Reply to Vox article on inheritance

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]From the article:

"But Wolff also says, surprisingly, that inherited wealth isn’t a huge driver of inequality in America — it actually has had an equalizing effect. And there’s no indication that the next decades will be any different.

The reason is deceptively simple: While much (much!) more money flows among the rich, for middle- and low-income people who receive gifts or inheritance, they represent a larger percentage of wealth. So large, in fact, that for some people, a gift from mom or dad is the thing that will keep them middle class."[/quote]

I'd like to see the data to back this up. Otherwise, I'm calling BS.

But ultimately, I don't care. The current estate taxes (lack thereof) is crazy. We are incentivizing bad things.[/quote]

Working hard, saving, and investing money are not “bad things.”  They are actually good things that society should encourage.  Which is why the tax code does so.[/quote]

I also work hard, save and invest. But I have to pay taxes. I would love a step up in basis for my capital gains. Why do heirs and heiresses get one and not me?[/quote]

Every tax you pay was also paid by the decadent.  And your children are able to inherit on the same tax basis as everyone else.[/quote]

That still doesn't explain why society should give up a step up in basis to heiresses. Why not me, right now, a living person who works for my money? What is the benefit of that? What are estates taxed differently that ordinary income? [/quote]

The same rationale underlies the capital gains tax being lower than income tax.  And gains on sale of a primary residence being mostly exempt from capital gains tax  Both of which you do benefit from.  [b]So, you want to keep the policies you personally benefit from only, which is not how the tax code works.  [/b]
[/quote]

Quite the contrary. I want taxes to be uniform for everyone. No exceptions. I'm in favor of a flat tax. That is why our current estate tax laws are so abhorrent to me. [/quote]

Never going to happen.[/quote]

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