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You can't really make an estate tax work higher than the income or gift tax, since people can just sidestep it by giving the inheritance early.
by unishark 6y ago
You can't really make an estate tax work higher than the income or gift tax, since people can just sidestep it by giving the inheritance early.
- sokoloff 6y agoI think of the gift tax as just the pre-death version of the estate tax. IRS Form 709 and Publication 559 make fairly clear that this is not inadvertent.
- charlesu 6y agoRaise the gift tax and income tax as well. High taxes on high earners is a good thing. It spurs investment, flattens the distribution of wealth and income, and spurs spending. Give a millionaire a million dollars and he’ll save it or “invest it”, inflating asset prices even further. Give a thousand people and thousand dollars and most will spend it, helping the economy.