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View Diary: A Conversation w/ My Rich, Republican Father (226 comments)

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  •  You can give away $13K per year (17+ / 0-)

    (up from the 10K) without having to pay a gift tax, with a lifetime estate tax exemption of $5M.  

    You can also support (and I certain you already do) charities and non-profits (not the Mormon Church) with generous donations both for tax advantages and because you believe in them.

    While I do believe the old saw about "W" is sadly true of a fair percentage of the inherited rich in American - "he was born on third base and thinks he hit a triple", there are many good organizations for philanthropy run and peopled by progressives.  

    You are right to understand that your, and your parent's wealth is simply sperm and luck, and not some higher intelligence or special talent or extra hard work that the rest of us don't have or do - that's the realism part, but I would hope that you would understand that even if you have simply had "greatness thrust upon" you, you can do great things with that great wealth that provide and promote justice and fairness for all.   Don't squander that rare opportunity.  

    Be well.

    "Out of Many, One." This is the great promise of our nation -9.75 -6.87

    by Uncle Moji on Mon Jan 30, 2012 at 04:09:10 PM PST

    •  What you recommend (5+ / 0-)

      sort of reminds me of how some wealthy families have raised their children with the idea that with great wealth comes a great responsibility to help make things better for those who are less fortunate.

      •  This is true (2+ / 0-)
        Recommended by:
        Larin, mamamedusa

        And there is a history in our country of the influence of those like FDR and Ted Kennedy who have used their opportunities to help those who did not have those advantages by mere accident of birth.  

        Curiously, while Obama was, by no means, born into a family of any wealth, Punahou School (a school started by Congregational missionaries for their own in 1841), during the time he was a student had been turning the arc on monied paternalism as evidence of noblesse oblige to community service.  

        Personally, I prefer "From each according to his ability, to each according to his need".

        "Out of Many, One." This is the great promise of our nation -9.75 -6.87

        by Uncle Moji on Tue Jan 31, 2012 at 05:36:10 AM PST

        [ Parent ]

      •  Seems like there's less and less of those types. (5+ / 0-)

        Now, it's more the  Romney "i got mine, fuck you" model.

        If Obama doesn't deserve credit for getting Bin Laden because he didn't pull the trigger, Bin Laden doesn't deserve the blame for 9-11 because he didn't fly the planes.

        by Bush Bites on Tue Jan 31, 2012 at 05:46:35 AM PST

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    •  The Mormon Church (0+ / 0-)

      counts as a charity or nonprofit for purposes of the Tax Code, even if many of us here think otherwise in terms of fairness or purpose.  

      •  Of course it does (0+ / 0-)

        as does Rich Warren's Church, the Catholic Church, and the Church of Scientology.  

        I did not suggest it was not a IRS designated charity, as Mitt Romney and his tax returns attest.  

        The Church of Jesus Christ of Latter Day Saints has been the beneficiary of millions of Tax Code dollars that it has used to pursue antediluvian anti-progressive acts; I merely suggest that the diarist might use her money to balance out that imbalance.

        I do not oppose charitable giving to churches, many use that charity to help those who are in need, without regard to their sexual identity or their use of contraceptives.

        "Out of Many, One." This is the great promise of our nation -9.75 -6.87

        by Uncle Moji on Tue Jan 31, 2012 at 04:23:12 PM PST

        [ Parent ]

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