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- Feb 12, 2013
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So much for "pulling yourself up by your bootstraps." Nearly 60% of all US wealth comes from daddy or grandpa.
https://www.washingtonpost.com/us-p...re-when-they-learn-how-wealth-is-distributed/
I'm not. And, that is why I have always supported exceptionally high tax on inheritance.
My scheme:
Zero tax on $1 through $1M.
But, tax,
30% of anything over $1M
50% of anything over $5M
90% of anything over $10M
95% of anything over $100M
99% of anything over $1B *
* A billionaire would still be leaving his offspring $10M for each billion. Explain why that should not be enough.
https://www.washingtonpost.com/us-p...re-when-they-learn-how-wealth-is-distributed/
Proposals to increase taxes on the wealthy are having a moment: Polling shows Democrats and Republicans coming together in support of steep taxes on the wealth and income of the super-rich. Although the specifics of the proposals are new, the general public sentiment toward soaking the rich is a long-standing one, according to Gallup polling.
But there’s one type of tax on millionaires that Americans have consistently been skeptical of: the estate tax. Polling typically shows that a majority of Americans favor repealing this tax completely.
Part of this is because of Republicans' success in branding the tax a “death tax” that unfairly confiscates wealth from Americans at the time of a family member’s death. But research out of Sweden suggests there’s another factor driving opposition to the estate tax: Many people may simply be unaware of basic facts about inherited wealth.
I'm not. And, that is why I have always supported exceptionally high tax on inheritance.
My scheme:
Zero tax on $1 through $1M.
But, tax,
30% of anything over $1M
50% of anything over $5M
90% of anything over $10M
95% of anything over $100M
99% of anything over $1B *
* A billionaire would still be leaving his offspring $10M for each billion. Explain why that should not be enough.