Anteater

Meh. People who are wealthy at the level you are talking about have their pick of lucrative real estate development opportunities all over the planet. They might buy a property here, but they'll set up their estate elsewhere if it saves them millions to do so. And that's the truth: if you don't see that then then you might want to go actually spend some time studying what the uber-wealthy actually do. Trust me, the U.S. isn't do or die for any of them.

See, I'm all for taxing the living bejesus out of the rich and out of their corporations, but the estate tax isn't the way to go about it because it's basically just a cheap windfall that the uber-rich already work to evade when it could be replaced with something that brings in more revenue (like I suggested earlier). You need a tax code that encourages real accountability for both the government (as in, what the taxed money is actually used for instead of **** all hearsay) and also for the numerous brackets we currently have that already make things more complicated than they really should be. Get rid of the loopholes and create more specific criteria that keeps the wealthy from taking evasive action. It can be done.

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Frownland

Reminds me of a conversation I had won a dudebro in college. Verbatim

Broseph: If you lower taxes on the rich, they'll pay more taxes than they do now because they wouldn't try to get out of paying their taxes.
Me: who told you that, a rich guy?
Broseph: how'd you know?

I'd be fine with them moving, more room for me. Do we need to build a wall to keep the wealthy in?

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Anteater

I'm sure the U.S. government would love to do that if they could wrap their heads around a better means.

For instance, you can give up your citizenship for just a few thousand dollars. However, there are supposedly large numbers of wealthy expats who give up their citizenship in the U.S. every year in order to start businesses oveseas. Why not replace the estate tax with something that targets those people instead as they "leave", AKA a better exit tax than what we have now? That would bring in way more revenue on an annual basis and it is nearly impossible to dodge.

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Chula Vista

5,411 people gave up US citizenship in 2016. An all time record number.

https://www.forbes.com/sites/robertw.../#8000937503d6

The US population as of 2015 was calculated as 321.4 million. You want me to do the math for you? Raising the exit tax on 5,000 people isn't going to do squat for the economy. By comparison, raising the estate tax would affect millions of people.

PS: 5,411 represents 0.0017% of the population. Swing and a miss buddy.

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Anteater

Do you know the net worth of all of those people leaving the U.S.? Some of them own businesses worth hundreds of millions. But the estate tax is easy to evade in comparison, and only a small fraction of the wealthy deal with it at all. Hence why I see it as a non-issue.

Elph might be on to something if both could be revamped.

+1

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Chula Vista

Do you have a list of their net worth? Are you saying all 5,000 of them are multi-millionaires? Again, how much would a higher tax bracket on 0.0017% of the population help the economy, even if they are all mega rich? It's all simple math dude.

Easy to evade = fix the easy evasion.

Wealthy don't deal with it = make it harder to not deal with.

0.0017% of 100 billion dollars is $1,700,000. Doled out to 200 million people it equals less than 1 - 100th of a ****ing penny each.

(I think my calculator just blew up)

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“The fact that we live at the bottom of a deep gravity well,
on the surface of a gas covered planet going around a nuclear fireball 90 million miles away
and think this to be normal is obviously some indication of how skewed our perspective tends to be.”

Anteater

If even 100 of those 5,000 were multi-millionaires, it would still be more useful than the estate tax as it currently stands. You should re-read the part of my sentence where I said "some of them own businesses worth hundreds of millions".

But like you said, if it can be "fixed" then there you go. Otherwise might as well not have it at all.

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