konfab
Honorary Master
- Joined
- Jun 23, 2008
- Messages
- 36,198
Capital gains tax is a pile of $hit.It's the only reason I even have some of my assets. And if what little I have was going to be taken instead of going to my children I'd instead choose to cash out, use the money to move somewhere else and let my tax money go to a different government. That applies regardless of the country I'm living in. Hell I'd do it just to give the middle finger to the country I'm leaving.
Furthermore inheritance tax already exists and the threshold is set to a level that allows ordinary people to leave something for their children, but requires the genuinely wealthy to pay tax. That the genuinely wealthy find ways to cheat and avoid paying means that no matter what system you put in place they'll find some way to make sure it doesn't get taxed. Which frankly I don't understand. If had hundreds of millions I wouldn't even want it all going to my children. But all a 100% tax on inheritance would do is take money from those who aren't wealthy.
It is essentially a tax on inflation for those who have had the audacity to try and save some money.