Again...didn't say I want the gov't to have the money. didn't say I want the gov't to redistribute the money. I said...the person with the money will be ENCOURAGED, not forced, to distribute the money more broadly in order to lessen their tax liability. The person with the money gets to decide, BEFORE the gov't takes it....who they want to give it to. In my mind, this doesn't even generate revenue for the gov't. this just makes it so we don't have an aristocracy based on generational transfer of unearned wealth.
If this rule were enacted and I died with 25MM...I would give my 3 kids 5MM each and then take the other 10MM and give a little to aunts, uncles, cousins, or charities. I would decide who it went to and since none of the recipients got more than $5MM, none of them would be taxed a heavy rate.
Last edited: Oct 18, 2019