Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
No hoarding is not bad for the economy, it is neutral for the economy. What is bad for the economy is government putting money in places where market forces did not want it, picking winners and losers.
Only corruption can create a feudal society, not hording. And if you are not out there growing your fortune and engaging with capitalism then inflation will eventually catch up with it, so again your fictional problem of 'unfair they dont have to do anything' is solved.
LOL, hoarding is bad for the economy. I shouldn't have to explain how economy works.
The government issues currency to the citizens in exchange for production (creates money). The government confiscates and redistributes that currency (taxation) to discourage its citizens from taking that money and not producing. All fiat governments operate under this model, as they have for thousands of years. It falls apart when people stop producing.
Quote:
Originally Posted by Frank DeForrest
I See no reason the guv shouldnt profit from someones death
The government doesn't "profit." The government pays all its bills by issuing new currency. The government doesn't have a reason or need to earn profit.
Like all things estate, plan for it. As you get closer to the finish line, however best one can guess that, move to cash and withdraw. If you have kids, give the legal limit, and give even more after that. If they are good kids, they can always hand back to you as needed. Might cramp your style but, above all, try to die with the limit in mind and the rst with family.
Not easy to do but, imagine giving 500k to our government only to hand out to folks who never tried. Nope. Not going to happen.
I See no reason the guv shouldnt profit from someones death
Actually, in terms of overall fairness I think the Estate tax is probably actually a more equitable tax then an earned income tax, or payroll tax.
The earned income tax, and payroll tax taxes money that the recipient put in blood, sweat, tears, sleep, and/or time into getting. The Estate tax taxes money that the recipient likely gets by coming out of the right vagina.
Now I can understand some folks want no taxes, but given the options I have to say I don't think there is a real question.
Should we keep the Estate Tax at its present rate?
Should we slightly raise the Estate Tax and get $250 billion in extra revenue?
Or eliminate the Estate Tax?
..............the death tax exists to keep us from becoming how Britain has been for centuries. America is about earning your way not inheriting it.
Tell that to those who do not earnanything and live off the government which just uses this scheme as wealth redistribution.
Remember the people who die have already paid taxes on their money/assets, yet the government wants a 2nd or even a 3rd bite of it after the person dies.
Fortunes up to $5 million should be taxed at normal tax rates.
Fortunes $5 million to $20 million should be taxed at a marginal rate of 50%
Fortunes over $20 million should be taxed at a marginal rate of 90%.
You better donate those multi-multi-million dollar fortunes to charity.
Tell that to those who do not earnanything and live off the government which just uses this scheme as wealth redistribution.
.....but you're advocating that for your children.
Quote:
Originally Posted by Vector1
Remember the people who die have already paid taxes on their money/assets, yet the government wants a 2nd or even a 3rd bite of it after the person dies.
No, the government is treating it as income when it transfers to the next party.
What don't you people understand? It is INCOME. You can't take it with you when you die.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
