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Though I am a liberal and support estate taxes, they are probably on their way out. They generate a lot less revenue then they used to and are slowly being chipped away.
Ahhh... the true intent of obscene selfishness comes out.
Hoarding money is a drag on the economy because it produces nothing yet adds to the total balance sheet.
If I keep $1 billion in a bank vault I can live off the interest indefinitely without producing anything.
If I keep a billion dollars in a vault in my second bedroom I can live in poverty for 87,489 years. Ok let's round down for inflation and stuff and only have 80,000 years to live off that.
opin_yunated. lol you are talking yourself in a hole. How does it add to the total balance sheet if its not out there working? Hording is no different than burning it in a pit.
It decreases the velocity of money and it is inflationary. There is no production associated with it.
Hoarding U.S. dollars is not burning it in a pit. It still shows up on the sector balance sheet as an outlay.
If it has interest its producing something...its out their funding things.
Don't bother, you cant change the mind of some one as entrenched in the class war ideology as he is. Greed and envy are too powerful for them to overcome.
Ahhh... the true intent of obscene selfishness comes out.
Hoarding money is a drag on the economy because it produces nothing yet adds to the total balance sheet.
If I keep $1 billion in a bank vault I can live off the interest indefinitely without producing anything.
But......that bank uses the amount you are keeping in their vaults as "part of the basis for which their ability to make loans to business." Banks are restricted to loan only a certain percentage of their deposits, so that $1 billion in the bank vault you are living off allows that bank to make huge loans to entities that keep our economy going and creates jobs. See...no matter where those $'s are kept they contribute to our economy, unless as I said before you bury or stuff it in the mattress. Not sure you could find enough area to do either or both with $1 billion.
Many inherited assets are parked in foreign venues such as high-end real estate or similar investments. But in a way, the exact disposition of the assets is beside the point, since the question is, how is the government to be funded at all? As long as the money has to come from somewhere (and it does), it's probably better to get more of it from estate taxation than, say, from federal income tax.
Many inherited assets are parked in foreign venues such as high-end real estate or similar investments. But in a way, the exact disposition of the assets is beside the point, since the question is, how is the government to be funded at all? As long as the money has to come from somewhere (and it does), it's probably better to get more of it from estate taxation than, say, from federal income tax.
Which is exactly why we should abolish any and all "income tax" and use "consumption tax" in its place.
As for inheritance being "parked in foreign venues" it would not be if it were not in danger of our own IRS, now would it. It would stay here in the USA and benefit all of us.
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...that bank uses the amount you are keeping in their vaults as "part of the basis for which their ability to make loans to business." Banks are restricted to loan only a certain percentage of their deposits, so that $1 billion in the bank vault you are living off allows that bank to make huge loans to entities that keep our economy going and creates jobs. See...no matter where those $'s are kept they contribute to our economy, unless as I said before you bury or stuff it in the mattress. Not sure you could find enough area to do either or both with $1 billion. 
