Common sense? Do you think you can transfer wealth without it being taxed? You think a law passed enforcing a 100% inheritance tax wouldn't address loopholes?
Yes. Yes. It wouldn’t be possible without becoming a socialist country where the government would take ownership of everything you own when you die. Our self reporting tax system plus 100% inheritance =no one is incentivized to act as executor to pay the taxes and the government will have to handle estate itself to pay the taxes.
These people always say “the greater good”. It’s pretty much a cult at this point. Live in pods, work 25 hours, 7 days a week for Amazon, eat bugs, own nothing for “the greater good”.
Ask these people what they think their job would be in their socialist utopia.
It will always be some shit like
* teach theory
* lead discussion
* poet
* party member
* part time dog walker
And never:
* lithium miner
* septic system maintenance worker
* farm hand
* Dock worker
* garbage man
Ask them if they wont do the shit jobs, who will, and why should it be that person instead of them? They never have an answer.
Socialists always see themselves at the top, its not about equality. Its about envy.
From the article:
> Yes, the desire to pass on property to your descendants may be natural – but why should we be slaves to our biology? Social progress has frequently depended on our ability to transcend individualistic urges and work together for the common good.
Basically “I get that you care about your kids, but have you considered not caring about your kids?” Insanity.
Link to article for those curious: https://www.theguardian.com/commentisfree/2017/jul/24/utopian-thinking-fund-welfare-state-inheritance-tax
So if we can't pass on savings, does that mean we can't pass on debt? If yes, I may as well get myself into a ton of debt before I die to screw over society for stealing my wealth when I die.
“Well, better pull out all my money from capital assets which provide infrastructure and jobs and spend it all on hookers and blow before I die.” - literally anyone capable of 2 seconds of rational thought if this were to be passed
I vote we do quite the opposite. Abolish all or at least most taxes, especially property, capital gains, and inheritance taxes.
Remove government interference from things like healthcare, education and whatever else I’m forgetting.
As far as I’m concerned I’d be happy living in a walled off castle village with modern tech and a good WiFi connection.
I just want to be left alone to live a simple life with family and friends.
>As far as I’m concerned I’d be happy living in a walled off castle village with modern tech and a good WiFi connection. I just want to be left alone to live a simple life with family and friends.
based
All this would do is incentivize people to spend all of their money before they died. And since people are kind of bad at knowing when they will actually die, we will just end up with even more senior citizens on welfare, thereby increasing the burden on the rest of the populace.
It's not complicated. Maybe try to think through the repercussions of what you're proposing for a few minutes.
>Maybe try to think through the repercussions of what you're proposing
judging by most of their ideas, i believe this is literally impossible for progressives
They never think, “ok & then what” with their ideas! Kinda like when they wanted to shut down the country over a airborne virus. They didn’t think, ok & then what Will happen to our economy?
God damn these people are frightening. All that would happen is people would find ways to get their money to their kids before they die rather than waiting to give it after they die.
Or encourage people to spend it all as they earn instead of saving it and leaving it to someone who may use it for something positive like starting their own business and employing others, or giving it to a charity, taking care of a sick relative instead of pawning the cost onto other taxpayer, etc
The best part is that anyone with a decent amount of money would then just put their property into a trust so it can avoid inheritance tax by not being their property anymore.
I recognize that website design, I'm pretty sure it's the guardian, for anyone not from the UK it's a newspaper known for being read by stuck up, rich, London snobs and is full of room temp iq takes like this.
First you'd have to concede that the government has the capacity or capability to serve the greater good.
That's before we even talk about whether they should...
Progressives are so fucking lazy.
“I don’t want to work so just give me all the money you and your family worked hard for your entire lives you inconsiderate sexist racists”
I’ve got an idea: Why not take MORE than all of the rich people’s money!! Let’s also enslave them and make them push a millstone in circles like they did with Conan the Barbarian!!!
Wait, they’re leaving!!! What did we do?!! Come back!!!
