We are in the midst of the largest transfer of wealth in history. The elderly

[applegrove]

Last edited Sat Mar 4, 2023, 07:20 PM - Edit history (1)

Americans are passing away and their kids are inheriting billions in total. Is this why the right wants to privatize everything? Is this why insulin was hundreds of dollars a month and SS and Medicare were on the chopping block till Biden came along (aviator glasses emoji here) and up ended the GOP buffet?

[SheltieLover]

1. They want to pootinize our beloved institutions so they're on par with pootin's military.

No thank you!

Of course, they would be stuffing their pockets with our money in the process. That's the qpuke concept of "government service."

[Duncanpup]

2. Exactly

[SheltieLover]

3. Yuppers!

Scum of the earth, truly!

[jimfields33]

4. Now would be the time to have the Democratic Party propose a 70

Percent inheritance tax starting in 2024. The revenue from that would be massive and the kids would still be rich from the deaths.

[JT45242]

5. Not really unless you change the inheritance tax laws...

Only a very small percentage of families should pay inheritance tax based on current laws which require assets of several millions of dollars. So, the vast majority of inheritance is from middle or lower class folks with no tax. For example, when my mother died we all got about 50K which was not taxed.

Of the people who have enough money to pay the inheritance tax, they overwhelmingly set up survivorship trusts, or similar entities, to bypass the inheritance tax. So, my friend whose mother has over 10 million, will pay no taxes on it as it is part of the trust.

Do some dumb people not protect assets from inheritance tax, yes. There was a time when things like a football team could not be put in survivorship trusts, I remember speculation that Mike Brown, owner of the Bengals would have to sell the team to avoid the huge taxes that would prevent him from passing on the team to his family, but I haven't heard any talk of that in recent years, so I'll bet that the laws allow them to do that with a multi billion dollar asset as well now.

[MichMan]

6. Perhaps the poster is proposing making ALL inheritance taxed at 70%

[applegrove]

10. Nope. I know nothing about US inheritance tax. My point is there is money and the right

wing wants to privatize health insurance for the old so they can wring out some more money for oligarchs. They want to put SS in the stock market to up the price of overpriced stocks some more. Biden is fighting back.

[MichMan]

12. The OP wasn't the post that was replied to

It was jimfields33 who proposed a 70% inheritance tax. My reply was in reference to that, since I clearly stated the 70% figure

[blueinredohio]

7. I don't know anyone who

inherited more than a couple thousand dollars, at most.

[applegrove]

9. Nobody made money during the depression. But those who came of age in the 50s,

1960s and 1970s had a long run of good times. They are all retired or soon to be and the wealthiest generation I think. Of course not everyone got a union good paying job. I did not mean to imply that.

[MichMan]

11. I came of age on the 70's

I remember having to beat out dozens of applicants for every job and being turned down for many. Unlike today when people are begging you to work and throwing signing bonus around.

[applegrove]

15. I remember that in the 80s. I said then they won't let my generation retire

because someone has to fill the jobs the boomers leave vacant when they retire. Turns out I beat them to it and am retired. I wish I could work. I just can't.

[Peacetrain]

8. My Mother passed away last year at 92.. My parents started out

very comfortable in retirement, but as disease took its toll and Assisted Living ate up everything as her needs increased, that comfort level drifted away.. My husband who is retired went back to work to help pay for her needs. So where ever this great transfer of wealth is happening it is not one I have seen.. the same has been true for so many we know.. the last few years of our parents lives if we are lucky enough to have them eat all the supposed reserves up. And she was truly a blessing to us every day of her life.. I miss her so much

[applegrove]

13. Such a hard thing when parents age. We were fortunate my dad bought

an annuity in the 1980s for his retirement. He and mom had retirement savings too. And they had inheritances from 4 different estates. That and he spent the last 7 years of his life in a public nursing home. We were lucky on so many levels and could get great private care on top of the excellent nursing home care. He ate the same food as the people who had nothing. He had the same routine as them. They went to the same socials. He just paid full price. I wish everyone could have all the luck we did. And all the help. And the mixed market city run nursing home in Ottawa. And the wonderful health care aides who cheered him and joked with him and loved him. For a time I went every day of the week and cooked dinner. I had been working in a gift shop. My parents decided they needed to hire domeone full time. I said "I'll do it". They paid me minimum wage. So I was there all the time for 5 years until my mom died. Then my Dad moved into a nursing home. He died this October. I miss my parents. I'm glad they had long lives. They were the most devoted parents.

I did not mean to imply elders passing was a breeze. Or that everyone is rich. It is just that the Oligarchs really want to turn the middle class into working class so they will never have to share power with anyone again. I'm for growing the middle class and not for money going to oligarchs instead of regular Americans.

[doc03]

14. Our so-called Healthcare system and nursing home took my inheritance. nt