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I'm a little confused. In another thread to me, you (informed consent) mentioned that most of the 1% (these Forbes types would certainly qualify as 1%ers) did NOT inherit their wealth. Yet here, greywar mentions that 6 out of the top 10 Forbes listers did inherit their wealth. Doesn't that qualify as most? 6 out of 10 is 60%..
No. It qualifies as six. Your are trying to compare two totally unrelated numbers.
Mother Teresa has once said, Charity, if it is true, MUST COST us, it does not cost to take from Peter to pay Paul.
This friend that you have will have no worries in her future because she obviously works hard and smart. I don't envy her because everybody has his or her own life destination.
I am a trust fund baby, I chose art, not medical school. I chose sports, not investment banking. I suffer from the consequences of my own interests, passion, actions and choices. I don't ask OTHER people to pay for my dream, I asked my grandparents and my parents to pay for it. I am entitled to it.
The case against the inheritance tax does not turn on complex legal or economic argument. It is a simple moral case when you really think about it.
The law should be set up to align the interests of one and all.
If the law allows people to keep what they earn, everyone has a private incentive to work hard—which ends up benefiting everyone else.
The money my grandparents kept is AFTER tax money. Why do we as grandchildren must pay HUGE inheritance tax? It is grossly unfair that people that save the most, and plan for future generations get punished.
I have big dreams of establishing my own non-profit organization helping those who deserve my help. I want to use my grandpa's money to help people I LOVE.
Inheritance tax is unfair, and those who say inheritance tax should be set high are simply jealous. **** This statement is not directed at any posters in this thread ***** I have no other ways to explain it.
Thank you for sharing.
I agree with the bolded part.
What you say makes a certain amount of sense, and might I add to that the fact I don't wish to see children of poor families penalized for something they had no part in...their parents' poor choices. Granted, I don't think all poor people are there for having made poor choices, necessarily.
I didn't have any of your resources. It was a one hell of a hard road to get to where I now stand. In my fantasy land, that same road would be more smoothed out for future individuals in similar situations...poor, single parents who put in their time working crap job after crap job, and who want desperately to get out of that cycle...and who have the desire and determination to do so.
Welfare lazy butts who want nothing more than to sit around can bite me.
Please tell me as a trust fund baby yourself, one who recognizes your own good fortune, that at least you're not demonizing the poor the way I've seen some do in this forum. As long as you're not doing that, I have no issues
What you say makes a certain amount of sense, and might I add to that the fact I don't wish to see children of poor families penalized for something they had no part in...their parents' poor choices. Granted, I don't think all poor people are there for having made poor choices, necessarily.
I didn't have any of your resources. It was a one hell of a hard road to get to where I now stand. In my fantasy land, that same road would be more smoothed out for future individuals in similar situations...poor, single parents who put in their time working crap job after crap job, and who want desperately to get out of that cycle...and who have the desire and determination to do so.
Welfare lazy butts who want nothing more than to sit around can bite me.
Please tell me as a trust fund baby yourself, one who recognizes your own good fortune, that at least you're not demonizing the poor the way I've seen some do in this forum. As long as you're not doing that, I have no issues
Of course not, I have no reasons demonizing the poor. I recognize my own privilege, so I don't stay bitter. Plus, one bad life choice, I can very much become the poor. We are all equal.
Also, there is stigma associated with trustfund baby, I am a proof that we work, we work alllthetime. I bet i work longer hours compare to most people. I work 11 hours a day, six days a week.
I want to start two non-profit organizations, I want to help those unfortunate people nobody want to help. (Believe me, the people I want to help are somebody no body want to help. believe me on that).
The bottom line is that we all have a story to tell. Government has no business tax us more simply because we inherited some money from our grandparents.
I read an article somewhere (sorry, don't remember the source)
People who make more should pay more, generally speaking. In America, they are. Yes, the rich (and almost rich) are getting richer. When it comes to individual income taxes, they're also covering the entire bill. And leaving a tip.
My grandpa wanted to give his children all his AFTER TAX money, I cannot see HOW inheritance tax is even fair.
