Abolition of the Inheritance Law

[SkydiveJonathan 0]

The only thing which, in opinion, the State can and should do, is first to modify little by little inheritance law so as to arrive as soon as possible at its complete abolition. That law being purely a creation of the State, and one of the conditions of the very existence of the authoritarian and divine State can and should be abolished by freedom in the State. In other words, State should dissolve itself into a society freely organized in accord with the principles of justice. Inheritance right, in our opinion, should abolished, for so long as it exists there will be hereditary economic inequality, not the natural inequality of individuals, but the artificial man inequality of classes.

[jcd11235 0]

Plagiarize much?

http://dwardmac.pitzer.edu/anarchist_archives/bakunin/stateless.html

Math tutoring available. Only $6! per hour! First lesson: Factorials!

[SkydiveJonathan 0]

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Plagiarize much?

http://dwardmac.pitzer.edu/anarchist_archives/bakunin/stateless.html

Your point?

[RonD1120 58]

Sounds like communist drivel to me.

Look for the shiny things of God revealed by the Holy Spirit. They only last for an instant but it is a Holy Instant. Let your soul absorb them.

[SkydiveJonathan 0]

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Sounds like communist drivel to me.

It's exactly the opposite.

[DrewEckhardt 0]

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The only thing which, in opinion, the State can and should do, is first to modify little by little inheritance law so as to arrive as soon as possible at its complete abolition. That law being purely a creation of the State, and one of the conditions of the very existence of the authoritarian and divine State can and should be abolished by freedom in the State. In other words, State should dissolve itself into a society freely organized in accord with the principles of justice. Inheritance right, in our opinion, should abolished, for so long as it exists there will be hereditary economic inequality, not the natural inequality of individuals, but the artificial man inequality of classes.

As an oppressive 1%er I might agree with you since abolishing inheritance would help me keep the riff-raff down.

When you have enough millions you don't need them all to live off and can afford to transfer assets to your heirs before you die without inheritance and things like the death tax getting in the way.

For instance, in my next company which I hope to sell for eight figures I may give what I don't need to the kids a year before I expect it to pop with the obligation to repay the current (low) fair market value or return the stock which has a net zero value at the time of the gift. After it pops they'll have millions taxed as long term capital gains without eating into my gift tax exemption. Zuckerberg did this to transfer $37M tax free to his yet-to-be-conceived children. Or perhaps I'll give the two of them 24.5% a piece as soon as the ink on my incorporation papers dries and it's literally worth zero. No gift or death tax their either and also taxed as long term capital gains if things go very well. If things only go moderately well they'll be able to take profit distributions from the company which are taxed as ordinary income where their rates are much lower than mine so they keep more of our money than if I paid taxes on it and then gave it to them like a wage slave would do.

OTOH, when you're middle class and can only acquire 25X your final salary you need all of it to maintain your standard of living through retirement because you can only draw 4% a year without risking running out of money. In theory you're no longer saving for retirement so it could take less; although you need to worry about radically increased costs of living due to requiring skilled care. In theory Social Security can provide 1/3 of your pre-retirement income; although the retirement age continues to increase and it may become means tested so you need to hedge your bets. Your children can't have your money until you die and they inherit what's left.

IOW, death taxes are more likely to punish children of prudent frugally living middle-class parents than the wealthy. As a 1%er working to stay on top I might not mind them much.

[billvon 2,435]

>Inheritance right, in our opinion, should abolished, for so long as it exists there will be
>hereditary economic inequality, not the natural inequality of individuals, but the
>artificial man inequality of classes.

One of the primary reasons the Catholic church requires its priests to be celibate. No kids = no inheritance to deal with. It all goes back to the Church.

[SkydiveJonathan 0]

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IOW, inheritance taxes are more likely to punish children of prudent frugally living middle-class parents than the wealthy.

That's what the wealthy would of course say. Just like they say 'trickle down' works.

[RonD1120 58]

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IOW, inheritance taxes are more likely to punish children of prudent frugally living middle-class parents than the wealthy.

That's what the wealthy would of course say. Just like they say 'trickle down' works.

The best course of action for America is to promote wealth through personal initiative, hard work and sound management and to demote intellectual elitism dependent on the government. IMO of course.

Look for the shiny things of God revealed by the Holy Spirit. They only last for an instant but it is a Holy Instant. Let your soul absorb them.

[SkydiveJonathan 0]

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IOW, inheritance taxes are more likely to punish children of prudent frugally living middle-class parents than the wealthy.

That's what the wealthy would of course say. Just like they say 'trickle down' works.

The best course of action for America is to promote wealth through personal initiative, hard work and sound management...

Certainly not by getting an unearned inheritance.

[DrewEckhardt 0]

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IOW, inheritance taxes are more likely to punish children of prudent frugally living middle-class parents than the wealthy.

That's what the wealthy would of course say. Just like they say 'trickle down' works.

The wealthy wouldn't say anything because that might upset the proletariat and disturb the status quo.

You'd have to let their actions speak for them. Mark Zuckerberg just transfered $37M tax free to heirs he has yet to conceive with no inheritance tax, no gift tax, and no dent in his or Priscilla's lifetime exemptions.

(Generally you only give your children enough to be comfortable but not obscenely wealthy so they're more likely to be productive people. The rest can go to charity tax free).

[DrewEckhardt 0]

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IOW, inheritance taxes are more likely to punish children of prudent frugally living middle-class parents than the wealthy.

That's what the wealthy would of course say. Just like they say 'trickle down' works.

