I'm not wealthy yet but I don't like that tax. That's just so greedy of the government. Tac when you make the money, business tax, taxes on the property, taxes at the store, and taxes to pass my wealth to my family smh

The death tax is horrible.

I like how the guy with no money gets an opinion

If u work all your life to make sure your family is well off and then its snatched away by the government, who would want to conduct accounts in such a country. No wonder every company is headquartered outside USA.

He's right all the way.

Things you can't avoid: Death and Taxes.

The company pays taxes during operations -- manufacturer's taxes, fees, licensing, tools, property taxes, sales taxes, payroll taxes, etc. -- whether or not it makes any money. Then you tax the company on any profits. Then you tax the owner when they take money out of the company (whether through pay or capital gains). Then you tax any use of that money (whether investments, savings, or investments in other companies). You tax that money again when the person buys anything with the money (sales taxes, property taxes, etc.). In the US, you then have inheritance taxes -- you aren't taxed if you give the money to a stranger, charity, etc. but if you dare give it to your children, its taxed again. Now they want to tax it again just because you have "too much" of it when you die. And at every level you have a different tax agency, rules, audits, inspectors, etc. plus the added costs of paying those taxes (accountants, software systems, employees, your time, etc.) and trying to reduce them. Worse, at each point, taxes aren't flat. They only vary based on virtually arbitrary rules which remove any freedom of choice you have. If you import goods, you are taxed, while if you grow corn, you aren't. If you make X, you pay environmental fees, while if you cut hair you don't. If you make $1 more than X you pay 25% instead of 15%. If you give X money to charity, it isn't taxed, while if you spent it on employee bonuses, it is. If you give money to someone on the street... you pay no inheritance taxes. If give it to your children, you do.

You can easily know the reporter works for the government; he's trying hard not to accept Mr.Wonderful words.

What is he fighting for? The principle that death should not be a taxable event!

“You don’t want to live in Olde England, do you?....that’s the argument” Definitely not an argument....🙄

In other words, these hosts have no answer for it. Neither does the government. Just because something is a law doesn't make it right.

taxing a dead man or taking his money does sound creepy!

Could not agree more with Kevin !

Decent saving face by the male reporter but O'Leary has me more convinced.

"we don't want dynastic wealth" So a man should not set his family's prosperity with his wealth?

Dying is NOT a taxable event. The transfer of money is what's being taxed.

Why should the savings of someone who already spent their entire life paying taxes be taxed again? A percentage of everything that person earned was already sent to the government over the course of their life. I’m not one of those people who’s anti-tax just for the heck of it, but the death tax makes no sense to me. It seems like pretty shameless money grab.

Thank you Kevin O'Leary for speaking the truth!

Apparently Kevin’s 65th birthday was the day before this aired.

How pay tax on death? Help me understand

Kevin has common sense.

Government earns less than 1% from the estate tax. It's nothing more than a virtue-signaling tax and one of the most damaging taxes out there. But since government is a horribly inefficient spender by nature, who knows what other absurd extortion they'll come up with next to satisfy their wastefulness?

what's the point of working hard, the higher our income, the higher our taxes even after death we are taxed, the cowardly politicians who made the law are never late getting their salaries, workers and entrepreneurs work to run companies with bankrupt bets, and this is what we get, politicians who have never run a company and can only add to the burden of debt, look we already have a debt of 31 trillion dollars and it is very clear that productive people are going to pay for it, even if the politician confiscates all the assets of the rich to pay the debt is not enough, it is the politician who increases the debt and we pay it to death.

preach

''aha'' says the lady at the end, what a great argument

You work your whole life to pay half of it back to Washington? That is crazy.

It affects anyone who tried

He is exactly right

The funny part of this video is the fact that Kevin O’Leary is Canadian. I wonder how he feels about the Canadian tax system

lmao "if you were left unfettered..." boss.

I'm buying and reading money magazine ever single day because money is my best friend period🏦💰💵💲.

look up in the sky it's a bird it's a plane it's goldman sachs.

