Inheritance taxes are bad for society. We've been fooled into believing it is a good thing. It's not.

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The general consensus is that inheritance tax is good. People think, "Well, we don't want rich people controlling all the wealth forever. It should go back to society."

But that is wrong. Inheritance taxes cause a reset to inefficiency, and foolishness. When a business owner is taxed on death, what happens is the children have to sell off the business to pay the tax man. But the children are the best people to own, and operate their parents' business. They've probably been working in it since they could walk. Which means they're smart, and know how to make everything run smoothly. Furthermore, they have a sentimental attachment to their business, and workers. It's not just a faceless business to them.

But when you have a hefty inheritance tax, this forces the heirs to sell their business to people that don't really even give a damn about that business. And what happens? It gets gutted. It totally gets gutted, and all the valuable assets are sold off. If they don't do that, they mess up the business, not knowing what to do. Third thing that usually happens is they start slashing jobs, and cutting back to make more profits for the numerous shareholders, or other investors. Rarely does a business sold go into good hands. Investors don't love businesses. They don't have a passion. They're greedy, and want as much money as possible, and they'll do anything to achieve that goal.

It is best there are no inheritance taxes, and businesses are passed down, 100%, to the grown children who know it inside, and out. They are far more knowledgeable than outsiders, and above all they care.

But the abolishment of the inheritance tax won't happen because people are jealous, and don't know inheritance taxes benefit the mega rich. The mega rich can hide their money, and they can acquire assets as they please. Inheritance taxes only affect small, and medium-sized businesses. Which then are scooped up, and gutted, or turned upside down by the ultra wealthy.

You can look to Africa to see what I'm talking about, what happens when you take a business, and give it to someone that doesn't understand it. In Zimbabwe, the government took all the land from the white farmers, thinking it would make them rich. But what happened? PEOPLE BEGAN STARVING.

And other businesses are similar. Running it requires expertise. And usually the children of the owners are the smartest ones. They know what to do. But if you take a business, and give it to someone else, and outsider, it is likely to fail, and society will lose out. The consumer will have to deal with the incompetency, and ignorance of the new owner. Workers will get screwed. The local economy will get screwed.

Yes, of course, there are exceptions to this observation, but it holds true most of the time. Inheritance taxes are a negative to society.

The general consensus is that inheritance tax is good. People think, "Well, we don't want rich people controlling all the wealth forever. It should go back to society." But that is wrong. Inheritance taxes cause a reset to inefficiency, and foolishness. When a business owner is taxed on death, what happens is the children have to sell off the business to pay the tax man. But the children are the best people to own, and operate their parents' business. They've probably been working in it since they could walk. Which means they're smart, and know how to make everything run smoothly. Furthermore, they have a sentimental attachment to their business, and workers. It's not just a faceless business to them. But when you have a hefty inheritance tax, this forces the heirs to sell their business to people that don't really even give a damn about that business. And what happens? It gets gutted. It totally gets gutted, and all the valuable assets are sold off. If they don't do that, they mess up the business, not knowing what to do. Third thing that usually happens is they start slashing jobs, and cutting back to make more profits for the numerous shareholders, or other investors. Rarely does a business sold go into good hands. Investors don't love businesses. They don't have a passion. They're greedy, and want as much money as possible, and they'll do anything to achieve that goal. It is best there are no inheritance taxes, and businesses are passed down, 100%, to the grown children who know it inside, and out. They are far more knowledgeable than outsiders, and above all they care. But the abolishment of the inheritance tax won't happen because people are jealous, and don't know inheritance taxes benefit the mega rich. The mega rich can hide their money, and they can acquire assets as they please. Inheritance taxes only affect small, and medium-sized businesses. Which then are scooped up, and gutted, or turned upside down by the ultra wealthy. You can look to Africa to see what I'm talking about, what happens when you take a business, and give it to someone that doesn't understand it. In Zimbabwe, the government took all the land from the white farmers, thinking it would make them rich. But what happened? PEOPLE BEGAN STARVING. And other businesses are similar. Running it requires expertise. And usually the children of the owners are the smartest ones. They know what to do. But if you take a business, and give it to someone else, and outsider, it is likely to fail, and society will lose out. The consumer will have to deal with the incompetency, and ignorance of the new owner. Workers will get screwed. The local economy will get screwed. Yes, of course, there are exceptions to this observation, but it holds true most of the time. Inheritance taxes are a negative to society.

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