They still do, but there are ways to either distribute the funds or set up grantor trusts that bring the rates back down to an acceptable billionaire rate. You know, next to nothing.
We’re having the same conversation but about two different things. I thought we were discussing tax rates that trusts themselves pay. Not individual tax rates.
One thing I’ll correct myself on is that I just looked up trust tax rates and they’re paying only 20% on capital gains now. Pretty sure that was higher before the Cheeto took over.
I used to do a whole lot of trust returns, but I’m admittedly rusty on them today.
The crazy part is you could say everything after 100m gets distributed, their family still has $100m in the bank, but that wouldn’t be good enough, gotta keep it all because they “earned it,” whatever that means.
I personally am okay with wealth. I think millionaires are fine, especially now that everything is expensive. I want to see lines drawn at 10m, and 100m. There should be no b.
Maybe we should get rid of trusts over a certain dollar amount.
Nah, just tax them to hell.
They used to have a high income tax rate. Used to.
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They still do, but there are ways to either distribute the funds or set up grantor trusts that bring the rates back down to an acceptable billionaire rate. You know, next to nothing.
Actually, they don’t. (Thats a really interesting and informative link to look at.)
They used to deal with ~70%+ tax rates. Now its at ~10%, and that’s before the shenanigans that you mentioned …
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We’re having the same conversation but about two different things. I thought we were discussing tax rates that trusts themselves pay. Not individual tax rates.
One thing I’ll correct myself on is that I just looked up trust tax rates and they’re paying only 20% on capital gains now. Pretty sure that was higher before the Cheeto took over.
I used to do a whole lot of trust returns, but I’m admittedly rusty on them today.
Yeah I was speaking about the income tax rate.
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I think that’s what they meant. Anything over a certain amount should go to the state.
Nah just get rid of them and the whole capitalist garbage. We’ve given it a try and it’s clearly a failed experiment.
Anytime someone worth over 100m dies, their wealth is evenly distribtluted to all citizens
but what if i, as a feudal lord, wish for my dynasty to continue unto the eons?
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Correct.
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The crazy part is you could say everything after 100m gets distributed, their family still has $100m in the bank, but that wouldn’t be good enough, gotta keep it all because they “earned it,” whatever that means.
I personally am okay with wealth. I think millionaires are fine, especially now that everything is expensive. I want to see lines drawn at 10m, and 100m. There should be no b.
1st. Pass a law separating company ownership from stock ownership.
2nd. 100% tax on anything over one million dollars per inheritor. With some exemptions, such as the family home.
For serious, if an individual can’t get by on $10m (a number I pulled out of thin air) they don’t have what it takes to be in the world.