Canadians 'drowning in debt': 47% will borrow to cover costs, survey says

[White Out 403]

Originally Posted by Slava

Talk to some people who have saved and built those assets through a lifetime. They don't want it going to government!

I know I don't want mine going to the government when I get there.

You'll be dead, tough luck I guess

[PsYcNeT]

Originally Posted by Slava

Talk to some people who have saved and built those assets through a lifetime. They don't want it going to government!

I know I don't want mine going to the government when I get there.

Well you should teach your kids to support themselves rather than accepting a handout, duh.

No self-respecting self-made person would want to be the beneficiary of wealth redistribution.

[Slava]

Originally Posted by White Out 403

You'll be dead, tough luck I guess

You two are a riot. You have no idea what you're talking about, but enjoy your evening.

[White Out 403]

Originally Posted by Slava

You two are a riot. You have no idea what you're talking about, but enjoy your evening.

No seriously, we're talking about after you're dead. The fact that you're hung up on how your money will be spent after you are dead is actually kind of off-putting

[Jason14h]

Originally Posted by White Out 403

No seriously, we're talking about after you're dead. The fact that you're hung up on how your money will be spent after you are dead is actually kind of off-putting

Because they don’t want it going to you ? Cause that is what wealth “redistribution” is.

So you’re fine getting other strangers moneys but people who get their families money should be ashamed ?

[White Out 403]

Originally Posted by Jason14h

Because they don’t want it going to you ? Cause that is what wealth “redistribution” is.

So you’re fine getting other strangers moneys but people who get their families money should be ashamed ?

Yes absolutely. When somebody dies, and they're extraordinary wealthy, I'd rather the money get taxed heavily and put into society. Build schools with it, fix crumbling infrastructure, Etc. I don't give a rat's ass about their spoiled rich kids not having a third summer home

[Sliver]

Originally Posted by White Out 403

No seriously, we're talking about after you're dead. The fact that you're hung up on how your money will be spent after you are dead is actually kind of off-putting

OMG, are you kidding? My primary motivation in my work life is providing for my family. My wife and I were working toward setting up a stable home before we even had kids. You better believe any money I have - which I've already paid tax on - will go to them when I die. You'd have to be a dope of the highest order to not want the same for your kids.

[White Out 403]

Originally Posted by Sliver

OMG, are you kidding? My primary motivation in my work life is providing for my family. My wife and I were working toward setting up a stable home before we even had kids. You better believe any money I have - which I've already paid tax on - will go to them when I die. You'd have to be a dope of the highest order to not want the same for your kids.

I would never support an estate tax for the common average family. If you aren't wealthy in the tens of millions, I don't think your estate should be taxed. I don't think the American estate tax did anything like that either before it was repealed

[you&me]

Originally Posted by White Out 403

I would never support an estate tax for the common average family. If you aren't wealthy in the tens of millions, I don't think your estate should be taxed. I don't think the American estate tax did anything like that either before it was repealed

So be ambitious and be successful... Just not too successful... 'Cause someone else feels they can arbitrarily set a cap on your success so that it's "good 'nough" for you and your family.

[PsYcNeT]

Lotta temporarily embarrassed millionaires here.

[PsYcNeT]

Probably more valuable to help your kid become a successful person before you're 80 and they're over 50 so you can just foist money upon the wealth they have already likely accumulated.

[White Out 403]

Originally Posted by you&me

So be ambitious and be successful... Just not too successful... 'Cause someone else feels they can arbitrarily set a cap on your success so that it's "good 'nough" for you and your family.

I feel like some of the posters here are so lavishly wealthy that they're going to be buried in coffins like Egyptian pharaohs. Coins and other riches spilling out of their grave

[Jason14h]

Originally Posted by White Out 403

I feel like some of the posters here are so lavishly wealthy that they're going to be buried in coffins like Egyptian pharaohs. Coins and other riches spilling out of their grave

If that’s what I have to do to avoid the government taxes so be it !!!

[Sliver]

Originally Posted by White Out 403

I would never support an estate tax for the common average family. If you aren't wealthy in the tens of millions, I don't think your estate should be taxed. I don't think the American estate tax did anything like that either before it was repealed

Hah, alright I do kinda agree with that. Same things with earnings, tbh. I think taxing people at 90% at anything above, idk, 10 million would be cool, too.

[flamesfever]

The amount needed to live comfortably into old age, has increased dramatically over the past decade or two. I think for most people who are leaving children behind, the hope is that they can leave them enough so they do not end up living their last few years in poverty. This especially applies to children who, for various reasons, do not have the ability to build up enough wealth of their own.

A million dollars today is a far cry from what it was in the past. The idea of taxing away a person's inheritance is abhorrent to me.

[PsYcNeT]

Hmm yes we're definitely arguing for a 100% estate tax here.

[GGG]

Originally Posted by you&me

So be ambitious and be successful... Just not too successful... 'Cause someone else feels they can arbitrarily set a cap on your success so that it's "good 'nough" for you and your family.

I think the question is should their be a mechanism to prevent wealth concentration?

Since wealth itself is not taxed directly outside of property and wealth obtains exponential growth, and access to Capital makes further Capital accumulation much easier you have a situation where the system regardless of income tax rates results in further concentration of wealth with each generation.

That’s the economic question

The second question is the moral question. It’s not possible for everyone to be as successful as eachother. Some of that is based on effort and skill. Some is based on luck during life and a lot is based on initial starting conditions. So how much should society reward the future generations of a person who put in tremendous effort but was also born in the right place and right time.

So based on the above some sort of estate tax seems like a reasonable policy.

[DownInFlames]

I'm fine with someone being rewarded for their hard work. I can even accept their children getting to reap some of those rewards. But the ultra-rich often leave enough money for generation after generation to live in luxury.

I'm not sure letting the government take a chunk of it is the best option. I'd prefer to give incentives towards donating to good causes as Bill Gates has. Fund health and education initiatives the prevent disease and poverty to level the playing field. If people insist on being greedy then you can lay an estate tax on them.

[Shazam]

Punitive estate taxes sound good, but there'd be so much avoidance I'm not sure they'd help.

[DownInFlames]

Originally Posted by flamesfever

The amount needed to live comfortably into old age, has increased dramatically over the past decade or two. I think for most people who are leaving children behind, the hope is that they can leave them enough so they do not end up living their last few years in poverty. This especially applies to children who, for various reasons, do not have the ability to build up enough wealth of their own.

A million dollars today is a far cry from what it was in the past. The idea of taxing away a person's inheritance is abhorrent to me.

The current U.S. estate tax has an exemption of $11.4 million. I think most people could live out their golden years on that.