Viewing a single comment thread. View all comments

procrasstinating t1_iu6tiou wrote

Reply to comment by BandwagonFanAccount in A Chicago Man Quietly Left Behind $11 Million — The Largest Unclaimed Estate In American History by pinktacobuffet

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.

5

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.

−5

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.

6

fourfourzero t1_iu9rxwl wrote

lol take economics AND civics classes my dude. it will make you a lot less angry with your life.

2

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.

1