Bitcoin "The end of inheritance tax"

[calkob]

If there is one Tax that really pisses me off it is inheritance tax.  you work all your life and save alittle and then the fucking government comes along when your dead and takes a cut off what you leave your kids.     seriously fucking pissed even writing about it...   


ps: sorry for the curse words but that is how angry that tax makes me.

[Biodom]

Not sure where you live, but in US it only matters (somewhat) if your estate is above 5.45 mil (if you are married, then 2X5.45 mil).
In US, only 2 people out of 1000 qualified for an estate tax.
on the other hand, those with >10mil already know what to do: trust funds, etc.
https://en.wikipedia.org/wiki/Estate_tax_in_the_United_States

[Kprawn]

The quickest way for countries to ban Bitcoin would be for people to find ways to avoid paying taxes with Bitcoin. You should just pay the damn

government what is due to them, no matter how they waste your money and stay within the tax rules of your country. We all hate paying taxes,

but the old saying " Nobody avoids Death & Taxes " rings true for Bitcoin users too.  

[Mometaskers]

I feel you when it comes to inheritance tax. Especially in countries where you pretty much not get a lot from the government, it's infuriating to think they'd still want a piece of your hard-earned money when you die. I especially loath the property tax, the government gave you no money buying the land and having the house built and they took a lot of money from you during the entire process and they still have the gall to ask money for as long as you own the property.

Its possible to escape that (and taxes in general) with bitcoins. From what I've understood transfers are sort of confidential despite ledger. One thing that might give you away though is when cashing in/out to fiat, which my be inescapable unless you do all your spending using bitcoins.

[Biodom]

I feel you when it comes to inheritance tax. Especially in countries where you pretty much not get a lot from the government, it's infuriating to think they'd still want a piece of your hard-earned money when you die. I especially loath the property tax, the government gave you no money buying the land and having the house built and they took a lot of money from you during the entire process and they still have the gall to ask money for as long as you own the property.

Its possible to escape that (and taxes in general) with bitcoins. From what I've understood transfers are sort of confidential despite ledger. One thing that might give you away though is when cashing in/out to fiat, which my be inescapable unless you do all your spending using bitcoins.

i don't like the real estate/property tax, especially since i am paying school tax and currently nobody in my family goes to K12, but you are not 100% correct, they GAVE you the money in form of a loan, at least for majority of folks they did (even if you originated a loan at the bank). this money did not exist before you asked for the loan. They conjured it up as per your request and good credit and give it to you via adjusting some ones and zeroes in their ledgers.

[NUFCrichard]

Why do your kids deserve to start life privileged without having to work for it?
Do you think it makes them better people by being born rich? Do kids that are born with poor parents deserve to be disadvantaged?

Anyway: did your post have anything to do with Bitcoin? Are you sharing your private keys with your kids or are they in your will?  I rekon most Bitoins will be lost when the owners die (making Bitcoin deflationary)

[eternalgloom]

Why do your kids deserve to start life privileged without having to work for it?
Do you think it makes them better people by being born rich? Do kids that are born with poor parents deserve to be disadvantaged?

Anyway: did your post have anything to do with Bitcoin? Are you sharing your private keys with your kids or are they in your will?  I rekon most Bitoins will be lost when the owners die (making Bitcoin deflationary)

What does this have to do with being priviledged? People (parents) work hard for their money and pay taxes on it within their lifetime.
I don't see anything wrong with them wanting to give their kids a head start in life and imo inheritence tax is just not fair, especially on low amounts of money.

[European Central Bank]

i'll definitely be leaving people bitcoin if it's still around when i'm dead, and i'll fully expect them not to tell anyone. i think in a few years it might be a little harder to buy untraceable but right now it's a hot mess and the people in my will are gonna benefit from it.

[BTCSpearo]

Taxes are an immoral form of modern day slavery. Forcing someone to work for someone else's benefit is slavery, and that's exactly what happens with taxes. They tax you when you earn the money, they devalue the money while you hold the money, they tax you again when you spend the money and if you die they make sure your next of kin only gets a percentage. And they tell you its all justified so we can have schools and roads, as if forcing people to pay for other people's children is a moral attitude and as if the auto industry deserves to have its infrastructure subsidized under threat of incarceration, what a con. I have been to countries where people don't pay income tax but I've never been to a country without schools and roads, maybe the taxes aren't quite necessary.

Thank God, we have a crypto economy developing. When the Fed tax slavers don't even know what currency you earn they will be hard pressed to steal your earnings before you can even secure your money.

[Biodom]

Why do your kids deserve to start life privileged without having to work for it?
Do you think it makes them better people by being born rich? Do kids that are born with poor parents deserve to be disadvantaged?

Anyway: did your post have anything to do with Bitcoin? Are you sharing your private keys with your kids or are they in your will?  I rekon most Bitoins will be lost when the owners die (making Bitcoin deflationary)

What does this have to do with being priviledged? People (parents) work hard for their money and pay taxes on it within their lifetime.
I don't see anything wrong with them wanting to give their kids a head start in life and imo inheritence tax is just not fair, especially on low amounts of money.

in EU non-taxable limits are way too low (like $20K, if i read this correctly).
I think that US limits of $5.45 mil/parent are more fair and i have no problem with these numbers.