What people also get wrong about inheritance taxes is they think it only applies to super rich people trying to give money to their trust fund children. It also applies to farmers who want to give their land to a child, but that land is now worth millions of dollars making the taxes incurred impossible to pay and forcing the family to sell the farm instead of keep it.
Individuals shouldn't have to pay any involuntary tax, including an inherence tax. The concept of taxing gifts may be even more absurd than the concept of taxing income. One of many reasons for this is because you have already been taxed on that inheritance multiple times by the time you give it away.
Even if you were to remove the income tax, the idea that you should be punished for working hard and saving money for the benefit of your children is seriously fucked, and pretty much antithetical to the American dream.
>ndividuals shouldn't have to pay any involuntary tax, including an inherence tax.
Fair.
\>hat inheritance multiple times by the time you give it away
Yea, we won't convince anyone with that. Every thing is taxed multiple times.
\>the idea that you should be punished for working hard and saving money for the benefit of your children is seriously fucked, and pretty much antithetical to the American dream.
I agree
I’m a georgist, and I find it amazing that the US federal govt could scrap just about every tax on the books, replace it with a 100% Land Value Tax, and still have enough money to double their current budget! All privately owned land in the USA is worth 14T$; 14T$ per year sounds like a really nice annual budget for the national govt!
Ah, could see that possibly doing a number on farmers and other agriculture-based businesses, but other than that it'd probably encourage a use it or lose it mentality, which isn't the worst.
Would there at least be an option to abandon property? Give new people the opportunity to just claim land and do what they want on it, taking over the tax burden? Thinking a lot of ultra-rural hunting land and the like would be quickly abandoned if they had to fork over 30k+ a year in taxes.
Talk about an absolutely regressive tax. All this would do is fuck small landowners out of a potential to build equity. Rich, massive landowners have the cash to either just pay the tax, avoid it using loopholes, or pay to build some shitty structure or something on it so it is no longer "unimproved."
So if I'm an oil company or something holding on to land for future use, instead of leaving it beautiful and wild and pay tax on it, I'll just clearcut thousands of acres and turn it into a parking lot no one needs.
“Unimproved” just means that it doesn’t count the structures built on it, when calculating the value. Building something on it wouldn’t change it or exempt you from it.
I think the idea is that they tax your acreage based on the price of unimproved land in the area. So if you bought an empty plot of land that'd go for $3k and then built a factory on it, assuming nothing changed other than you building the factory on it, next year your taxes would be $3k because that's how much the land the factory sits on is worth, even if the factory is worth $10MM.
Dunno what the repercussions of such a plan would be, especially for businesses that require vast swathes of land. I'd think that significant improvements to land would still up the value of surrounding unimproved land, so it doesn't quite track perfectly as intended. Plus idk what you'd do for somewhere like NYC where there isn't really any unimproved land for miles and thus nothing to easily gauge upon.
How, exactly, does an inheritance tax make sense? Taxing you on something you have already been taxed on multiple times because you decided to keep it and give it to someone else?
Also, how would this even be enforced, even if it did make sense? How would you prevent people from just converting some or all of it to a tangible asset and giving it away with no record of the transaction?
I don't see a problem with a 100% inheritance tax as long as it goes to non-profits that invests in kids, education, orphans or something similar.
Fuck you, you didn't earn your parents' money.
Who says that they aren’t? Is your only contribution through what you were given from your parents?
You don’t even have to leave your money to your kids. You can 100% leave all your money to charity if that’s what you care to do. But understand that you can’t dictate what I do with my money.
"Let's tax the money without the government going to keep it"
Even if it is for the better good. Do you really think the government isn't going to take "alittle" amount for themselves?
OR will they not keep it, but use it to fund themselves and their corrupt ways?
Your opinion is very poor and relies on a trustworthy government which just does not exist.
You didn't earn it either and neither did the blind orphans, it's my parents money to do what they want with, they worked hard for it and payed the taxes for it.
