1 upvotes, 3 direct replies (showing 3)
View submission: On Rights of Inheritance - why high inheritance taxes are justified
Reading comments so far on this, it sounds like an all or nothing view on Inheritance Taxes. I don't see anyone saying take entire estates as the level of taxes. I'm not sure why a fair rate of Inheritance Taxes (10 to 20% or so) on estates over $5 million is an unfair or terrible injustice. I think the rate may need adjustment, but I don't understand how any taxes such as this are unfair. I really don't understand how this isn't income and taxed as such, anyway at the appropriate rate for the income received.
Comment by GMN123 at 23/01/2020 at 00:25 UTC*
2 upvotes, 0 direct replies
My concern is it would hit the upper middle class while the seriously rich again avoid paying it, as happens with so many other taxes.
Between income tax, payroll taxes (which are essentially more income taxes), consumption taxes and excises, most salaried people accumulating that level of wealth in a lifetime are already paying more than half their income in tax, at least in my country.
Comment by as-well at 22/01/2020 at 20:59 UTC
1 upvotes, 0 direct replies
Funnily enough the paper is about *confiscatory* inheritance tax, viz. take almost all of it.
Comment by lawfulneutral_ at 22/01/2020 at 18:12 UTC
0 upvotes, 1 direct replies
I'm not sure why a fair rate of Inheritance Taxes (10 to 20% or so) on estates over $5 million is an unfair or terrible injustice.
Because the person who earned that wealth *already* paid income taxes on it, typically at a higher rate than “10 or 20%” or so. The money has already been taxed.