tag:blogger.com,1999:blog-21829866.post2935517503178274186..comments2023-08-20T07:06:14.115-04:00Comments on Thurber's Thoughts: How much is 'enough' when it comes to a death tax?Maggiehttp://www.blogger.com/profile/12677808307727487766noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-21829866.post-59505718514886343572009-12-04T13:17:57.568-05:002009-12-04T13:17:57.568-05:00Maggie,
What's amazing is that so few people ...Maggie,<br /><br />What's amazing is that so few people see the estate tax or the capital gains tax is double taxation. You are taxed once on income as you accumulate it, then taxed again when you earn interest on it or when you bequeath it.<br /><br />We appear to have created not only an entitlement class of citizens, but an entitlement government.<br /><br />It was James Madison who said:<br />"Government is instituted to protect property of every sort ... This being the end of government, that alone is not a just government ... nor is property secure under it, where property which a man has in his personal safety and personal liberty is violated by arbitrary seizures of one class of citizens for the service of the rest."Timothy W Higginshttps://www.blogger.com/profile/17118861693269565715noreply@blogger.comtag:blogger.com,1999:blog-21829866.post-91728160138760001632009-12-04T12:23:58.617-05:002009-12-04T12:23:58.617-05:00Thanks, DeeDee, for the information!Thanks, DeeDee, for the information!Maggiehttps://www.blogger.com/profile/12677808307727487766noreply@blogger.comtag:blogger.com,1999:blog-21829866.post-33171145713114073622009-12-04T12:09:24.706-05:002009-12-04T12:09:24.706-05:00Maggie said:
"***Side note: The City of Tole...Maggie said:<br /><br />"***Side note: The City of Toledo has a budget revenue line item for estate taxes, but the Taxation Department wasn't aware of a specific form for paying inheritance tax. I was transferred to a person in the Finance Department who said she'd investigate this for me and respond. If there is a Toledo tax, I'll include it when I get the information.*** "<br /><br />Just to clarify, local governments benefit from the state's Estate Tax. Toledo does not have a separate estate tax (don't give them any ideas, please.) <br /><br />When a decedent's estate tax is paid to the county treasurer, you report the jurisdiction of residence at death and that jurisdiction gets (I think) 75% of the estate tax. So that is where the line-item is coming from in Toledo's budget. <br /><br />In Sylvania township, we typically budget around $700,00 per year based on prior year averages, but the amount we actually gets fluctuates greatly depending on factors obviously not in our control (although whether or not we spend that estate tax revenue is within the trustees' control).DeeDee Liedelhttps://www.blogger.com/profile/04567259716599270756noreply@blogger.com