Taxable Income Inheritance
Question: Does my tax proposal make sense?
A flat tax of 10%, with an allowance of $20,000 for individuals, and $40,000 for families. So a family of 4 that makes $45,000 would pay $500 in taxes, or about $9.60 per week.
That 10% applies to all taxable sources: capital gains, inheritance, income, dividends, etc.
If you think my proposal is unfair, please tell me why you feel it is.
Corporations would pay 10% tax on profits as well.
Answer: Obviously Sherilyn cannot differentiate corporate tax from income tax, they are too different animals. I like your plan however I would eliminate the allowances. EVERYONE needs to pay their share.
When estate issues are taxing
George Cochrane advises on the best strategy for dealing with an inherited portfolio of investment properties.
Credits, Stocks & Pension : Do You Pay Income Tax on an Inheritance?