Inheritance tax is the least moral form of taxation, it preys on grieving relatives left with broken lives and medical bills.
even from a purely utilitarian point of view, the tax is a failure in every country that actually tried it.
The quantities of money collected are tiny because the successful people you want to punish have access to economic planning and an ability to move their wealth out of the country.
You're only really punishing the people this money can help the most
Parents will just blow all their money on luxury hotels and expensive food before they die, so your plan would not work and you'll get almost nothing with your tax.
The processing would be more expensive then the average inheritance and there is still the problem of removing dispensable income from the market
Keeping the money in private hands can be seen as an investment in the economy itself
What constitutes "give?" Maybe I'll have you come and mow my lawn once or twice and pay you $100,000 per mow. Or maybe I'll just give each member of your immediate family up to the maximum $15k each instead of giving it all to you. Or maybe I'll make a "donation" to your charity. Or funnel it through a foreign corp or citizen not subject to US taxes. Or maybe I'm just paying you back for a "loan" I took from you 20 years ago for which there are conveniently no longer any required records.
Income is taxed at a lower rate than a “100% inheritance tax." And, again, what constitutes a "gift." This is easily circumvented.
We have never had a taxing problem in this country. We have always had a spending problem. The solution to wasteful spending, incompetence and government mismanagement isn't coming up with new ways to fuck people out of their money.
Solution: transfer everything to your children before you die
My folks have all of this in the works or completed. As a result, I’m a big underground success!
I can't believe someone gets paid to right this article and all it takes to defeat it is your common sense.
Common sense? Do you think you can transfer wealth without it being taxed? You think a law passed enforcing a 100% inheritance tax wouldn't address loopholes?
Yes. Yes. It wouldn’t be possible without becoming a socialist country where the government would take ownership of everything you own when you die. Our self reporting tax system plus 100% inheritance =no one is incentivized to act as executor to pay the taxes and the government will have to handle estate itself to pay the taxes.
I would, but unfortunately I lost all my money in a boating accident
It just so happens that my nieces and nephews were in the boat behind me in international waters when I lost all money in a boating accident.
These people always say “the greater good”. It’s pretty much a cult at this point. Live in pods, work 25 hours, 7 days a week for Amazon, eat bugs, own nothing for “the greater good”.
“The greater good” will, and always has, translated to, “I want to control you and your possessions to satisfy my will.”
Nearly every tyrant in history said it was "for the greater good".
Hitler said it was for the good of Germany
The greater good has always led to the greatest nightmares.
Ask these people what they think their job would be in their socialist utopia. It will always be some shit like * teach theory * lead discussion * poet * party member * part time dog walker And never: * lithium miner * septic system maintenance worker * farm hand * Dock worker * garbage man Ask them if they wont do the shit jobs, who will, and why should it be that person instead of them? They never have an answer. Socialists always see themselves at the top, its not about equality. Its about envy.
Ask me and I will say secret police
“The greater good.” “Shut it!”
From the article: > Yes, the desire to pass on property to your descendants may be natural – but why should we be slaves to our biology? Social progress has frequently depended on our ability to transcend individualistic urges and work together for the common good. Basically “I get that you care about your kids, but have you considered not caring about your kids?” Insanity. Link to article for those curious: https://www.theguardian.com/commentisfree/2017/jul/24/utopian-thinking-fund-welfare-state-inheritance-tax
Translation. I'm a lazy parasite who wants to live off other people. It's for the (parasites) greater good!
if this stupid law gets passed, I ll just bury all my money
Don't do that, money loose value as time goes by Buy rare metal instead
Something tells me Abi Wilkinson is probably going to die with a fuck ton of debt.
So if we can't pass on savings, does that mean we can't pass on debt? If yes, I may as well get myself into a ton of debt before I die to screw over society for stealing my wealth when I die.
“Well, better pull out all my money from capital assets which provide infrastructure and jobs and spend it all on hookers and blow before I die.” - literally anyone capable of 2 seconds of rational thought if this were to be passed
Statism is a cult
People would just spend all their money before they die?
