4/20/2005

Income is Income

originally started by: (Matthew Yglesias)

My proposal:

1) It seems absolutely unquestionable to me, though others will question it, that the Estate should be taxed at least as a Capital gains, e.g. 15% (though I'd prefer a fixed tax on all income, gains...) on its appreciation so that any un-taxed gains are taxed at transfer.

2) Alternatively, I would suggest that the Estate might will be "re-valued" at $0 when transferred, and then if it was cashed in it be taxed at normal rates, As long as it is sitting in an account, let it not be taxed, but as with all other monies, when it is cashed in, let it be taxed.

3) I would allow the taxes to be paid, say as a rate equivalent to the interest+, so that a person who inherited it would not have to pay in one lump sum.

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4) Finally, PERSONALLY, I think that America would be benefited if we could provide some reasonable pressure to re-equalize the society so that work and effort is rewarded and so that the richer children less of a free ride than only their parents wealth gives them while their parents are alive.

So I would like to see a real WEALTH tax of about say 5%, that would have the wealthy pay back a part of the benefit that the society provides them. It should be low enough so that it is not oppressive and high enough so that it does apply some pressure for people to work and contribute rather than live off their past.

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