Would you support an estate(death) tax of 75%?

[Allybeboba]

What Warren Buffet does with his money is his own business as far as I am concerned.

[Azadina]

No. Not anywhere near that high anyway.

[Deleted]

This is a thing in Denmark.
If your parent die, you need to pay 15% of what they leave you in cash (minus some fixed amount), don't know about proberty. If an uncle dies and he got no close family, the tax is at 25%.

In Austria, it's mostly a back-and-fourth, and I have always been strictly against it (and voted accordingly). In my opinion, it's a bad idea that shouldn't exist.

[Faroth]

Who cares if he doesn't want his children to get his money. He just sounds like a greedy old man.

He and Bill Gates started an initiation to give away the majority of their wealth prior to death and have convinced other billionaires to do the same....

They're leaving money for their children to be fine, but they're most certainly not hoarding it for the kids.

[Gamdwelf]

I calculated it when I saw the Warren Buffett documentary, even giving away 99% of his fortune leaves his children millions of dollars

[Realitytrembles]

On estates of 7 figures (1 million dollars US) and up? Absolutely.

estates of 6 figures up to 7 figures ( 100,000 - 999,999 dollars US) I support a rate of 50%.

F the centralization of wealth

[Celista]

In my opinion, people should be encouraged to give to charities and be able to leave a modest amount to relatives. But I think large windfalls of money makes people lazy and entitled.

My ex, who I am really fond of, is a trust fund kid, in his 30s now, and never really had to work a day in his life. It has contributed to a lifestyle of weed, golf, and tv.

He could have done so much more with his life. I hope that he still might one day. He has the resources to do so.

[ItachiZaku]

I'm completely shocked that most of the people were are against it lol

[Faroth]

Why pass on all that wealth to children who might not be as capable? Redistribute the wealth and let it fall into more able hands.

What makes you think a person's children are incapable yet giving it to the government, who are the most incapable of managing money on the face of the whole damn planet, is a good idea?

[PragmaticGamer]

I pay a wealth tax of about 50% every ten years already. (Property tax on the asset value--NOT the asset-minus-liability for having a mortgage.)

The wealthy are so put-upon that they have to pay a wealth tax of 40% every generation?

[Sormine]

Seriously the majority of people in this poll have no idea the parameters of the estate tax. The estate tax targets the very wealthy and most frequently collects on "unrealized" capital. The amount of revenue it generates completely favors the middle class, since they are hardly impacted negatively by the tax.

[PragmaticGamer]

You earn money, you pay tax on it, you save it, you die, the money is taxed a second time?

No double taxation please.

I pay taxes on my house. I pay taxes on my car. I already paid for those, and those are the vast majority of my wealth.

Hell's bells, I even pay taxes on the FULL value of my assets. Unlike the wealthy, I don't get to deduct liabilities (e.g., mortgage).

So why do I have to pay taxes EVERY DAMN YEAR, and nobody blinks an eye, but some S.O.B. who just happens to have a few zeroes extra gets special treatment?

[Gamdwelf]

In my opinion, people should be encouraged to give to charities and be able to leave a modest amount to relatives. But I think large windfalls of money makes people lazy and entitled.

My ex, who I am really fond of, is a trust fund kid, in his 30s now, and never really had to work a day in his life. It has contributed to a lifestyle of weed, golf, and tv.

He could have done so much more with his life. I hope that he still might one day. He has the resources to do so.

Well I feel like you can be rich and not make your kids lazy and entitled. Warren Buffett's kids didn't realize their family was wealthy until they were out of college.

My friends growing up kinda thought of me as the poor kid because I didn't have the newest video games or toys whatever but I'm out on my own with retal propties now and they are living in apts paying their student loans

[Thetruth1400]

It's an ideal tax because the person you're taxing is dead and won't care.

Why pass on all that wealth to children who might not be as capable? Redistribute the wealth and let it fall into more able hands.

We can use all that money to ease the tax burden on the poor or for whatever.

Warren Buffet is for this idea.

1) It's not about them caring, it's about their inheritors.

2) It is the parents wealth to decide who gets it. If their will says it goes to their children, then that's where it belongs regardless of their "capability" in your mind. Even if they turn around and spend every single dime of it, at least that went into the economy as well as taxes.

3) Yeah, the government does so well with spending our tax money, it's not like we have a $20 trillion debt or anything. Knowing the government, especially Republicans, if it were taxed that high, it would go to tax breaks for the rich, not the poor.

4) He is, but you're also stating it wrong. Buffet supports $4 million not taxable to the inheritors per couple, than everything above that taxed at a graduated rate starting at 45%. That was proposed by former treasury secretary Robert Rubin. Bill Gates is also a supporter.

Besides those points, people are free to make direct contributions to social programs like Social Security. If Warren Buffet or his mega rich ilk feel like enough isn't going to those programs, they're 100% allowed to make donations to those programs.

Overall though, the point is moot because the estate tax is $5.45 million and above, something way out of the league of the common man. If you want to tax the super rich, go for it, but don't, in turn, return that wealth to them in the form of corporate or wealthy tax breaks.

[Celista]

Well I feel like you can be rich and not make your kids lazy and entitled. Warren Buffett's kids didn't realize their family was wealthy until they were out of college.

My friends growing up kinda thought of me as the poor kid because I didn't have the newest video games or toys whatever but I'm out on my own with retal propties now and they are living in apts paying their student loans

You can but it's hard. Warren Buffet is basically my icon when it comes to giving to others + managing wealth so of course I think his approach is one that should be emulated. He has always lived very, very far below his means though, which may be difficult for some. He's a bit unusual in that regard.

[satimy]

And then people would open an LLC, and pay their children the estate amount in salaries

[Paarthurnax]

While this video is about a 100% estate tax, i think the logic still applies:

[pathora44]

The reason for estate taxes is for the super wealthy and to stop family dynasties from controlling all the wealth. If there was no estate taxes over a few generations almost all the money would be controlled by fewer and fewer families. People who are against taxation on the rich or things like estate taxes are basically brainwashed by the utterly failed Reaganomics and that the rich being richer means more money for the rest of us. The U.S. is getting into third world levels of wage gaps and it is only getting worse. The rich get richer and richer and the poor get poorer and poorer and more and more people are falling into the poor part of that demographic.

[Gamdwelf]

You can but it's hard. Warren Buffet is basically my icon when it comes to giving to others + managing wealth so of course I think his approach is one that should be emulated. He has always lived very, very far below his means though, which may be difficult for some. He's a bit unusual in that regard.

Yeah I'm not really sure why it's so hard for most people to live below their means at all. I have many friends who make a decent living for a single person but it's all gone by the end of every month so me how.

[pathora44]

I pay taxes on my house. I pay taxes on my car. I already paid for those, and those are the vast majority of my wealth.

Hell's bells, I even pay taxes on the FULL value of my assets. Unlike the wealthy, I don't get to deduct liabilities (e.g., mortgage).

So why do I have to pay taxes EVERY DAMN YEAR, and nobody blinks an eye, but some S.O.B. who just happens to have a few zeroes extra gets special treatment?

Because they have been told over and over again by Republicans and Reaganomics that if the rich are richer then everyone else will be richer. They keep looking for that money to rain down from the sky from the rich and powerful but that liquid isn't gold people.