Some Democrats are really upset with President Obama’s compromise over the estate tax, or … as some call it … the “death tax”. The administration agreed to exempt inheritances up to $5 million and set the top tax rate at 35%. The tax is scheduled to be reinstated next year at a top rate of 55%, with the exemption up to one million dollars.
President Theodore Roosevelt was one of the original supporters of the estate tax. He was a progressive Republican who also battled the big money people on Wall Street.
Opponents argue that there should be no statute of limitations on wealth, that once a person earns the money, it should go to his or her progeny unfettered by taxes until the end of time. There should be no “redistribution of wealth”. Of course, many who feel that way stand to pass on or in inherit large sums of money … a solid majority of the members of the U.S. House and Senate.
Personally, I can’t work up much sympathy for the fortunes of people like Paris Hilton.
I seriously doubt that the estate tax will be an issue for my heirs.
Our thought for today is from O. A. Battista:
“The best inheritance a parent can give his children is a few minutes of his time each day.”