The inheritance tax starts at $12 million. It only affects 2% of the population.

When there is no middle class, and the poor greatly exceed in number, troubles arise, and the state soon comes to an end. Aristotle Happiness is a quality of the soul...not a function of one's material circumstances. Aristotle

Overtaxation with supposed representation is as bad as taxation without representation.

What turns my stomach is that this tax is not about revenue " it's a social issue"

It should not called death tax. The government tax the one who inherited the estate and used the money pay mostly on the national defense and medicare. As far as I know the government tax only on anything above 5 mil a 35 % tax, so if you inherited 5.5 mil you only pay 35% of 500,000, which is 175,000. So you get 5.175mil. I think you should pretty happy about it because you may not deserve it.

I am with Mr. O'Leary on this. Here is the "best" argument in favor of Inheritance or Death Tax: Money is a form of social credit handed out by "Society". When Mr. O'Leary spends some of "his" money, Society redeems it with goods or services. Argument is: Society would love to redeem Mr O'Leary when he is alive. But after he dies, Society just dosent feel motivated enough to redeem them to his children: They are not as intimidating.. So why not acknowledge this with an Inheritance tax to spare everone the frustration?

The left guy says, "it's a social issue". This is a nation founded by and for individuals with a common motive of Life, Liberty and the Pursuit of Happiness.

Death and taxes are the same thing, only in death you're at peace.

I'm a reasonably smart man and I can tell the difference between fact and fiction!

the death tax is outrageous and ridiculous!

the automation computers and machines are entering the workplace.

It's unfair in every country. You already paid for the taxes for the money you saved up, why the hell you have to pay more taxes for that same money when you give it legally to someone else.

It’s called stealing and taking away someone’s hard earned money.

I know I'm the opposite my biological father because I enjoy going to book stores and public libraries and collecting books!

Surprisingly, I actually agree with Mr. Wonderful.

If this a fair tax then implement it accross the board. No tax discrimination. Everyone pays or no one does. In an instant this will become unpopular.

That is the problem with rich people they never want to pay

Andrew is basically saying they have it others dont and that is not fair. None of that is a viable argument.

The rich generally avoid most taxes.

The person who is dying is not paying the tax it’s the rich kids that are. “Death tax” is just a marketing ploy to make it sound bad.

Its not whether or not an individual deserves it. Its the idea that becuase you possess an arbitrary amount of money, the goverment (which is just run by people like you and me) feels it right that you must pay to merely possess that wealth. Why? Just so those who are not lucky enough to be born with wealth also never see it? The money goes to the government, not the middle class. The goverment spends money irresponsibly. Did you know that the goverment spent $120 million in retirement and disability benefits to federal workers who have since been deceased. The Inspector General for the U.S. Office of Personnel management found that "the amount of post-death improper payments is consistently $100 million - $150 million annually, totaling over $601 million in the last five years." With a budget deficit in the trillions, how does taxing the child of a deceased individual help anybody in the middle-class when you see very little of it due to improper goverment spending and tracking of that spending?

Lol

It is just wrong is not an explanation Mr. Leary.

it's not unamerican (notice how he dodged the "old england" question). It's to protect regular citizens from the landed gentry. Why did the founding fathers even fight the revolution? It's okay to tell all those poor kids to pull themselves up by their boot straps, as long as your children, and grandchildren, and great-grandchildren, don't have to.

I want a 100% death tax and a safety net setup for children.

mr bill grates is still the super man of microsoft.

Kevin obviously what his children to run his business when he retires and want them to inherit his assets after him. He just doesn't what them to get spoilt by promising them they are entitled to get a piece of the pie.

Who is the representative for dead people?

"I ain't giving anything to my kids" "AHHA! Why are you against it?" Because he is invested in hundreds of small businesses that are getting screwed over because of this?

does the current estate tax help anybody out there?

Death tax = estate tax. It won't affect most of the folks commenting as this only applies to people leaving 11.7 million+. The estate tax is essential to prevent plutocracy in the US. We have to maintain merit over privilege.

