Vox article on inheritance

[Anonymous]

https://www.vox.com/the-highlight/22320272/inheritance-money-wealth-transfer-estate-tax

Craziness of DCUM aside, I'm pretty surprised how high the numbers here are - 22% of Americans receive an inheritance, and 20% of that (so 4.4% of everyone) receives >$500k.

[Anonymous]

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

[Anonymous]

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.

[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.

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

[Anonymous]

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

[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.

My parents were middle class, I likely will inherit nothing.

[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.

+1. There is nothing remotely middle class about leaving behind $2M. Living below your means in a middle-class lifestyle when you are actually rich does not make you middle class.

[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.

lolololol
Never change, DCUM, never change.

[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.

That is not middle class.

My parents were middle class and I stand to inherit bupkis, even though they were careful with money.

It's basically the definition of the top 5% that your parents' estate is going to be worth $2M.

[Anonymous]

As the very kind tax professional told me, this is what happens when people are working with incomplete knowledge. Complete knowledge, it turns out, is incredibly important when you’re dealing with the tax code.

Meanwhile, incomplete knowledge is kind of the human condition. Tax professionals cost money, which can be prohibitive for many people, especially those who’ve received a windfall but worry they’re about to be staring down some enormous bills.

Both parties, but especially Republicans, have made the tax code more complex.

Complexity advantages the rich, who have money to hire advisors.

Simplify the tax code. Raise the estate tax. No one deserves to be born with a silver spoon in their mouth. Make the playing field equal.

[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.

lolololol
Never change, DCUM, never change.

+1

They seem to think people are urban poor on welfare or liberal elite wealthy. Absolutely no idea about the real world.

[Anonymous]

Anonymous wrote:

As the very kind tax professional told me, this is what happens when people are working with incomplete knowledge. Complete knowledge, it turns out, is incredibly important when you’re dealing with the tax code.

Meanwhile, incomplete knowledge is kind of the human condition. Tax professionals cost money, which can be prohibitive for many people, especially those who’ve received a windfall but worry they’re about to be staring down some enormous bills.

Both parties, but especially Republicans, have made the tax code more complex.

Complexity advantages the rich, who have money to hire advisors.

Simplify the tax code. Raise the estate tax. No one deserves to be born with a silver spoon in their mouth. Make the playing field equal.

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.

[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.

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.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

As the very kind tax professional told me, this is what happens when people are working with incomplete knowledge. Complete knowledge, it turns out, is incredibly important when you’re dealing with the tax code.

Meanwhile, incomplete knowledge is kind of the human condition. Tax professionals cost money, which can be prohibitive for many people, especially those who’ve received a windfall but worry they’re about to be staring down some enormous bills.

Both parties, but especially Republicans, have made the tax code more complex.

Complexity advantages the rich, who have money to hire advisors.

Simplify the tax code. Raise the estate tax. No one deserves to be born with a silver spoon in their mouth. Make the playing field equal.

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.

Sounds good. But let's update the tax code so that the step up in basis is eliminated. It's isn't right that people can make millions of dollars and never pay taxes on it.

[Anonymous]

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.