5 ms·

Don't forget your cap gains and consumption taxes

• frockington1 5y ago
  And death tax. And property tax for good measure
  • duped 5y ago
    We don't have a death tax in the US. We have an estate tax that is exempt up to $11 million and can be spread out 15 years for businesses.
    • frockington1 5y ago
      The proposed capital gains changes would ensure that most Americans will be targeted. If the cost basis doesn't recent on death many Americans will immediately get hit with taxes. With the top rate being upped to 43%, its gg for anyone who planned on leaving their loved ones money
      • duped 5y ago
        I mean that's a bad characterization. Most Americans don't have savings to be inherited, so "many Americans" should be quantified first. The gains are only taxed when they are realized, so you don't owe taxes on inheritance - only when you sell the assets. You would not owe at the top rate unless your income (including realized gains) eclipses the threshold. That's not a death tax. It's an income tax. You don't get out of it by dying.
      • skinnymuch 5y ago
        Most Americans aren’t leaving their loved ones solid money after they are gone. Being on HN, it is possible you live in a bubble with far higher avg income and savings than the rest of the country.
  • throwawayzRUU6f 5y ago
    And the "minor" difference that corporations are taxed on profits, whereas individuals are taxed on revenue