I don’t think it would fix every problem, but I really do think a 100% estate tax for everything over $1M would really help.
(Actually, instead of an arbitrary $1M, let’s cap it at 138,000x the federal minimum hourly wage. That’s currently about the same amount, but tying it to the minimum wage will help it adjust for inflation over time and will give those rich fucks some motivation to finally increase the minimum wage.)
Makes sense, in that context. If someone worked minimum wage for their entire life and somehow saved every penny, then they could leave it all to their heirs without getting hit by this 100% estate tax.
Is that per inheritor or per estate?
Per estate. The estate pays estate taxes. Inheritors (usually) don’t have to pay any taxes on what they inherit. (Though they may have to pay income tax on it in certain specific situations, and some states impose an inheritance tax on inheritors that’s separate from estate tax.)
I don’t think it would fix every problem, but I really do think a 100% estate tax for everything over $1M would really help.
(Actually, instead of an arbitrary $1M, let’s cap it at 138,000x the federal minimum hourly wage. That’s currently about the same amount, but tying it to the minimum wage will help it adjust for inflation over time and will give those rich fucks some motivation to finally increase the minimum wage.)
That’s, what, 66 years of salary at minimum wage? Is that per inheritor or per estate? (I don’t know how estate tax works)
Makes sense, in that context. If someone worked minimum wage for their entire life and somehow saved every penny, then they could leave it all to their heirs without getting hit by this 100% estate tax.
Per estate. The estate pays estate taxes. Inheritors (usually) don’t have to pay any taxes on what they inherit. (Though they may have to pay income tax on it in certain specific situations, and some states impose an inheritance tax on inheritors that’s separate from estate tax.)