>Inherit family business
>Has more than $14m in assets on paper
>Government demands 40%
>Forces you to sell the business to pay them
This is the main problem with inheritance taxes. They're a way of transferring wealth from the people who built it to the corporate donors of the politicians who won't abolish them.
Yeah. I've got mixed feelings on it. On one hand, you should be able to pass down what you make to your children. It rewards merit because providing for your family is a powerful incentive. But on the other hand, it's removes merit-based rewards for their descendants. I resolve the disagreement by considering that the government has no business making a decision about that question one way or another.
Besides the rich billionaire you talk about dodges this shit anyway He'd put the ownership of the $2b of stocks in a trust or foundation or something and then just appoint the beneficiary as the CEO. "No money changed hands, someone else is just running this entity now."
>Inherit family business
>Has more than $14m in assets on paper
>Government demands 40%
>Forces you to sell the business to pay them
This is the main problem with inheritance taxes. They're a way of transferring wealth from the people who built it to the corporate donors of the politicians who won't abolish them.
That is a problem. That said, I don't sympathize much with a filthy rich billionaire banker who has $2 billion in liquid stocks.
Yeah. I've got mixed feelings on it. On one hand, you should be able to pass down what you make to your children. It rewards merit because providing for your family is a powerful incentive. But on the other hand, it's removes merit-based rewards for their descendants. I resolve the disagreement by considering that the government has no business making a decision about that question one way or another.
Besides the rich billionaire you talk about dodges this shit anyway He'd put the ownership of the $2b of stocks in a trust or foundation or something and then just appoint the beneficiary as the CEO. "No money changed hands, someone else is just running this entity now."