Commotion t1_iu63mh5 wrote
Reply to comment by BandwagonFanAccount in A Chicago Man Quietly Left Behind $11 Million — The Largest Unclaimed Estate In American History by pinktacobuffet
Nah, inherited generational wealth shouldn’t be immune from taxes. Just like unearned investment income shouldn’t be taxed at lower rates than earned income.
It sounds like you just hate the government.
[deleted] t1_iu66jfw wrote
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neverdoneneverready t1_iu687b4 wrote
I believe you are taxed only if inheritance is over $1 million.
the_eluder t1_iu69ts6 wrote
It's over 12 million, so I don't know what taxes are being referred to in this article. I think the biggest expense the heirs have to worry about is how much the law firm in charge of distribution is going to milk them for.
BandwagonFanAccount t1_iu64hy4 wrote
It sounds to me, like I think paying taxes on the money you earn and the things you buy, then also continuing to pay for the continued ownership of those things is plenty. You shouldn't have to pay taxes on shit you left behind and have already spent your entire life paying taxes on.
Investment income is completely different from what I was arguing and should be taxed the same because it is still income, I'm not sure where that even entered your mind.
procrasstinating t1_iu6tiou wrote
But if you gain wealth by increases in the value of investments or real estate that you hold that isn’t taxes during your lifetime if it’s not sold. And upon death the cost basis is increased to the value at death, so your heirs will inherited it and can sell it tax free. Inheritance tax would capture those gains if the value of the estate was over $12m USD for an individual or $24m for a couple.
BandwagonFanAccount t1_iu6u4l1 wrote
Like I said. Just another way for the gvt to take a fat slice of what people already paid for and continued to pay taxes on all their lives.
procrasstinating t1_iu76pc3 wrote
And my take is that many of those people have not paid taxes on those gains. So Peter Theil valued his private company at $2000 and put the shares in an IRA. 20 years later the stock is worth $5billion and sheltered from taxes. He would never pay tax on any of that gain, except for under an estate tax.
fourfourzero t1_iu9rxwl wrote
lol take economics AND civics classes my dude. it will make you a lot less angry with your life.
BandwagonFanAccount t1_iu9u9em wrote
I enjoy my life but thank you for you for your concern. I apologize for being able to see how greedy, wasteful, and corrupt the government is.
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