Does one pay taxes on an inheritance from overseas?

Did you know we pay taxes several times? Like you paid taxes for your earning.So you save money,and voila,you pay taxes for that etc. Fair?

• a friend sent this to me: Tax his land, Tax his bed, Tax the table, At which he's fed. Tax his tractor, Tax his mule, Teach him taxes Are the rule. Tax his work, Tax his pay, He works for peanuts anyway! Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirt, Tax his work, Tax his dirt. Tax his tobacco, Tax his drink, Tax him if he Tries to think. Tax his cigars, Tax his beers, If he cries Tax his tears. Tax his car, Tax his gas, Find other ways To tax his ass. Tax all he has Then let him know That you won't be done Till he has no dough. When he screams and hollers; Then tax him some more, Tax him till He's good and sore. Then tax his coffin, Tax his grave, Tax the sod in Which he's laid... Put these words Upon his tomb, 'Taxes drove me to my doom...' When he's gone, Do not relax, Its time to apply The inheritance tax. Accounts Receivable Tax Building Permit Tax CDL license Tax Cigarette Tax Corporate Income Tax Dog License Tax Excise Taxes Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax Fuel Permit Tax Gasoline Tax (currently 44.75 cents per gallon) Gross Receipts Tax Hunting License Tax Inheritance Tax Inventory Tax IRS Interest Charges IRS Penalties (tax on top of tax) Liquor Tax Luxury Taxes Marriage License Tax Medicare Tax Personal Property Tax Property Tax Real Estate Tax Service Charge Tax Social Security Tax Road Usage Tax Recreational Vehicle Tax Sales Tax School Tax State Income Tax State Unemployment Tax (SUTA) Telephone Federal Excise Tax Telephone Federal Universal Service Fee Tax Telephone Federal, State and Local Surcharge Taxes Telephone Minimum Usage Surcharge Tax Telephone Recurring and Nonrecurring Charges Tax Telephone State and Local Tax Telephone Usage Charge Tax Utility Taxes Vehicle License Registration Tax Vehicle Sales Tax Watercraft Registration Tax Well Permit Tax Workers Compensation Tax THINK THIS IS FUNNY? Not one of these taxes existed 100 years ago

• Answer:

  I would only tax consumption. It would not be a hidden tax. Every receipt would show your price, the tax rate, the tax amount, and the total. The tax rate would be set to balance the budget. If we were heading to deficit, the tax rate would be increased. In this way, every person would see all the time how the policies they support actually hit them in the pocketbook. They could make a decision, yes or not, is this new policy worth your tax rate going up by 0.7% or whatever. Is this new cut worth your tax rate going down by 0.32%, etc. Right now the govt can spend a trillion dollars and it doesn't matter because it's borrowed so taxes don't need to rise and even if taxes did need to rise most people would just assume we could cover that by taxing rich people so it's basically free. People need to see that nothing is free. Yes we could exempt food and rent and heating oil. To balance the books, this tax rate would need to be quiet high. But to avoid evasion, it needs to not be so high. So there would be an optimal level and an incentive to keep taxes down at that level and therefore spending down at that level.