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Superman4 on 23 October 2017
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Signalstar said:
Superman4 said:

Why exactly would anyone be for this ridiculous tax? Do you understand what it is? Lets say you worked for 50 years building a company like the HIlton, when you die you want your kids to inherit what you worked those 50 years for lets say its 100 million. That 100 million has already been taxed as income and is your money free and clear. When you die and will it to your kid, you would expect your kid to get all 100 million right? Why would the goverment be entitled to half of that money because you died? Better yet, why would your son now get taxed on that money as income? Wouldnt that be double taxing money already taxed? This law doesnt affect me since Im not rich and none of my family is but it is a BS law that is designed as a money grab for the goverment. Whatever you earn in your lifetime should be able to get passed down to your children 100%, the goverment is not entitled to any of it.

The rich do not spend their money for the most part. They hoard and save it which helped them get rich in the first place. Consumer spending is by far the largest sector of the US economy. Because of the estate tax some of that money goes to benefit society. It also encourages rich heirs to be innovative and entrepreneurial instead of being lazy and sitting on their money. As it stands, Japan's estate tax means that a sizable fortune would be wiped out in 3 generations unless the heirs invested that money and tried to make it grow. Also if anyone wants the government to receive a smaller amount they can give the money away to charity or invest it in something that will likely create jobs and keep that money flowing through the economy. As it stands the tax only applies to wealth over $5 million for individuals and $11 million for couples. That is an extremely high threshold and only benefits the super rich. All of Trump's kid stand to earn hundreds of millions in extra income if this tax is wiped out including Ivanka who works in the White House and has been holding dinners for lawmakers trying to get support for these tax initiatives. It cannot be allowed to pass!

All of that said, I am still against it. If I maid over 5 million in my lifetime and wanted to just live life and not work/invest, it is my right to do so. If I want to pass my wealth down to my kids so that they can just live life and not work I shouldnt be penalized for it and neither should they. At some point the money runs out or a kid decides to invest/work and make it grow but again, familys choice not the goverments.