this post was submitted on 12 Sep 2024
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Estate taxes is woefully small. There should be a 100% death tax on all assets after $1M, excluding a single home.
The tax formally known as “inheritance tax”.
Have to keep everyone poor to control them
I'm not sure I understand your point so if I'm off base let me know.
Firstly, inheriting $200k - $1M doesn't keep anyone poor. It doesn't even stop wealth from concentrating at a level that harms others and warps society - it just prevents that level of wealth from passing down to people who did nothing.
Secondly, if everyone was poor who would be controlling them? You have to keep most people poor and a much smaller group of people unassailably wealthy to control them. That's exactly the problem that high death taxes address.
In my part of the world $1m (even for USD, add 40%)is not even enough to buy a small house. A million dollars is a FUCKLOAD of work but you can't buy shit. At best you get a country shack with maintenance required, no insulation kind of thing, and no money left over.
Maybe that adds some context.
And is that $1m cap per person or for the whole estate? Either way people aren't gonna interit anything that worthwhile