[aardvark15]

A potential problem with this is that your beneficiaries may not know how to get to the Bitcoins. I don't mean you specifically, but I'm sure there are people that will die and their spouse or kids won't know anything about the Bitcoins or how to get them.

[NUFCrichard]

Why do your kids deserve to start life privileged without having to work for it?
Do you think it makes them better people by being born rich? Do kids that are born with poor parents deserve to be disadvantaged?

Anyway: did your post have anything to do with Bitcoin? Are you sharing your private keys with your kids or are they in your will?  I rekon most Bitoins will be lost when the owners die (making Bitcoin deflationary)

What does this have to do with being priviledged? People (parents) work hard for their money and pay taxes on it within their lifetime.
I don't see anything wrong with them wanting to give their kids a head start in life and imo inheritence tax is just not fair, especially on low amounts of money.

If you have the money to leave to your kids; or your parents left, or will leave you, money; then I understand why you see inheritance tax as a bad thing. I don't see that the kids have done anything to earn that money, and I don't think that rich family dynasties are fair or good for society.

The only way to level that out is to have a tax on inheritance, unless they ban inheritance altogether, but that won't happen.

I also don't believe that reparations for historical events are fair either by the way, but maybe you do and if your family had slaves you will offer to pay reparations, I mean accepting the positives from your family history, but rejecting the negatives would make you a hypocrite wouldn't it?

[cr1776]

Not sure where you live, but in US it only matters (somewhat) if your estate is above 5.45 mil (if you are married, then 2X5.45 mil).
In US, only 2 people out of 1000 qualified for an estate tax.
on the other hand, those with >10mil already know what to do: trust funds, etc.
https://en.wikipedia.org/wiki/Estate_tax_in_the_United_States

So if the minority is small enough, then it is justified?  😀

[countryfree]

Avoiding inheritance tax in the countries where there's one is a major reason to get BTC. Besides avoiding tax, it also gives you more control of who gets what. Inheritance is most father parents to children, but there are plenty of cases where there are no children, or family disputes where parents want to give part of their wealth to some third party. Your wallet in the trusted hands of a well-known Swiss lawyer would fix all that.

[neochiny]

This is what makes governments want to regulate, trace, and monitor bitcoin transactions.
They know a lot would try and evade tax with it.

Might work for BTC(FIAT/CASH) inheritances, but for properties (land, real estate, etc) it ain't gonna help. And it's usually those that are inherited and thus, taxed.

But people have found ways through that anyway. Instead of inheritance, they usually 'sell' the property beforehand to the family/friend/whoever would inherent. Taxes are usually lower that way since they just declare whatever amount/value.(It's your own lawyer anyway)
Why wait till you're dead before giving it to your loved ones.  
The snag is when later on there are problems with the inheritor's marriage and the property's conjugal instead of inherited.  

[Biodom]

Not sure where you live, but in US it only matters (somewhat) if your estate is above 5.45 mil (if you are married, then 2X5.45 mil).
In US, only 2 people out of 1000 qualified for an estate tax.
on the other hand, those with >10mil already know what to do: trust funds, etc.
https://en.wikipedia.org/wiki/Estate_tax_in_the_United_States

So if the minority is small enough, then it is justified?  😀

Don't put words in my mouth plus I did not write our/your laws.

Aside from this, I am content with a notion that a chunk of money will be taken from spoiled brats with more than $10.9 mil inheritance if they are stupid enough not to consult with the lawyers beforehand, which is unlikely, thereby making the whole discussion in US (at least) academic.

[Shibashi Nikamoto]

inheritance only serve to make an unfair world where people will get things without any merit

the tax should be 100%, so no unfair advantage for anyone

[aso118]

Apparently, this is not a world wide problem.
A lot of countries - Australia, New Zealand, Israel, China, India, Russia have no inheritance taxes. If you are in the EU or US, you are not so fortunate.
http://www.uhy.com/uk-imposes-highest-taxes-on-inheritance-of-all-major-economies/

[ufaiz50]

inheritance only serve to make an unfair world where people will get things without any merit

the tax should be 100%, so no unfair advantage for anyone

tax also fair , with the tax you help your state and taxes also add facilities in your country, I think it is better take the positive side of tax although the tax has many negative side

[neochiny]

inheritance only serve to make an unfair world where people will get things without any merit

the tax should be 100%, so no unfair advantage for anyone

How is saving and working your ass off your whole life in order to be able to leave behind some things for your children and loved ones unfair?? Wanting your children to have a better life is now unfair?

That's exactly the kind of mind frame you'd see from lazy ass people who do nothing but whine about their own sorry life.

Resenting the good fortune of others. Wishing everyone else would be as miserable as you.
It's like, I don't get any so why should you get any. Pure fucking Envy.

Merit? Just because you weren't fortunate enough, you wish the same for everyone else. If you didn't get any, then make your own. Why whine about 'unfair', 'advantage', and all that crap.

You don't like that other people get inheritances from their parents? Then work and make sure your children would have that privilege as well! 

And FYI, inheritances are not just about the $ value. Sentiment is likely a foreign concept huh.