Quote:
Originally Posted by Sly
How is winning the lottery the same as receiving a large inheritance? Taxes on the large inheritance were already paid for by the person that earned the money.
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The person who earned the money is dead. It is an inheritance tax. The person receiving the money did not earn any of it - that's how it is like winning the lottery.
When you sell a used car it is taxed a second time, and if you sell it again, then it is taxed again.
Obama's inheritance tax is a bit more than McCain's only after you hit the 3.5 million or higher mark.
If your relative dies, and you receive more than 3.5 million in inheritance, try not to cry too much - you will be okay.