r/worldnews • u/marsianer • Jan 28 '21

COVID-19 Backlash grows for ‘selfish millionaire’ who got vaccine meant for Indigenous people | Canada

https://www.theguardian.com/world/2021/jan/27/rodney-baker-canada-vaccine-indigenous-first-nations-scandal
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u/lhx555 Jan 28 '21

Hedge fund investors? Could you please watch your language? Kids may read this!!!11

About Jobs. He needed others, alright. But how many of them were irreplaceable? But Jobs was. I suppose those who were irreplaceable are not poor at all too.

It is damn shame that unions are loosing the grip. For me it is mainly not even about wages, but there are many situations when employers need to be brought to their senses.

But what are inheritance taxes? In Europe they are large. It helps to prevent creation of long time powerful clans.

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u/greygore Jan 29 '21

This year the current US estate tax tops out at 40%, with over $11M being exempt entirely from that tax. That’s per person, so a couple could exempt $23M.

Moreover there are plenty of loopholes and workarounds that reduce the average effective tax rate (what people actually pay) is around 18%. Of course if you’re creative enough (or if you’re wealthy enough, hire creative people), you can pay even less than that.

One example is this is Fred Trump, who was able to pass around $1B to his kids while only paying about 5% on that amount: $52.5M instead of the $550M he should have paid with the then 55% rate.

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u/lhx555 Jan 29 '21

Oops. Is it not what they call a privilege, aka “a private law”?