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Originally Posted by mcsluggo
from an economic efficiency standpoint, inheritance tax easily beats all.
We don't need to worry about added disincentive to dying (we are all willing to accept any disincentive to dying that we can drum up), and it doesn't provide a disincentive to working.
I personally am for rewarding incentivising hard and efficient work, the building up of wealth has many spillover effects that generally benefit society (assuming the accumulation occurs within the "rules of teh game") because it requires industriusness and/or innovation, and general economic activity. There is a lot less obvious economic benefit to society from the next 40 generations spending that accumulated wealth.
I am not arguing that you should strip it all away, but as Alex says, if you are GOING to have to tax (and we are going to have to) then do it in a manner that is economically efficient and rewards work.
As to the amout (rate) question... would you really have an issue with a system that says:
tax nothing on the first $1 million in wealth transfer at death, then tax the next $10 million at x% and then tax all wealth over $10 million at z% (z >x )?
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I have a huge issue with your plan. That money has already been taxed once and I should not have to concern myself with how much will be re-taxed when I am dead.
As you stated, for me to reach the Millions of Dollars you are talking about, I am doing something to help generate the economy, thus I am doing a ton of good that goes beyond the measures of the government.
Is the government going to take this money and do for the economy what I and those I choose can do with it?
I would rather take and donate ALL of my inheritance to my local place of worship than to allow the government to acquire additional tax dollars from money that has already been through the tax system. My local place of worship can be counted on to utilize my hard earned dollars in the way that best meets my beliefs.
Again...I believe in one flat rate for ALL.
If I am making $100 a day or $1,000,000 a day...I can agree to pay the same percentage and then when it's paid, that money can never be RE-taxed.
My other issue is full disclosure and accountability of where those Tax Dollars are going!!! Is the Government prepared to let ME or YOU audit the books of the U.S. Government?
The IRS Audits us...should we not also call for a random audit?