As of June this year 7.2 trillion sits in 401k accounts. I'm not really clear on how that money is utilized but I'm guessing most is invested in mutual funds. Which I would imagine can be capital for companies to use.
You think your taxes are complicated now
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Why do you believe that if people can’t bequeath things after their death, they won’t invest in the market?
By the way, for reference, here are some stats on how many people inherit and how much that actually is:
Average American Inheritance, By Wealth Level
People inherit less than you might expect. In fact, most people think they'll inherit far more than they really will. If you do inherit money, it most likely won't be subject to federal estate taxes. In 2023, those apply only to … Continue reading → The post What Is the Average Inheritance...
“While less than a third of all households inherit any money, between 70% and 80% of households receive no inheritance at all.”
I guess the absence of people with original ideas. Because of this topic I looked it up and only 6 states have an inheritance tax. I've always been a believer in smaller government. I live by the keep it simple stupid. I don't particularly hate government just larger organizations are less effective at the local level. I'd rather focus on my neighbors and community first and expand from there if practical.
I know I'm an ass sometimes but it's the internet. In real life I think I'm a pretty reasonable and practical guy.
They will still invest, but there would be less because you’re shortening people’s time horizons.
I’ll check it out.By the way, for reference, here are some stats on how many people inherit and how much that actually is:
Average American Inheritance, By Wealth Level
People inherit less than you might expect. In fact, most people think they'll inherit far more than they really will. If you do inherit money, it most likely won't be subject to federal estate taxes. In 2023, those apply only to … Continue reading → The post What Is the Average Inheritance...finance.yahoo.com
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Too often what savings someone does have will be eaten up by nursing home costs. Medicare doesn't cover it after 60 days of "rehab" and you have to spend yourself into poverty before MediCaid will kick in.
Nothing at all. My only issue is the reason why they were buying it.
It's likely more than that. Numbers vary based on source.Why do you believe that if people can’t bequeath things after their death, they won’t invest in the market?
By the way, for reference, here are some stats on how many people inherit and how much that actually is:
Average American Inheritance, By Wealth Level
People inherit less than you might expect. In fact, most people think they'll inherit far more than they really will. If you do inherit money, it most likely won't be subject to federal estate taxes. In 2023, those apply only to … Continue reading → The post What Is the Average Inheritance...
“While less than a third of all households inherit any money, between 70% and 80% of households receive no inheritance at all.”
More Americans Are Leaving Inheritances — and It’s Not Just Wealthy People
Over 60% of U.S. households have gotten, will get or intend to give inheritances, according to a new report.
www.google.com
It's likely more than that. Numbers vary based on source.
More Americans Are Leaving Inheritances — and It’s Not Just Wealthy People
Over 60% of U.S. households have gotten, will get or intend to give inheritances, according to a new report.
That site is spam for life insurance.
Without reading the articles 20-25% would be my guess. Somewhere around 50% of the country doesn’t have any wealth/assets.It's likely more than that. Numbers vary based on source.
More Americans Are Leaving Inheritances — and It’s Not Just Wealthy People
Over 60% of U.S. households have gotten, will get or intend to give inheritances, according to a new report.
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I wondered why the hyperlink said redirect notice. My apologies we all stumble sometimes.
I was also distracted by a phone call because I ordered Chinese food and they called me because they made a mistake and wanted to tell me it would be longer than the standard 10 minutes!
Which is also currently subject to being taxed after a certain $$ amount.
Don't put the parenting fails of others on me and mine.
I'm honestly a little dumbfounded by the number of people in this thread who are for the confiscation of a person's accumulated wealth and equity via the threat of violence.
You shouldn’t be surprised. There has always been a strain of self-righteousness and envy inherent in any society. It manifests itself in various ways, including theft in its most basic form. Someone always has something they didn’t earn or don’t deserve. Why, oh why, is life so unfair?
So, what you’ve earned and what you own should really belong to someone more worthy. You didn’t earn that; you didn’t build that. When you die it should go back to the government. We just allowed you to have whatever you have. When you go, we get it back.
It’s insane.
Jeff Bezos doesn’t owe me anything. Doesn’t owe you anything. Who gives a flying fvck that he has more?
So, you get confiscatory taxes at death, which some want to be 100%. You get taxing unrealized capital gains.
Insane and non-sensical.
I mean it's so nonsensical it's not really worth debating.... But since I'm sitting here watching pacers game I'll go through an example to show it's absurdity.
I have a good friend that is owner of a family business....3rd generation of his family to operate it. Specialty manufacturing of some obscure industrial pieces, has maybe 100 employees, blue collar jobs here in Central Indiana.
What would happen to a company like that under this policy? Just liquidate the business at the 1st generation owners death and send all the proceeds to the govt? Fire all the employees?
And what about all the down channel manufacturing companies that use these guys small widgets to complete their own production. Guess most of them would be gone as well too.
I think that’s goofy thinking. Did you take business courses?
