Eye Opening Article on Taxes

#51
#51
rjd970 said:
No, I am saying the money is now separate income, subject to the income tax. Had it not been passed on, or said father doesn't die, the government can't touch it because that income has already been taxed.
It is not earned, therefore it is not earned income, which is what is taxed in this country.


Why wouldn't you?
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#52
#52
T-TownVol said:
Because he has heard the Dems call it income for so long.
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I go out and win $10,000 on the roll of a roulette wheel in Vegas. Is that income? Should it be taxed? It was dumb luck I won, I didn't earn a thing.

How is getting an inheritance any different?
 
#53
#53
rjd970 said:
No, I am saying the money is now separate income, subject to the income tax. Had it not been passed on, or said father doesn't die, the government can't touch it because that income has already been taxed.



Why wouldn't you?
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Income taxes are often calculated at the household level, no? For example, husband and wife jointly file and count eligible dependents. If pa and ma die in a car wreck, junior should then have to pay taxes on what's left? Wasn't he part of the household that paid the income taxes to begin with?
 
#54
#54
The parent earns the money and pays taxes on that money. If that earned money is saved and used to purchase stock or sit in cash at a bank, it's bs to tax that money again just because the registration on the account changes due to a death
 
#55
#55
rjd970 said:
I go out and win $10,000 on the roll of a roulette wheel in Vegas. Is that income? Should it be taxed? It was dumb luck I won, I didn't earn a thing.

No, you should not be taxed on it. You are, but I do not agree with that tax either. The difference is a family member. The income was earned, taxed, death, taxed again, GIVEN, the end.

How is getting an inheritance any different?
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#56
#56
The government knows it is double taxation, that is why they exempt the majority of the voting base.
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#57
#57
I don't know...income is income, no matter how it is gained. Taxes have already been paid on money put in my bank account every two weeks, yet I pay tax on it yet again. The only difference here is somebody dying, money is still transferred from one person to another.
 
#60
#60
T-TownVol said:
The government knows it is double taxation, that is why they exempt the majority of the voting base.
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That does stink to high heaven, I agree with you there. I don't think it is because they believe it is double taxation though.

On the gambling, nobody forced me to place the bet, whereas I didn't get the choice of somebody dying. That is a fundamental difference I may be overlooking.
 
#64
#64
utvolpj said:
thought so too but interest income hasn't been taxed yet
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Neither has the income you inherited, it is now "new income"?

Again, not sure. I am probably not thinking about income in the right way. The household example was a good one, but what if I inherited from a non family member, or of which I was not part of the household?
 
#65
#65
rjd970 said:
That does stink to high heaven, I agree with you there. I don't think it is because they believe it is double taxation though.

On the gambling, nobody forced me to place the bet, whereas I didn't get the choice of somebody dying. That is a fundamental difference I may be overlooking.
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Merriam-Webster Legal Dictionary
in·comeFunction: noun : a gain or recurrent benefit usually measured in money that derives from capital or labor;

in·her·i·tancePronunciation: in-'her-&-t&nsFunction: noun 1 : the act of inheriting: as a : the acquisition of real or personal property under the laws of intestacy or sometimes by will b : the succession upon the death of an owner either by will or by operation of law to all the estate, rights, and liabilities of the decedent 2 a : something that is or may be inherited b : something to which one is entitled as heir inheritance under [the] will

They don't sound the same to me.
 
#66
#66
RespectTradition said:
Merriam-Webster Legal Dictionary
in·comeFunction: noun : a gain or recurrent benefit usually measured in money that derives from capital or labor;

in·her·i·tancePronunciation: in-'her-&-t&nsFunction: noun 1 : the act of inheriting: as a : the acquisition of real or personal property under the laws of intestacy or sometimes by will b : the succession upon the death of an owner either by will or by operation of law to all the estate, rights, and liabilities of the decedent 2 a : something that is or may be inherited b : something to which one is entitled as heir inheritance under [the] will

They don't sound the same to me.
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Doesn't exclude inheritance. I have $100 dollars now, you die, leave me $50, now I have $150. How did I just not get $50 in income?
 
#67
#67
rjd970 said:
Informed political conclusions obviously don't matter as much as snide remarks.

Just thinking about this out
loud.
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I guess trying to be funny is "frowned upon in this establishment".
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#69
#69
You need to underatand the difference in earned income and a transfer of assets. That is what we are dealing with here.
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#71
#71
T-TownVol said:
You need to underatand the difference in earned income and a transfer of assets. That is what we are dealing with here.
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Somebody is still gaining something they didn't have before, whether it is earned or not.

I don't know, the angle you look at this determines your viewpoint I guess. I still don't think it is being double taxed though. The money should fall under the income tax, whether it is $5,000 or $500,000.
 
#72
#72
Dying isn't a choice. If I want to earn money, I have to wake up and go earn it. Go ahead and tax the money I earned. If I saved money I earned and used it to make more money, tax that. If I want to live in a certain area, tax my property or goods purchased there for the services you provide me (schools/police/fire). If you want to charge a luxury tax to fund your social programs, that's also fine.

Beneficiaries shouldn't be forced to liquidate assets (homes/farms/businesses/stock) because something happened that wasn't their choice
 
#73
#73
VolsNSkinsFan said:
Dying isn't a choice. If I want to earn money, I have to wake up and go earn it. Go ahead and tax the money I earned. If I saved money I earned and used it to make more money, tax that. If I want to live in a certain area, tax my property or goods purchased there for the services you provide me (schools/police/fire). If you want to charge a luxury tax to fund your social programs, that's also fine.

Beneficiaries shouldn't be forced to liquidate assets (homes/farms/businesses/stock) because something happened that wasn't their choice
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Don't understand why you would be in favor of taxation on work performed and saving, yet not be in favor of taxing what amounts to be pure luck on who your parents are. Seems backwards to me. Tax the shat out of dumb luck, lower it on income actually earned. Let people keep what they actually earn.
 
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