I don't expect things to change voluntarily or in an orderly manor.

Now you're talking !

I thought most of the wealth transfer was from young people with less wealth to old people with more wealth. It is more of a transfer of money from one generation to another generation. From less wealthy to more wealthy. Makes a lot of sense.

What makes you think the average old person is wealthy?

Look up the wealth age demographics . Not wealthy, just wealthier than the age demographic they get their money from.

Wisdom comes with age...

Wealthy is a relative term,but there is no disputing the fact that old people give up much more of their wealth than young people do-especially when they tip over.Then they dont have anything.Well maybe a nice sendoff.

Fer sure. A lawyer told me " if you don't have a will when you die, the State **** sure does have a plan for your assetts!"

the 2022 inheritance tax to a surviving spouse is now 12 million without any federal income or gift tax due. I guess I and most US taxpayers are safe from being taxed heavily. The tax planning comes in the 2nd death if you have significant assets. One can also gift 16k per year to childeran per person each year with no tax so one can devest themselves with minimal to no taxes due if they choose to or plan to.

Bryce

How high can our debt get before it becomes impossible for the government to borrow more money? I hope we don't find out.

Are we borrowing the money, or just printing it?

I hope we don’t find out either, there will be absolute anarchy in every major city.

Ya taxes, We sold a rental propety we bpoght a number of years ago and thought we did ok until my accountant told me what we had to pay in. I could have almost bought a new truck. Taxes suck.

Imagine what it will be like when the collapse happens?

Recently a senator let it slip federal income taxes are voluntary. People have been writing to the irs stating they don't want to participate in paying federal income taxes. The irs has been confirming this and sending letters of acceptance and a voucher declaring they don't need to pay income taxes.

Why do you post this nonsense?

And why would you care? You don't have a job and, therefore, have no income to be taxed.

I think you are right about inheritance tax to a surviving spouse itself but as far as the rest of the taxes no, we are over taxed already.

On a side note about inheritance.
My Mom's brother died a few years ago and left her a good chunk of money, my Dad Died and she sold their house and auctioned off most of their belongings all in one year.
My Dad was squirreling away close to a hundred grand in cash that she knew nothing about until we found it when we went thru his stuff along with a big coin collection that was almost all silver coins.
When the dust settled at the end of the year she was worth about a million.
She had to pay according to her "a big chunk" in taxes. The poor woman and my Dad all their lives never made much money and in fact were living off their SS.
They grew up poor and so pretty much lived with that mindset the rest of their lives.
SO they never had to pay more than a couple of hundred in in taxes at the end of the year or they might get a few hundred back.

I asked her how much this "big chunk" in taxes was. $3400 she told me. I laughed out loud and told her that's nothing be thankful you got away with so little tax.

We are most likely going to. China and most foreign nations are divesting in US treasuries.

Interest is going to exceed 1 trillion in the not too distant future. That will be a 20 to 30 percent of revenue.

Social security and Medicare are going to be in the red shortly.

I hate to sound doomy and gloomy, it's 38 and and raining today at work. 4-8 inches of snow predicted at home.

What about food stamps and welfare? Its all the same.

Since people need some good news. All income classes are paying less in actually tax rate in federal income taxes than they did in 1980.

I noticed some other good news for you gasoline and diesel consumers, price of oil did not go over $100 a barrel because opec agreed to cut production and seems to be hovering around $80 and dropping today.

Not so good news for U.S. producers.

I think we have a little time left to right the ship. I am an optimist. It is not 38°F and raining here though.