Reply #10: Taxing money that was earned to purchase the assets [View All]

[WCGreen]

subjected to the Estate Tax means that the income that was taxed when earned is also tax on the valuation of the property for Estate Tax purposes.

I'm an accountant, I do taxes. I don't believe that any income should be exempt from tax nor do I want to tax any income twice.

Death is not an economic event.

The person who inherits the assets should not be taxed until that asset is sold. Then the value of the asset at the time of purchase would be subject to the capital gains tax. The sale of the asset creates an economic event.

That's just what I believe.