Those who would ABOLISH Inheritance

[BigPhysicsBastard]

ryan, your beleifs are not grounded in logic. If I am fortunate enough to make money in my lifetime which I did not get the chance to spend......the government will not tell me that I cannot pass it on to my children. I do not condone just giving children millions of dollars and let them become useless jetsetters....but than, that's the fault of the parents for spoiling their children in the first place. My children will learn the value of productivity and work, and I would place conditions on any inheritance, such as making a certain amount before they have access to it. BUT!!! The government will not get any more money from me than they are due. The fucking government taxes the shit out of us, and now they want to take away what we have when we die.......BULLSHIT. As I said, if I am fortunate enough to accumulate a decent amount of wealth which I will be able to pass on, I will make arrangements long before I die so that the government can't touch it. They are more than welcome to their share of taxes, BUT THAT's FUCKING IT!!!

 

[bouncer]

Ok I'm will to run an 'off shore' account for any of you elite members would wish to get your dirty money out of America.

Bouncer

 

[MattTheSkywalker]

People will invest where they stand to make the biggest return on their money.....Many other nations inheritance systems are very restrictive...i.e. China.

It is difficult to take an economic discussion seriously when you offer China as an example that the United States should emulate.

Investors will still invest in American companies if they make the most money here, and they'll still get to enjoy it, along with his or her spouse----their kids just won't enjoy it if they are over the age of 18.

No. Companies will relocate their headquarters elsewhere, as ExxonMobil has. Corporate CEOs and major shareholders are very wealthy and they are the ones who control the location of the corporation. They will move it where they benefit most.

We should heed Toqueville's warning about a nation's wealth being amassed in a few individuals which is currently happening, rapidly, as we speak. Do we really like the economy being controlled by Bill Gates, Ross Perot, the Rockefellers, etc.?

I agree with you that there are dangers in capitalism turning to oligarchy, and possibly, fascism. The philosophical link is stronger than the historical one, however.


Here's the bottom line:

Older wealthy people will do whatever it takes to relocate their wealth to avoid inheritance taxes now As it is, there are numerous taxes in place on inheritance, but through tax loopholes and wealth redistribution, muchis avoide. This will not change.

Either the wealth will be located oputside of the country or it will be given to living relatives and descendants as a person gets older.

 

[natasan]

People will invest where they stand to make the biggest return on their money.....Many other nations inheritance systems are very restrictive...i.e. China.

And you think this would work in the US because???

China may be successful in their approach - but they are a Communist System!

I think that occasionally you have some good ideas - but I don't think you're very realistic. You spark good debate, but your ideas are not even approachable.

 

[RyanH]

Either the wealth will be located oputside of the country or it will be given to living relatives and descendants as a person gets older.

which is still taxable as a gift. One can't just give over 10,000 away to anyone without paying a hefty gift tax.

and Matt, you don't find China's economy worthwhile? If not, then why are American companies itching to get into China as fast as possible.... China has both a huge population and a prosperous economy....

 

[spongebob]

and Matt, you don't find China's economy worthwhile? If not, then why are American companies itching to get into China as fast as possible.... China has both a huge population and a prosperous economy....

i think he was talking about your reference to china's inheritance system.

what in the hell does that have to do with whether american companies want to profit on china's potential buying market?

thier itching to get in to make money.

 

[BigPhysicsBastard]

let this be a warning to everyone......invest your shit where the feds can't fuck with it, but your family can. The government should tax inheritances.....reasonably that is!!! But they don't deserve the whole lot of it.