With the help of sleazy "investment firms" whose job is to help rich people hide their money, rich tax evaders laugh at the IRS -- and the rest of us.
Read this leak-fueled report from @icij https://www.icij.org/inside-icij/2024/04/how-investment-firms-shield-the-ultra-wealthy-from-the-irs/
The estate tax rate should be 100% after -- let's be wildly generous to heirs who've never lifted a finger to earn their parents' money -- the first , say, $10 million.
@dangillmor that seems unfair to people who've been raised by venal sociopaths. Take all the money, but put the heirs into institutional fosterage where they can learn to be real members of society
@dangillmor @icij "Hundreds of billions of dollars held by the wealthiest people had become effectively hidden from agents in the murky partnership schemes." Yeah, that's a trust for ya. Funny that we call the trusts. Really they're the equivalent of your dog burying a bone in the garden.
@dangillmor @icij inheritance/estate taxes miss the point (value) of taxation. Repeal them all. Enact a periodic (annual, monthly, whatever...) graduated wealth (asset) tax. Accept payment in equity if mark-to-market unworkable. Don't mess with families, or hand-wring about perceived unworthiness.
Too much is too much. Trim the exponential excess continuously. Done.
@dangillmor @icij You should be willing to give a little spread to California residences.