Forum Post: Inheritance above 1 million dollars should be taxed at 95%
Posted 12 years ago on Oct. 26, 2011, 5:06 p.m. EST by InheritanceNoMore
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If a millionaire dies, and passes more than 1 million dollars as inheritance to his sons and daughters, everything above 1 million should taxed at 95%.
Example: The millionaire dies, and leaves a fortune of 11 million dollars. There are 10 million dollars above 1 million, so it should taxed at 95%, meaning that 9.5 million should go to the government and only 0.5 million to the legatees, plus the 1 million that is exempt, so the legatees will receive 1.5 million.
Any maneuver attempting to avoid this taxing should be considered a fiscal crime and severely punished.
this can't be a real post..
The meaning of "millionaire" has changed.
It no longer refers to people with net worth of 1,000,000.00.
Now means income of million/year.
People with 1mill net worth are fairly common now.
Okay, let's change the proposal: Inheritance above FIVE million dollars should be taxed at 95%
I'd be ok with defining "millionaire" as someone who has a million dollars a year income from capital gains and rents alone. That's a good deal more than 5mill.
And you are the 99% of whom?
Why is it you people always believe you have the right to help yourselves to what clearly doesn't belong to you.
That would be why this movement will go nowhere, stupid ideas like this, if you want to alienate at least half of the 99% you have a good start here,
Lets try to be realistic, not ridiculous
OK so your a poor slob along with your entire family tree
We are not going to help you I work hard to support my family not some bum like you
Who loves all the greedy randists in this thread saying that they'd go to Canada to avoid taxes?
Especially the sociopathic female who doesn't believe in justice?
All we at OWS want is to make this country more like Canada, then you wouldn't have to go there.
Stop trying to block our efforts.
How about we start with the $223 Billion dollars a month spending. Yes, that is BILLION and that is per MONTH.
http://www.washingtontimes.com/news/2011/mar/7/government-posts-biggest-monthly-deficit-ever/?utm_source=RSS_Feed&utm_medium=RSS
How in the hell are you going to reduce the deficit by stealing other peoples money, when the gov't is spending it THAT quickly.
BTW, you are just jealous of the people with ability because they know how to earn money and you are struggling to support yourself. Blame the people in your life that fed you the middle class lifestyle instead.
what an idiotic idea.. these are the types of ideas which discredit this movement
Terrible idea. Why do you think taxing people more will help the economy? People are heavily motivated to wanting to make a better life for their children.
The government is a spending troll. Stop sending it more food.....
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Are you just stupid or what? So if I make millions (or billions) and try to pass it on to my kids you think anything over a million should go to the government? This is easily the dumbest post I have ever seen on here. (And I have seen some really stupid posts).
Why? It's not your estate, what right do you or any one else have to private property? The answer btw is you don't.
Probabaly should put a coin slot on all caskets where you pay a tax when you pay your respects.
There should be a Funeral Czar that oversees every funeral home.. If too much is spent on a funeral, the feds should come in and confiscate.
This sounds like you are hatin' What is the point of working your ass off to support your family, if when you die the government takes it to ease the load of everyone else? I believe we should all help each other out, but that the government should never take a significant portion of what is yours for itself or others
Significant taxation should be considered BUT I think the tax should be paid by the recipient(s). If the money was split up among all of the children of an orphanage earmarked for education should the tax be the same as if it went to a single child who already had a $billion per year income already? You get the point.
Not so simple.
Not being able to inherit the family business sometimes causes it to have less developed less capable less dedicated management. That has been an argument that has been persuasive, but it really seems to hold best of family farms. Larger businesses, less so. I lean toward your approach as long as the mechanism and consequences are well understood and don't reward poor stewardship of resources.
95%?? How about 100%..
It should be taken away and put into a slush fund to buy booze for bums.
Fucking horseshit.
If I had that much money I would want it to go to my children not my spend spend spend gov leaders.
This movement has obviously been hijacked or people are just really fucking stupid.
Not stupid. Uneducated on realities for sure. There are so many millionaires now days that the math is way off. You are really angry and I bet for very good reason.
Why wait for death? Just give all your money to the government now. In fact, why not just have all paychecks, from everybody, go directly to the government from now on. They know how to spend it better than we do anyway, right? NOT!!!!
OWS has been hijacked by Hitler loving Nazis and hard-core communists.
You can enjoy your money during your lifetime.
But your kids will only receive 5% of that after your death. It's unfair that they can start their lives as multimillionaires, without any hard work.
