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