1041
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 20 Aug 2023
1041 points (81.0% liked)
Memes
45536 readers
248 users here now
Rules:
- Be civil and nice.
- Try not to excessively repost, as a rule of thumb, wait at least 2 months to do it if you have to.
founded 5 years ago
MODERATORS
False. The children of rich people are born rich. That's a major part of the problem. It creates dynasties.
This is an area I have said needs to be taxed to hell, there is no good reason we should allow the passing of wealth without heavy penalty. I'm convinced that if we taxed all forms of wealth transfer at something like 80%, we could pretty much get rid of income tax. Income you have earned should be your entitlement, assets passed down to you should be where the taxes cut in.
So, you have to sell off 80% of your dead mother's mementos unless you're rich? Careful—your proposal is good in spirit, but has ugly side effects that need to be carefully avoided.
I'd rather sell off mementos than lose livelihood. We all know the top 1% shelter and live off non income based tax shelters, and then just pass those shelters on through legacies. Given the arbitrary caps on assets your grandmother's Polaroids would likely be safe. You wont see good faith attempts to fix taxes regardless though, as politicians are in the business of making money, so would never go after their own livelihood.