I vote we do quite the opposite. Abolish all or at least most taxes, especially property, capital gains, and inheritance taxes. Remove government interference from things like healthcare, education and whatever else I’m forgetting. As far as I’m concerned I’d be happy living in a walled off castle village with modern tech and a good WiFi connection. I just want to be left alone to live a simple life with family and friends.
>As far as I’m concerned I’d be happy living in a walled off castle village with modern tech and a good WiFi connection. I just want to be left alone to live a simple life with family and friends. based
"It's for the kkkkkkkiiiiiiieeeeeedddssss!"
“We hate big cooperate farms” -libs Wont messing with the estate system create more big corporate farms? “Fuck you, we hate all farmers.” -also libs
casually ignoring that the middle class has a higher percentage of inherited wealth than the upper class
Let me sum it: FUCK THE GREATER GOOD. FUCK IT TO DEATH. Thank you.
All this would do is incentivize people to spend all of their money before they died. And since people are kind of bad at knowing when they will actually die, we will just end up with even more senior citizens on welfare, thereby increasing the burden on the rest of the populace. It's not complicated. Maybe try to think through the repercussions of what you're proposing for a few minutes.
>Maybe try to think through the repercussions of what you're proposing judging by most of their ideas, i believe this is literally impossible for progressives
They never think, “ok & then what” with their ideas! Kinda like when they wanted to shut down the country over a airborne virus. They didn’t think, ok & then what Will happen to our economy?
Fuck them it’s going to my kids and they can buy hookers and coke or whatever else they want
Lol then there would be no inheritance
When you die, I'm going to take all your shit.
I know I would spend it all.
Imagine a world where no parent is allowed to work hard to build a better life for their children.
God damn these people are frightening. All that would happen is people would find ways to get their money to their kids before they die rather than waiting to give it after they die.
Or encourage people to spend it all as they earn instead of saving it and leaving it to someone who may use it for something positive like starting their own business and employing others, or giving it to a charity, taking care of a sick relative instead of pawning the cost onto other taxpayer, etc
Also, why not fund the state with a 100% income tax?
Too bad bill nye would probably agree
The best part is that anyone with a decent amount of money would then just put their property into a trust so it can avoid inheritance tax by not being their property anymore.
Can't even die without having to pay taxes💀💀💀
https://youtu.be/uYTeTK57sCQ
She is advocating for theft.
I recognize that website design, I'm pretty sure it's the guardian, for anyone not from the UK it's a newspaper known for being read by stuck up, rich, London snobs and is full of room temp iq takes like this.
First you'd have to concede that the government has the capacity or capability to serve the greater good. That's before we even talk about whether they should...
Literally everyone I know or know of on some type of government assistance is totally capable of working. They just don’t want to.
"The greater good," says some basement dweller who never accomplished anything in life.
This feels like you’re just going to give the government a motive to murder you.
Law: Gets passed Amount of wealth being inherited after law passes: Zero Commies: Confused
Spend your savings on gold. Bury it. Hide the map in the gun safe. Only give it to the person you want to have it.
Progressives are so fucking lazy. “I don’t want to work so just give me all the money you and your family worked hard for your entire lives you inconsiderate sexist racists”
Money that you likely already paid tax on multiple times, too.
I’ve got an idea: Why not take MORE than all of the rich people’s money!! Let’s also enslave them and make them push a millstone in circles like they did with Conan the Barbarian!!! Wait, they’re leaving!!! What did we do?!! Come back!!!
What people also get wrong about inheritance taxes is they think it only applies to super rich people trying to give money to their trust fund children. It also applies to farmers who want to give their land to a child, but that land is now worth millions of dollars making the taxes incurred impossible to pay and forcing the family to sell the farm instead of keep it.
Even if you agree with 100% inheritance tax morally it's still a bad idea because it incentivizes really stupid shit
Now hear me out, guys: * 90% inheritance tax. * Absolutely nothing else. Wouldn't that be great?
No. Not for absolutely any productive members of society.