5% of what. My dad left an estate of $50,000 to 4 kids. Five % of that is $12,000. If he had a million, each kid would still receive only $120,000. Where is the cut off on who pays 99% tax? That might lead us back to a complicated tax code. That is what the 1% all their power in the first tax. Tax the wage earner and gift the already wealthy!
Thanks for giving me permission to enjoy my money during my lifetime, but my kids already are co-owners and joint account holders of all my worldly possessions, so when I die the government will get ziltch, nada, zero. It's mine and I decide where it's going, period! Besides, I'll probably need every single penny for heathcare for the last ten years of my life.
This is the problem with people who envy the rich...what if a family business, that is not in the financial sector or any of the 'evil' sectors (as defined by OWS) earns money over a lifetime, like a span of 40-50 years. The patriarch of the family has worked, paid taxes, and didn't spend lavishly so that he could leave that inheritance to his heirs and you say, no, the government deserves 95% of it. It is rantings like these that turn off the majority of people (even those in the 99%).
Nobody has the right to start life already as millionaire.
I don't have this right, why your kids have it?
you dont have the right to take it away from people who receive it from a dead relative. And you dont have a right to tell a dead man he cant do with his money as he pleases. That goes against every tenet of the founding and enlightenment.
its not about rights, its about reality? get it. My father and mother grew up during the depression, my father is still alive at 81 and is a millionaire. Whatever he has left when he passes will pass along to me and my brothers, which in turn I will leave to my children when I pass. That's life buddy. Some families do not have large inheritances, again, life. No one is stopping you from living to your potential so that maybe some day you will stop bemoaning what you don't have and work hard for what you want. Then, maybe then, you will understand that the government has no constitutional, let alone, moral 'right' to someone's money after it has already been taxed.
You're just angry because your parents were as lazy as you are.
Lazy! You are the idiot. The rich stand on the backs of all the hard-working get-up-and-go of the poor. That CEO making $100,000+ a day has collected that money from every Joe that goes to work from sunset to sundown. It is not the poor that have wrecked our economy. It is the greedy #$%& corporations who pay the elected to write the laws that steal from the working
I'm angry because your kids are lazy.
No you're angry because you're not rich. So WHAT if someone starts out their life as a millionaire? Why do you give a crap? There will always ALWAYS be somebody richer than you. Get over it already. I have more because of what my parents built and my heirs will have even more. You do not want to implement some crazy fucking scheme to take away entire inheritances. There are far more of us millionaires out there than you realise. One of us may even live right next door to you. Imagine the craptacular society you'll have if all of us move to Canada! No more producers will remain and the rest of you can all wallow in your offal for all we care.
you are so right, there are so many more millionaires out there than the 1% they are screaming about. They are plumbers, accountants, contractors, etc., who over a long stretch of time of working their asses off have saved and accumulated wealth, which used to be the American Dream. The American Dream now is to wait for the government to come up with legislation to somehow make life fair....well I refuse to participate in it. My husband and I work are asses off so that in 10-12 years, we too can retire, as millionaires and pass it along, god willing, to our children!
The Canadians are really nice people. I enjoy doing business with them. I'm pretty certain people like us would be quite welcome in their country.
My husband and I are thinking of vacationing there, hopefully in the next year or so, but of course, we are busy at work so we can retire as millionaires....
Toronto. Go to Toronto.
heard only great things from others who have been there...thanks for the tip!
If you all, the parasites, move to Canada, the USA would be a much better place.
Uh huh..........right. Society is always soooo much better when it is devoid of the intelligent and skilled. Look. If you can't make it in this country right now, today, as it is. You can't make it anywhere. Do you understand that? Nowhere on this earth could you EVER be successful if you can't do it right here and right now.
Quotes from commies:
"A power to dispose of estates for ever is manifestly absurd. The earth and the fulness of it belongs to every generation, and the preceding one can have no right to bind it up from posterity.
Such extension of property is quite unnatural." Thomas Jefferson
Adam Smith: "There is no point more difficult to account for than the right we conceive men to have to dispose of their goods after death."
neither of these men wrote the constitution. They would also not create a govt department to take it from people.
Thomas Jefferson isn't founding father-ish enough for you, wow.
Taxes are unconstitutional? How do you figure that?
it depends on the purpose of the tax. Taxing to redistribute is very very very unConstitutional. Read Madison.
