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this post was submitted on 17 Jul 2023
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Superyachts are an insult.
Even more insulting is that this person is an "heir" to the money. Fuck them. Inheritance tax should be very, very high.
The only single argument I ever once heard against the inheritance tax being really high that I thought was worth anything: in theory if all your wealth was tied up in hard assets that can't be easily divided up you could inherit a debt. The example was a farm. Which even then it is a fixable problem for that one edge case, just make it so if it is a farm you can spread payments out instead of all at once.
Ultimately, while they deserve it, high inheritance taxes on the Petite Bourgeoisie are not the goal; it's very high inheritance taxes on the super-rich. If a man with a billion dollars dies, 950 million (if not more) should go to the government.
Only an idiot would argue for a flat tax. So that’s not an issue here.
I think low/no inheritance tax on the first X (50 mil for example) amount of assets/money, then the rest goes to gov is what he's saying.
It would phase out billionaires in a naturalish fashion if executed correctly.