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Bank of Mum and Dad: why we all now live in an ‘inheritocracy’
(www.theguardian.com)
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this post was submitted on 17 Nov 2024
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It's really fucking complicated and we don't really assign purchases in a way that'd fully solve the problem - but if taken to a logical extreme I think simply taxing gifts as income sort of fixes all the loopholes.
If we're talking about the US the minimum income threshold for taxation is 13,850 - most personal expenses children incur wouldn't sum up to exceed that threshold (outside of medical bills which it's insane you have privatized in the US). So if gifts were treated as an income source then the first time kids would probably be hit with any owed taxes would be being gifted a car or being gifted college tuition.
I think the standard exemption should probably be higher than it is but it's still high enough to cover what we generally consider common expenses when raising a child. Using a rule like this would really even out the playing field for kids.
Then Mom and Dad just include taxes. I want to destroy this, not just make more revenue for the government. Either that or we admit we don't live in a country of individual merit and we change our culture. But letting this submarine of privilege sit here while we blame all of the poor people and pull up ladders isn't going to work in the long run. It's just going to cause massive political unrest like that during the French Revolution.
What is a gift though? Is it a gift for your parents to feed you, clothe you, and let you live with them rent free?
Yea, it is.
Yeah so you’re not really serious.
How so? Living expenses for children often fall below exempt income levels. Taxation would only kick in for large wealth transfers.
Having to file income taxes for their children is a burden the poor do not need.
Income taxes in general are regressive, even with all the exemptions and credits. If you want progressive taxation you should be looking at land value taxes and other forms of wealth taxation that rich people can’t avoid.