Quote:
Originally Posted by Slava
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.
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Okay, well I can sell it to you in another way. Axe the deemed disposition, apply a 50% estate tax over and above $10 million and call it a day. A deemed disposition plus an estate tax while a double tax would achieve the exact same thing from an effect tax rate perspective. Similar to the US there would be a spousal deferral mechanism in there along with the standard gift avoidance, etc.
At the end of the day it achieves the goal of taxing the super wealthy, but not to the extent where hard work and saving for your family isn't rewarded. If you are a beneficiary of that and can't make $x million work for you, I don't know what to tell you.