Want to keep your parents house? Pay 90% of it's value to the government or the government takes it.
Parents will do anything for the children to have a better life, this is a basic human drive that you cannot go against.
Most non-strawman look like "capital gains tax after the first $1 million" or "40% excempting the first $11 million"
Or pin it to the average income.
After laws have been in effect fifty or a hundred years, the amounts don't make sense anymore, and they usually aren't updated very often.
See the IRS reporting requirement still being 10k, or some old laws with really small fines
Wouldn’t that be paid by the estate between the death of the deceased and the inheritor getting the assets?
> Want to keep your parents house? Pay 90% of it's value to the government or the government takes it.
My experience in the UK is the opposite problem exists in reality — the UK has inheritance tax, which my parents’ assets seem to have totally avoided, because my dad looked at the rules at made sure his assets were under the threshold by (1) giving my siblings and I a lot of gifts well before he died, and (2) turns out physical items such as the antiques (not many) and the stamp collection (how much!?!) is the kind of thing the government value (or valued past tense, IANAL) in aggregate as £1.
The cunning ploy of giving away money is, practically speaking, quite difficult to solve.
I wonder what you say when you are forced to pay x% tax on all of your earned income every year? It only really makes sense to consider the merits of a tax in the context of other taxes it would replace.
I inherited a decent amount of money last year. It was nice, and I am of course grateful. But I would definitely still vote for significantly higher taxes on unearned wealth, in exchange for better Government services and/or a reduction other taxes.
Hard-working parents will still find ways to give their children advantages. They will still invest money and time in their development.
Also it’s entirely possible to set a floor before a tax kicks in to allow some token transfer of wealth, but yeah there’s a huge difference between a moderate transfer of wealth like a (average) home and rebasing millions and millions of asset wealth, a fleet of homes, etc.