I am a fan of the inheritance/estate tax. It’s the best way to prevent a dynastic feudalist society 75% above 25 million seems fair (no trust loopholes). Enough to incentivize people who strive to give kids & grandkids the good life, and then have those kids earn back the resthttps://twitter.com/DIorioNathaniel/status/1094000164153577472 …
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I’ve changed my mind. Instead of estate tax, there should be high lifetime gift tax exemption for children ($15m each?), then tax gifts beyond that as income Allows transfer before death, removes the “death tax” idea, achieves goal of reducing dynastic growth
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Replying to @justindross
That’s even more generous than the current max which is $11M. So you want to reduce the inheritance tax?
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Replying to @kimmaicutler
In practice closing generation skipping trusts and other vehicles and paying all deferred taxation before transfer would increase net pay
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Yep, plus step-up in basis on death results in “taxed never” rather than “taxed once” on most of a lifetime of earnings IIRC, where the usual knock is against “taxes twice.”
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