Reply to Vox article on inheritance

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My parents were career feds. Never bought a multimillion home in close in Arlington. Always drove older domestic sedans. Saved up so they could send their kids to good colleges, spent prudently.

So yes now they have built a $2.5-ish million portfolio and invested in their kids, all of whom have solid jobs because we went to great colleges. And for this[b] they should have to pay a huge tax[/b] because???? Sure, figure out a way to have some equity in a $1 billion+ estate for sure. But for a typical upper middle class estate, no one in either party is going to touch that.[/quote]

How about just normal taxes? How about you don't get a step up in basis on capital gains? That's reasonable, right?[/quote]

THEY won’t be paying a huge tax 🙄. YOU will (read: should) have to pay tax.  And why shouldn’t YOU have to pay taxes on YOUR windfall?[/quote]

Why don't you work hard and save like PP's parents?  Come back and tell us how it feels when they take away 40% of their estate and forcing your kids to sell the family home and collectibles to pay taxes.  But you don't want to do that, do you?  Just mooch off others..[/quote]

Please.  Estate taxes currently only affect the very wealthy, and no one inheriting over $11M is selling off homes and collectibles (though, really? collectibles are more likely to end up in an estate sale or Goodwill - old people not culling their houses before dumping it all on the kids to clean up is a real problem).  Let's say that floor is drastically lowered and, in this fantasy land, we're talking about the hard-working fed's $2.5M estate -- kids get $1.5M that they didn't earn, maybe a house with the 30-year paid off that they didn't buy, and that's assuming that the the parents weren't smart enough to estate plan to bring the number down.  I mean, how awful.  I can see the humanitarian crisis here.

And I love the moocher accusations... I don't think DCUM is the bastion of safety net benefit cheats... more likely corporate welfare recipients and their enablers.  Biggest benefit people here get are mortgage interest deductions and all those pretty tax loopholes for the HHI/look-at-my-net-worth crowd.  It might be nice not to be in hock to China and pay down the debt; they don' t send checks to poor Americans when an estate gets taxed.[/quote]

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