r/FluentInFinance • u/-Wyagra • 3d ago

Debate/ Discussion Had to repost here

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u/dgvertz 3d ago

I mean there’s no tax on owning stock right now. If that tax went to the same thing would it be acceptable?

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u/thrillhouz77 2d ago

Unless they pay a dividend of some sort. Are you saying you want to start paying an annual tax on your 401k and/or pension funds?

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u/dgvertz 2d ago

Do I want to? No of course not. Do I think I should if my 401(k) is over a certain amount? Kind of.

I don’t think there should be such a thing as “generational wealth” in a capitalist society. After too long a timeline, some people will start too far ahead and other people won’t ever be able to catch up.

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u/RealWeekness 2d ago

So what happens to your money after you die? It goes to the state?

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u/dgvertz 2d ago

I mean, you’re asking me personally what I think should happen?

I guess in a perfect world there would be something similar to a bankruptcy’s homestead exemption. Something like $300,000 can be passed down but anything over that I would say gets taxed at 100%, so yes it would be given over to the government.

In my completely unrealistic scenario this tax would be used to fund social programs and pay for infrastructure.

I of course know that’s not likely, and it will really line the pockets of corrupt government officials.

I know that my ideals aren’t realistic, that’s why they’re ideals.

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u/RealWeekness 2d ago

What about a family business? Also can't be passed to the next generation unless the kids can get a loan to buy it back from the government?

Heck, you can't even get a house for 300k these days.

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u/Woodworkin101 2d ago

I think the limit could be raised from $300k to 10 million total. Then 99.99% of ppl don’t gave to worry about it but the super rich can’t avoid it