It should be illegal to provide for your family? Every man for themself?
Assuming the most generous interpretation of your statement I still think it’s putting the cart before the horse. Generationally accrued wealth is currently one of the only paths out of destitution for many people. Inheritance should be unnecessary but until such a time as adequate housing is guaranteed familial property has to be a thing. (I wouldn’t be on board even in a proper post-scarcity society, homes are more than just places and personal property is accepted in all but the most extreme interpretations of socialism.)
That’s something I can agree with. I think there’s a very reasonable compromise somewhere between “children can’t have a better life than their parents” and “five families own everything forever, including several governments.” $500 million still seems pretty damn high I’d cut that to 50 or even 5.
I think that’s horseshit and has been for a long time now. The middle class no longer believes they can become ultra wealthy. It’s an excuse that’s now used for why taxes against the upper class never happen and that’s BULLSHIT. The real reason is the people in charge of raising taxes on the ultra rich are being paid by the ultra rich to NOT do that.
It shouldn’t be illegal but heavily taxed, why should some dude get a pass in life because his grandparents were gangsters? That’s how you get kings (/billionaires).
So, you can just distribute your wealth to your offspring shortly before your death. Inheritance system is just convenient extension set up just in case you won’t be able to distribute it before your death. It all comes from right to own private property.
So, you can just distribute your wealth to your offspring shortly before your death.
And they would pay income tax on it, just as they do if you were to give your wealth to them before you die today. That is fine. Having property rights when you are alive is fine. Having rights to a dead person’s property with tax avoidance is not.
Not in my jurisdiction. All direct wealth transfers between parents and children are tax free here. You can literally give your house to your kid, and they are new owner for free.
Same with inheritance. Closest members of family pay no inheritance tax at all.
In the U.S., the gifter has to pay federal gift tax. If you transfer a million dollar property, it will be taxed at 40%. Federal inheritance tax has an exemption up to $14 million.
Inheritance should be illegal.
It’s financial nepotism and I’d rather a society based on equality where nobody has an unfair advantage over anyone else.
It should be illegal to provide for your family? Every man for themself?
Assuming the most generous interpretation of your statement I still think it’s putting the cart before the horse. Generationally accrued wealth is currently one of the only paths out of destitution for many people. Inheritance should be unnecessary but until such a time as adequate housing is guaranteed familial property has to be a thing. (I wouldn’t be on board even in a proper post-scarcity society, homes are more than just places and personal property is accepted in all but the most extreme interpretations of socialism.)
Inheritance beyond a set amount should be illegal. Billionaires passing on billions of dollars is just wrong.
$100 million cap on all inheritance. $500 million cap on total wealth. Anything beyond that is taxed at 100%.
Any attempt to “donate” the money to a family-controlled “charity” triggers a tax on the entire wealth at 90%.
That’s something I can agree with. I think there’s a very reasonable compromise somewhere between “children can’t have a better life than their parents” and “five families own everything forever, including several governments.” $500 million still seems pretty damn high I’d cut that to 50 or even 5.
The problem is selling the law to the lower middle class because they all believe they can get this rich and the tax will affect them.
I’d rather have a higher than it should be limit and reach the 0.01% obscenely rich than have the law beaten to death.
$5 mil is somewhat achievable. While bad, they aren’t as bad as those who have $5 BILLION in assets.
Someone who have $5 million has more in common with the poor than those who have $5 billion.
I think that’s horseshit and has been for a long time now. The middle class no longer believes they can become ultra wealthy. It’s an excuse that’s now used for why taxes against the upper class never happen and that’s BULLSHIT. The real reason is the people in charge of raising taxes on the ultra rich are being paid by the ultra rich to NOT do that.
That’s a Robin Hood logic. It’s childish…
It shouldn’t be illegal but heavily taxed, why should some dude get a pass in life because his grandparents were gangsters? That’s how you get kings (/billionaires).
Inheritance is fundamental consequence of private ownership - you have right to do whatever with things you own.
When you’re dead, you are incapable of making choices. Giving rights to dead people is an awful idea, and we should stop pretending it makes sense.
So, you can just distribute your wealth to your offspring shortly before your death. Inheritance system is just convenient extension set up just in case you won’t be able to distribute it before your death. It all comes from right to own private property.
And they would pay income tax on it, just as they do if you were to give your wealth to them before you die today. That is fine. Having property rights when you are alive is fine. Having rights to a dead person’s property with tax avoidance is not.
Not in my jurisdiction. All direct wealth transfers between parents and children are tax free here. You can literally give your house to your kid, and they are new owner for free.
Same with inheritance. Closest members of family pay no inheritance tax at all.
In the U.S., the gifter has to pay federal gift tax. If you transfer a million dollar property, it will be taxed at 40%. Federal inheritance tax has an exemption up to $14 million.
Totally, at least anything over some medium amount.
According to who, exactly?
Well if I work and give money to my kids that’s quite fair IMO (normal work, no billionaire “work”), so in the 10k range, and then pile taxes upon it.