It's even more evil than it sounds. Put everything you own into a business you created? Own a 50.1% interest in it? It's value doubled? Well, now you need to sell ~6.2% of your stock to cover your taxes. So much for your controlling stake. As the value of something goes to infinity, the amount of it they will "allow" you to own goes to 0. Inflation forces divestment. Just another leftist attempt at backdoor communism.
This is the same reason they love inheritance taxes on private farmland. Forces people to sell and lets their institutional donors scoop up more control.
It's even more evil than it sounds. Put everything you own into a business you created? Own a 50.1% interest in it? It's value doubled? Well, now you need to sell ~6.2% of your stock to cover your taxes. So much for your controlling stake. As the value of something goes to infinity, the amount of it they will "allow" you to own goes to 0. Inflation forces divestment. Just another leftist attempt at backdoor communism.
This is the same reason they love inheritance taxes on private farmland. Forces people to sell and lets their institutional donors scoop up more control.
The government is a controlling stakeholder in your assets.
This is normally referred to as: Communism.
If you want to pass on your farmland, meet an estate planning attorney and learn about living trusts.