A wealth/inheritance tax does not necessarily mean 100%. The flip side of everyone working lots of hours would be the chance to spend more time with friends and family. That also seems valuable for future generations.
Can you give real numbers? How much are you currently expecting your kids to receive post-tax after your death under existing regulations? How much would it be under the proposals?
Re:The Inheritance Tax Is Far Too Low
by odshoifsdhfs on Wednesday June 24, 2020 @12:31PM
(#23630071)
I am not American so I don't know the proposals. In my country, assuming current market situation, he would get close to a million and a half, close to a 200-300k will probably be for taxes. (not sure of the exact numbers as I am not up to date with all the little taxes you pay).
For you to have an idea, Currently, for every euro I get, I pay in taxes+social security+etc(all the little taxes around everything) around 60% of the money to the government.
We're talking about lowering the $23MM estate lower bound to a smaller number. That was the reason I asked for numbers. Nobody works hourly and has $23MM.
I thought you were talking about the article.
Re:The Inheritance Tax Is Far Too Low
by odshoifsdhfs on Wednesday June 24, 2020 @12:49PM
(#23630448)
I was replying to parent:
'I've never understood why people think that just because, e.g., their parents created a business worth millions of dollars, they should get that for free.'
Re:The Inheritance Tax Is Far Too Low
by mensetmanusman on Wednesday June 24, 2020 @01:45PM
(#23631296)
This post inadvertently reminded me of why communism always fails.
Communist policy makers assumed worker-cogs that thought nothing of providing for their family which resulted in people’s productivity falling dramatically and the resulting mass starvation, etc. (historians cite >100M deaths from attempts at implementing communism! yikes)
If I knew he would not get it, or would get less than half of my savings/everything else, I would not work a single hour above what we need currently to live as we do, taking decreasing tax revenue for my country. Maybe I am biased as I also am set to receive some money when my parents die, but my grandfather immigrated, worked his ass off, built savings, returned here, started a business, built properties, my father inherited it, and works hard to keep them well so I inherit them, which I will do the same for my kid. What would be the point of my grandfather sacrificing a lot of his life away from his home if not to build a better future for his future generations?