“Oh no, I have too much stuff” is not a sympathetic position. Tax the wealth
I understand the complaints when it comes down to family businesses, it’s not just wealth, it’s the business. Getting a loan against the company big enough to pay the tax bill could be difficult/unaffordable.
Maybe there should be an option to give a share of the company to the taxman as collateral and split the bill over years or something.
See the Samsung inheritance tax debacle to see the extremes of this kind of stuff.
If we only had 50% inheritance tax here. Wouldn’t that be nice?
Understandable complaints or no, it’s a solvable problem. The Samsung inheritance was interesting (thank you for the suggestion), my take is that Samsung had been allowed to grow too big, and that was the cause of the issue.
Sure, we could do payment plans, we do for other kinds of government bills when someone can’t afford it, seems strange that inheritance isn’t one of them. I guess it’s hard to argue that you don’t have the funds when you’ve just inherited a bunch of value.
Not to mention. The desperation to divest to their children now. Is clear evidence that the common threat. Of leaving the nation, Is not a option for the actual assets.
Only those with high incomes can leave a nation. Those whose wealth is entirely in assets are bound by the location of those assets.
Hence why they are so freaking scared of taxation applied to the sale or growth of assets. It makes leaving more expensive rather then a threat to a nation.
