Quote:
Originally Posted by Leondros
If you would be implementing an estate tax you would do what the US does and implement a gift tax as well though. Your personal exemption between gifting and estate transfers would be the same pool.
The more I think about it, the more I support an estate tax over the deemed disposition method or even would like to see both applied. Sure it is a double tax, but if you apply an exemption of lets say $10million on the estate transfer you effectively are not hamstringing anyone who truly needs the money and are collecting massive amounts of generational wealth transfers.
That, on top of a 20% VAT on luxury goods (boats, cars, toys, booze, etc.) would also help collect money off of net wealth versus net income (should the rich actually spend it).
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Well it depends on your view, but that's my main objection. I just think that the government arguably shouldn't get to tax it once (depending on the asset), let along twice "just because". I could get behind the exemption as long as that was high enough to not be a factor for the vast majority.
I just assume that most people who are in favour of these types of things are not impacted at all and don't think that they will be.