The best course of action for America is to promote wealth through personal initiative, hard work and sound management...

Certainly not by getting an unearned inheritance.

An inheritance can let your descendants focus on being entrepreneurial instead of making ends meet and keep the venture capitalists' paws off the fruits of their endeavors.

[kallend 1,651]

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IOW, inheritance taxes are more likely to punish children of prudent frugally living middle-class parents than the wealthy.

That's what the wealthy would of course say. Just like they say 'trickle down' works.

The best course of action for America is to promote wealth through personal initiative, hard work and sound management...

Certainly not by getting an unearned inheritance.

An inheritance can let your descendants focus on being entrepreneurial instead of making ends meet and keep the venture capitalists' paws off the fruits of their endeavors.

Or your descendants can spend the bulk of it on wine, women and skydiving and just waste the rest.

...

The only sure way to survive a canopy collision is not to have one.

[DrewEckhardt 0]

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So when someone dies, you want their estate to go to the government. Ok, fine. We get that.

So let me ask you this- how much of an estate do YOU plan on having when you die? I plan on having a couple a six figures myself ( unless I blow it all on trophy wives and barely-legal flat bellies int old age) and I think you're full of crap.

You want to reconsider and aim for seven figures so you can continue your middle class lifestyle. The rule of thumb is that you can only spend ~4% of your assets when you don't want to run out.

40K/year = 4% of $1,000,000

Social Security is already means tested to a degree - retirement withdrawals of that magnitude drawn from most tax-advantage accounts constitute income which is high enough to make 85% of your benefits taxable. One would expect that to get worse if things get tight and people who spent extravagantly in their youth complain about "wealthy" people collecting Social Security.

Skip the new cars, live in a smaller house, and save now so things don't get worse when you're forced to stop working for the wage you earn now due to health, age discrimination, or just because your boss would rather hire a less expensive person.

[SkydiveJonathan 0]

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So when someone dies, you want their estate to go to the government. Ok, fine. We get that.

So let me ask you this- how much of an estate do YOU plan on having when you die? I plan on having a couple a six figures myself ( unless I blow it all on trophy wives and barely-legal flat bellies int old age) and I think you're full of crap.

I'd like the estate go to those who earned it - the children certainly haven't. It's just a free gift to them. And we know conservatives don't like anything for free.

[millertimeunc 0]

I think it sounds like dreamdancer or whatever he's calling himself this week got lonely and created another sock puppet.

The best things in life are dangerous.

[StreetScooby 5]

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I'd like the estate go to those who earned it -

And who might that be?

We are all engines of karma

[wolfriverjoe 1,353]

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I'd like the estate go to those who earned it -

And who might that be?

Well, in standard Dreamdancer replyspeak:

Those who earned it.

He's proposed some garbage in the past that the owner or founder of a company didn't actually earn the money, the workers did. And they should get the money when the owner dies.
Which doesn't take into any account the wishes of the person who created the ideas and the company to begin with. The one who really earned it.

"There are NO situations which do not call for a French Maid outfit." Lucky McSwervy

"~ya don't GET old by being weak & stupid!" - Airtwardo

[SkydiveJonathan 0]

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I'd like the estate go to those who earned it -

And who might that be?

Well, in standard Dreamdancer replyspeak:

Those who earned it.

He's proposed some garbage in the past that the owner or founder of a company didn't actually earn the money, the workers did. And they should get the money when the owner dies.
Which doesn't take into any account the wishes of the person who created the ideas and the company to begin with. The one who really earned it.

You agree then that the children certainly haven't earned it.

[masterrig 1]

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IOW, inheritance taxes are more likely to punish children of prudent frugally living middle-class parents than the wealthy.

That's what the wealthy would of course say. Just like they say 'trickle down' works.

The best course of action for America is to promote wealth through personal initiative, hard work and sound management...

Certainly not by getting an unearned inheritance.

Maybe in some cases. You're not taking into account family farms and ranches where the kids want to continue the operation and look forward to it until the day comes when the inheritance tax has to be paid and the family farm or ranch has to be sold to the highest bidder. In other cases, others want that 'un-earned inheritance' to go to the kids so their kids have life easier than they had it.
Any way you slice it, the inheritance tax is wrong.


Chuck

[RonD1120 58]

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The best course of action for America is to promote wealth through personal initiative, hard work and sound management...

Certainly not by getting an unearned inheritance.

[Andy9o8 0]

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Sounds like communist drivel to me.

It's exactly the opposite.

Sounds like fascist drivel to me.

Actually, no, Ron was right - it's communist drivel.

[Andy9o8 0]

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The best course of action for America is to promote wealth through personal initiative, hard work and sound management...

Certainly not by getting an unearned inheritance.

It sounds to me like you are jealous because you didn't get one and you know some who did. The terms envy and convetousness come to mind.

[masterrig 1]

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The best course of action for America is to promote wealth through personal initiative, hard work and sound management...

Certainly not by getting an unearned inheritance.

It sounds to me like you are jealous because you didn't get one and you know some who did. The terms envy and convetousness come to mind.

On the bright side... venting on a social network is better than blowing-up government buildings!


Chuck

[Andy9o8 0]

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The best course of action for America is to promote wealth through personal initiative, hard work and sound management...

Certainly not by getting an unearned inheritance.

It sounds to me like you are jealous because you didn't get one and you know some who did. The terms envy and convetousness come to mind.

On thebright side... venting on a social network is better than blowing-up government buildings!

On the other hand, sometimes it's a precursor...