The Greatest Wealth Transfer in History Is Here, with Familiar (Rich) Winners

Re:The Greatest Wealth Transfer in History Is Here, with Fam... by readthenotes1 on Sunday May 14, 2023 @02:09PM (#35939974)

That sounds fair and reasonable when you're talking about stocks, but if you talk about a small family farm who's owners typically have very little capital other than the land, are you proposing that they sell the farm in order to keep it?

[ Parent | on HN ]

Re:The Greatest Wealth Transfer in History Is Here, with Fam... by CPLX on Sunday May 14, 2023 @03:15PM (#35940538)

Exempt the farm from taxes if you like farms. Whatever. That’s a public policy choice.

But don’t say we’re talking about a fucking farm when you’re advocating for no taxes on a diverse network of private equity positions and real estate holdings.

[ Parent | on HN ]

Re:The Greatest Wealth Transfer in History Is Here, with Fam... by readthenotes1 on Thursday May 18, 2023 @06:38PM (#35995196)

Don't assume you can read "fucking" more into what I wrote than what I wrote and cast your anger on me.

It's all public policy choice, and if you think that it's simple, than lay it all out for us after you've considered all the consequences (immediate, secondary, "unintended", and unintended) and get back to us.

[ Parent | on HN ]

Re:The Greatest Wealth Transfer in History Is Here, with Fam... by sokoloff on Sunday May 14, 2023 @03:29PM (#35940678)

I'm merely correcting an objectively incorrect claim: "The person who’s passsing the money down already paid tax on the money, whether income tax or capital gains tax."

I'm not advocating for increasing the estate tax (nor even necessarily closing the capital gains stepped-up-basis upon death). I am advocating for having our facts straight.

[ Parent | on HN ]

Re:The Greatest Wealth Transfer in History Is Here, with Fam... by maxerickson on Sunday May 14, 2023 @04:04PM (#35940943)

A $12 million family farm may be stretching the definition of 'small'.

Like it would be pretty amazing if that value was just due to land appreciation and had nothing to do with their management and investment decisions.

[ Parent | on HN ]

Re:The Greatest Wealth Transfer in History Is Here, with Fam... by readthenotes1 on Thursday May 18, 2023 @06:43PM (#35995257)

like, maybe? What are the demographics?

The one I know intimately is worth less than $1m for the land. I believe there are far fewer of those left than in 1960, but my perception is there are still quite a few.

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Re:The Greatest Wealth Transfer in History Is Here, with Fam... by drewcoo on Sunday May 14, 2023 @04:06PM (#35940951)

All of the "small family farms" I'm aware of personally here in farm country are incorporated.

I think you need a better straw man.

[ Parent | on HN ]

Re:The Greatest Wealth Transfer in History Is Here, with Fam... by readthenotes1 on Thursday May 18, 2023 @06:35PM (#35995166)

Not the one I know.

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