4 ms·
>You really want to make it so that a lower-middle-class family whose primary breadwinner dies has to lose 100% of their assets? I'm talking about the estate t
by minikites 8y ago
>You really want to make it so that a lower-middle-class family whose primary breadwinner dies has to lose 100% of their assets?
I'm talking about the estate tax we already have, where that family is already exempt:
>Because of these exemptions, it is estimated that only the largest 0.2% of estates in the U.S. will pay the tax.[7] For 2017, the exemption increased to $5.5 million. In 2018, the exemption doubled to $11.18 million per taxpayer due to the Tax Cuts and Jobs Act of 2017.
The rest of your examples aren't especially meaningful, the existence of loopholes doesn't mean we can't start with something simple and adjust it later. Those methods already exist and are used to dodge existing taxes, that doesn't mean taxes are a flawed concept.
- aetherson 8y agoSure it does. It means taxes that are high enough that it becomes vastly rewarding for large numbers of people to dodge them are flawed.
- minikites 8y agoThe evidence is not on your side: https://www.latimes.com/politics/la-pol-sac-skelton-income-tax-california-wealthy-20190311-story.html https://www.latimes.com/politics/la-pol-sac-skelton-income-t... >Sure, there are anecdotes galore. Everyone seems to know someone who has fled California to dodge its high taxes. But there’s no wholesale bolting of the rich. >“Substantially more rich people are moving into California than moving out,” says Cristobal Young https://www.courant.com/politics/hc-pol-millionaires-leaving-ct-1226-20181226-dy2bmxno7fdpnbeeojoowcuwyi-story.html https://www.courant.com/politics/hc-pol-millionaires-leaving... >Florida, which ranked 39th in per capita income in 2017 according to the U.S. Census Bureau, gained the most income through migration. But Florida generally is considered an outlier, given its extremely attractive climate. >“When Florida is excluded, there is virtually no tax migration,” the report states.
- aetherson 8y agoCalifornia's tax rates turn out to be much lower than 100%.
- mrep 8y agoFrance tried a 75% tax on income over 1 million and it caused so many people and capital to flee that their economy stagnated and they actually lost tax revenue [0]. [0]: https://www.forbes.com/sites/jonhartley/2015/02/02/frances-75-supertax-failure-a-blow-to-pikettys-economics/#2bf634d55df2 https://www.forbes.com/sites/jonhartley/2015/02/02/frances-7...