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Insane that any democracy would reject an inheritance tax
Because it is theft. If my parents are successful and pay their taxes why is it fair to double tax a child’s inheritance. You tax earnings and income. You don’t the same money multiple times.
It's more important to prevent an aristocracy than it is to be fair.
Those things aren’t mutually exclusive. You can be fair as well as tax the rich.
Over 60 Million dollars is a lot of money. More money than your kid needs to live comfortably and never have to work ever again. That's so much money you are creating a family that never has to experience the life of a normal person and can use that money to influence politics to compound that effect.
How much money does a person need to live comfortably without having to contribute labor? 2-5 million? Is living in luxury but not so much that someone who's never had a real job can just buy elections unfair?
You are presenting issues that are irrelevant to the tax. Yes those things you mentioned are unfair and should be regulated accordingly. Those are irrelevant to an inheritance tax. If you want to create a wealth tax over a certain amount that’s fine but call a spade a spade. Don’t hide it as inheritance tax and allow wealthy people to hide their money in other ways like trusts and businesses.
Thing is the same money does regularly get taxed multiple times. You get shafted on money as it comes to you (income tax) and u get shafted on that money once you spend it to (sales tax). Hell I bought a house and will get to pay taxes on that annually for as long as I own it, despite already paying my state and fed govt taxes.
Just because everyone is getting fucked doesn’t mean it’s right. Double taxing only hurts the poor because they can’t hide money in tax free investments or businesses that they use to write off expenses.
Not that insane. Most people only concern themselves with their own issues. And if you're a 40 year old whose childhood home is now worth 500k or whatever and you have to pay 200k in taxes in order to inherit it, then you probably want to vote against it because otherwise the government will take it.
Okay, take all that with a grain of salt because I'm not too familiar with inheritance law, but it's based on multiple similar stories I've heard from people.
I still think it should be taxed, don't get me wrong. But I understand why people are against it.
The text indicates that it's only on inheritances greater than 62 million dollars
Yeah, it's true that in this case most people would never have to care about that. When I replied I was thinking about inheritance taxes in general. My bad.