There are federal taxes imposed on that portion of a qualified estate that exceeds $ 5.43 million. In otherwords the first $ 5.43 million of a net estate is not taxed by the fed. After that, it depends. If the deceased' spouce's is to inherit the estate, federal taxes do not apply.
21 states impose an estate and/ or inheritence tax on the beneficiary. Most exempt the first $1 million of the inheritance.
There are a million and one ways to avoid or reduce the tax burden on a qualified estate. Chances are if Grandpa's estate is reasonably in excess of $5.43 million, he has worked it out with an estate planner.
Of course not, I have no reasons demonizing the poor. I recognize my own privilege, so I don't stay bitter. Plus, one bad life choice, I can very much become the poor. We are all equal.
Also, there is stigma associated with trustfund baby, I am a proof that we work, we work alllthetime. I bet i work longer hours compare to most people. I work 11 hours a day, six days a week.
I want to start two non-profit organizations, I want to help those unfortunate people nobody want to help. (Believe me, the people I want to help are somebody no body want to help. believe me on that).
The bottom line is that we all have a story to tell. Government has no business tax us more simply because we inherited some money from our grandparents.
I read an article somewhere (sorry, don't remember the source)
People who make more should pay more, generally speaking. In America, they are. Yes, the rich (and almost rich) are getting richer. When it comes to individual income taxes, they're also covering the entire bill. And leaving a tip.
Fair or not, you can be the judge.
You don't sound like the trust fund baby that tends to get under my skin at all
There are federal taxes imposed on that portion of a qualified estate that exceeds $ 5.43 million. In otherwords the first $ 5.43 million of a net estate is not taxed by the fed. After that, it depends. If the deceased' spouce's is to inherit the estate, federal taxes do not apply.
21 states impose an estate and/ or inheritence tax on the beneficiary. Most exempt the first $1 million of the inheritance.
There are a million and one ways to avoid or reduce the tax burden on a qualified estate. Chances are if Grandpa's estate is reasonably in excess of $5.43 million, he has worked it out with an estate planner.
bolded, not fair. Depends on what? You shouldn't be taxing people's after tax's money. Period.
Originally Posted by lilyflower3191981 Mother Teresa has once said, Charity, if it is true, MUST COST us, it does not cost to take from Peter to pay Paul.
This friend that you have will have no worries in her future because she obviously works hard and smart. I don't envy her because everybody has his or her own life destination.
I am a trust fund baby, I chose art, not medical school. I chose sports, not investment banking. I suffer from the consequences of my own interests, passion, actions and choices. I don't ask OTHER people to pay for my dream, I asked my grandparents and my parents to pay for it. I am entitled to it.
The case against the inheritance tax does not turn on complex legal or economic argument. It is a simple moral case when you really think about it.
The law should be set up to align the interests of one and all.
If the law allows people to keep what they earn, everyone has a private incentive to work hard—which ends up benefiting everyone else.
The money my grandparents kept is AFTER tax money. Why do we as grandchildren must pay HUGE inheritance tax? It is grossly unfair that people that save the most, and plan for future generations get punished.
I have big dreams of establishing my own non-profit organization helping those who deserve my help. I want to use my grandpa's money to help people I LOVE.
Inheritance tax is unfair, and those who say inheritance tax should be set high are simply jealous. **** This statement is not directed at any posters in this thread ***** I have no other ways to explain it.
I am a trust fund baby as well, but the inheritance was in articles and things, not money per se though I did get a chunk of it, but it dribbles out a little at a time so minimal taxes are yanked. I have a CPA who is well paid to see that I keep it and not the Fed. So the property I since sold was not taxed and neither was the plane I inherited that I sold when I upgraded to a Cheyenne. I still work hard for the railroad because I like my job. I am good at it and I am well compensated. I could live off the fruits of my inheritance but I choose not to. The fact that the Fed is slavering after my money is quite frankly disgusting and I will resist any efforts that others may do to separate me from my inheritance so I will keep what is rightfully mine.
Ah yes, put your head in the sand because it fits your narrative.
Our economy is driven 70% by consumer demand. This means that wealth inequality is a issue. While a certain amount of it is awesome, extreme amounts of it damage our economy.
IE The rich would be even richer if the level of inequality stays below a certain point.
Inequality is a real problem, but not for the reason that most people think.
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