I was once talking with one of my classmates and he said that in the future, there will be universal basic income implemented by entire world. I was not convinced at that time and thought he is just being stupid but given the layoffs happening and massive amount of unemployment, I am thinking about this possibility. What do you say?
Rich people do what’s colloquially known as a “buy borrow die”. But an asset, take out loans using the asset as collateral for your entire lifetime, and then die in debt, while passing the asset (minus the debt) along to your heirs.
I agree this is a loophole that needs to be patched - in most civilized countries this is not a thing (taxes are deducted when you die and then debts are repaid)
But I doubt it's as popular as media claim it is. If you borrow against your assets say, at 3% interest, you end up with 30% interest after just 10 years. Paying taxes is cheaper than paying interest in the long run.