Does that go to the families who have saved and invested and made some some money so that there kids don't have to worry about financial dificulties later in life? I you say yes then you a dumber than i originally thought. my family survived the great depression and fought for this countries freedom, that you are enjoying. in the process they started a business and made some good money. That money has been passed down through the generations and I am up next. Unfortunatly every time it passes it gets smaller and smaller. thats not right, my family scrimped and saved and went without the nice things so that me and my sister could not have to work until we are in body bag. You people can kiss my poor white ass
Why those kids HAVE THE RIGHT to don't have to worry about financial dificulties later in life?
This is WELFARE!!! They are "entitled"!!! Are those kids lazy?
I support Occupy Wall St but I must ask: Have you lost your mind?!?
No. It's just a matter of fairness. I don't start my life with 10 million dollars. Why your son have the right to start his life with 10 million dollars?
And I'm not even calling for a 100% tax, just 95%, and only on what is above 1 million dollars.
Because his dad worked hard so his son and grandchildren won't have to. OWS isn't looking to steal wealth they are looking to do away with corruption and increase fairness . There is a huge difference. Are you serious or just trolling my friend.?I'm really having a hard time with this.
Umm, the last time I checked, life was not fair. If you go through life with the assumption that things should be "fair," you will likely be disappointed every single day of your life.
And why on Earth would you want to give all that money to government? They piss money away like it is there job. Why not mandate they donate it to charity or something. The government?!?
They don't have that right. However, their parents have the right to give it to them if they choose. It was theirs and they should be able to do as they please with it. People demanding that everyone have equality without equality of effort or talent will be this movements undoing.
You're just angry because your parents are as lazy as you are.
Problem: A lot of wealth is tied up in businesses. If someone had to pay a 95% tax on a business their parents started, they would most likely have to sell the business. How is that fair?
It's fair. I don't have a business "started by my parents". You call me "lazy" because I can't start my own successful business that will be worth 1 million dollars in the future. So, why your LAZY KID can't start his own successful business that will be worth 1 million dollars in the future, without your help?
what happened to you? do some of your friends come from wealthy families and your jealous? this is envy at its worst...and what makes you think that the children who inherit money are somehow lazy. Many actually work in the same company started by their fathers or grandfathers, etc. I think you need a good self help book to help you with your low self-esteem problems.
So you propose that it's okay for very good businesses to be put out of business just because the owner dies? You realise just how unethical that is, as well as how bad for the economy that is. Because seriously, if I CAN'T pass this on to my kids; I'm closing up shop now and adding another 20 people to the unemployment lines. I doubt I would be the only one.
95% is certainly high but there should be a higher estate tax. Inherited wealth is a big problem in the economy -- it puts random people in positions of authority rather than the best and brightest.
The talk about family farms is BS Rush Limbaugh scare tactics that would obviously be adjusted for in the legislation.
And people aren't saying they should implement an estate tax to "take someone's money" it just that govt has to be funded (it was funded and properly functioning when the rich guy built his fortune) and this happens to be a great place to get funds...1) the guy is dead 2) the beneficiaries won't be effed up with a boat load of cash that they did not earn and 3) it will drive people to either spend their cash at the end f their lives or donate to charity (tax deductible).
And you guys are morons if you think Steve Jobs did what he did because he wanted to pass along a large estate to heirs.
Okay, but in the context of businesses. If I have a construction company that's valued at 2 million dollars, do you really think my heirs will have 1.8 million in cash on hand to pay your silly tax? No, of course not. That means my heirs would have to sell the business just the to pay your stupid tax. Why should my heirs be FORCED to sell that business (that I left with the intent of providing for them) just to give your poor worthless children "redistribution"?
They wouldn't. The dirty little secret about gov't s they want people to make as much money as possible (this is why they do not protect non-compete clauses).
Your company is a business not cash and would/should be treated as such in an inheritance. Legislation would obviously be made to protect businesses, farms, etc.
So really rich people could just drop all their money into businesses and land and then there would be no inheritance tax? Sounds fine to me.
Why should i not get to decide who gets my money?
This is possibly the worst idea I have ever heard. Honestly... I work hard so that my family can have very nice things... and according to you it would just be so joe schmo without a job can have it...
Wow some people are just unbelievable
income tax at 90% over one million. revisited 10 yrs or until we set right the problems here
and everysmall business owner will not survive....basic free market economics
Another horrible liberal policy borne out of jealousy.
My grandfather, who never had a college education, worked two jobs his entire life so that his wife could stay home and raise their 3 children. They scrimped and saved and were very frugal (i.e., they played by all of the rules). After they died, the estate was worth well over a million dollars. So for some reason, you think all of the money that they saved their entire adult life so that they could leave it to their children and grandchildren - above and beyond $1 million - should go to the government? So they can do what with it? Allow jobs to go overseas? Give loans to people who aren't responsible enough to own houses? Wage more wars? Line their own pockets?
