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I work more time nowadays, to the tune for 70 billable hours per week (and generate more tax revenue to my country as I both get more revenue and my tax bracket
by odshoifsdhfs 6y ago
I work more time nowadays, to the tune for 70 billable hours per week (and generate more tax revenue to my country as I both get more revenue and my tax bracket increases) so I can give a better life for my kid, and if something happens, he will face no difficulties.
If I knew he would not get it, or would get less than half of my savings/everything else, I would not work a single hour above what we need currently to live as we do, taking decreasing tax revenue for my country. Maybe I am biased as I also am set to receive some money when my parents die, but my grandfather immigrated, worked his ass off, built savings, returned here, started a business, built properties, my father inherited it, and works hard to keep them well so I inherit them, which I will do the same for my kid. What would be the point of my grandfather sacrificing a lot of his life away from his home if not to build a better future for his future generations?
- AdamN 6y agoCan you give real numbers? How much are you currently expecting your kids to receive post-tax after your death under existing regulations? How much would it be under the proposals?
- odshoifsdhfs 6y agoI am not American so I don't know the proposals. In my country, assuming current market situation, he would get close to a million and a half, close to a 200-300k will probably be for taxes. (not sure of the exact numbers as I am not up to date with all the little taxes you pay). For you to have an idea, Currently, for every euro I get, I pay in taxes+social security+etc(all the little taxes around everything) around 60% of the money to the government.
- AdamN 6y agoWe're talking about lowering the $23MM estate lower bound to a smaller number. That was the reason I asked for numbers. Nobody works hourly and has $23MM.
- jacobush 6y agoI thought you were talking about the article.
- odshoifsdhfs 6y agoI was replying to parent: 'I've never understood why people think that just because, e.g., their parents created a business worth millions of dollars, they should get that for free.'
- mchaver 6y agoA wealth/inheritance tax does not necessarily mean 100%. The flip side of everyone working lots of hours would be the chance to spend more time with friends and family. That also seems valuable for future generations.
- mensetmanusman 6y agoThis post inadvertently reminded me of why communism always fails. Communist policy makers assumed worker-cogs that thought nothing of providing for their family which resulted in people’s productivity falling dramatically and the resulting mass starvation, etc. (historians cite >100M deaths from attempts at implementing communism! yikes)