People think that they're taxing the mega rich, and getting a benefit... NO! That's not what happens.
Here's what happens:
The mega rich hide their money, and don't pay inheritance taxes.
The moderately successful, low-figure millionaires are the ones that have to pay inheritance taxes. And it's stupid because: A) They're being double-taxed. B) The mega rich acquire their assets.
So, in effect, inheritance tax transfers wealth to the mega rich, and big corporations. When a farmer's kids have to sell the farm to pay inheritance tax, the people on the lower end of society don't beneft. The farm is going to by scooped up by mega corporations, who will then tighten their control on society. It doesn't have a benefit to the plebs.
People think that they're taxing the mega rich, and getting a benefit... NO! That's not what happens.
Here's what happens:
- The mega rich hide their money, and don't pay inheritance taxes.
- The moderately successful, low-figure millionaires are the ones that have to pay inheritance taxes. And it's stupid because: A) They're being double-taxed. B) The mega rich acquire their assets.
So, in effect, inheritance tax transfers wealth to the mega rich, and big corporations. When a farmer's kids have to sell the farm to pay inheritance tax, the people on the lower end of society don't beneft. The farm is going to by scooped up by mega corporations, who will then tighten their control on society. It doesn't have a benefit to the plebs.
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