Reply to Vox article on inheritance

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote]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.[/quote]

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.[/quote]

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.

[/quote]

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. [/quote]

That money has already been taxed at least once, possibly multiple times.[/quote]

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