Taxes on Inheritance and Lottery Winnings

[dazzleman]

Taxes on wealth gained by luck (including the luck of being born into a wealthy family) are some of the most important taxes we have.

You have a point, but I would say that wealth that there is a fundamental difference between inheritances and lottery winnings.

Lottery winnings are simply a redistribution of wealth from those who buy tickets to those who happen to pick the right combination of numbers.

Inheritance is the passing of wealth that has been in some way earned, presumably, by a loved one onto the people of his/her choosing.

As I said, I'm not necessarily for total elimination of the inheritance tax, but I can't view inheritances in the same light as lottery winnings.

[I spent the winter writing songs about getting better]

Inheritance should be higher. On reason: Paris Hilton

Lottery should be th same.

[dazzleman]

Inheritance should be higher. On reason: Paris Hilton

Lottery should be th same.

The Paris Hilton example is probably the one thing that could convince me to agree with you.  She is a very good example of the evil side effects of too much wealth.  Her parents are also trash, which is a big part of the reason she's the way she is.

A television reviewer once said, about her show "The Simple Life" that watching her whole attitude would be enough to turn the most committed capitalist into a Maoist.

[opebo]

Taxes on wealth gained by luck (including the luck of being born into a wealthy family) are some of the most important taxes we have.

There is a lot of truth in this, but keep in mind that successfully inheriting involves not only the luck of birth, but 40 or so years, on average, of sucking up to the horrible old misers.

[dazzleman]

Taxes on wealth gained by luck (including the luck of being born into a wealthy family) are some of the most important taxes we have.

There is a lot of truth in this, but keep in mind that successfully inheriting involves not only the luck of birth, but 40 or so years, on average, of sucking up to the horrible old misers.

I once heard a saying "He who marries for money earns it."  I think that could apply to any type of inheritance.  And you are a prime example of people who have not been well served or blessed as a result of being born into a family with money.  You will be the last generation to have wealth in your family.

[opebo]

Taxes on wealth gained by luck (including the luck of being born into a wealthy family) are some of the most important taxes we have.

There is a lot of truth in this, but keep in mind that successfully inheriting involves not only the luck of birth, but 40 or so years, on average, of sucking up to the horrible old misers.

I once heard a saying "He who marries for money earns it."  I think that could apply to any type of inheritance.  And you are a prime example of people who have not been well served or blessed as a result of being born into a family with money.  You will be the last generation to have wealth in your family.

Yes, I do not plan to have any children.

[dazzleman]

Taxes on wealth gained by luck (including the luck of being born into a wealthy family) are some of the most important taxes we have.

There is a lot of truth in this, but keep in mind that successfully inheriting involves not only the luck of birth, but 40 or so years, on average, of sucking up to the horrible old misers.

I once heard a saying "He who marries for money earns it."  I think that could apply to any type of inheritance.  And you are a prime example of people who have not been well served or blessed as a result of being born into a family with money.  You will be the last generation to have wealth in your family.

Yes, I do not plan to have any children.

That's not what I meant.  There wouldn't be anything for them even if you did.

[nclib]

Taxes on wealth gained by luck (including the luck of being born into a wealthy family) are some of the most important taxes we have.

You have a point, but I would say that wealth that there is a fundamental difference between inheritances and lottery winnings.

Lottery winnings are simply a redistribution of wealth from those who buy tickets to those who happen to pick the right combination of numbers.

Inheritance is the passing of wealth that has been in some way earned, presumably, by a loved one onto the people of his/her choosing.

As I said, I'm not necessarily for total elimination of the inheritance tax, but I can't view inheritances in the same light as lottery winnings.

Although I agree with Preston about luck being taxed highly, I feel it is more important to tax inheritance since large inheritances can only be gained by certain people while a lottery is open to everyone.

Inheritance taxes, unlike lottery taxes, alleviate the caste system.

[King]

Very few people actually want money.

I'm going out on a limb here and assuming you are either German or Swedish.

[opebo]

Taxes on wealth gained by luck (including the luck of being born into a wealthy family) are some of the most important taxes we have.

There is a lot of truth in this, but keep in mind that successfully inheriting involves not only the luck of birth, but 40 or so years, on average, of sucking up to the horrible old misers.

I once heard a saying "He who marries for money earns it."  I think that could apply to any type of inheritance.  And you are a prime example of people who have not been well served or blessed as a result of being born into a family with money.  You will be the last generation to have wealth in your family.

Yes, I do not plan to have any children.

That's not what I meant.  There wouldn't be anything for them even if you did.

Absurd.  Anyone can follow the simple rule - 'don't spend the principle'.

Of course the nice thing about not having any progeny is there is no need to be concerned about this.  If you think about it anyone who leaves an estate is an idiot.

[Grumpier Than Uncle Joe]

Yes, I do not plan to have any children.

Whew....good to know

[Giant Saguaro]

For something to be considered an income, is there an inference that one has to work for it or make an informed decision or do something in order to receive the money aside from having good timing and aside from being "lucky"? I would buy that argument if someone were to advance it because being lucky or having good timing is too arbitrary a reason for me for the government to penalize someone. Yes, it's an income, but it's not something that's worked for, in a sense. Too arbitrary a reason to penalize someone, IMO, if it's taxing someone for being lucky and I agree that it is.

As to the inheritance tax, it doesn't preclude anyone else from making a fortune and it doesn't in and of itself keep the wealth all in one spot, so it doesn't keep a caste system out and it doesn't guard against feudalism. People can lose fortunes at any time, mainly via making stupid decisions or by being wasteful. Others, on the other hand, can make them at any time. I think it's blatantly unfair; the government shouldn't intrude into what and how someone wants to leave behind an estate and it shouldn't step in front of someone receiving an estate. They can't come in and say, okay, you have 2 kids, so 50% goes to each one, so I don't think the government should interfere at all.