[rollei_list] Re: OT Estate Tex (was Re: Copyright Law)
- From: Frank Dernie <Frank.Dernie@xxxxxxxxxxxxxx>
- To: rollei_list@xxxxxxxxxxxxx
- Date: Thu, 3 Dec 2009 17:54:36 +0000
But Marc,
if you go back to my original message, and what I had -hoped- would be clear in
this one, my proposal was to replace income tax with death duties, since IMO it
is fairer.
I -never- proposed more death duty and continued income tax.
And anyway it was light hearted, there is no chance that the ruling classes
would ever let it happen.
FD
On 3 Dec, 2009, at 17:26, Marc James Small wrote:
> At 11:53 AM 12/3/2009, Frank Dernie wrote:
> >Hi Austin,
> >I started this deviation from the Copyright law thread by suggesting
> >that higher death duties and no income tax was fairer, in my opinion.
> >Why would that mean one was taxed twice?
> >I am not saying the current system is good, since I am not from the
> >USA and I know little about your taxes, though they seem much lower than
> >ours.
>
> Frank
>
> The double taxation is this: a person earns, say, $100,000 a year for
> decades. The basic tax rate would be around 30%, so they actually pocket
> $70,000. They are frugal and live on $30,000 a year and save the rest. So,
> when they die, they leave an estate of $2,000,000, the result of monies
> earned on which taxes have been paid as the money was earned. So, why should
> this residuum then be subject to death duties? Double taxation. We already
> endure this on investment earnings in some cases.
>
> UK and US laws on these matters are quite parallel. Not identical, but
> parallel.
>
> Marc
>
>
> msmall@xxxxxxxxxxxx
> Cha robh bàs fir gun ghràs fir!
>
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