June 06, 2006
Estate Tax (Update and Bump)
I heard one of the most blatant outright lies today on a radio ad about the proposed repeal of the estate tax.
You think it's fair that the mega-rich get a mega-tax break? That money is coming out of somebody's pockets, and it's not the heirs and heiresses.
Excuse me? The "mega-rich" (or anybody else, for that matter), already pay property taxes on what they own, so taxing them again when they die is nothing more than kicking the dead. Call it what it is, a tax on cessation of respiration.
Furthermore, *not* taxing the deceased isn't taking money out of anybody's pocket, it's *not* your freaking money to begin with. It's theirs! They stop breathing and immediately these assholes lay claim to the bucks, because, you know, they're just evil rich and all.
I don't trust the government. I don't trust a socialist. I don't trust a Democrat. I don't trust a religious zealot.
All of you, stay the hell out of my life. Stay the hell out of my death too.
Update: Duncan left a reasonable comment about this, directing me towards this WaPo article in an effort to clarify their position. In return, I'd ask that you consider this rebuttal to the same article. While you're there at QandO, check out the comments too, as there is lively and (mostly) rational debate of the issue.
Posted by Ted at June 6, 2006 04:36 PM
I understand where you are coming from but at the same time the top 1% of Americans fit this profile. Warren Buffet and Bill Gates Sr all agree with this tax. See, people like this are so rich that they barely notice this tax. I attached an article that was in the Washington Post yesterday. Hopefully this will help you get some perspective to where me and coalition 4 Americas priorities are coming from
Nope. I'm still with you on this, Ted. The cause of deficits isn't a lack of revenue, it's the rediculous increases in spending every year.
If the economy as a whole grows at 5% in a single year, the revenues to the fed might go up 9%. But then the Congress and President will increase spending by 12% even though inflation has gone up maybe 2%. WTF?
Then in an economic slow-down, the revenues might drop 2%, but they will still increase spending by 10%!
Get a grip, ya bums!!!
This debate has lost its perspective. It's about paying FAIR share. The so-called rich ( the upper middle class, and lottery winners now fit into this definition) pay a lot of tax annually and at death. The agrument is "maybe more than their fair share." A lot of middle and lower income people pay NO tax. (either annually or at deat)
If I leave an estate worth $3m, my heirs could pay $500,000 in taxes. $2m -- maybe no taxes. Does such a jump make sense?
How about EVERYONE PAY DEATH TAXES. Put some reasonable, progressive formulae to tax what people leave this world with - 5% tax at the lowest levels rising slowly to say a maximum of 25% for the highest levels - I'll bet you'd generate more revenue and everyone could feel a part of it.
Or how about - eliminate the death tax, but re instate capital gains tax ( which is currently "forgiven" on death.) Heirs would be liable for the cap gains on anything they inherited from the original purchase date. They could avoid taxes by not selling, but eventually the govt would get its share.
I'll bet you propose either of these, and many of the rich-beaters would run and hide.