Vox article on inheritance

[Anonymous]

I want a tax code that takes Wyatt Koch's inheritance down to zero.

This entitled, lazy oaf sits on a yacht and thinks he's getting something done with a crappy shirt company because of the silver spoon the Koch brothers passed down to him.

Let this kid see if he can compete in the real world without family money.

[Anonymous]

Anonymous wrote:Your parents were not very middle class if you will inherit $1million and so will your sister.

My parents are lower middle class. I may one day inherit a house worth $20k with a $120k mortgage on it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Your parents were not very middle class if you will inherit $1million and so will your sister.

My parents are lower middle class. I may one day inherit a house worth $20k with a $120k mortgage on it.

https://dqydj.com/net-worth-by-age-calculator-united-states/
The median net worth of someone aged 65-69 is $270k. At a net worth of $10k each, your parents are in the bottom 10% for this age group.

[Anonymous]

Anonymous wrote:

People whose parents were prudent with money dont “deserve” it but their parents deserve to pass on what they earned and saved and planned for their kids.

No they don't.

Society helped those parents make what they made. In many cases, those parents got a big head start from their own inheritance – they didn't do it alone. And even if they started from absolute zero, they built a business using roads that society paid for, with workers that society educated, in a peaceful and rule-of-law based society that government agencies and police departments created. Those parents benefited from society and they should pay back to society. Take what they earned and tax it, and make an equal playing field for more kids. No silver spoons for lazy, rich, entitled offspring.

What’s with the silver spoon comment? How old do you think these people are when their parents pass away and inheritance is passed down?

[Anonymous]

Anonymous wrote:

People whose parents were prudent with money dont “deserve” it but their parents deserve to pass on what they earned and saved and planned for their kids.

No they don't.

Society helped those parents make what they made. In many cases, those parents got a big head start from their own inheritance – they didn't do it alone. And even if they started from absolute zero, they built a business using roads that society paid for, with workers that society educated, in a peaceful and rule-of-law based society that government agencies and police departments created. Those parents benefited from society and they should pay back to society. Take what they earned and tax it, and make an equal playing field for more kids. No silver spoons for lazy, rich, entitled offspring.

And they paid taxes on everything every step of the way. Probably paid more in taxes than their dummer, lazier, less lucky etc, etc, etc counterparts. Those roads they used, on a relative basis, they probably paid for more of them. If they were successful, it’s idiotic to assume they used any government services for free. In fact, it’s the lumps who pay low taxes and create little value who should get punished. In my book, you create x number of jobs, pay x amount of taxes etc and you should be off the hook entirely for any estate taxes (which remember, are a tax on already taxed assets). Take out teachers, first responders, military and some healthcare/doctors and then publish everyone else’s overall contributions in taxes, charity, jobs created, etc and tout the successful and scorn the drips. And I am a youngish person with NO hope of receiving any resources via inheritance.

[Anonymous]

Anonymous wrote:

People whose parents were prudent with money dont “deserve” it but their parents deserve to pass on what they earned and saved and planned for their kids.

No they don't.

Society helped those parents make what they made. In many cases, those parents got a big head start from their own inheritance – they didn't do it alone. And even if they started from absolute zero, they built a business using roads that society paid for, with workers that society educated, in a peaceful and rule-of-law based society that government agencies and police departments created. Those parents benefited from society and they should pay back to society. Take what they earned and tax it, and make an equal playing field for more kids. No silver spoons for lazy, rich, entitled offspring.

Are you poor or is this what a Liberal Arts education does to people? I was carrying a 22% debt. when I came to this country to study, couple of decades ago. Now our net worth is about 7mil. We are very frugal, drive 15+ y.o cars, live in the first small house we bought, etc. Why the F should I pay tax on what I have saved (other than the tax deferred portion, of course)? To pay welfare for freeloaders or pay for people jumping the fence?

[Anonymous]

So OP, the top 5% will and that is news?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Your parents were not very middle class if you will inherit $1million and so will your sister.

My parents are lower middle class. I may one day inherit a house worth $20k with a $120k mortgage on it.

https://dqydj.com/net-worth-by-age-calculator-united-states/
The median net worth of someone aged 65-69 is $270k. At a net worth of $10k each, your parents are in the bottom 10% for this age group.

They have a net worth of -100k based on this information

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not really surprised by this, the net worth of the top 10% is >1M so why not a 500k+ inheritance?

This. My parents were very middle class, and my sister I should inherit about $1m each.

Hate to break it to you, but your parents were not, in fact, middle class. They were wealthy compared to most other Americans.

But poor for DC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Your parents were not very middle class if you will inherit $1million and so will your sister.

My parents are lower middle class. I may one day inherit a house worth $20k with a $120k mortgage on it.

https://dqydj.com/net-worth-by-age-calculator-united-states/
The median net worth of someone aged 65-69 is $270k. At a net worth of $10k each, your parents are in the bottom 10% for this age group.

WOW. I didn't realize it would be that low. 270k is nothing to retire on. Yikes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not really surprised by this, the net worth of the top 10% is >1M so why not a 500k+ inheritance?

This. My parents were very middle class, and my sister I should inherit about $1m each.

Are you dumb stupid or slow

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not really surprised by this, the net worth of the top 10% is >1M so why not a 500k+ inheritance?

This. My parents were very middle class, and my sister I should inherit about $1m each.

Anyone born in the 1940s-1960s who held a steady job and invested their money should be a multimillionaire. The Baby Boomers experienced an unprecedented economic growth.

This, I am PP. my parents bought their house for $90k in 1979. It’s worth over $2m now in lower moco. It’s basically all of their net worth. It was falling apart when we lived there. No vacations, ancient cars.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not really surprised by this, the net worth of the top 10% is >1M so why not a 500k+ inheritance?

This. My parents were very middle class, and my sister I should inherit about $1m each.

Anyone born in the 1940s-1960s who held a steady job and invested their money should be a multimillionaire. The Baby Boomers experienced an unprecedented economic growth.

M

[Anonymous]

Boomers who have achieved wealth are likely to die with a lot because of the way we handle elder care. They’ve saved a ton to try to protect themselves from a bad nursing home, and if they don’t end up needing long term care, they don’t get a chance to spend it.

[Anonymous]

Really need to tax the stuffing out of this nonsense.