Those who would ABOLISH Inheritance

[MattTheSkywalker]

HEY!! WAKE UP!!

I am sure you inheritance haters know that 1% of the US population controls about 47% of the assets. So if you abolished inheritance, what would happen?

These super-wealthy would start moving as much of their assets as they could out of the country. What do you think would happen if 47% of the money in the US was yanked out of the economy?

Help me to help you.

 

[1911]

The political issue aside, I have zero respect for "trust babies." None. Is it envy on my part? Maybe, but in general I believe one must overcome the challenges life presents to ensure a quality human being matures. My assessment of trust babies - weak fucks for the most part (always exceptions) with respect to the attributes that define a good person.

Do I believe the government should dictate the rules - HELL NO! I believe parents should keep their heads out of their assess, spend down the dough (i.e. have a blast with their cash however they choose), ensure "junior" has a decent start with a little education money and push the kids ass out into the real world to "make or break" on their own.

I don't want any of my folk’s assets. They deserve to blow it going out in style.

Later,

 

[RyanH]

HEY!! WAKE UP!!

I am sure you inheritance haters know that 1% of the US population controls about 47% of the assets. So if you abolished inheritance, what would happen?

These super-wealthy would start moving as much of their assets as they could out of the country. What do you think would happen if 47% of the money in the US was yanked out of the economy?

Help me to help you.

Tax transfers outside of the country to avoid the problem....there are many other ways to avoid that problem.

 

[curling]

I have nothing against trust babies. They are just lucky. I wouldn't take luck away from anyone. If I could afford to give my kids a bunch of cash that I couldn't spend, I would.

I get sick of work and being at work. I would make a great playboy. I would skydive, have a bad ass house on lake travis, go wakeboarding everyday, race cars, play golf, ski in the winter, and have killer cigarette boat parties. Man, I am getting all excited about this will some rich fucker please adopt me because I know how to have fun with all the money you made. Please?

 

[Gilbyag]

fuk dat, I best be able to pass on what Ive earned... ( I havent read the other thread so I dont really know whats going on... Im just a card in the spokes of this thread)

 

[WODIN]

I would be able to buy a big ass house in Bel Air for around $25.00 or 2.5 trillion. Depending on inflation that day!

 

[MattTheSkywalker]

Re: Re: Those who would ABOLISH Inheritance

Tax transfers outside of the country to avoid the problem....there are many other ways to avoid that problem.

Ask Marc Rich about tax following you around.

Also, the loss of tax revenue is not the problem Ryan. The problem is that this money will be invested elsewhere.

 

[spongebob]

The political issue aside, I have zero respect for "trust babies." None. Is it envy on my part? Maybe, but in general I believe one must overcome the challenges life presents to ensure a quality human being matures. My assessment of trust babies - weak fucks for the most part (always exceptions) with respect to the attributes that define a good person.

Later,

and people who work hard and earn a fortune are always such good quality human beings. (always exceptions)

what generalizations!!!

 

[RyanH]

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.

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.

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.?

If anything limiting and taxing the hell out of inheritances, frees up more revenue for our country which means more money for consumers since there would be money available for tax cuts---not just untargeted tax cuts for the wealthy which the Bush Administration pursues continuously.

Why some people feel threatened by limiting inheritance escapes me since: A) you'll be dead, thus not affecting you in any way, B) limiting inheritance promotes hard work and productivity, and C) few of you will be affected since most of you are not in the top 10 percent of the nation's wealthy.

EVEN BILL GATES HAS AGREED THAT INHERITANCE SHOULD HAVE THE HELL TAXED OUT OF IT through the estate tax.

 

[gymtime]

The political issue aside, I have zero respect for "trust babies." None. Is it envy on my part? Maybe, but in general I believe one must overcome the challenges life presents to ensure a quality human being matures. My assessment of trust babies - weak fucks for the most part (always exceptions) with respect to the attributes that define a good person.

So, by that logic, I assume you have nothing but respect for most poor people? For, since they are poor, they must be hard-working, strong, quality people right?

 

[1911]

So, by that logic, I assume you have nothing but respect for most poor people? For, since they are poor, they must be hard-working, strong, quality people right?

No.

 

[1911]

what generalizations!!!

Agreed, but I stand by my opinion.

 

[spongebob]

Agreed, but I stand by my opinion.

well at least your steadfast in your beliefs.

 

[RyanH]

Agreed, but I stand by my opinion.

As you should. But many people on Elite don't like it when one has enlightened beliefs, grounded in logic.

 

[curling]

As you should. But many people on Elite don't like it when one has enlightened beliefs, grounded in logic.

How do you do the roll eyes smiley again somebody?

 

[PsychoSkitz]

Does this include Life Insurance as well?

If it does, you're screwing over a family and putting them in debt when funeral time comes and they have no money.

If it doesn't, then what prevents the person from putting all of their money into their policy?

 

[TN MuscleBear]

As you should. But many people on Elite don't like it when one has enlightened beliefs, grounded in logic.

I've got to tell you Ryan...I agree with some things you say, and disagree with others...

But this is the first time I truely thought you were a fucking idiot.

 

[spentagn]

I've got to tell you Ryan...I agree with some things you say, and disagree with others...

But this is the first time I truely thought you were a fucking idiot.

You've been here since June and this is the first time?

 

[gymtime]

The political issue aside, I have zero respect for "trust babies." None. Is it envy on my part? Maybe, but in general I believe one must overcome the challenges life presents to ensure a quality human being matures. My assessment of trust babies - weak fucks for the most part (always exceptions) with respect to the attributes that define a good person.

As you should. But many people on Elite don't like it when one has enlightened beliefs, grounded in logic.

This post is neither enlightened nor logical. Discuss.

 

[spongebob]

As you should. But many people on Elite don't like it when one has enlightened beliefs, grounded in logic.

his belief that most "trust babies" are "weak fucks" and that most of them have no attributes that qualify for a "good" person.

thats "enlightenment", grounded on logic, sounds like a very broad generalization to me. which i thought that would be something you would deplore ryanH.

you nonsense babble is disgusting ryan, you contradict yourself so much its obvious you have no real "purpose". all in the name of self-rightousness. which makes it that much more pathetic.

im sure if you do respond to this it will only be more of the same.

what a fucking joke, you are!

 

[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.