Wealth tax vs inheritance tax
Inheritances should be taxed as income from the first dollar. For those who bleat that it’s double taxation, the answer is that all taxation is double taxation. I pay taxes on my income, then use some of the taxed remainder to pay for gas and the associated fuel tax. Every time money changes hands, it’s taxed. Why should money transferred from one generation to the next be any different?
With the growing wealth inequality, there are increasing discussions about a wealth tax. But inheritance taxes *are* wealth taxes. Wealth taxes are assessed annually while inheritance taxes are assessed whenever wealth changes hands.
I’ve linked to a Youtube that elaborates on this. As Gary Stevenson explains, if nothing is done to halt the concentration of wealth in the hands of billionaires, they will eventually buy up all the assets, leaving none for the middle and working classes.
Inheritance taxes are wealth taxes
With the growing wealth inequality, there are increasing discussions about a wealth tax. But inheritance taxes *are* wealth taxes. Wealth taxes are assessed annually while inheritance taxes are assessed whenever wealth changes hands.
I’ve linked to a Youtube that elaborates on this. As Gary Stevenson explains, if nothing is done to halt the concentration of wealth in the hands of billionaires, they will eventually buy up all the assets, leaving none for the middle and working classes.
Inheritance taxes are wealth taxes