Inheritance

**Cyphon88** · May 20, 2008, 07:33 AM

Should Inheritance be taxed, left alone, or completely redistributed (used as a form of social justice)?

If taxed or redistributed, to what extent? What is un-taxable, un- redistributable?

For example think of issues of people like Bill gates, who's giving 97% or something of his worldly gains away, and only 1% to each of his kids. Is that too much? or too little? Is Gates deranged in giving his money away and not passing it on to his kids?

**Ruin** · May 20, 2008, 11:50 AM

I think Bill Gates is being very sensible, not allowing his children to become Hilton-esque monsters, swollen by their inheritance.

I think inheritance should be taxed in the same way as any other income, but nothing else. People should decide what happens to their money when they die just as they do when they live.

**Shaun** · May 20, 2008, 12:01 PM

I firmly believe inheritance should not be taxed by the government as when we die we should have the right to pass our money, untaxed, onto someone else. I can give my friend a fiver when I'm alive untaxed, so why can't I when I'm dead?

Regarding Bill Gates, well I do not see how this is relevant to whether inheritance should be taxed. But remember, even of 1% of Bill Gate's fortune is enough for someone to live comfortably on the interest the rest of their lives.

**Каие** · May 20, 2008, 02:24 PM

Originally Posted by Shaun

I firmly believe inheritance should not be taxed by the government as when we die we should have the right to pass our money, untaxed, onto someone else. I can give my friend a fiver when I'm alive untaxed, so why can't I when I'm dead?

Regarding Bill Gates, well I do not see how this is relevant to whether inheritance should be taxed. But remember, even of 1% of Bill Gate's fortune is enough for someone to live comfortably on the interest the rest of their lives.

Its only on things over a million pounds.

**LoZz** · May 20, 2008, 12:31 PM

you earn it, you keep it. you can do whatever the hell you like with it

**Thanatos** · May 20, 2008, 04:09 PM

Originally Posted by LoZz

you earn it, you keep it. you can do whatever the hell you like with it

Thank you.

**Shaun** · May 20, 2008, 03:03 PM

My example was symbolic, not literal. For your benefit: I can give a million quid to my mate (if I had a million quid) when I'm alive tax free, why not once I die?

See?

**Каие** · May 20, 2008, 03:14 PM

Originally Posted by Shaun

My example was symbolic, not literal. For your benefit: I can give a million quid to my mate (if I had a million quid) when I'm alive tax free, why not once I die?

See?

Well we can also argue that why should we pay tax at all. Its my money i worked for it, not James Gordon Brown.

"If you still a hundred pounds you're a thief, if you steal millions you're a government".

How much is inheritance tax anyway?
1%?

**Big War Bird** · May 20, 2008, 03:09 PM

Take it all or take none.

**Shaun** · May 20, 2008, 03:57 PM

No, I'm simply arguing that we should be allowed to pass money onto relatives when we die without being taxed for it, just as we can do when we're alive.

**Каие** · May 20, 2008, 04:51 PM

Originally Posted by Shaun

No, I'm simply arguing that we should be allowed to pass money onto relatives when we die without being taxed for it, just as we can do when we're alive.

How much is it taxed anyway? enough to notice?

**Sphere** · May 21, 2008, 01:22 AM

I can give a million quid to my mate (if I had a million quid) when I'm alive tax free, why not once I die?

That is not how the tax code works in the US. There is a gift tax on anything over $10,000 per year if I remember correctly. It is mainly in place so people don't use gifts to avoid income taxes, because in theory you could pay an employee $50,000 in "gifts" while he worked for "free" and the government wouldn't get the 30% income tax.

A funny story about Howard Hughes. He hated paying taxes so instead of paying bonuses to some of his employee's, he would publish outlandish trash about them in a newspaper, have them sue him for slander and then the lawyers would settle the case out of court. Hughes would hand over a chunk of cash, untaxed, as part of the settlement. The government wouldn't see a dime, they even had to pay the judge.

**LoZz** · May 21, 2008, 09:10 AM

Originally Posted by ЯoMe kb8

How much is it taxed anyway? enough to notice?

it has to be quite a bit of money before you get taxed, and if the tories will the next election (which they most likly will) they will make it so it has to be a million pounds before you get taxed, but thats not the point, its the point they are takeing away money they you have earnt and saved (money which was already taxed when you earnt it) that you are passing on to your loved ones to make there life without you a bit easyer, and the government is now taxing that! for most people you spend 40-50 years working and being taxed, i think you have been taxed enough at that point.

**Big War Bird** · May 21, 2008, 11:17 AM

I beleive the in the UK the tax is 40% on everything over 300,000 pounds.

Now in the US 45% of everything over $2 million
2009 will be 45% on everthing over $3.5 million
2010 there will be no tax!
In 2011 the tax will reset to 55% on everything over $1 million

So look for a lot of suspicious deaths, suicides, and a readiness for families to pull the plug in 2010!

**Cyphon88** · May 22, 2008, 08:20 AM

lol. Nice.

Personally, i believe that after death, property and financial property should be redistributed (excepting the issue of dependents of the deceased). Although this would not include possessions (ie something you use, or decorative things) as they should be passed on to the family.

I think this all depends upon about how you look at and value your possessions in life. But the way society is at the moment, this isn't going to be a widespread view.