Inheritance Tax
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16-05-2014, 07:30 PM
Inheritance Tax
I dunno if I've said this before, but this seems to be one of the most ridiculous and unfair ideas in the history of ever.

Seriously, does anyone have even one good reason for the existence of this ludicrous idea? How did this even come to be a thing?

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16-05-2014, 07:31 PM
RE: Inheritance Tax
It's called death tax. Tongue

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16-05-2014, 07:39 PM
RE: Inheritance Tax
(16-05-2014 07:30 PM)Hughsie Wrote:  I dunno if I've said this before, but this seems to be one of the most ridiculous and unfair ideas in the history of ever.

Seriously, does anyone have even one good reason for the existence of this ludicrous idea? How did this even come to be a thing?

Great Britain created them to pay for World War I.

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16-05-2014, 07:52 PM
RE: Inheritance Tax
Not that I'm a fan, but in fairness, if we truly value equality of opportunity then I could see high inheritance taxes and limited tax free gifting as preferable to income taxes. The theory would be:

We are all born with nothing, we work hard, make what we can from a more level start, we enjoy the fruits of our labors, and when we die it resets to zero.

is preferable to:

Some people start with nothing and others get an inheritance to build from, and the people who start with nothing have to fight income taxes to get anywhere while the people with inheritances get them mostly tax free and pay lower capital gains and investment taxes on income from the inheritances, which they then pass on to their children.

All the stuff that gets forfeited to the government on death would end up being sold to people who started out with nothing anyway, so that might even give entrepreneurial kids a way to buy stuff at more modest prices. Of course, that completely ignores the even more incredibly unfair disadvantage individuals would be at when trying to compete with perpetual corporations in that kinds of a system.

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16-05-2014, 07:55 PM
RE: Inheritance Tax
I agree that it's stupid, I mean taxes were already paid on the money by the person that earned it, in all likelihood.

It's a way to double tax. Luckily my dad disbursed the maximum amount to us so that we wouldn't be taxed on it. In the states you can gift your children up to a certain amount without penalty. Of course, he didn't have that much to leave.

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16-05-2014, 08:03 PM
RE: Inheritance Tax
I suppose you could simply allow the rich to get richer and form an aristocracy and then eventually the people will have to rise up and chop off their fucking heads.

It's happened before.

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16-05-2014, 08:24 PM
RE: Inheritance Tax
(16-05-2014 07:52 PM)djhall Wrote:  Not that I'm a fan, but in fairness, if we truly value equality of opportunity

As always your post is way too logical for this forum.

Actually, though, the only criticism I have is your notion that you could have a 100% inheritance tax so everything resets to 0 when you die. It sounds nice, but all that would happen is as wealthy people got up in years they'd just squander everything. Seriously, if you had $1 million and were admitted to a retirement home with only a few years left would you leave it in the bank, knowing the government would take everything and the people you love wouldn't get a penny? Of course not. You'd hire hookers every day, or buy exotic cars, or anything to spend it all before it was all confiscated.

I agree with you inheritance tax is less moronic than income tax. But that's a very low bar. The idea of taxing, and therefore discouraging, hard work is absolutely moronic. As I mentioned in another post, because of a combination of income tax and phasing out of tax credits, people living near the poverty level often have an effective tax rate of >100% on the next dollar they earn. Meaning if they put in overtime to earn some extra money, they will actually take home LESS than if they just sit there and watch nintendo. In fact, on average if an American earns between $10,000/year and $40,000/year, the effective marginal tax rate on the next dollar earned is 82%. So even if you work 40 hrs/week and make a livable wage, say $20/hour, if you work another hour, you'll only take home an extra $3.60/hour. It's no wonder poor Americans are trapped in a cycle of poverty they cannot break out of. It's stupid, stupid, stupid. So as dumb as a 100% inheritance is, I agree with you it's less dumb than the current income tax system.
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16-05-2014, 08:30 PM
RE: Inheritance Tax
(16-05-2014 08:24 PM)frankksj Wrote:  
(16-05-2014 07:52 PM)djhall Wrote:  Not that I'm a fan, but in fairness, if we truly value equality of opportunity
Actually, though, the only criticism I have is your notion that you could have a 100% inheritance tax so everything resets to 0 when you die. It sounds nice, but all that would happen is as wealthy people got up in years they'd just squander everything. Seriously, if you had $1 million and were admitted to a retirement home with only a few years left would you leave it in the bank, knowing the government would take everything and the people you love wouldn't get a penny? Of course not. You'd hire hookers every day, or buy exotic cars, or anything to spend it all before it was all confiscated.

Yep, anytime you meddle you create unintended consequences. That would probably be one of them. And, depending on how worthless or beneficial you think the government's use of our tax dollars is, you might find that idea deplorable or you might be quite happy for the hookers and luxury goods producers that would make a decent living off it. Smile

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16-05-2014, 08:42 PM
RE: Inheritance Tax
(16-05-2014 08:24 PM)frankksj Wrote:  
(16-05-2014 07:52 PM)djhall Wrote:  Not that I'm a fan, but in fairness, if we truly value equality of opportunity

As always your post is way too logical for this forum.

confiscated.

If that's how you feel about the forum, why are you still here?

That was a really bitchy statement. Who do you think you are, Trainwreck?

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16-05-2014, 08:56 PM
RE: Inheritance Tax
(16-05-2014 07:30 PM)Hughsie Wrote:  I dunno if I've said this before, but this seems to be one of the most ridiculous and unfair ideas in the history of ever.

Seriously, does anyone have even one good reason for the existence of this ludicrous idea? How did this even come to be a thing?

What Minimalist said.

It is an attempt to keep the country from turning into an oligarchy. The thinking goes that multiple family generations amassing wealth would soon create an unstable republic. I understand the concept but don't particularly care for it, as it is the very wealthy (think billionaires) already figured out how to get around these laws. This only applies to the bottom rung wealthy, the first generation millionaire who finds out that he/she can't leave it all to their children without the gov taking a bite out of their hard earned bank account.

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