I don't get it. I respect your opinion that you think having over $1million to your name by the time you die is too much for one family, one individual, whatever. Do you respect my right to disagree? I don't want that law imposed on me or my family. Otherwise, what is the point of working your butt off to save for retirement? Why not just party and figure that the government will take care of you? Also, even today $1million is not a lot of money. Especially when you consider a nursing home can cost as much as $6000 a month, or more. And most people will have to plan for longterm care as well, due to the breakdown of our society and family ties.
Your grandfather enjoyed his money. You don't have the right to enjoy it after your grandfather go to heaven, and no longer needs the money.
Do you wanna be rich? Earn your own money! Lazy!
As long as we are name-calling here... Thief!! Use the strongarm of the government to confiscate wealth from people who earned it.
Now you're really pissing me off...
You think either you or the Gov't has the right to confiscate something from me and give it to someone else who they deem more needy?
I'd sooner BURN my money than give 95% to either Gov't or you!
And I'd want you to watch the money burning, so you know I'm destroying it just so you can't steal it.
Really...I want to make sure you have all the tools to make your own wealth. But you cross the line when you want to take mine because it's easier than making yours!
but doesnt the man have a right to have his money go where he pleases?
While I agree that lacking a strong inheritance tax flies in the face of meritocracy, on which capitalism finds a sliver of justification, I do not believe that setting it a 1 million dollars is very well thought out. What will a million dollars be in 100 years?
A much better type of post would be one that address the framework of our democracy/republic. I really hope OWS can move toward a concise focus directed at the root of so many 99%'s grievances - money in politics. I'm advocating the single demand of prohibiting private spending on public campaigns. I think this issue will have the most wide reaching impact, gain the broadest support, and will allow the 99% to participate meaningfully as both candidates and voters. Right now I can only think of two ways to get there www.lobbydemocracy.com and www.getmoneyout.com
You are absolutely correct...public-only financing of political campaigns is one of several keys, and it directly addresses the problem of corrupt influences in politics.
So Steve Jobs says, "Why work hard and be a success if I'm going to be penalized? I'll just be mediocre." Now, because of your genius idea, you have no ipod, iphone or ipad. Thanks for screwing us just because your parents are broke and you're jealous and bitter.
Oh, of course... Nobody will want to be rich WHILE ALIVE any more... Just because my son will inherit only 5% of my fortune WHEN I'M DEAD, I will no longer try to be rich, and enjoy my fortune WHILE I'M ALIVE... I see...
Fiction.
Sean Lennon was down there. Did you tell him he inherited too much money from his dad?
You need to get an education before you start making economic policy.
The government has only one job to protect your basic human rights! not to steal your money, you have the right to own property. They are failing, and you are looking like a fool!
And if they are going to steal my money i will join my brothers and sisters in fighting to the death to defend our rights.
I'm with you, even though I don't have much money I do have an education and I know what this path leads to, it is insane that people have yet to learn the mistakes of the past.
Thank you, likewise, i dont have much, but my family has had this land for a long time and i built the homes for my folks and myself and we farm the land and make a decent living growing veggies, dummies like this guy would kill about half the small farms on the island.
The government won't "steal your money". It will tax the money that you no longer need, since you are DEAD, and you can't carry nothing from this life to the "other side".
can't carry nothing? And you want people to buy your ideas?
Idiotic. My house is (or at least was) worth ~$1 million. No it's not even close to being worth it. It's just an old, small house in an area that grew up around me. So after working and saving all my life, building and maintaining it for ~30 years, plus the mortgage service on the debt, substantial taxes paid, etc. Now when I kick, you want me to give all but 5% to the government? WTF? lmao
And I'm far from being alone. It's not hard to have over $1 million in assets if you have a house in CA, a small buisness, retirement funds and savings. We're very far from being what I'd call "rich."
Don't like the 1 million dollars limit?
Okay, let's reformulate: Inheritance above 5 MILLION dollars should be taxed at 95%
Good for you?
No, not good, because the government is not entitled to 95% of anyone's wealth, period. You do understand, don't you, that people work for 50-60 years from the time they are of age. Not everyone overspends and indulges themselves during that lifetime. There are plenty of families who by the time they reach 70 are millionaires, not because they cheated or stole, because they worked and saved and scrimped and the government has already taxed the money. The estate tax is ridiculous at any amount. Money that has already been taxed, plus their savings, plus any interest they have earned, all has been taxed. Taxed Enough Already (TEA Party).....enough said....
