MrPoshman, I certainly do understand inheritance taxes.
I'm in 2 minds about principal place of residence being included or not, but with home ownership now becoming an unattainable dream for anyone on anything like median incomes, I see no problem in taxing an inheritance. If you can't pay 10% tax on the house you inherit then you have to sell it or borrow against it. This is the very point, taxing those with wealth to reduce wealth inequality.
You want simple, fine, simple: 10% of the value of the estate over $1million; 20% of the value of the estate over $5million and 40% of the value of the estate over $10million. No rebates, no deductions, no complications.
Let's also have a wealth tax while we are at it. Capital gains tax having a discount on tax rates can go too - you make money you pay tax. Maybe capital gains should be taxed at a higher rate given you do no work to get the capital gain.
DS
I'm in 2 minds about principal place of residence being included or not, but with home ownership now becoming an unattainable dream for anyone on anything like median incomes, I see no problem in taxing an inheritance. If you can't pay 10% tax on the house you inherit then you have to sell it or borrow against it. This is the very point, taxing those with wealth to reduce wealth inequality.
You want simple, fine, simple: 10% of the value of the estate over $1million; 20% of the value of the estate over $5million and 40% of the value of the estate over $10million. No rebates, no deductions, no complications.
Let's also have a wealth tax while we are at it. Capital gains tax having a discount on tax rates can go too - you make money you pay tax. Maybe capital gains should be taxed at a higher rate given you do no work to get the capital gain.
DS