An overlooked aspect of this is that it will end generational wealth building. You won't be able to pass anything down to your children because you won't own anything. For any money you might accumulate the inheritance tax will be 100%
Doubt it will end generational wealth building. The wealth will just be concentrated in the cabal families. Don't think for a minute, that these scumbags will make sacrifices for the greater good...
I am not entirely sure about that. I know it looks that way but I believe that the most wealthy put everything into trust. "Trust" is a UK term, I am not sure how it translates. It is a kind of non-profit organisation. There are trustees who run and control the trust and they can award themselves any benefits.
One of the advantages, in the UK at least, is that you do not get hit by inheritance taxes because you do not own anything. You just need to ensure that you pass control on to the next generation before you die.
My guess is that the super-rich will try to get us to let go of everything and then they will use trusts to keep it in their families for posterity. Maybe we should preempt them and make our own arrangements first?
Yes, that's right but does it actually matter? If you still have total control over everything and it can pay you a salary for looking after it etc, why do you actually need to own it? Is it actually a real issue or is it just a mindset thing?
I know people with company cars. They do not fret over not owning the vehicle and they get to do pretty much whatever they want with it. How would ownership make things better for them?
Hardest hit here will be the working poor. They can't live rent free in the old house on family property because they won't inherit it. Won't be able to move in to help out the old folks before they die without having the rent raised.
An overlooked aspect of this is that it will end generational wealth building. You won't be able to pass anything down to your children because you won't own anything. For any money you might accumulate the inheritance tax will be 100%
Doubt it will end generational wealth building. The wealth will just be concentrated in the cabal families. Don't think for a minute, that these scumbags will make sacrifices for the greater good...
"Overlooked" > Deliberately disguised
There, I've edited it for you!
(excellent comment, btw)
I am not entirely sure about that. I know it looks that way but I believe that the most wealthy put everything into trust. "Trust" is a UK term, I am not sure how it translates. It is a kind of non-profit organisation. There are trustees who run and control the trust and they can award themselves any benefits.
One of the advantages, in the UK at least, is that you do not get hit by inheritance taxes because you do not own anything. You just need to ensure that you pass control on to the next generation before you die.
My guess is that the super-rich will try to get us to let go of everything and then they will use trusts to keep it in their families for posterity. Maybe we should preempt them and make our own arrangements first?
Caveat: I am not a lawyer or financial advisor.
You won't own anything to put into a trust. That's the point.
Yes, that's right but does it actually matter? If you still have total control over everything and it can pay you a salary for looking after it etc, why do you actually need to own it? Is it actually a real issue or is it just a mindset thing?
I know people with company cars. They do not fret over not owning the vehicle and they get to do pretty much whatever they want with it. How would ownership make things better for them?
Hardest hit here will be the working poor. They can't live rent free in the old house on family property because they won't inherit it. Won't be able to move in to help out the old folks before they die without having the rent raised.