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Saturday, July 17, 2010

Baby Boomers Give Themselves Another Big Freebie

Just wanted to mention that the inheritance tax this year is 0%, ZERO PERCENT, you did not read that wrong. Yes, despite the huge deficit, and increasing taxes on absolutely everything else, including health insurance, baby boomers are making sure that they get to keep all of the money their hard working parents left them.

Now that the great generation is nearly all gone, we can expect to start hearing noise about keeping the death tax nice and high... at least until the baby boomers themselves start to croak and they want to leave an inheritance to the millennial generation (their children).

Up until then, expect to hear lots about leveling the playing field by taking away any assets your older relatives may have accumulated. We have to pay for the boomers' retirement somehow!



princessofmirth said...

Won't anyone remember us "Gen X ers"? We seem to be getting the raw end of the deal everywhere. Our Social Security is pretty much a pipe dream, and we'll be working far longer than our parents!

Retro Housewife said...

Hello Fellow GenX'er,

It is totally true, X'ers are getting the short end of the stick. Starting from the point when all the newly liberated women divorced and the latch-key kid was born.

My favorite is how they kept quiet about global warming until their kids were off to college - and they could downsize the gigantic SUVs to Hybrids and start producing SMUG, or accosting Xer families with SUVs in grocery store parking lots.

Speaking of off to college, since I had kids early, my daughter went off to college in the peak year of the baby boomlet kids. She is at an ivy league school, and we pay less than if she went to a public state school - there seems to be plenty of money for boomer kids to go to college now.

My sister, who is an Xer as well and has 3 girls + an arriving boy, will most likely find no money left over... (Oldest girl is 6).

Your only chance is to grab on to a crowd of boomers and hold on for dear life.

Then you will find plenty of everything...until they tire of it and decide it is immoral.