Reply to Can I afford a 1.8M house?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]People all butt hurt about their mom contributing 2k but how is that any different than your parents gifting you the 15k annual exclusion, paying for grandkids college or private school, or ultimately inheriting their money when they die.

I don’t get why people frown on parents choosing to provide their adult children with money while they can enjoy. I would much rather be given money no while I’m raising a family than inherit millions when I’m already retired (assuming parents live into their 80s). [/quote]

Total aside but I feel compelled to respond to this absurd comment.

I’m sure this is not any different than all of the other wealth transfer mechanisms you listed, but 1) MOST people do not receive ANY of those things, and 2) it is disgusting to me because until recently I was still laboring under the delusion that we are living in a meritocracy.

We need SERIOUS tax reform in this country.  It should not be possible in the land of opportunity for this obscene family wealth hoarding to occur.  If parents want to give their adult children tons of money fine, but those adult children should pay at least as high if not higher tax rate than us poor serfs who actually go out and EARN our money.[/quote]

Your logic scares me. What gives you the right (entitlement) to someone else’s money? If my grandparents, parents or whoever, EARNED wealth, paid taxes on those assets, and planned according to current tax laws, what gives you the right to feel that these assets should be taxed even more. My grandparents
Were dirt poor, built a business and accumulated significant wealth through the good old American dream. So they pay for my college or kids college, help
With down payment..How is that not fair?

Stop being jealous and earn your wealth. If you want to give your kids 15k a year each, good for you! If you want to donate it to Uncle Sam, please be my guest. [/quote]

DP, but lol at “scares me”.

Even setting egalitarianism aside for a moment, what you describe is an incredibly inefficient use of resources. Wealth hoarding hurts all of society by limiting education and advancement opportunities for the vast majority of people so that the very wealthy can feel marginally more secure or comfortable. OP is basically debating between a 1.3m house and a 1.8m house. Her children’s (fully private) education is paid for. She has an enormous safety net in her savings. And you are upset about the idea that she might be made to pay taxes on massive lump sums of cash from her mom? It “scares” you? Does it also scare you that those taxes could be used to pay for other people’s kids to get educations and become functional, contributing members of society who ALSO pay taxes? Is that terrifying? A functional, interdependent society in which we all benefit from one another’s success and have a vested interest in helping one another? That frightens you?

I personally am more afraid of the current system where a small percentage of the population sits on giant piles of cash and watches the rest of the world burn. [/quote]

Why do other people’s choices have anything to do with you?  OP’s parents didn’t steal that money, they earned it.

Anyway, I’m a dp and not the least “scared” of you, I feel bad for people that are so envious of others.  But our system is not going to radically change.  Not ona country where the carried interest exemption has existed for decades.[/quote]

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