This idiots idea would mean i would have to give up my farm and my livlihood when my Parents pass away, how much do you think 8 acres and 2 newer homes are worth on Maui? Exactly, i would rather die defending my right to wealth and prosperity than support idiots like this.
Amazes me that people who scream bloody murder over TSA doing truck inspections and the rights of people to protest, then turn around and endorse what's effectively confiscation of private property by the state.
and say goodbye to the family farm that has been in the family name for generations and is barely making a profit but happens to sit on land worth a few bucks.
Say goodbye to any real innovations in medicine, nanotech, medicine, etc
obviously, nobody in your family has any money, or you wouldn't make that statement; "tax at a 95% rate".
Absurd.
Say goodbye to all small business and hello to only large corporations that have chapter c ownership.
The top shareholders of the corporations will leave shares as inheritance to their descendants, and that will be taxed too.
the rich can just distribute the money before death
So, their descendents will receive nothing... Not even their 5%
the rich can just distribute the money to their descendents before death
"Any maneuver attempting to avoid this taxing should be considered a fiscal crime and severely punished"
so we're counting on fear of ruin to counter such a maneuver
Why does money that I ALREADY paid taxes on, taxed again?
Because people should have "equal opportunities".
It's not fair that your son has greater opportunities than the others because he got money without having to work for it.
so because your family didn't work hard and save and scrimp, no one else's should be 'allowed' to pass on what they have to their children, grandchildren, no the government should have it, because certainly they have proven what good stewards they are with the people's money.....the more you post, the more idiotic you sound.
We do, we all have the opportunity to excell to whatever level we desire, it takes drive, determination, hard work and smarts, sometimes luck, Look at Mr Obama, excellent example, there are many,
So basically you just want other people's money. Ok.
Life is not fair. But 1% with all the wealth but us right back into the Dark Ages. Most people do not recognize that they are already slaves: They can't leave because they are in debt. If they don't produce enough they are on the street and no one cares.
And it is fair for you to steal my money?
I support spending VAST sums to train/re-train folks for productive high-value-added work (well-paying jobs)...so you can make your own money and enjoy a sense of accomplishment.
Demand assistance to help you achieve your goals...and STOP trying to confiscate other people's property!
The government is not stealing anything. It will tax the money that you no longer need, since you are DEAD, and you can't carry nothing from this life to the "other side".
It's hard to know where to begin trying to explain economics and human nature to you.
We should have learned by now that the best way to get less of something is to tax it.
You want to discourage bad behavior? Tax it heavily.
You want to discourage success? Tax it heavily.
For some brilliant people who have done amazing good in this world, the reason they keep going every day is to build a LEGACY. If you confiscate their property upon death, there's no motivation to build a legacy, and many great works will simply not be done.
And...what will Gov't do with the small sum they get from confiscating legacies? They'll SQUANDER it as surely as we'll all die someday.
GO MAKE YOUR OWN SUCCESS.
STOP MAKING THE GOV'T CONFISCATE MINE THEN SQUANDER IT.
then i am going to spend every last dime right at the end on heroin and hookers. Ill take it with me alright! You cant legislate like this it makes no sense economically. And i will break some bs laws on my way out. Come get me in the afterlife bitches!!
Who told you life was fair? Grow up.
total Marxism. how'd that work out for ya ?
Fool
Why does the government deserve millions of dollars taken from people who worked hard and were already taxed for it their whole life?
So destroy passing on private businesses to ones children to run, which in turn provide jobs to so many, and also destroy farm after farm where the land and equipment is worth more than 1mm. Then the farm can be sold to pay your tax and the land will be bought and turned into urban or suburban sprawl. Great idea!?
Does that go to the families who have saved and invested and made some some money so that there kids don't have to worry about financial dificulties later in life? I you say yes then you a dumber than i originally thought. my family survived the great depression and fought for this countries freedom, that you are enjoying. in the process they started a business and made some good money. That money has been passed down through the generations and I am up next. Unfortunatly every time it passes it gets smaller and smaller. thats not right, my family scrimped and saved and went without the nice things so that me and my sister could not have to work until we are in body bag. You people can kiss my poor white ass
that's fine if we eliminate income and capital gains
[Removed]
ideas like these are why this movement needs to end!
who should get the 10mm?
You?
Do you have any kids?
The government
Why?
What would they do with it?