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

[petej0]

Did I say "republican"? I believe I said "right wing".

One would think that a right winger could run on the Republican ticket. Thanks though, but I am not. I know it makes it easier to hate me that way.

[Elegiac]

One would think that a right winger could run on the Republican ticket. Thanks though, but I am not. I know it makes it easier to hate me that way.

You can run on the Democrat ticket with other right wingers like Hillary Clinton.

[Chasavaqe]

Holy hell no. If I'm sick, I'd rather my last few days on earth are spent spending time with my family, not worrying about what is going to happen to them once the government takes all of the money away from them.

[petej0]

You can run on the Democrat ticket with other right wingers like Hillary Clinton.

I would rather run 3rd party, I dont identify with either.

[Zoranon]

Clearly you are religious on some level since your level of thinking about rights, especially property rights, seems to end in 'well I believe they are natural so there'.

Ah I see what your problem is, you are effectively illiterate, otherwise you would not be mischaracterising my position like this based on my past posts. Well either that, or you are arguing in bad faith and setting up another logical fallacy.

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You can run on the Democrat ticket with other right wingers like Hillary Clinton.

Yes I realise everyone to the right of Lenin is likely a right winger to you, but try to contain that nonsense to yourself.

[Canpinter]

Ya I had no idea internet forums skewed so heavily towards people that expect to inherit large estates. Really adds depth to the idea of the idle wealthy.

everyone thinks they will be rich some day.

[petej0]

everyone thinks they will be rich some day.

There is nothing wrong with wanting and working hard to become rich. Just the notion that you built a business and want to leave your business, and house to your children is not that far fetched.

[Zoranon]

Ya I had no idea internet forums skewed so heavily towards people that expect to inherit large estates. Really adds depth to the idea of the idle wealthy.

More like I am not greedy enough to want to become rich by taking from the dead and their grieving families.

[BuckSparkles]

More like I am not greedy enough to want to become rich by taking from the dead and their grieving families.

Redistribution of wealth is essentially greed and envy.

Lovely, positive emotions those are.

[Zoranon]

Redistribution of wealth is essentially greed and envy.

Lovely, positive emotions those are.

Yep, it always amuses me when people who want take money from others call the rich greedy when they dont willingly give them their money.

[Scathbais]

Brainless? Far be it for me to question why people refuse to think more cerebrally about rights as they actually exist within society and not just appeal to a truism of being "natural and god given".

Why -should- there be an unfettered right to inheritance? What useful function would said right perform apart from the 'feels' aspect? None of you seem remotely willing to answer that question, which is why your manner of thinking will ultimately remain shallow and ignorant.

High taxes discourage wealth creation. The government won't collect nearly as much as it thinks. Faced with a 75% death tax, the wealthy will simply gift, donate and spend excess wealth. Also the wealthy are mobile and will just move to someplace that has low estate taxes.

President Ronald Reagan said many years ago that when the top tax rate was 90%, he would basically work half a year and then stop working and instead go ride horses on his ranch for the rest of the year. As soon as every additional dollar he earned was taxed at the 90% rate, he decided it wasn't worth it to work. That was one of the things that woke him up to the negative and unintended consequences of high taxes -- a reduction in wealth creation and productivity.

[Canpinter]

wouldnt that just incentivize people to spend all their estate before they die and write it on to their children's names?

there's so many loopholes to abuse it it's not even funny

you pay taxes in your entire life, why tax you a second time?

you don't pay it, your kids pay it on the money they got from you. i mean its not like the irs stops the grim reaper till you pay up.

[Scathbais]

Holy hell no. If I'm sick, I'd rather my last few days on earth are spent spending time with my family, not worrying about what is going to happen to them once the government takes all of the money away from them.

You are being short sighted. The wealthy hire financial advisers to handle tax planning. The decisions are made well before the person in question is actually dying.

[Akka]

wouldnt that just incentivize people to spend all their estate before they die and write it on to their children's names?

there's so many loopholes to abuse it it's not even funny

you pay taxes in your entire life, why tax you a second time?

Reading the thread is good :

Wrong.
You earn money, you are taxed on it. Once.
Then you die, and other people get your money (that they didn't earn, BTW), and are taxed on it.

It's not "double taxation", it's "single taxation on money obtained", like for everything and everyone.

[Canpinter]

There is nothing wrong with wanting and working hard to become rich. Just the notion that you built a business and want to leave your business, and house to your children is not that far fetched.

the estate tax doesn't kick in until 5-10 million dollars in value, it doesn't stop you from giving your business or home to your kids. what it attempts to stop is mass generational wealth, where one family just keeps passing on billions of dollars over the years and just accumulating more and more wealth.

[Bazter]

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

Congratulations, you just bankrupted or put out of business every family farmer. Acre price $5000 x 200 acre farm = $1,000,000 now pay 50% of that to the government when you die. Been nice knowing you family farmers.

[Milchshake]

More like I am not greedy enough to want to become rich by taking from the dead and their grieving families.

Who wants to get rich by redistribution? Well other than the current system of redistributing public largess to the rich.

Mostly people want this money to fund shit like education and healthcare, so they dont become bankrupted by lack of either. Not rich, or even the opposite of rich.

[Macaquerie]

Just take yourself and your own family out of the equation for one second, how many examples are there that you can find of inherited wealth being a benefit to society? How many trust fund kids are out there who are just so goddamned brilliant that they make the best possible use of all the resources they are handed?

[shaunika123]

Reading the thread is good :

except why would you EVER work harder to provide for your children after you die if it's taken away when you kick it?
you'll just work enough and then get rid of all your money one way or another before you die

it's money you already paid taxes on, so yeah it is effectively double taxation

the whole point of being wealthy is that you can spend it on your children

[Akka]

except why would you EVER work harder to provide for your children after you die if it's taken away when you kick it?
you'll just work enough and then get rid of all your money one way or another before you die

Ah yeah, the myth of "work harder and you'll get rich". Never heard of a factory worker becoming millionnaire because he was dedicated.
Regardless, if what your children receives is taxed up to 75 % (which would require an already pretty huge amount anyway), it means that 25 % would end up as pocket money. Which means if you get more, they will get more, just not all.
I thought that was grade-school level of math here

it's money you already paid taxes on, so yeah it is effectively double taxation

No it's not. Read what I just wrote.

the whole point of being wealthy is that you can spend it on your children

That sounds like a pretty transparent excuse to disguise greed under the pretext of generosity. Not very convincing.