Kevin is correct, it’s just WRONG

What life is now. Get a job, make money, pay taxes, have children, more taxes, when you die your children don’t get it let the government have it

Kevin knows what he is talking about. He is wealthy for a reason.

millionaires are those who get taxes while the billionaires are those who get tax breaks and it needs to be switched cuz billionaires are those who invest around the world rather than just in America

"I'm not leaving any money to my kids they can make it on their own" ...." Then what are you fighting for"........ Just shows you what kind of person Kevin O' Gready is. He was that kid that didn't play with his toys anymore but refused to give them to someone that didn't have any.

So many people in these. Comments who will never be affected by this tax, defending this tax is hilarious

Typical 1% the kids did no work to earn that money why should they get it tax free. I pay taxes on the money I earn

Mr. Wonderful is right.

That interviewer made zero points - just throwing big words around with making no thought provoking points

j c penney isn't coming back anytime soon!

Trump 2020. Kevin O'Leary for PM of Canada.

I don't need to see the obama living quarters.

I live in the united states of america not old england🇺🇸🇻🇮.

You are really going to ask a New York Jew and a Woman why the Aset Tax is wrong upon Death? What do you think they will say?

Ayn rand would have given better answers to these anchors... than Kevin o Leary...

Andrew fidgeting

I want Mr.Wonderull to run with Trump.

😏😂

ß

Kevin is making an argument out of emotion. The death tax is really a tax on the transfer of wealth from people who earned it to people who didn't. Yes, the heirs deserve the money more than anyone because they likely had to make sacrifices like not seeing their parents, being in the public eye, being treated differently, not being relatable, etc. But there is something unfair about a person who has to work all day to provide for their family while another person, due to the work of their parents, does nothing and lives just as well. That is going to create some resentment. The death tax does not solve this, but it does give the government more money to invest in social mobility, such as good schools. Bottom line: the death tax is not fair. Any tax that tries to bring "the privileged" down is not fair. If you want to set your kids for life, invest in their education and mental development. Give them good tools to deal with life instead of a stockpile of food to live off.

It's not only about dynastic wealth and inequality. Whether someone receives a tax-free exorbitant inheritance (>$10M) is a random crapshoot, independent of the merit of the receiver. The government is able to increase social mobility (education, health initiatives etc.) with additional tax revenues, which increases equality of opportunity/reward to merit. Kind of ironic how Republicans keep emphasizing merit when this is the least efficient way to reward/incent it.

T

china has almost no christian churchs.

miss alexandra ocasio cortez is a young beautiful woman.

Watched this this morning and had to turn it off. This is how they manipulate the public (just so we're clear). In every debate they show the POV of the rich, show it to be well thought-out and clear, and have him argue against a weakling who doesn't explain why it's necessary.

first

miss nikki haley is a young beautiful woman👠.

Why is this guy so...worried about paying a death tax??? You can't take it with you.this guy is so rich his family will be millionaires for decades. The rich always want it their way...give it to the government...they need it for everything...military, Medicaid, social security and all the infrastructure. Stand up and help your country...he and the rest of these billionaires can start by helping the poor, homeless and so forth.these people are money generators...so what you give you will make up anyway. Remember!!! You can't take it with you.

A billionaire is against his money being taxed? My God, I simply cannot believe it. A person doesn't want to have their personal money taken by the government for the betterment of others?

Bernie 2020

as per the host (don't care to know his name), death tax is about social issue.

He is not giving any money to his kids.....lllllloooooollllll

Kevin O'Leary is correct, this host hasn't made any decent arguments against him.

60 PEOPLE OWN HALF THE WEALTH OF HE PLANET SO OLEARY LETS MAKE IT LOWER DOOSHBAG!!

I love how the most immoral man thinks he has morals all of a sudden.

What's unamerican is generational wealth where people can create dynasties of people who don't work.

If being a millionaire is so hard then trade places with me. Quit crying how unfair it is.