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You apparently haven't been paying attention to what's actually happening in China. They have none of these advantages anymore. The one thing they had going for them was being the world's workshop...but that was economics planned by central committee. It came at many costs, one of them being technological innovation, and it's over. They are in the process of a demographic collapse thanks to 40 years of the one child policy. Even if they implemented a national breeding campaign, it would take 30-40 years for them to reap the economic benefits...and they haven't. The wage 'advantage' is no more. Mexican labor is cheaper by almost three times now. Mexican production quality is ALSO better. China may be able to make things, but they can't do it cheaply anymore (their middle class wages have skyrocketed) and they can't produce anything of high quality. What's more, they never had a national unity advantage. Everything their government does it to control their people, not dominate the world. We don't have to do anything to beat the Chinese economically besides wait. Militarily, all we'd have to do is close the Strait of Malacca and watch them starve in the dark, as they import so much food and energy. Oh-by-the-way guess what kind of weapons we just leant to the Australians in Darwin: Cruise missiles that can hit ships in the strait of malacca from over the horizon. As for national debt? You think we're hurting? Go google Chinese hyper financialization. The dollar may or may not remain the reserve currency, but the Yuan will NOT be taking it's place in our lifetime. Yes, the Chinese are great at long term intellectual planning, but NONE of their execution has followed any of that planning. They are screwed and all we have to do is not save them. Multiple historians, demographers, and geopolitical analysts have reached the above conclusions. Ray Dalio would be one exception, but reading his work it's clear his love of china is underpinned by strong emotional ties that clearly color his analysis. But even he doesn't paint a very rosy picture for them, specifically because of their economics and debt. Don't listen to the rhetoric, look at the details and facts.
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-Not talking estate tax. Just the mechanics of technique. The heir pays the debt rather than allowing the estate to cover it, which makes it gone and frees the burden from the estate and allows the step-up trick to work. Got it. I don't care at all about your last point. -
Passed over Capts and Majs in the Silverback lounge are basically pilot warrant officers. -
Estate tax is levied on net assets. Passing the $2000 of stock and $1000 loan on your assets to an heir would be taxed the same as passing $1000 to an heir. So the capital gains that were "borrowed" don't get hit by the estate tax either. Then, once the heir gains the assets, their basis resets. Plus, regardless, it entirely negates the tax during the life of the individual. Estate taxes exist no matter what. Income and/or capital gains are supposed to exist before said person dies. Additionally, even if you don't believe that this is possible and they will be hit by some tax at some point, you seem to agree that they can defer taxes. There is always a benefit to paying taxes later in the time value of money. -
I do. My point is that the executor of the will must pay off legitimate debts before distributing inheritance. Those debts are paid from the assets of the estate. The kiddos don't get anything until the debts are paid.
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