US Debt Could Eat US Billionaires Seven Times Over

[DBTrek]

Sometimes I respond to Strawman arguments because they provide a segue when I have something more to say but I've repeated myself on this topic too many times already.

Not trying to troll. I really don't see your larger plan.

Look, you say you don't want to tax anyone under $10 million, right? So I'll go out on a limb and assume under your plan, no one with under $10 million would pay capital gains, or estate, or any other tax. Now all us middle class Joes can invest in the market, and maybe claw our way up to that $1million in savings so we can retire on a lavish $36k a year.

But wait. What if ... the elites and the government are as smart as me - or even smarter, and they can already see a way to corrupt this plan of yours?


Like ... what if the government, elites, and Federal reserve realized a hard limit of $10million doesn't mean much when dollars can be created out of thin air. In fact, any hard number you set is an arbitrary restrictor when the supply side of dollars is theoretically limitless. Ten million, a hundred million, five dollars - to those who control the money printing presses it matters little. They can print $3.33quadrillion right now and give everybody $10 million. Now what?

So how do you fix that - and ensure that $10million USD retains it's buying power in perpetuity, and the arbitrary wealth limit never becomes outdated?

[DBTrek]

If your goal is to create a dynasty so that your heirs can benefit from nepotism over merit then you are an enemy of liberty.

If your goal is to strip other families of their member's lifetime gains upon death for some ill-conceived concept of liberty, you're an enemy of humanity and a friend of tyranny.

[Martin Hash]

Liberty benefits the competent.
Egalitarianism benefits the incompetent.
Aristocracy benefits the lucky.

[TheOneX]

I can't get behind an inheritance tax, I would like to be able to keep my father's business in the family, not have to sell it off to someone richer just to be able to pay my taxes.

The Samsung family was going through this kind of issue recently with Korea. In order to be able to afford the taxes they owed when the father died they were going to have to sell off massive amounts of stock, but in doing so they would end up crashing the value of the stock resulting in an inability for them to be able to afford the inheritance tax.

If the company isn't publicly traded, like my situation would be, you would end up just having to sell it, most likely to a larger company resulting in a further consolidation of the industry into fewer companies. A large inheritance tax benefits no one, but the wealthy who can swoop in to take advantage of those being burdened by the tax.

[Martin Hash]

Lucky you.

[SuburbanFarmer]

Similar issues for me. Makes one think that perhaps the Boomers should consider *gasp* spreading the wealth to their heirs prior to death.

[Martin Hash]

Similar issues for me. Makes one think that perhaps the Boomers should consider *gasp* spreading the wealth to their heirs prior to death.

The tax law would need to change for that too. The cap on gifts is only $1 million total. The change should be $1 million per person.

I’ve written about this being the solution. A billionaire could make a 1000 millionaires. It’s the obvious solution for liberty.

[SuburbanFarmer]

Similar issues for me. Makes one think that perhaps the Boomers should consider *gasp* spreading the wealth to their heirs prior to death.

The tax law would need to change for that too. The cap on gifts is only $1 million total. The change should be $1 million per person.

I’ve written about this being the solution. A billionaire could make a 1000 millionaires. It’s the obvious solution for liberty.

Per year?

Sounds to me like they’re being punished for absurdly clutching their shekels to the gravesite.

[Martin Hash]

Similar issues for me. Makes one think that perhaps the Boomers should consider *gasp* spreading the wealth to their heirs prior to death.

The tax law would need to change for that too. The cap on gifts is only $1 million total. The change should be $1 million per person.

I’ve written about this being the solution. A billionaire could make a 1000 millionaires. It’s the obvious solution for liberty.

Per year?

Sounds to me like they’re being punished for absurdly clutching their shekels to the gravesite.

Right now it’s $15K/year, plus $1 million total to everyone combined.

[SuburbanFarmer]

The tax law would need to change for that too. The cap on gifts is only $1 million total. The change should be $1 million per person.

I’ve written about this being the solution. A billionaire could make a 1000 millionaires. It’s the obvious solution for liberty.

Per year?

Sounds to me like they’re being punished for absurdly clutching their shekels to the gravesite.

Right now it’s $15K/year, plus $1 million total to everyone combined.

And what would happen if they simply handed over a monthly wad of cash? Can the IRS prove that your swollen bank account should be taxed?