Abolish inheritance

Discussion in 'Economics' started by Debaser82, Sep 10, 2010.

  1. I'm thinking that number is gonna get bumped-up for inflation - unless they just happen to kick the can tomorrow.
    #21     Sep 11, 2010
  2. trendy


    Abolish inheritance, eh? So, the govt. gets all of my wealth when I die? And what are they going to do with it? Give it to undeserving assholes? I'd rather pick my own undeserving assholes, thank you every much.


    Undeserving asshole
    #22     Sep 11, 2010
  3. Only the sub-60 IQ, entertainment-absorbed, parasitical crowd think like that. People with character want to pass something to future generations so they can continue to build on it.
    #23     Sep 11, 2010
  4. toc


    Somewhere I read, I think on ET itself, that it takes 4 generations for most of the wealth to be blown up...............by atleast 80% of the inheriting generations.
    #24     Sep 11, 2010
  5. toc


    Infact the actual figure is 5% of the net worth. so at $50B, both should leave $2.5B to their kids.
    #25     Sep 11, 2010
  6. CET


    Because many people blow their inheritance, many of the very wealthy set up trusts that only allow the future generations to take out the gains and keep the underlying amount/investments intact.
    #26     Sep 11, 2010
  7. CET


    One of the main reasons they are not leaving the bulk of their wealth to their heirs is the current inheritance tax, as the government would get about half of it unless they keel over before the end of this year. 2010 is a tax free inheritance year. We'll see how many pull the trigger or pop the pills for the family this year. They support this tax because it forces many wealthy folks to go the charitable route so the gov. does not get it.

    Gates has already moved a large portion of his wealth to his charitable trust, so this portion should no longer be included in his net worth. The morons that publish this info still include it in his net worth I believe.

    Buffett has pledged $3B per year to the Gates foundation and will continue as long as he is satisfied with the way they distribute it. I believe he made his first contribution in 2009.
    #27     Sep 11, 2010
  8. It doesn't work.

    From shirt-sleeves to shirt-sleeves in three generations.

    #28     Sep 12, 2010
  9. Well if you think about it, thats alot of kids. Assuming that the average family has 2 kids, by the 4th generation you are looking at wealth being split up 30 ways. Add in wives & husbands of the kids and there are 60 people spending that money.
    #29     Sep 12, 2010