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Started By
Message
re: Vivek supports 59% as a minimum inheritance tax. Rich people "owe" everyone else.
Posted on 8/25/23 at 10:34 pm to Powerman
Posted on 8/25/23 at 10:34 pm to Powerman
quote:
Isn't the first 11.4 million exempt?
$12,920,000. That number is indexed to inflation, but this exemption expires in 2025.
Tax consumption, not wealth.
0
Posted on 8/25/23 at 10:36 pm to Penrod
quote:
I also am in favor of steep inheritance taxes. And I am rich.
Nothing is stopping you from paying more taxes. You can send 59% of your wealth to the government right now -- and I assume you will do that, instead of just talking about what others ought to do.
Posted on 8/25/23 at 10:39 pm to HubbaBubba
While I don’t ultimately agree I understand why someone whose parents came from the Indian caste system would think like this.
In his mind an inheritance tax is a way to combat being part of a certain class by birth.
It’s at least an interesting thought experiment - would we be better off without generational wealth in an otherwise true free-market economy so that everyone starts from a similar circumstance and has to earn his or her status.
In his mind an inheritance tax is a way to combat being part of a certain class by birth.
It’s at least an interesting thought experiment - would we be better off without generational wealth in an otherwise true free-market economy so that everyone starts from a similar circumstance and has to earn his or her status.
Posted on 8/25/23 at 10:41 pm to Penrod
quote:
I also am in favor of steep inheritance taxes.
Good thing nothing prevents you from paying them.
Posted on 8/25/23 at 10:43 pm to GRTiger
People say he’s articulate, etc. but he at times gives long winded answers to questions he can easily answer more concisely.
Further, his willingness to engage in just about any topic opens him up to creating issues that otherwise wouldn’t exist. Those are “unforced errors”.
Further, his willingness to engage in just about any topic opens him up to creating issues that otherwise wouldn’t exist. Those are “unforced errors”.
Posted on 8/25/23 at 10:51 pm to BornKjun
He's unnatural in prepared settings and over explanatory in off the cuff remarks.
He's probably fricked to be honest
He's probably fricked to be honest
Posted on 8/25/23 at 10:54 pm to ForeverEllisHugh
quote:Then what's the point? As a father, brother and son, I work so that when I leave this world, I'm leaving a bit of my wealth behind to provide a healthy head start for the future of my lineage.
It’s at least an interesting thought experiment - would we be better off without generational wealth in an otherwise true free-market economy so that everyone starts from a similar circumstance and has to earn his or her status.
Otherwise, I'd just be a selfish old bastard free spending myself into bankruptcy rather than leave it to the government.
Posted on 8/25/23 at 10:56 pm to HubbaBubba
It's just a thought experiment
But it's not practical at all since most wealth that would be beyond the exempted amount isn't liquid anyway
So the logistics of taxing that even if you wanted to don't make a lot of sense. If it's property that is inherited the people that inherited it will still be on the hook for property taxes. If it's securities there will be a taxable event if they're ever liquidated for cash. The inheritance tax seems unnecessary since it will all eventually get taxed anyway.
But it's not practical at all since most wealth that would be beyond the exempted amount isn't liquid anyway
So the logistics of taxing that even if you wanted to don't make a lot of sense. If it's property that is inherited the people that inherited it will still be on the hook for property taxes. If it's securities there will be a taxable event if they're ever liquidated for cash. The inheritance tax seems unnecessary since it will all eventually get taxed anyway.
Posted on 8/25/23 at 11:06 pm to Powerman
quote:You seem to know little about trusts and charitable contributions, endowments and family limited partnerships.
So the logistics of taxing that even if you wanted to don't make a lot of sense. If it's property that is inherited the people that inherited it will still be on the hook for property taxes. If it's securities there will be a taxable event if they're ever liquidated for cash. The inheritance tax seems unnecessary since it will all eventually get taxed anyway.
Posted on 8/25/23 at 11:08 pm to HubbaBubba
quote:
You seem to know little about trusts and charitable contributions, endowments and family limited partnerships.
Well yeah...I wasn't the beneficiary of any of those things and don't have any reason to know anything about those things in my personal life at the moment.
Posted on 8/25/23 at 11:26 pm to HubbaBubba
(no message)
This post was edited on 8/26/23 at 9:02 am
Posted on 8/25/23 at 11:34 pm to HubbaBubba
It doesn’t matter what Vivek supports.
Posted on 8/25/23 at 11:40 pm to HubbaBubba
quote:
You are being bamboozled by Vivek.
Who is? Guys a loser
Posted on 8/25/23 at 11:46 pm to OceanMan
quote:
Guys a loser
Posted on 8/25/23 at 11:50 pm to BornKjun
quote:
Vivek is not proposing this. Dig deeper
That’s what I would say, too, when I got busted with this idea.
Posted on 8/25/23 at 11:59 pm to Penrod
quote:
We should minimize taxes on productive people who merit their earnings, and tax the shite out of undeserving people who get handed money.
Who gets to judge “merit” and “undeserving?”
Posted on 8/26/23 at 1:56 am to HubbaBubba
quote:
Otherwise, I'd just be a selfish old bastard free spending myself into bankruptcy rather than leave it to the government.
This is actually a possible selling point of inheritance tax though - incentivize spending so the government won’t get it, thereby stimulating the economy.
Posted on 8/26/23 at 2:38 am to HubbaBubba
Yeah frick that! So, I work my arse off my whole life, getting taxed the entire time, just to leave my kids something to get them started….and taxed then at that rate. frick Off!
Posted on 8/26/23 at 4:58 am to HubbaBubba
My first reaction is frick that.
But is there merit to letting the kids know that they aren't going to be able to go through life as slugs?
Also, are there offsets in other taxes, like income, while you are alive and can enjoy your money.
And will this mean that more money will flow into the economy on average because you would rather spend it on your self rather than let the government have it.
But is there merit to letting the kids know that they aren't going to be able to go through life as slugs?
Also, are there offsets in other taxes, like income, while you are alive and can enjoy your money.
And will this mean that more money will flow into the economy on average because you would rather spend it on your self rather than let the government have it.
Posted on 8/26/23 at 6:13 am to TrueTiger
quote:
But is there merit to letting the kids know that they aren't going to be able to go through life as slugs?
Very few people receive inheritances of any significant value. Kids might not know that, but that’s the truth.
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