Taxes on Inheritance and Lottery Winnings

[opebo]

Inheritance tax should be quite high (say 50%) above a certain level - somewhere between 2 and 10 millions.  I do think it is appropriate to treat it differently from regular income, as an inheritance typically represents some 40-50 years of grueling ass-kissing for most heirs.

Lottery winnings should simply be taxed as regular income for that year, since that is clearly what they are.  The top marginal income tax rate should be about 70%, but should only kick in at quite high levels.

[opebo]

Taxes on wealth gained by luck (including the luck of being born into a wealthy family) are some of the most important taxes we have.

There is a lot of truth in this, but keep in mind that successfully inheriting involves not only the luck of birth, but 40 or so years, on average, of sucking up to the horrible old misers.

[opebo]

Taxes on wealth gained by luck (including the luck of being born into a wealthy family) are some of the most important taxes we have.

There is a lot of truth in this, but keep in mind that successfully inheriting involves not only the luck of birth, but 40 or so years, on average, of sucking up to the horrible old misers.

I once heard a saying "He who marries for money earns it."  I think that could apply to any type of inheritance.  And you are a prime example of people who have not been well served or blessed as a result of being born into a family with money.  You will be the last generation to have wealth in your family.

Yes, I do not plan to have any children.

[opebo]

Taxes on wealth gained by luck (including the luck of being born into a wealthy family) are some of the most important taxes we have.

There is a lot of truth in this, but keep in mind that successfully inheriting involves not only the luck of birth, but 40 or so years, on average, of sucking up to the horrible old misers.

I once heard a saying "He who marries for money earns it."  I think that could apply to any type of inheritance.  And you are a prime example of people who have not been well served or blessed as a result of being born into a family with money.  You will be the last generation to have wealth in your family.

Yes, I do not plan to have any children.

That's not what I meant.  There wouldn't be anything for them even if you did.

Absurd.  Anyone can follow the simple rule - 'don't spend the principle'.

Of course the nice thing about not having any progeny is there is no need to be concerned about this.  If you think about it anyone who leaves an estate is an idiot.