Elaborate why. It appears to me that paying no tax during your lifetime would be great for productive members of society.
Individuals shouldn't have to pay any involuntary tax, including an inherence tax. The concept of taxing gifts may be even more absurd than the concept of taxing income. One of many reasons for this is because you have already been taxed on that inheritance multiple times by the time you give it away. Even if you were to remove the income tax, the idea that you should be punished for working hard and saving money for the benefit of your children is seriously fucked, and pretty much antithetical to the American dream.
>ndividuals shouldn't have to pay any involuntary tax, including an inherence tax. Fair. \>hat inheritance multiple times by the time you give it away Yea, we won't convince anyone with that. Every thing is taxed multiple times. \>the idea that you should be punished for working hard and saving money for the benefit of your children is seriously fucked, and pretty much antithetical to the American dream. I agree
I’m a georgist, and I find it amazing that the US federal govt could scrap just about every tax on the books, replace it with a 100% Land Value Tax, and still have enough money to double their current budget! All privately owned land in the USA is worth 14T$; 14T$ per year sounds like a really nice annual budget for the national govt!
You can’t just propose switching the form of taxation and pretend that yields a certain amount of revenue.
Pretty sure property values would plummet if you taxed them for 100% of their value every year.
LVT is based on unimproved land value. Land value seems to me, to be determined by the size of the plot and the location of the plot.
Ah, could see that possibly doing a number on farmers and other agriculture-based businesses, but other than that it'd probably encourage a use it or lose it mentality, which isn't the worst. Would there at least be an option to abandon property? Give new people the opportunity to just claim land and do what they want on it, taking over the tax burden? Thinking a lot of ultra-rural hunting land and the like would be quickly abandoned if they had to fork over 30k+ a year in taxes.
Talk about an absolutely regressive tax. All this would do is fuck small landowners out of a potential to build equity. Rich, massive landowners have the cash to either just pay the tax, avoid it using loopholes, or pay to build some shitty structure or something on it so it is no longer "unimproved." So if I'm an oil company or something holding on to land for future use, instead of leaving it beautiful and wild and pay tax on it, I'll just clearcut thousands of acres and turn it into a parking lot no one needs.
“Unimproved” just means that it doesn’t count the structures built on it, when calculating the value. Building something on it wouldn’t change it or exempt you from it.
Maybe that is what it means in the UK. In the US unimproved means any land without a structure or utilities on it.
I think the idea is that they tax your acreage based on the price of unimproved land in the area. So if you bought an empty plot of land that'd go for $3k and then built a factory on it, assuming nothing changed other than you building the factory on it, next year your taxes would be $3k because that's how much the land the factory sits on is worth, even if the factory is worth $10MM. Dunno what the repercussions of such a plan would be, especially for businesses that require vast swathes of land. I'd think that significant improvements to land would still up the value of surrounding unimproved land, so it doesn't quite track perfectly as intended. Plus idk what you'd do for somewhere like NYC where there isn't really any unimproved land for miles and thus nothing to easily gauge upon.
The entire concept is patently ridiculous.
Yeah I don't think it'd work in practice either.
Out of all taxes that exist. An inheritance tax is one of the very few that actually make sense IMO
Land value tax is the best if you want some welfare. If not than sales tax as the single tax solution
Happy cake day btw
How, exactly, does an inheritance tax make sense? Taxing you on something you have already been taxed on multiple times because you decided to keep it and give it to someone else? Also, how would this even be enforced, even if it did make sense? How would you prevent people from just converting some or all of it to a tangible asset and giving it away with no record of the transaction?
It should be capped and the rest should be burned. I hate the state, but, I hate spoiled rich kids who didn’t earn a penny of their parents fortune
No one, spoiled or not, earned a penny of their parents fortune. That is what inheritance is. Also, who is to say it is even a fortune?
I don't see a problem with a 100% inheritance tax as long as it goes to non-profits that invests in kids, education, orphans or something similar. Fuck you, you didn't earn your parents' money.
