4 ms·

I hope that we could carve out exemptions for first-generation wealth. Reparations may never happen in the US, but if a family went from slavery to wealth in a

by gdubs 6y ago

I hope that we could carve out exemptions for first-generation wealth. Reparations may never happen in the US, but if a family went from slavery to wealth in a few generations, perhaps the least we could do is exempt them from the inheritance tax. Maybe this is a controversial take, I don’t know, but it seems like it might make a small step towards lessening inequality.

Someone1234 6y ago
So you want to carve out an exemption that will largely benefit non-minorities and increase wealth inequality, in the name of helping minorities and closing the wealth inequality gap? That's quite some spin there. How about we take in more tax from the wealthy, regardless of their ethnic origins, and use that money to provide better social safety nets for the poorest who are also disproportionately minorities due to system and historical racism? You know, close the wealth gap, instead of further increasing it. Or heck, if you're really serious about this then tax the wealthy and pay actual reparations. It doesn't make any rational sense to pass a tax cut for the wealthiest in the name of "some of them could be minorities too!" It makes far more sense to tax all the wealthy, then help minority populations who would benefit more greatly. The top 1%'s kids will have to survive without that third house or yacht, even if they're minorities.
- gdubs 6y ago
  Why such an antagonistic reply? An honest reading of my comment is that I’m speaking primarily of black millionaires — while leaving the door open that there are other groups also deserving of exemptions. It’s fine to disagree — but the tone is rather over-the-top considering. Let’s have a conversation. I’m open to hearing why it’s a stupid idea. But if we attack each other for posting ideas — then people won’t put forward ideas out of fear of being attacked.
  - thomasfromcdnjs 6y ago
    I like your original post not because I agree with it but I think it outlines an important point. Allowing families to work uninhibited without fear of government coming and taking everything allows these families (cultures) to get ahead.
cptskippy 6y ago
Honestly the exemptions are the problem. People find ways to exploit them. Inheritance and Estate taxes don't kick in until over 1 million dollars or more and impact less than 2% of the population. If you're the 2% of the population this applies to, you're probably already doing estate planning and can plan for a portion of the inheritance you're passing on to be immediately liquidated to pay taxes.

by gdubs 6y ago

Someone1234 6y ago

So you want to carve out an exemption that will largely benefit non-minorities and increase wealth inequality, in the name of helping minorities and closing the wealth inequality gap? That's quite some spin there. How about we take in more tax from the wealthy, regardless of their ethnic origins, and use that money to provide better social safety nets for the poorest who are also disproportionately minorities due to system and historical racism? You know, close the wealth gap, instead of further increasing it. Or heck, if you're really serious about this then tax the wealthy and pay actual reparations. It doesn't make any rational sense to pass a tax cut for the wealthiest in the name of "some of them could be minorities too!" It makes far more sense to tax all the wealthy, then help minority populations who would benefit more greatly. The top 1%'s kids will have to survive without that third house or yacht, even if they're minorities.

gdubs 6y ago
Why such an antagonistic reply? An honest reading of my comment is that I’m speaking primarily of black millionaires — while leaving the door open that there are other groups also deserving of exemptions. It’s fine to disagree — but the tone is rather over-the-top considering. Let’s have a conversation. I’m open to hearing why it’s a stupid idea. But if we attack each other for posting ideas — then people won’t put forward ideas out of fear of being attacked.
- thomasfromcdnjs 6y ago
  I like your original post not because I agree with it but I think it outlines an important point. Allowing families to work uninhibited without fear of government coming and taking everything allows these families (cultures) to get ahead.

cptskippy 6y ago

Honestly the exemptions are the problem. People find ways to exploit them. Inheritance and Estate taxes don't kick in until over 1 million dollars or more and impact less than 2% of the population. If you're the 2% of the population this applies to, you're probably already doing estate planning and can plan for a portion of the inheritance you're passing on to be immediately liquidated to pay taxes.