I never understood why we don’t have a 100% inheritance tax. It seems to me that if America prides itself on being a meritocracy than we shouldn’t have people in society who get a free $1m+ for having done no work? I know the government will likely spend it inefficiently but it’s better than a trust fund kid blowing it on hookers and blow. Specifically I’m talking about inheriting large sums of money. There could be a case for ancestral home or company, but any money passed on should be taxed 100% What say you, should inheritance tax be 100%?
The problem with 100% inheritance tax is that it penalizes people whose parents pass early.
That’s an edge case, and can be easily amended by having a clause for persons less than legal adult age (I.e. 18)
It penalizes everyone it applies to for no reason, other than those who think it's not fair for other people to inherit money. Why is the government entitled to your parents hard work?
Insane
Incentivizes people to only work as much as they need for their lifetime, rather than keep working to help future generations.
Maybe instead of working for their children they can earn to give as demonstrated by the effective altruism movement
People would rather just not work after comfortable, which is a shame for our smartest people who will be in that position
The problem with 100% inheritance tax is that it is a fucking stoopid idea.
The people who actually have the power to make this change happen are exactly the people who benefit from it's existence in the first place. Had the Senate and the House been full of people who grew up in poverty, a 100% inheritance tax would've been obvious.
Except it wouldn't because they would want to pass their wealth on to their children.
Working on the assumption that the individuals who created that wealth pre-death had paid taxes on it already, I wouldn’t support additional taxation. For monies that are to-be-taxed, I would support a tax, adjusted to income for that state and for the recipient. The amount of the inheritance shouldn’t come into play - just overall income for that year (or years if held in trust or sitting in investments, etc).
Yeah double taxation is an issue but I guess I’m confused on why someone should get a nice fat pay cheque for having done nothing? Property might be a different discussion since it’s emotional value, but cold hard Benjamin’s? Doesn’t make sense for some person to inherit millions of dollars having done no work.
Do you really want the government telling you that you can’t pass on anything to your children? That’s ludicrous. Imagine some family jewelry that been in the family for generations being taken by the government because it has value that is taxed at 100%. What about if someone owns a company? Does the government own it once he dies?
Usually it is sold to pay the taxes. But yeah that’s the principle, not much different than if you didn’t have kids
Inheritance does seem to concentrate wealth is probably the root of many problems.
do you have any concept of the constitution or what america is about? why should you have the right to touch that persons momey just because you want it? go to venezuela instead
Because those inheriting the money didn’t earn it? And it causes all sorts of problems related to social mobility. Just look at Europe for a great example, those in the upper crust, stay in the upper crust.
@Jkwb following your logic, the state didn’t earn that money either, and the ones who would get a slice of it even less so 😂 did you even stop to think about this argument for a second?
Commie
Not really I just don’t think you should profit off of somebody else’s hard work?
Nope but if I did I would make sure they get $0 when I die. I want my kids to struggle and face adversity, not take the easy way out and profit from my hard work