypothetical couple have over $78 million (and there are other steps to increase that amount even further).
I'd sure hate to drive those poor millionaires into poverty with that inheritance tax.
I knew a guy who would become irate about any discussion related to taxing the wealthy because he was convinced he's going to be a millionaire. I told him that the taxes we were discussing were for billionaires, so he'd have to make a million dollars, and then do that again one thousand more times to be impacted, and his tiny little brain couldn't understand. This entire conversation took place while he was on welfare and receiving food stamps. When we had a lifelong friend come to town after being away for 10 years, he didn't have enough gas money to come over and visit. But he was always furious at anyone who suggested taxing the billionaires, and constantly upset at "all those moochers" on welfare.
I... I can't imagine living with this level of dissonance in my own head. I take it his perspective is: "my situation is temporary, theirs is a choice?"
Pretty much. He deserved the assistance because he was a hard working, red blooded American, with a plan. All those other people on welfare were lazy moochers. I tried to explain to him that most people on welfare are the same as him. People with jobs, who work hard, and are trying to get ahead in life, but he was certain that wasn't the case.
You don't know that
In the UK inheritance tax starts above 325,000 pounds, there's some exceptions that can increase that threshold to 500,000, but generally anything above 325,000 is taxed at 40%.
I know nothing of UK taxes, but are there methods of sidestepping those taxes with some planning?
There are ways to lessen the load, gifts can be given before death though you have to live on for seven years or tax is collected, trusts can be set up, if property is left to a spouse or direct descendent, then up to a certain value it's got a nil rate... but its not great