This weekly roundup thread is intended for all culture war posts. 'Culture war' is vaguely defined, but it basically means controversial issues that fall along set tribal lines. Arguments over culture war issues generate a lot of heat and little light, and few deeply entrenched people ever change their minds. This thread is for voicing opinions and analyzing the state of the discussion while trying to optimize for light over heat.
Optimistically, we think that engaging with people you disagree with is worth your time, and so is being nice! Pessimistically, there are many dynamics that can lead discussions on Culture War topics to become unproductive. There's a human tendency to divide along tribal lines, praising your ingroup and vilifying your outgroup - and if you think you find it easy to criticize your ingroup, then it may be that your outgroup is not who you think it is. Extremists with opposing positions can feed off each other, highlighting each other's worst points to justify their own angry rhetoric, which becomes in turn a new example of bad behavior for the other side to highlight.
We would like to avoid these negative dynamics. Accordingly, we ask that you do not use this thread for waging the Culture War. Examples of waging the Culture War:
-
Shaming.
-
Attempting to 'build consensus' or enforce ideological conformity.
-
Making sweeping generalizations to vilify a group you dislike.
-
Recruiting for a cause.
-
Posting links that could be summarized as 'Boo outgroup!' Basically, if your content is 'Can you believe what Those People did this week?' then you should either refrain from posting, or do some very patient work to contextualize and/or steel-man the relevant viewpoint.
In general, you should argue to understand, not to win. This thread is not territory to be claimed by one group or another; indeed, the aim is to have many different viewpoints represented here. Thus, we also ask that you follow some guidelines:
-
Speak plainly. Avoid sarcasm and mockery. When disagreeing with someone, state your objections explicitly.
-
Be as precise and charitable as you can. Don't paraphrase unflatteringly.
-
Don't imply that someone said something they did not say, even if you think it follows from what they said.
-
Write like everyone is reading and you want them to be included in the discussion.
On an ad hoc basis, the mods will try to compile a list of the best posts/comments from the previous week, posted in Quality Contribution threads and archived at /r/TheThread. You may nominate a comment for this list by clicking on 'report' at the bottom of the post and typing 'Actually a quality contribution' as the report reason.
Jump in the discussion.
No email address required.
Notes -
Currently U.S. exempts the first $13 million ($26 million for a married couple) of wealth transferred that way from any taxation.
Even capital gains tax?
Except capital gains from tax-deferred accounts. If you inherit an IRA you pay taxes on the distributions, but if you inherit appreciated stock the basis is reset on death.
More options
Context Copy link
More options
Context Copy link
Plus $30,000 a year tax free, and you can transfer the $26 million before you die so that it can compound nicely. You gradually give the money to your grandchildren before you die. By the time you die and have to pay inheritance tax, they already have a gigantic nest egg built up from the tax free $26 million + $30k/year you left them.
This is just stuff off the top of my head. Better strategies no doubt exist.
The problem is that the wealthy are great at skirting inheritance taxes, but anything we do to stop them will catch the not-truly-wealthy farmers and small business owners in its snare.
There are some real zany strategies for maximizing the tax-free value of assets transferred during your life for eventually distribution to your descendants.
I think the grand mack daddy of all tax 'cheats' has to be Peter Thiel managing to slide 5 billion into a Roth IRA which means it has no tax whenever he chooses to withdraw it later in life.
That's insane. Saving people a click...
He got sweetheart deals on private company stock and bought small amounts which turned into huge amounts.
Sometimes I marvel at how shortsighted and uncreative lawmakers can be when they write laws. For the love of God, put a cap on every law. Doesn't matter how high, just add a cap. I'm sure if someone said "maybe we should cap Roths at $100 million" people would have laughed. But here we are.
Like, for example, if the original Social Security law said "under no circumstances shall Social Security spending be more than 1% of GDP", people in 1934 would have laughed. "Lol, that will never happen". And here are again.
Thiel did not get a “sweetheart deals on private company stock and bought small amounts”. He created this stock by founding a company, and made it a lot more valuable through his efforts.
Even worse. Thank you for the clarification.
More options
Context Copy link
More options
Context Copy link
More options
Context Copy link
More options
Context Copy link
More options
Context Copy link
More options
Context Copy link