Quote:
Originally Posted by GP_Matt
I don't like the fact that some of the richest people in Canada and the US did nothing for their wealth and paid no tax to receive it. I wonder how many of them are participating in the giving pledge.
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Incorrect. The US has an inheritance tax and it's massive.
It's part of the reason that you've seen a lot of off shore accounts in the US, because a lot of people feel the inheritance tax is extremely unfair. Also it's why the US was giving amnesty for a time to anyone who violated the tax code by hiding their assets, because so many people were doing it. If they brought their assets back they would not be prosecuted. The US is so desperate for tax dollars and part of the reason is that their tax code is not logical and so people find loopholes.