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bucheon bum
Joined: 16 Jan 2003
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 Posted: Wed May 22, 2013 9:04 am Post subject: |
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| jvalmer wrote: |
| Kuros wrote: |
| Americans should pay more in taxes, wealthy Americans should pay significantly more in taxes, and superwealthy Americans should not be able to pass off their superwealth to their heirs. |
Although I do believe the wealthy should pay more taxes, I disagree in not allowing their superwealth to be passed on to their heirs.
Isn't it the main reason a lot of people work and save? For their heirs. Let people pass on their weatlh, and if that particular superwealthy heir is abusing their position, that's when you bring them back down to earth. |
Counter: the Walton family, which has as much wealth as the bottom 40% of US families. Ain't that dandy?
And that might have been the traditional reason, but I doubt that's the case today. I know my parents' belief is inheritance is BS, and that belief was passed down from their parents as well. I don't know anyone who has been motivated by that factor. Well anyone in a Western country at least. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Wed May 22, 2013 1:58 pm Post subject: |
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| bucheon bum wrote: |
| And that might have been the traditional reason, but I doubt that's the case today. I know my parents' belief is inheritance is BS, and that belief was passed down from their parents as well. I don't know anyone who has been motivated by that factor. Well anyone in a Western country at least. |
It may not be the sole reason, but I'd say for most, it's a factor. I know I don't want any future kids of mine living in poverty. And if I were to make a few billion dollars, I'd like to ensure that future generations of mine enjoy a comfortable lifestyle. Although a few billion maybe excessive but I'd still want them to be wealthy in the 10million+ dollar range. |
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Kuros
Joined: 27 Apr 2004
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| Posted: Wed May 22, 2013 2:25 pm Post subject: |
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| jvalmer wrote: |
| bucheon bum wrote: |
| And that might have been the traditional reason, but I doubt that's the case today. I know my parents' belief is inheritance is BS, and that belief was passed down from their parents as well. I don't know anyone who has been motivated by that factor. Well anyone in a Western country at least. |
It may not be the sole reason, but I'd say for most, it's a factor. I know I don't want any future kids of mine living in poverty. And if I were to make a few billion dollars, I'd like to ensure that future generations of mine enjoy a comfortable lifestyle. Although a few billion maybe excessive but I'd still want them to be wealthy in the 10million+ dollar range. |
What are you starting with? Because if you believe you're going to make a few billion dollars you're probably delusional. You're 99% for life. Its best you admit that to yourself honestly.
I swear, the sentiments of the aspirational rich will doom us all. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Wed May 22, 2013 3:01 pm Post subject: |
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| Kuros wrote: |
| jvalmer wrote: |
| bucheon bum wrote: |
| And that might have been the traditional reason, but I doubt that's the case today. I know my parents' belief is inheritance is BS, and that belief was passed down from their parents as well. I don't know anyone who has been motivated by that factor. Well anyone in a Western country at least. |
It may not be the sole reason, but I'd say for most, it's a factor. I know I don't want any future kids of mine living in poverty. And if I were to make a few billion dollars, I'd like to ensure that future generations of mine enjoy a comfortable lifestyle. Although a few billion maybe excessive but I'd still want them to be wealthy in the 10million+ dollar range. |
What are you starting with? Because if you believe you're going to make a few billion dollars you're probably delusional. You're 99% for life. Its best you admit that to yourself honestly.
I swear, the sentiments of the aspirational rich will doom us all. |
Just saying I'd like to protect my assets, no matter how much, or little, I make for future generations. Why should we penalize someone who makes a lot more just because he made a lot more? And the government is last group of people I'd want deciding how to spend money I cold hand down.
These suggestions of taxing inheritance money at rates of 75% is ridiculous. Just tax it normally as any other income at that top income bracket, which should never exceed that 50% (including health, retirement and whatever...). |
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Kuros
Joined: 27 Apr 2004
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| Posted: Wed May 22, 2013 7:33 pm Post subject: |
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| jvalmer wrote: |
These suggestions of taxing inheritance money at rates of 75% is ridiculous. Just tax it normally as any other income at that top income bracket, which should never exceed that 50% (including health, retirement and whatever...). |
I proposed a 75% rate with a $5 million exemption. Thus, only 37.5%, or $3.75 million of a $10 million in inheritance would go to the state.
Or put it in a trust and protect all of it. If you have $10 million and cannot spend $5,000 of it on a lawyer to establish a straightforward trust, then I have no sympathy for you. |
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akcrono
Joined: 11 Mar 2010
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| Posted: Fri May 24, 2013 2:51 am Post subject: |
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| Kuros wrote: |
| jvalmer wrote: |
| Kuros wrote: |
| Americans should pay more in taxes, wealthy Americans should pay significantly more in taxes, and superwealthy Americans should not be able to pass off their superwealth to their heirs. |
Although I do believe the wealthy should pay more taxes, I disagree in not allowing their superwealth to be passed on to their heirs.
Isn't it the main reason a lot of people work and save? For their heirs. Let people pass on their weatlh, and if that particular superwealthy heir is abusing their position, that's when you bring them back down to earth. |
Concentration of wealth threatens democracy. A robust estate tax would still allow the superwealthy to pass on wealth to designated beneficiaries, but they would have to use investment vehicles such as trusts. Thus, they could choose who to benefit but not how to benefit them, as trusts vest the power to control into a trustee (subject to trustor's instructions and terms).
When I talk about superwealthy I should clarify: I mean anyone worth more than $1 billion. Thus, my model Estate Tax would be at a 75% rate but possess a $5 million exemption (along with the current special exemptions for ongoing farms and commercial concerns). Nobody needs to inherit more than $5 million.
People do earn and save to protect their loved ones. But enough becomes enough at a certain point. There are many motivations to start new businesses and venture, and profit should be only one reason. And once someone has a lot of money, profit should not be the primary motivator. |
�the love of money as a possession � as distinguished from the love of money as a means to the enjoyments and realities of life � will be recognized for what it is, a somewhat disgusting morbidity, one of those semi-criminal, semi-pathological propensities which one hands over with a shudder to the specialists in mental disease.� Keynes |
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