| They say that two things are inevitable
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| | Indeed, there is some truth in the old
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| in life: death and taxes. We don't much
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| | assertion that inheritance taxes are paid
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| care for thinking about either.
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| | only by the poorly advised.Most
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| Inheritance tax is the one tax we don't
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| | countries, with the exception of the UK
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| pay until we are dead, so perhaps
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| | and USA, tax the beneficiaries of a will,
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| understandably it's a subject way down
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| | rather than the estate itself.
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| our list of priorities. When pressed,
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| | International comparisons are difficult,
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| most people express the hope that their
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| | but the following details are
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| families, rather than the state, will
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| | illuminating:
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| inherit their wealth when they die.
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| |
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| Western governments vary considerably in
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| | In the USA, a surviving spouse pays
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| the extent to which they accommodate this
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| | nothing. All other bequests above $1.5 US
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| basic human desire. To a greater or
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| | are subject to federal taxation at 45%,
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| lesser degree, death taxes are nearly
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| | with additional local taxes pushing that
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| everywhere viewed as a legitimate tool
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| | figure above 50% in many states. When the
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| for promoting the objective of social
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| | current republican administration came
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| equality. Karl Marx, Andrew Carnegie and
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| | into office in January 2001, the lower
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| John Maynard Keynes had this in common:
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| | threshold was only $675,000: it has more
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| they all favored high inheritance taxes.
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| | than doubled in just 5 years. The USA now
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| However, this view is by no means
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| | has the second-lowest inheritance taxes
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| universal: with a little planning and a
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| | in the world.In the UK, a surviving
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| global perspective, there are steps that
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| | spouse again pays nothing.
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| can be taken to avoid the tax altogether.
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