I used to be for the idea of inheritance taxes. It seems like a way to keep the rich from getting super richer.
I’ve since changed my tune.
Because it does nothing except keep the middle class and upper-middle class from getting rich in the first place.
Let’s take three examples to compare and contrast.
If you are mega rich you likely own stocks or other fungible assets. You get hit by a huge tax, you sell some stuff, and you wind up being rich despite all that.
If you are poor, the taxes really don’t apply to you at all, so it’s kind of a wash.
Lets say you have a business or a farm or something. You have an asset that can’t really be split up at all. You die and your family gets your enterprise. Well guess what, they need to pay taxes on it. Pay taxes on it with money they <em>don’t</em> have. You’re stuck in a position where you need to sell your livelihood to pay the taxes.
You know who’s buying?
Corporations that never die.
Those corporations that you could never really hope to compete with just keep getting bigger because they never ever die.
We create a situation where the rich, the people running those corporations, simply get richer, while everyone who’s not in the ruling class simply become poorer.
That. That right there is why I’m opposing the idea of inheritance taxes.
Besides, the taxes were already paid once.