Estate tax introduction발음듣기
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Estate tax introduction
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As the name of the tax implies, it is a tax on someone's estate or when someone passes away, it is a tax on what they want to leave behind to whoever they want to leave it to either in their will or in their family or whoever they want to leave their stuff to.발음듣기
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Sometimes it's referred to as an inheritance tax and sometimes you'll hear it talk this ways on the news, maybe it's a little bit derisive.발음듣기
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It's called a death tax. The general idea, let's say that right now my entire net worth, I am worth $3 million and then I pass away.발음듣기
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This is my estate. So this $3 million could be all of my savings, could be my stock portfolio, it could be the value of my land, my real estate.발음듣기
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It's at this point that the estate tax comes into question of how much money will my daughter get.발음듣기
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In this situation where I'm leaving $3 million for my daughter she actually will get the entire $3 million.발음듣기
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Let's say the scenario where I have $6 million it all goes to my estate after my death and now the first $5 million is exempt.발음듣기
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My daughter will get the first 5 million tax free and then the increment above that exemption, the increment above what has been excluded will then be taxed at a certain rate and that rate is constantly changing.발음듣기
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For the sake of simplicity I'm going to go with the 35% and that's actually the rate in 2011.발음듣기
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They will essentially take 350,000 for themselves and my daughter will be left with 5,650,000, right?발음듣기
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The federal government took 350,000. If I am super rich, let's say that I am worth, let me make a number to make the math easy so that I don't have to get a calculator out.발음듣기
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In this scenario the federal government will take $350 million and so that would leave of this billion 650 million left my daughter.발음듣기
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That's just how the estate tax works and these examples I gave with the 5 million that is excluded, this is for an individual when they pass away.발음듣기
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In this scenario, if this is being done as a couple my daughter would get the entire $6 million.발음듣기
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But I'll give, at least, in what I hear is the main arguments for or against the estate tax.발음듣기
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Some people say it's unfair, "Look. Over the course of my life "I earned all of these money.발음듣기
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I paid all of these income taxes off of the money I earned "and now the stuff that I want to leave behind to my children "I am not able to leave it all to them.발음듣기
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Because obviously $655 million is not enough.They deserve the entire $1,005,000,000 for being my child.발음듣기
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The money was taxed the first time it was earned and now it's being taxed again once it's being inherited.발음듣기
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Corporations pay taxes and then they give dividends and the stock holders pay taxes again and that's an exchange for having the limited liability of the corporation.발음듣기
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You pay taxes on your income and then with that after tax income you go buy something at the store, once again, you pay sales tax.발음듣기
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Double taxation, it happens everywhere. The for argument and somewhat the counter argument against the unfairness of it all is that, "Look. We're exempting, depending on how you view it, the first $5 million or $10 million."발음듣기
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The person who's for the estate tax would say look, it's a little disingenuous when you make this impression that your children are going to suffer.발음듣기
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They're not going to be able to get your house or they're not going to be able to get your car.발음듣기
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They're going to be able to get all of that as long as it's worth less than $10 million which is not a small amount of money.발음듣기
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It's actually a very small number of people that the estate tax will even hit, really, the rich because even the upper-middle class, very few of them will leave more than $10 million behind.발음듣기
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What to tax? Do you tax income? Obviously, you do have to tax income to some degree to get enough revenue for the federal government.발음듣기
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Someone who's getting the money, I mean, maybe they already got every other privilege in life.발음듣기
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Why not tax the person who is already lucky to some degree by virtue of, and this is just the argument someone would make.발음듣기
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To some degree, maybe if they have a little bit less it will be more of an incentive for them to work.발음듣기
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The other argument for the estate tax, and this is a broader, almost a macro view of things of what might be good for society is if you don't have an estate tax and we know that there's this huge fortunes in the world where someone creates a big business empire and they have billions upon billions of dollars.발음듣기
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If someone has $10 billion, and let's say they don't have that many children that they leave it behind to.발음듣기
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They'll never have to work the rest of their life and through the passive earnings of just the assets being invested, over the course of that child's life might grow to $30 billion.발음듣기
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Then that child, if they have no estate tax, they'll pass the $30 billion to their children and then that will grow.발음듣기
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What you would have happening generation after generation is this family, if you say the person who sets up the empire.발음듣기
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Right where the empire sets up in this person's lifespan, this is their proportion of the GDP and this is just for simplicity.발음듣기
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If you don't tax it and just passively over the course of the next lifespan, if there aren't enough offspring to split up this fortune, as the GDP grows these people's investments will grow even faster passively.발음듣기
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Overtime, this family will grow to own more and more of the nation's wealth without really having to do anything.발음듣기
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It almost creates this nobility class and obviously that's what, at least many people in the United States view as what's different about America relative to old Europe, to what used to happen in terms of the French revolution, and people just inheriting land generation after generation and never having to work.발음듣기
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