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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]

The PP is not suggesting a sua sponte tax on assets.  She is saying that any time there is a significant transfer of wealth, it should be taxes.  Most transfers *are* taxed - your paycheck is taxed as income, if you buy something, the amount you pay is taxed as income to the retailer or service provider.  But for some reason, we as a society have decided against taxing the vast majority of intra-family wealth transfers - inheritance and gifts.  She is simply arguing that we eliminate that exception.

As you said, your parents planned according to current tax laws.  But those are, and always have been, subject to change.  There's nothing nefarious suggested here.

And your admonition to "earn your own wealth" is so idiotic it's almost difficult to describe.  At the end of a long screed where you argue for your right to money *you* did not earn free of any taxes, you tell someone else to earn their own money?  The lack of self-awareness is stunning.  [/quote]

I was that PP and THANK YOU!  I am glad that at least someone gets it.

For all the other posters inexplicably talking about envy and whether or not their parents/grandparents earned their money... it matters because the pie really IS finite.  For example, all these young trust funders are only able to afford these houses in close-in locations BECAUSE of their unearned family wealth... it stands to reason that this therefore drives up prices (real estate, school tuition, etc.) and shuts out the people who are NOT part of this modern aristocracy. To me, this isn’t right, not in a country that pretends we don’t want a permanent ruling class.[/quote]

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