It's not really worth debating if you're not going to put a little effort and thought into it.
Like I said, I'm not in support of the idea, but if the company like that had value, it could be auctioned to the highest bidder. The employees and down channel companies who rely upon it would just be working for/with a new owner like they would in an inheritance. Heck, if the family members who would otherwise inherit are so important to its success, they would likely be kept by the new owners like typically happens with key execs in most acquisitions. Family members could even put together a bid for the company.
There are lots of ways that particular aspect could work, but more interestingly Brad seems to be valuing something different than you and a few of the others unable to talk about the idea are focused on. The value he is espousing is one I'm surprised people aren't interested in discussing.
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That's not really fair to Brad or the idea and values that he's expressing. He's always engaged with people in good faith here, even when they espouse ideas that aren't fully baked.
The highest bidder would be who? There wouldn't be one. There would be nobody with capital to buy anything of significant value in this economic environment.
There is absolutely zero ways this "could work". It would be capital controls in excess of anything that even existed in the Soviet Union.
It's level 10 stupid.
You should just stick to watching the Pacers game. You don't seem to have the wherewithal at this point to engage sincerely.
I've given very sincere responses to what amounts to quarter-baked policy ideas rooted in Leninism.
You cannot respond seriously because there are no serious response available.
Abolition of Inheritance
Decree Abolishing Inheritance. April 27, 1918 I. Inheritance, whether by law or by will, is abolished. After the death of an owner, the property which belonged to him, whether movable or imm…
soviethistory.msu.edu
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What's the either/or there? I'm suggesting is that the thing that would be worth the time would be putting a little effort, thought, and good faith into the discussion.
I think it’s interesting too. But I see how it appeals to the lefties and induces reflux in the dream team. Because it’s unAmerican. I was at the bookstore with my daughter thur flipping through billy Busch’s new book. Dynasties and legacies are part of the fabric of this country. They are our revered royalty and intrinsic to what we value at our very core - to provide for our family, to work hard and prosper, to leave something behind to give our loved ones a boost, the American way. With the progressive left and our gov it feels like just more taking by the slackers from the doers. Less gov. Not more.
So all that being said a number of projects I’m involved are getting into AI and chat gps Orr whatever it is. As we have talked about so many professions could be rendered obsolete at some point. In that case we may have to reevaluate how we do everything. Guaranteed income etc as we won’t need nearly as many marketing people, lawyers, accountants, on and on. And maybe in that world how we view estate planning and legacies will have to change
With much respect, I'll just agree to disagree and move on.I've given very sincere responses to what amounts to quarter-baked policy ideas rooted in Leninism.
You cannot respond seriously because there is no serious response available.
Abolition of Inheritance
Decree Abolishing Inheritance. April 27, 1918 I. Inheritance, whether by law or by will, is abolished. After the death of an owner, the property which belonged to him, whether movable or imm…soviethistory.msu.edu
Very interesting thoughts, mcm. I do agree in particular that this quoted part is at the core of the revulsion people have to the idea.
And, yeah, AI is going to change things a ton and may radically change policy in likewise radical ways we never could have imagined being considered.
The part of Brad's idea that I find interesting is the desire to put a premium on self-reliance and personal responsibility to an extreme.
For a general defense of the inheritance tax (not as drastic as I’m suggesting), see the Economist:
https://www.economist.com/leaders/2017/11/23/a-hated-tax-but-a-fair-oneA hated tax but a fair one from TheEconomist
https://www.economist.com/leaders/2017/11/23/a-hated-tax-but-a-fair-oneA hated tax but a fair one from TheEconomist
And that is the part that should be congruent with conservative principles. I also will add that I do some work with the younger gem and I don’t care what anyone says they do not work hard. At all. They also don’t seem to value the same stuff. They don’t care about joining the country club. Or McMansions or luxury cars. They value other stuff. And that generational culture change may also eventually shape inheritance laws etc. it’ll be long after we are gone but not our kids
How does taking money from someone who produced in society and redistributing to someone who hasn’t produced put a premium on self-reliance and personal responsibility?
The idea that the next Gen doesn’t just live off the work of dad or gramps. Each gen earns it on their own.
I rag on black culture a lot. Lack of accountability. Outsized violent crime. But this an area where an entire race got screwed. For multiple generations
Wait wait…so we get to assume that rich people kids are bums, but not the many more on welfare? Get out of here.
The point was you may incentivize more personal responsibility with the heir, but you’re disincentivizing people on welfare to take personal responsibility.
I do what I have to do to support my family and pay the bills and save.
I have a degree in biology and was laid off in June from my microbiology job at a pharma company in Bloomington.
For now I'm working in a welding repair position at Jasper Engines. Why? It pays good and im pretty good at it because it's my one of my interests.
The point I'm trying to make is we all spend TIME, trying to make our way and some of us do whatever it takes.
Time isn't replaceable, time equals money. When you take people's money you are taking a part of their life they will never get back.
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