Argument continued on tax laws and Bernie pandering

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pubs.aeaweb.org/doi/pdfplus/10.1257/jep.28.4.121
twitter.com/AnonBabble

In response to the person criticising my grandpa for selling to the Japanese:

Maybe it's because American firms wouldn't give him the time of day because he was a Polish "immigrant" Engineer and surely they can't design trains half as well as a red-blooded American?

As for the man who called me a psychopath:

I would rather be a psychopath and live in a world built by psychopaths for psychopaths, than an insignificant "activist"/armchair economist who will die in 50-70 years in a world that is more or less the same as it is now, with all my beliefs amounting to nothing.

Though for the record I am not a psychopath, I would die for my family and I would have once risked dying for my country if I felt confident it still stood for the things that make me proud to be it's citizen, by deluded narcissistic Bernouts make me question whether it really is the country I thought it was. Just because I don't have empathy towards beggars who blame the rich for their woes, does not make me a psychopath, despite what your communist newsletter tells you.

It's unacceptable that I can't leave behind money for my children so they can have an easier life without some fucking commie jew sticking his grubby fingers in it and giving it to Jamarcus and Juan so they can buy 40's at the local liquor store with EBT and shoot each other.

>tax people for dying
lol

B-b-but user, genetics is a social construct, your children are as related to you as some nignogs in Detroit. Don't you want to help everyone by paying for government social programs that are horribly inefficient and prone to corruption? How else will Chelsea Clinton fund her third consecutive presidential campaign?

>its unacceptable that I leave my property to my children when I die, so the government should get it instead
statist scum

There is already an inheritance tax.

>The federal estate tax exemption—that’s the amount an individual can leave to heirs without having to pay federal estate tax—will be $5.43 million in 2015, up from $5.34 million for 2014. That’s another $90,000 that can be passed on tax-free. The top federal estate tax rate is 40%.

The question should be how can he force people to pay when most of their wealth is in a corporation or in an overseas account.

The issue to me looks like Bernie pandering to his idiot supporters.

>Give money to poor people
>They spend all of it, stimulating the economy and creating more jobs

>Give money to rich people
>They put it away in overseas Swiss bank accounts where they're removed from the system and basically don't exist

Not rocket science people, taxes put money that would go nowhere back into the economy.
This is a basic Socialist fact and is why people push to fight for higher minimum wage.

Government spending is HORRIBLY inefficient and prone to waste/corruption. The only reason rich people "hide" their money away is because of you socialist cucks. If we weren't terrified of being taxed to death we would spend it in America. When will you learn that the more you try to SEIZE the less you're going to get?

Money is invested by rich people which is a direct investment and this creates jobs, such as a construction project, or indirect which is by putting it in a bank account thus giving the bank more lending power and/or lowering the interest rates for other people.

If the rich people were just buying gold or keeping their cash in a safe then yes it would be bad for the economy, but that's not what they are doing. Most got rich and stay rich by putting their money to work.

So you're saying if we try to get the money, we lose?
Where have I heard that logic before...

You are correct about everything
>but that's not what they are doing
except that.
You've been hearing about those Panama Papers right?
Dodging taxes is an art form when you join the 1%.

Yes because taxes are completely unreasonable. It's the same reason my mum got polish citizenship because the inheritance tax is only 7%, so because America wants to tax some ridiculous 30-40%, Poland will be getting the benefits of my inheritance. Singapore has a tax rate of 10%, guess how often they experience tax evasion? If you want to maximise economic growth you reduce taxes and incentivise spending. Have you seen the penthouse of Manhattan? Rich people don't hate spending money.

And the argument is that you can't tax them anyway if they are able to keep their money overseas.

Also if a majority of someone's wealth is in a corporation you can't tax that corporation when they die without causing problems to other corporations.

Should we only tax privately owned corporations when someone dies? I guess it could force them to go public, but how is that fair?

Again, how do we force companies that move their operations overseas to pay taxes?

What is Inheritance Tax

>they put it in swiss bank accounts

example # 2,957,8976,876 of liberals not understanding anything

Do you know what banks do...swiss or otherwise?

hint: they arent Scrooge McDuck Vaults

Rich people arent Smaug the dragon slumbering amongst their stolen riches.

Someone leaves you items in their will in excess of ~$5.43million you have to pay taxes on the rest. The top rate is 40%. So say you were Michael Jacksons heir, you could end up paying taxes on 40% of the estate you inherited, but it can be split amongst many different people to reduce the effective tax rate.

I was against it, but since it's above $5.4 million, I'm learning towards being for this tax.

In the UK it's being debated whether the richest 5% should pay inheritance tax, however this means most people who live modestly in London would have to pay. However, if it's just the 0.001%, then who gives a fuck?

the death tax is such bullshit.

Anecdotal evidence aside, it's not about relative spending.
People duck taxes in the trillions and it isn't okay.
Obviously people will still try to run but you need to weigh the positives with the negatives. You need to TRY. You can't just lower taxes on the rich and hope they WON'T look out for their own best interests out of the kindness of their hearts.
It's angering and sad, I understand that. Nobody wants to lose money but as long as people are willing to be dicks its the governments job to step in and at least TRY.

What? Tax Havens don't exist? I didn't know that. Here, let me do a 5 second Google search.
>A tax haven is a jurisdiction where particular taxes, such as an inheritance tax or income tax, are levied at a low rate or not at all.
>A more recent study by Gabriel Zucman of the London School of Economics estimated the amount of global cross-border wealth held in tax havens (including the Netherlands and Luxembourg as tax havens for this purpose) at US$7.6 trillion, of which US$2.46 trillion was held in Switzerland alone.
pubs.aeaweb.org/doi/pdfplus/10.1257/jep.28.4.121

So yeah, the tax is already there and it hardly includes what you would call the middle class, but the top 5% are able to skirt the tax for the most part. If they could force it upon the billionaire and mega millionaire that would be fantastic, but with current business laws there really isn't a way.

>what do you think the swiss banks do with that money

>has it ever crossed your mind that the government DOESN'T DESERVE THE MONEY IN THE FIRST PLACE

when an estate is just barely over the cut off, and the value of the estate is composed mainly of a small company like say a small pub, the family can be left having to come up with a large chunk of cash they do not have or be forced to sell the family business to pay the tax man


also you cant tax my money twice just because i saved really well

Again and again and again, im arguing that it will be almost impossible to make them pay.

You would either have to force foreign countries to make their account records freely open or just tax them on what you assumed was their current net worth.

So, don't get too rich or we will tax the shit out of you!

I'm not arguing that it's ok to tax small or medium sized businesses. I'm talking about billionaires. How do you force them to pay taxes?

Hold a gun to their childrens heads

But they will already be dead.

We could make them pay extra taxes before they die, but wouldn't that just be extra income tax?