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I think that Stephen was talking about the lower middle class's ability to spend money before they earn it, then wonder why they are in debt.
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He said that the lower middle class is good in spending money, you argument would suggest that they are bad (because the are in debt).
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Originally Posted by Doku  Because they are your children. Does the state charge your children tax on the toys you give them? the food? the clothes? No. You have already paid the tax. |
If you would give your children toys in a value that exceeds the estate tax limit you would have to pay taxes for it.
Sure their are reasons that you have your 4 million limit.
The purpose of the tax is to tax capital, capital who's ownership is guaranted by the state.
States don't need to have laws that probit people to take money from those with a lot of money (and killing them if they resist).
But if you have those laws, you need another solution to the problem that rich people inherit their capital and create different classes (that become inherited) in the process.
Sure the estate tax isn't high enough to fully accomplish that goal, but it reduces those class differences.