How do you feel about inheritance?

[Some Schmo]

Everyone should earn their own way in the world. Personal responsibility,

Are you going to leave anything to your daughter?

She is my second beneficiary to my wife, to whom I'm leaving everything. I'm hoping, however, that my wife and I use up most of what we've earned before we go. That's the plan, anyway.

We aren't hoarding for our daughter's future; that's for sure. I have supreme confidence my daughter won't need our help.

I guess we just come from different cultures. My family, (incidentally my confederate family) lived very meagerly as farmers. The most wealth my grandad ever had was the day he retired when he sold his equipment. He could have underwent very costly surgery and treatment for his cancer. He refused and part of that was because he knew he could leave his money to his sons. He had no daughters. And I have profited from his sacrifices and managed to lift the standard of living of both me and his great grandchildren far above that which he enjoyed. No I didn't do it on my own. He helped me do it, not the federal government.

Both my parents are deceased, and they left me absolutely nothing. I think that was for the best. I did just fine without a onetime windfall.

[Doctor CamNC4Me]

I inherited exactly zero from my parents. I did fine. The most valuable asset you’ll ever give your children is a firm ethos. Xanax thinks handing his family some dollars and his pathos is going to serve them well. It will not.

Anyway. I agree with SS. The money should be funneled to as local a municipality as possible. That’s where it’d get the most bang for the buck.

- Doc

[Some Schmo]

He helped me do it, not the federal government.

You underappreciate what the Federal Government does if you think you've had no help from them.

[Some Schmo]

The most valuable asset you’ll ever give your children is a firm ethos.

Yep. Can't be overstated.

[ajax18]

You underappreciate what the Federal Government does if you think you've had no help from them.

The federal government has done very little for me in comparison to what my family has done. So for me, my family comes first. And whether they are my kids or someone else's makes a difference. Do you think that's racist?

You know maybe it's the government that needs a little less cash and a little more ethos?

[Doctor CamNC4Me]

The thought that runs through Xanax’s brain once every few hours:

[Moksha]

It certainly doesn't just effect the 1% who as you mentioned are more likely to find a good estate planner to help dodge the tax.

They should also have a good tithing attorney to avoid any exorbitant 10% fees.

[Moksha]

... a little more ethos?

That is an odd word for a Trump supporter to use

[Chap]

Seems to me that very few of us on this board are likely to be impacted.

How so? This seems to effect everyone who legally leaves any inheritance. It certainly doesn't just effect the 1% who as you mentioned are more likely to find a good estate planner to help dodge the tax.

See below from the Forbes article.

Do you have an income of over a million dollars a year, Ajax? If so Biden's proposal should worry you.

If not, not.

Of course, the people who do get more than a million dollars a year have plenty of spare cash to spend on lobbyists and propagandists who will tell you all kinds of lies about how the liberals are coming for Pappy's little homestead, and little guys like you should be really scared ... maybe you could find some scepticism, and even think of how Biden plans to spend the money raised on making college cheaper for your kids and grandkids?

In campaigning, Biden called for taxing long-term capital gains as ordinary income for taxpayers with more than $1 million in annual income. Right now, profits from the sale of assets you’ve owned for a year-and-a-day are taxed at either 15% or 20%, depending on your annual income. Biden proposes raising the top rate to 39.6% for the highest earners.

If you bought $10,000 worth of Tesla shares three years ago, your investment would be worth almost $62,500 today. Assuming you made more than $1 million annually and qualified for the 20% rate, your current long-term capital gains tax would be about $10,500. But under Biden’s new tax proposal, that gain would cost almost $20,600 in taxes. And this doesn’t account for the 3.8% Medicare surtax added for net investment income for higher earners.

Investors, however, can avoid paying capital taxes by simply passing on investments to an heir. That way, the heir’s basis is reset—or stepped up in basis—to the current fair-market value. In this case, it’d be like the heir bought $62,500 worth of Tesla stock.

If Biden’s plan comes to fruition, “inheritances will be greatly reduced in the future as beneficiaries will have to pay tax on non-qualified assets that they previously could have inherited and sold tax-free,” says Jessica Beam DeBold, a senior financial planner with Dayton, Ohio-based Buckingham Advisors.

More people would sell investments rather than hold on to them for their descendants, which would boost tax revenue to the tune of $116 billion over 10 years, per the Tax Foundation. Almost all of the tax burden would fall on the top 1% of income earners, and Biden would use that revenue to help fund his ambitious agenda.