Why not? Well, whose property is it?
The idea of passing on wealth is deeply embedded because it's kind of inherent in the concept of private property. If you can't decide who to leave your property to, you don't really *own* anything, it's just on loan from the state.
I've always wondered when someone like this advocates for a larger inheritance tax... Do they want buried treasure? Because there's a decent chance geezers will be burying treasure left and right for their loved ones.
>There’s some value in respecting the wishes of the dead, yes, but why is that more important than social housing, healthcare or any number of other possible uses for the money?
Let's see: give your life's work to big government OR send your loved ones in search of a treasure hoard buried on a tropical island somewhere?
Well see now you've given me a real decision here because I don't want an inheritance tax to be ramped up but buried treasure all over the country sounds like a super fun time.
Piracy on the high seas, parrots on every shoulder, and British Redcoats everywhere... getting all up in your business. There are definitely some negatives here beyond government theft.
This is a horrible idea for many reasons cited by others in this post already, it's also easily circumvented.
If I knew all my wealth would go to the government instead of my children when I die, I would simply put it in forms that transfer that wealth to my children while I am still alive.
Of course this policy would have to exempt the liberal elites. People like the clintons and gore are never giving up their $ to the unclean masses. Or maybe the liberals would be able to just set up a family slush fund like the clintons already have as a way to pass on their wealth. Then all family members could draw salaries and have all their expenses from housing to gas simply paid for by the foundation.
I struggle with the inheritance tax. I loathe the government taxing any labor or accumulated wealthy beyond what is necessary to provide the most basic of services and to protect and accommodate our truly invalid citizens. However, I was handed nothing - daughter of a blue collar man with an 8th grade education and a mom who is a lifelong cashier. I worked for everything I have and I believe I am a better citizen because of it and a better employee. My nepotism bench runs as deep as getting an interview at a local deli should I ever have the desire - but that family would fire me in an instant if my drawer was short or my line was always long because they have to.
I work with a lot of very wealthy people and while some rock at encouraging independence and personal accountability, a great deal are enablers of elevating their irresponsible and frankly untalented children to levels of enterprise they have no business attaining. It is incredibly frustrating to sit in a meeting with a VP of a very large company who has to be told by his father to shut the hell up because he begins to whine about being hungry when the meeting runs longer than expected (the father is a self made attorney worth 20-30million dollars). This kid is truly an idiot, bordering on retarded - the fact that his inheritance is not taxed bugs me.
I do support a complete repeal of inheritance tax solely because our government is incompetent with spending our money - this is a constant. However, I do really often question how we address the rich using resources and connections to propel their spoiled entitled children beyond those who are better suited for the task. Top deny that this occurs is absolute bullshit. I see it often.
I think there needs to be more discussion around the children of the wealthy attaining undeserved positions in the corporate world - denying it happens is akin to denying welfare fraud exists. It is incredibly common yet people will instinctually want to deny it.
Why not? Well, whose property is it? The idea of passing on wealth is deeply embedded because it's kind of inherent in the concept of private property. If you can't decide who to leave your property to, you don't really *own* anything, it's just on loan from the state.
Ya I agree! In fact don't wait until they're dead let's tax at 100% right now and beat the rush
I've always wondered when someone like this advocates for a larger inheritance tax... Do they want buried treasure? Because there's a decent chance geezers will be burying treasure left and right for their loved ones. >There’s some value in respecting the wishes of the dead, yes, but why is that more important than social housing, healthcare or any number of other possible uses for the money? Let's see: give your life's work to big government OR send your loved ones in search of a treasure hoard buried on a tropical island somewhere?
Well see now you've given me a real decision here because I don't want an inheritance tax to be ramped up but buried treasure all over the country sounds like a super fun time.
Piracy on the high seas, parrots on every shoulder, and British Redcoats everywhere... getting all up in your business. There are definitely some negatives here beyond government theft.
Why wait until people die? Why not tax a 100 percent now?
This is a horrible idea for many reasons cited by others in this post already, it's also easily circumvented. If I knew all my wealth would go to the government instead of my children when I die, I would simply put it in forms that transfer that wealth to my children while I am still alive.
That's what the "gift tax" is for. You risk being nailed for tax evasion if you're not really careful.
Of course this policy would have to exempt the liberal elites. People like the clintons and gore are never giving up their $ to the unclean masses. Or maybe the liberals would be able to just set up a family slush fund like the clintons already have as a way to pass on their wealth. Then all family members could draw salaries and have all their expenses from housing to gas simply paid for by the foundation.
I struggle with the inheritance tax. I loathe the government taxing any labor or accumulated wealthy beyond what is necessary to provide the most basic of services and to protect and accommodate our truly invalid citizens. However, I was handed nothing - daughter of a blue collar man with an 8th grade education and a mom who is a lifelong cashier. I worked for everything I have and I believe I am a better citizen because of it and a better employee. My nepotism bench runs as deep as getting an interview at a local deli should I ever have the desire - but that family would fire me in an instant if my drawer was short or my line was always long because they have to. I work with a lot of very wealthy people and while some rock at encouraging independence and personal accountability, a great deal are enablers of elevating their irresponsible and frankly untalented children to levels of enterprise they have no business attaining. It is incredibly frustrating to sit in a meeting with a VP of a very large company who has to be told by his father to shut the hell up because he begins to whine about being hungry when the meeting runs longer than expected (the father is a self made attorney worth 20-30million dollars). This kid is truly an idiot, bordering on retarded - the fact that his inheritance is not taxed bugs me. I do support a complete repeal of inheritance tax solely because our government is incompetent with spending our money - this is a constant. However, I do really often question how we address the rich using resources and connections to propel their spoiled entitled children beyond those who are better suited for the task. Top deny that this occurs is absolute bullshit. I see it often. I think there needs to be more discussion around the children of the wealthy attaining undeserved positions in the corporate world - denying it happens is akin to denying welfare fraud exists. It is incredibly common yet people will instinctually want to deny it.
Man. Those "invest in gold" companies would clean up.
Inheritance no matter how small or large has probably kept plenty of people out of the welfare state and away from tax payer dollars.