A 100% inheritance tax would be a nightmare in practice. Grandma died? Cool, go sell her house now.
Selling the house of a deceased relative seems to be a common existing ritual, no? This objection might be stronger if it were more fleshed out.
Re:Life Is a Ponzi Scheme (2009)
by harimau777 on Sunday November 03, 2019 @10:04AM
(#21434227)
I think the problem could arise in the case of things like heirlooms or homes that have been in the family for years.
I think you might also need to write the law so that people could choose to inherit debt on the same terms as their parents. Otherwise, couldn't the bank demand a higher interest rate as a way to force someone off of their property? How does this sort of thing work currently?
Realistically, a law like this (though it would never happen) would be something along the lines of 100% tax on inheritances over 10 million dollars.
> I think you might also need to write the law so that people could choose to inherit debt on the same terms as their parents.
I assumed that this was already the case.
quick e: Yeah, seems like this is already law "Under federal law, lenders must allow family members to take over a mortgage when they inherit residential property"
[0] https://www.thebalance.com/what-happens-to-your-mortgage-whe...
We live in a democracy, but elites still have enough say that something like an 100% inheritance tax is effectively off the table.