[rollei_list] Re: OT Estate Tex (was Re: Copyright Law)

  • From: Robert Meier <robertmeier@xxxxxxxxx>
  • To: rollei_list@xxxxxxxxxxxxx
  • Date: Thu, 03 Dec 2009 11:58:16 -0600 (CST)

Marc,

Your example of an estate worth $2,000,000 would not be taxed currently. So there would be no double taxation.

Bob

On Dec 3, 2009, at 11:27 AM, 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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