Lois Griffin
New member
Currently, the estate tax is based on how much the total lump sum is.
(If a person dies with $3 million, then the estate tax is based on the $3 million........)
It doesn't matter how that $3 million is distributed up.
It could be $3 million divided among 2 kids.
(leaving each to receive $1.5 million)
It could be $3 million divided among 15 grand kids.
(leaving each to receive $200,000)
Should someone receiving $200,000 have to pay the same tax as someone receiving $1.5 million?
NO.
I propose reforming the system so it is based on how much each person INHERITS.
Not how much the total lump sum is prior to distribution.
rowan: I meant the same percentage and the same exemption rates.
you know how the 1st million is exempt from the tax and such.
(If a person dies with $3 million, then the estate tax is based on the $3 million........)
It doesn't matter how that $3 million is distributed up.
It could be $3 million divided among 2 kids.
(leaving each to receive $1.5 million)
It could be $3 million divided among 15 grand kids.
(leaving each to receive $200,000)
Should someone receiving $200,000 have to pay the same tax as someone receiving $1.5 million?
NO.
I propose reforming the system so it is based on how much each person INHERITS.
Not how much the total lump sum is prior to distribution.
rowan: I meant the same percentage and the same exemption rates.
you know how the 1st million is exempt from the tax and such.