Should the current estate tax rate be decreased?
The estate tax is a tax that is levied on all property that is declared in a deceased person’s will. The tax is also known as the “inheritance tax” or “death tax.” In 2016, the estate tax rate is 40% and only applies to estates with a value greater than $5.45 million. In 2015 5,300 estates in the U.S. were subject to the tax and paid $18.4 billion in taxes. Proponents of the tax, including Hillary Clinton, argue that more estates should be subject to the tax and the threshold should be lowered from $5.45 million to $3.5 million. Opponents of the tax, including Donald Trump, argue that people who have paid income taxes their entire life should not be subject to another tax when they die.
@ISIDEWITH8yrs8Y
Yes, and we should eliminate it
@9F82PPH7mos7MO
The estate tax is used by the wealthy to hoard wealth, keeping it in the same circles for people who did not work for it to benefit it. It does not affect the poor or middle class much if at all.
@9JHHRYC2mos2MO
Wrong. all my family is lower middle class and we lost our small family farm because the inheritance rate was so high we could not pay it. did you know unfarmable land still sells at the same price as farmable? so the creeks and waterways counted toward the land acerage, making the inheritance tax on a small farm 280k. we could not rent out the land for enough to cover a loan. that farm meant the world to me.
@ISIDEWITH7yrs7Y
@ISIDEWITH8yrs8Y
Not sufficiently well-informed to make a judgement.
@9846DX41yr1Y
No, not until we reduce our national deficit
@92QPJZ52yrs2Y
@8GYHMN63yrs3Y
I don’t have enough information to make an informed decision.
@9BDWCVF12mos12MO
Switch to a land value tax
@988NN371yr1Y
Yes, and replace it with a land value tax
@8XLR4JX 6mos6MO
No, it should mirror a progressive tax equivalent to both the deceased and the inheritant’s respective incomes.
@97P4T881yr1Y
No, not until we reduce out national deficit
@8PPMZSS3yrs3Y
Replace it with a Land Value Tax
Yes, reduce the estate tax rate to 28% but also lower the threshold to estates with a value greater than $2 million.
@997XQ7KProgressive1yr1Y
I am not educated about this
@8P7G73C3yrs3Y
Yes absolutely and we should eliminate it
@9KZ7NML1wk1W
no but lower threshold to 2 million dollars and ty it with inflation and real estate prices also only do this if it was the second house owned by the person
@9KWTZP72wks2W
I think the tax should be reevaluated and the budget should be looked at to maximize efficient spending.
@9JWR4PY 1mo1MO
If people only own one home, it should not be taxed, but taxes on owning more properties should be increased.
@9JW87V61mo1MO
No, it should mirror a progressive tax rate based upon the value of the estate and the wealth of the recipient
@8ZNJ923Independent2yrs2Y
Only on estates of the richest 5% to prevent generational wealth transfer.
@8ZMB2ZZ2yrs2Y
Yes, but increase for additional properties.
@8ZF8XX72yrs2Y
@8Z3FMSB2yrs2Y
No, increase each rate by 10%
@8Z33DVB2yrs2Y
No, only when the owner lives in the home
@8Z2XTXN2yrs2Y
Yes, Estate tax should be based on both size of the estate totals and inflation.
@8Z2KQ7Q2yrs2Y
I do not have enough information about this system to form an opinion.
@8YZR8JH2yrs2Y
Land Value tax is a better form in every way
@8YZDMZY2yrs2Y
No, just create a flat tax instead.
@8YY7Q7MRepublican2yrs2Y
yes; decrease over time but not all of a sudden drastic change
Depends on the price of estate. A line should be established.
@8YY26PC2yrs2Y
I will have to do my research
@8YN9XFH2yrs2Y
yes but raise for rich lower for poor
@8YMVB8B2yrs2Y
I guess we should keep it as it is since many people are fine with it
@8YLRV9H2yrs2Y
Yes, but decrease it at a progressive rate
@8YLG62F2yrs2Y
No, increase to Bernie Sanders’s plan
@8YKM7X92yrs2Y
It could go either way because not all tax rates are the same for each estate
@8YKK7K32yrs2Y
Depending on economic circumstances
I. Am not educated enough to form an opinion
@8Y5THJN2yrs2Y
Raise and lower for certain areas depending on the average income rates of an area
@8Y58S6H2yrs2Y
Make sure people pay their taxes when they're alive and increase taxes for the very wealthy while reducing loopholes like offshore accounts.
@8Y4WNDYProgressive2yrs2Y
Decrease it for lower income folk and increase it for higher income folk
@8Y4THYF2yrs2Y
Increased on wealthier estates
perhaps a case by case basis
No, increase it to between 25% and 55% from between 18% and 40%.
@8Y3MLRF2yrs2Y
Yes, and get rid of the step-up basis.
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