Should inheritance be banished?

[Raelbo]

No thanks op, part of what i do was thinking of my children when i made my company. My parents were poor, they gave me an education to help me not be poor and im going a step beyong, my kids wont ever be poor unless they fuck up.

George Clooney's character in the film "The Descendants" said it best:

"I don't want my daughters growing up entitled and spoiled. And I agree with my father - you give your children enough money to do something but not enough to do nothing."

[Deleted]

One of the biggest reasons people work is to leave a better life for their children than they had themselves. You get rid of a huge amount of aspiration by too heavily taxing inheritances (not to mention the actually truly rich would just be able to find tax-free loopholes around inheritance like they already do. The only people this would actually impact are those leaving medium level sums for inheritance).

[Thirteen]

Inheritance being abolished wouldn't affect how wealthier the next generation gets as a whole because the money is going to be used by the government to improve quality of life, reduce taxation on the living and make life that much better for the poorest people in society. Inheritance makes the western economy grow even more unequal and imo it tears through the social fabric of society because people are not born into fair positions but disadvantaged because they weren't born rich. Don't forget that being well-connected i.e. right family is an advantage in itself and so abrogating with inheritance won't make your dad's company not have a job for you.

I would rather burn it.

[Drungan]

The logic being, if people had to earn their worth from society regardless of who their parents were, then people would cooperate together more and their greed would be more limited instead of cementing the children of the wealthy in unearned privilege.

If you dont wish your kids should have anything when you die you just use it all before or donate it to homeless cats ......

And OP what do you suggest that we do with whatever wealth that somone leaves after they die ?

[drwelfare]

No. I will never have children so I don't have to worry about leaving things to them, I would be concerned they would blow through it and not know suffering though.

You already have things like Inheritance tax and Estate Recovery

[AeneasBK]

So a system where what you earn in your life you keep and don't have to give any up as taxes in your life time, when you die your wealth and possessions are auctioned off by the state and that money is used in lieu of what money was raised via conventional taxes beforehand?

Seems it would cater to the capitalist as well as the socialist. Afterall, why care about it once you're dead and you'll have a lot more when you're alive to enjoy it.

[truckboattruck]

envy is a sad emotion to parade around

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So a system where what you earn in your life you keep and don't have to give any up as taxes in your life time, when you die your wealth and possessions are auctioned off by the state and that money is used in lieu of what money was raised via conventional taxes beforehand?

Seems it would cater to the capitalist as well as the socialist. Afterall, why care about it once you're dead and you'll have a lot more when you're alive to enjoy it.

it would cater to the smart guy who hides it and tells his kids where it is

[Deleted]

it would cater to the smart guy who hides it and tells his kids where it is

Or to the guy who at 50 and highly experienced in his sector of work realises he has plenty of money to live the rest of his life in comfort and tells his boss - give my son a consulting position for £100k per year, he doesn't actually do anything, I'll do it all on minimum wage.

Voila, no tax and you've avoided inheritance!

[YuneKirby]

Sounds like the potential plot for a movie. The government creates a 100% death tax, then someone decides to nuke California so the US government can pay off its national debt.

[Gmollster11]

Inheritance being abolished wouldn't affect how wealthier the next generation gets as a whole because the money is going to be used by the government to improve quality of life, reduce taxation on the living and make life that much better for the poorest people in society. Inheritance makes the western economy grow even more unequal and imo it tears through the social fabric of society because people are not born into fair positions but disadvantaged because they weren't born rich. Don't forget that being well-connected i.e. right family is an advantage in itself and so abrogating with inheritance won't make your dad's company not have a job for you.

Did you actually write this out? You cannot seriously believe any government can do this.

[Brangh]

No. My great grandparents were immigrants and the only way my grandparents were able to survive through numerous hardships and raising my father and 2 brothers in a 3 room house was because they inherited the home. Inheritance is a powerful tool for recent immigrants. The lack of any significant inheritance between the freed slaves and the first generation of African (not Afro) Americans born free has to do with them inheriting no land or real estate wealth of significance and perhaps may still be a contributing factor as historically they have been pushed into public housing which offers no asset.

And as a former co-worker of a man who busted his ass to build a significant trust/inheritance for his disabled daughter, I am disgusted that you feel one man's own work should be divided amongst everyone when his own daughter's need is what drove him.

All anecdotal, so take it with a grain of salt.

[Forgottenone]

I would rather burn it.

This sums up my feelings. I plan on working hard for myself, my wife and my kids. I want my children to be given everything I worked for, if it is going to just be taken away and thrown into the system I would almost rather have my last act on this earth be me burning it >_>

[GennGreymane]

I feel this is more against wealthy people, but everyone inherits if there is a will and even if there is not a will.

[Conspicuous Cultist]

Sounds like the potential plot for a movie. The government creates a 100% death tax, then someone decides to nuke California so the US government can pay off its national debt.

And only Jack Bauer can stop this.