4 ms·

Inheritance?

by ssss11 3y ago

Inheritance?

wslh 3y ago
This is for sure the top. Offering alternatives to this thinking is helpful. For example, the 70s, 80s pushed some of the US middle class upwards [1] (and some not). [1] https://www.baltimoresun.com/1992/03/08/us-middle-class-shrank-during-1970s-and-1980s/ https://www.baltimoresun.com/1992/03/08/us-middle-class-shra... | https://archive.is/hgtpq https://archive.is/hgtpq
deleted 3y ago
[deleted]
chris-orgmenta 3y ago
Unrelated note: I notice a lot of people in the UK are angry at inheritance tax going up - Not knowing that it wouldn't impact them and only affects >1millionGBP. So the lower class is tricked (conspiratorially or otherwise) into fighting for wealth redistribution to NOT happen.
- plexman 3y ago
  We should not punish savers. This "wealth redistribution" talk is bollocks.
  - chris-orgmenta 3y ago
    So my parents gift me money in their will, and I am owed it somehow because I share genes? I don't get it, apart from certain return for if the child did genuinely 'earn it' through caring for parents in old age etc. We need to end this divine-right thinking, IMO. I think it's the perfect place to get tax rev (it's the tax that is furthest away from 'units of work' that I can think of. Far better than getting it from an income tax). I.e. it is the tax that penalises people the least for creating value. --- I guess my current position is that 1. It is poor economic policy not to go heavy on inheritance tax (as far as emigration of the upper class remains inelastic), and 2. People claiming their relatives' estates is not compelling to me (but I am open to being compelled)
    - plexman 3y ago
      You should have the right to gift whatever you want to your descendants, and the general public should have no cut from your hard work and the decision not to consume it all. You paid taxes all your life. Your descendants are going to be paying taxes for the new assets. OP saying not to worry, its just a problem if you receive more than 1kk, well in 100 years with inflation i bet this will be a problem for everybody.
      - chris-orgmenta 3y ago
        UK inheritance tax is indeed based on flat GBP amounts, and it would indeed have been less overhead to make it ratios/pegged to something. But these get reviewed and adjusted often, so the assumption that inflation would impact this is a bit premature. > You should have the right to gift whatever you want to your descendants, and the general public should have no cut from your hard work and the decision not to consume it all. > You paid taxes all your life. Your descendants are going to be paying taxes for the new assets. Yes that's the problem - This is not at all compelling to me, and vice versa I am not compelling to you. I feel that your side needs to be extra compelling too, so as to prove that it is better to take from another tax than from inheritance tax. It is very much in my interest for me to be convinced by you. I want to believe :)
        plexman 3y ago
        I think that gvmt's are wasteful and i just don't like to pay high taxes because i had $0 20 years ago. In this particular situation its even worse because it's double taxation. My original comment on this is related to punishing the savers that accumulated that capital, i can't fathom that. If you like to pay takes and are looking forward to pay more, there's nothing i can add to convince you. > So my parents gift me money in their will, and I am owed it somehow because I share genes? What is your take on inheritance? I understood that you think that it should not be allowed? You called a divine right! Should the gvmt have your assets? If not who?
        chris-orgmenta 3y ago
gruez 3y ago
If you read past the title you'd see that the article is talking about countries getting rich, not individuals.

Inheritance?

by ssss11 3y ago

Inheritance?

wslh 3y ago

This is for sure the top. Offering alternatives to this thinking is helpful. For example, the 70s, 80s pushed some of the US middle class upwards [1] (and some not). [1] https://www.baltimoresun.com/1992/03/08/us-middle-class-shrank-during-1970s-and-1980s/ https://www.baltimoresun.com/1992/03/08/us-middle-class-shra... | https://archive.is/hgtpq https://archive.is/hgtpq

deleted 3y ago

[deleted]

chris-orgmenta 3y ago

Unrelated note: I notice a lot of people in the UK are angry at inheritance tax going up - Not knowing that it wouldn't impact them and only affects >1millionGBP. So the lower class is tricked (conspiratorially or otherwise) into fighting for wealth redistribution to NOT happen.

plexman 3y ago
We should not punish savers. This "wealth redistribution" talk is bollocks.
- chris-orgmenta 3y ago
  So my parents gift me money in their will, and I am owed it somehow because I share genes? I don't get it, apart from certain return for if the child did genuinely 'earn it' through caring for parents in old age etc. We need to end this divine-right thinking, IMO. I think it's the perfect place to get tax rev (it's the tax that is furthest away from 'units of work' that I can think of. Far better than getting it from an income tax). I.e. it is the tax that penalises people the least for creating value. --- I guess my current position is that 1. It is poor economic policy not to go heavy on inheritance tax (as far as emigration of the upper class remains inelastic), and 2. People claiming their relatives' estates is not compelling to me (but I am open to being compelled)
  - plexman 3y ago
    You should have the right to gift whatever you want to your descendants, and the general public should have no cut from your hard work and the decision not to consume it all. You paid taxes all your life. Your descendants are going to be paying taxes for the new assets. OP saying not to worry, its just a problem if you receive more than 1kk, well in 100 years with inflation i bet this will be a problem for everybody.
    - chris-orgmenta 3y ago
      UK inheritance tax is indeed based on flat GBP amounts, and it would indeed have been less overhead to make it ratios/pegged to something. But these get reviewed and adjusted often, so the assumption that inflation would impact this is a bit premature. > You should have the right to gift whatever you want to your descendants, and the general public should have no cut from your hard work and the decision not to consume it all. > You paid taxes all your life. Your descendants are going to be paying taxes for the new assets. Yes that's the problem - This is not at all compelling to me, and vice versa I am not compelling to you. I feel that your side needs to be extra compelling too, so as to prove that it is better to take from another tax than from inheritance tax. It is very much in my interest for me to be convinced by you. I want to believe :)
      - plexman 3y ago
        I think that gvmt's are wasteful and i just don't like to pay high taxes because i had $0 20 years ago. In this particular situation its even worse because it's double taxation. My original comment on this is related to punishing the savers that accumulated that capital, i can't fathom that. If you like to pay takes and are looking forward to pay more, there's nothing i can add to convince you. > So my parents gift me money in their will, and I am owed it somehow because I share genes? What is your take on inheritance? I understood that you think that it should not be allowed? You called a divine right! Should the gvmt have your assets? If not who?
        chris-orgmenta 3y ago

gruez 3y ago

If you read past the title you'd see that the article is talking about countries getting rich, not individuals.