For the Fairness

Return of the Death tax, unless Congress acts.

As for breaking up billion-dollar empires of wealth, this tax doesn’t even achieve that. A 2010 report by the American Family Business Institute found that the estate tax has the effect of consolidating wealth because so many owners must sell in short order at time of death to pay taxes. The study found that every 4.5 percentage point increase in the estate tax “results in an additional 6,000 small firms being eliminated or absorbed by large firms each year.”

The 55% rate would apply to estates worth 1,000,000. Which isn’t that much when you consider life savings, homes, and personal assets. And, it isn’t indexed to inflation, so this would automatically include more and more “rich” families.

And five numnuts wants to take the death tax up to 65%; Franken, Sherrod Brown, Bernie Sanders, Sheldon Whitehouse, and Tom Harkin.

Republican Jon Kyl of Arizona and Democrat Blanche Lincoln of Arkansas have proposed a 35% estate tax with a $5 million exemption. A majority in the House and Senate would almost surely opt for that compromise, but Senate Majority Leader Harry Reid and House Speaker Nancy Pelosi won’t allow a vote. Last week, Mr. Reid blocked a vote on the Kyl-Lincoln compromise as an amendment to the Democrats’ small business bill.

I can’t believe we elect, and pay, these folks who spend their entire time trying to figure out how to take our money and spend it on useless shit.

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3 Comments on “For the Fairness”

  1. mare Says:

    Carin, not including the subject of death, this topic particularly depresses me. There is something so wrong about a death tax. Families selling generational properties to pay taxes is wrong. Families selling businesses to pay taxes, wrong. The government considering a dead person’s money, theirs, wrong. I can’t wrap my head around this one without getting really angry.

    It’s biblical to give one’s assets to the next generation. It’s good for a society to encourage working for prosperity and the next generation.

    This tax is demotivational and considering what the tax money will actually “pay” for, I consider it evil.

  2. mare Says:

    “The study found that every 4.5 percentage point increase in the estate tax “results in an additional 6,000 small firms being eliminated or absorbed by large firms each year.”

    That alone breaks my heart. So wrong.

  3. Car in Says:

    The worst thing is that the very super rich – the Soros, Gore, Gates … all those types use various things to shield THEIR money. Trusts, etc. It’s the little people who end up paying the taxes.


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