Because Prince took no measures to prepare for his early demise, the State of Minnesota and the Federal government are going to take over half of his estate.
This will be tens of millions of dollars and will force the sale of much of his property.
Is turning so much over to the government upon a person’s death really the best use of individual wealth?
A business owners dies, should the government to take a large share of the business’s assets while the company is struggling to cope with the death of probably its most key person?
The gov’t is going to party like it’s 1099
They not only tax the value of his estate on the day he died, they tax it on what it can be worth in the future.
Incredible and obscene!
This government needs to be torched to the ground.
We’re from the Government and we are here to help ourselves.
If your too stupid to prepare for the inevitable. You kinda deserve the big hit.
Drudge reported last week that Amazon’s Jeff Bezos gained like $6 billion in wealth in a day, because his stock price went up.
Amount of tax paid on that wealth gain? $0
Without an inheritance tax, his heirs would pay nothing also.
Massive accumulation of wealth with no taxes paid.
For those of us that pay taxes on our income, how is it fair that the super rich pay no tax on accumulated wealth? It’s not.
Besides, these super rich families often have too much time and meddle in our lives (think Ted Kennedy and the Kennedys in general). I have little sympathy that they are forced to pay inheritance taxes.
Joe, what about the average Farm?
I’ve seen it happen
Old Pops dies. The farm is worth 10 million on paper.
That includes land, buildings, equipment, and potential future earnings.
It is the livelihood of four generations who live and work there.
Their standard of living is actually lower than the average urbanite.
Then those rapacious bastards in the Government want half.
Just because.
No other factor can be identified as causal.
Then they sell the farm to pay the tax. Some larger farm buys it, the families move out, get jobs, and lose their heritage.
The death Tax is used as a tool to break any generational wealth transfer, so that there is no familial responsibility beyond immediate generational members.
Then the state gladly steps in.
It’s those damn communists again
Skarew the death tax, and a hideous pox on all who embrace it.
Hopefully a pox with running sores.
When the revelation comes, and bureaucrats have their backs against the wall, next to the leeches that have been suckling off the state the all will be asking themselves “why is this happening? Why is this happenin to me?”
And the government still wonders why Trump is a runaway train! Stupid, greedy self-serving bastards.
HOWEVER, Prince was rich enough to have had tons of financial advisors to protect his estate against the tax greedy liberals, and enjoy the loop holes that they enjoy, themselves.
The ‘family’ really had no ‘right’ to the estate, if Prince did not provide for them, so getting even what may seem a pittance of the estate, seems a blessing, but a poor substitute for losing a loved one.
Prince’s estate is said to be worth about $300 million. So what if the government takes half? His next of kin is his sister, and I’m sure she can live nicely on $150 million.
I like the example of the farmer who dies better if you’re trying to make the point that death taxes are unfair.
Prince not having a Will is not the point.
They are actually trying to factor in future value if a movie is made about his life, his likeness sales etc.
That is money not yet earned.
Tax it then.
Sorry but some of the comments here sound like Bernie.
When is it EVER OK that the government take HALF of ANYBODYS SHIT?
That doesn’t even factor in that THIS MONEY HAS ALREADY BEEN TAXED A DOZEN TIMES!
Joe,
If the gov’t steals 100% of Prince’s estate, do you believe, even for an instant, that they will reduce your taxes or give you a part of his?
If you do … you’re fucking dreaming.
Gov’t takes money to distribute among their donors, lobbyists, and themselves – not to “improve” the living conditions of the “poor” or to “make the world a better place.”
Wake the fuck up.
izlamo delenda est …
I believe the money would be more productively used for the good of society in the hand of Prince’s survivors than in the hand of the government – even if those survivors turn out to be a bunch of dope fiends and layabouts.
At least it isn’t feed the beast, again.
I believe the death tax will be 55% next year if nothing is done.
Can you imagine?
The bastards aren’t even happy with letting you keep half.
55% is theft, plunder, pillaging, robbery, looting, rape, etc… all sanctioned by the government.
The dead should come back from their graves to haunt the hell out of these lawmakers.
The Taxed Enough Already Walking Dead
Since the government has come into such a large “inheritance” they should have to deduct that amount from what the real tax victims are charged with paying to them.
This is to break generational wealth.
The family is nothing
The State is all
Or else.
I’m glad I live now instead of a hundred years from now (presupposing there is no apocalypse between now and then) while there are places to get away from these rapacious bastards.
Futuristic utopias feel claustrophobic to me now.
Tim
You wake the fuck up
You fucking exaggerated what I said and I don’t like it
I just said the super rich should pay tax on their income like I do. I never said the government should take 100% of anyone’s estate.
Much accumulated wealth in this country is never taxed, and I gave a real clear example how that happens. Did you address my point, or spout some nonsensical drivel?
And we have massive debt passed to our kids. Total elimination of an inheritance tax is crazy.
Joe,
Yes, I exaggerated what you wrote. It’s called ‘reductio ad absurdum’ to illustrate that your premise, when taken to an extreme, profits nothing. The point is simply that the FedGov will neither improve the “General Welfare” nor reduce the debt by the confiscation of wealth. And if you believe that what one owns is, indeed, owned by the one who earned it, then there is NO justification for the “state” to confiscate that wealth as it is passed to descendants – it is the owner’s to do with as he pleases.
The “state” had no hand in the acquisition of that wealth other than the “infrastructure” involved, in which that wealth was taxed at its creation through the myriad and labyrinthine sales, excise, and income taxes imposed at every step.
Sorry you missed that.
I should have been more clear.
izlamo delenda est …