Fuck you because I’m earning it FOR my kids
Why are your adult children unable to contribute value to society?
Who says that they aren’t? Is your only contribution through what you were given from your parents? You don’t even have to leave your money to your kids. You can 100% leave all your money to charity if that’s what you care to do. But understand that you can’t dictate what I do with my money.
The politicians didn’t earn the money either.
Which is why they should fucking get nothing and we should repeal the 16th amendment.
We should repeal the first paragraph of article 1, section 8 as well.
There is no inheritance if it is taxed 100%. It is just 100% theft.
No but they paid taxes on it already. Fuck you
I'm fine with it as long as the government gets nothing.
"Let's tax the money without the government going to keep it" Even if it is for the better good. Do you really think the government isn't going to take "alittle" amount for themselves? OR will they not keep it, but use it to fund themselves and their corrupt ways? Your opinion is very poor and relies on a trustworthy government which just does not exist.
Also, "my parents paid taxes so it's my money" is a really poor argument. You still didn't earn it.
You didn't earn it either. Why would you even get a say on where it goes.
Yeah, the parents earned it, so they get to decide where it goes.
So kids other than my own earned my money when I die. I fucking hate a socialist
Its their money to give to whomever they decide. Its not the states.
You didn't earn it either and neither did the blind orphans, it's my parents money to do what they want with, they worked hard for it and payed the taxes for it. Inheritance tax is the least moral form of taxation, it preys on grieving relatives left with broken lives and medical bills. even from a purely utilitarian point of view, the tax is a failure in every country that actually tried it. The quantities of money collected are tiny because the successful people you want to punish have access to economic planning and an ability to move their wealth out of the country. You're only really punishing the people this money can help the most
Yeah, but they earned it, so they can decide who it goes to when the die.
You’re right. They earned it for you and they want it to go you as the last thing they can do for you. It would be cruel and a crime to take that away
Parents will just blow all their money on luxury hotels and expensive food before they die, so your plan would not work and you'll get almost nothing with your tax.
Who are you to tell me what I should do with my money and whether or not I can give it to my kids?
Nobody earned it except the parents. That’s why it’s THEM that decides where it goes…
Why not land value tax if you care about welfare. It is basically only socialy fair tax. I am more of a sales tax type of guy but LVT is cool
Imagine if the money was actually used for the greater good and not squandered on useless or corrupt shit.
Can't listen to anything from someone who's parents were dumb enough to conceive and name them
people will just transfer their stuff when they're near death
What is JTWROS for $1000 Alex?
The processing would be more expensive then the average inheritance and there is still the problem of removing dispensable income from the market Keeping the money in private hands can be seen as an investment in the economy itself
Wouldn’t this only work the one time though?
I think my brain just made dial up sounds and the crashed because of the stupidity it just witnessed.
And you can only give 15 thousands to a person in a year before they tax you for it.
What constitutes "give?" Maybe I'll have you come and mow my lawn once or twice and pay you $100,000 per mow. Or maybe I'll just give each member of your immediate family up to the maximum $15k each instead of giving it all to you. Or maybe I'll make a "donation" to your charity. Or funnel it through a foreign corp or citizen not subject to US taxes. Or maybe I'm just paying you back for a "loan" I took from you 20 years ago for which there are conveniently no longer any required records.
Anything more than 15k as a gift will be taxed. Mowing a lawn is immediately taxable income.
Income is taxed at a lower rate than a “100% inheritance tax." And, again, what constitutes a "gift." This is easily circumvented. We have never had a taxing problem in this country. We have always had a spending problem. The solution to wasteful spending, incompetence and government mismanagement isn't coming up with new ways to fuck people out of their money.
The irony being it IS for the greater good to not give it to these thieves.
Buy gold and give it to my kids. Besides, it's a good investment as well
Fuck "the greater good" if it hurts my family.
Lockheed Martin must be salivating right now
And that's how you get me to buy gold, berry it in the back yard and give my kids and family a note on where to find it