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The estate tax storm

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.
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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.”


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Topics : Politics
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People : ObamaParis HiltonTheodore Roosevelt




 
12/13/2010 1:19AM
The estate tax storm
Please Enter Your Comments Below
12/15/2010 9:31AM
Redistribution of wealth, the lie
First off I am not against helping needy people. I am against any form of taxation being used for welfare with the exception of those who truely need help, i.e. mentally retarded people, those who are completely handicapped and can not earn their own money. Now with that said I know that once a person gets on welfare they rarely get off. The programs are not truely designed to get a person off welfare, they are in fact designed to keep a person on welfare. In my dealings with families that are on welfare I have seen multiple generations of family on welfare and that to me is unacceptable. I have seen parents giving their children advise on how to get around the system, I have also seen workers giving the same type of advise. These are people who are fully able to learn and have no real physical limitations to prevent them from working. Now if these who are espousing redistribution of wealth let them put their money where their mouth is; cut themselves down to a yearly salary of 40K and give the rest away to those who really need it. You will never see it happen, they only want to take the money that is not theirs. If you really want to make a difference then become a mentor to one of the families you think needs your help and teach them the ways of your success. Jesus didn't do it for his disciples, Jesus taught his disciples and then told them to do the same, teach others. The only thing that will beat poverty is education. Throwing money at poverty only makes it worse, not better. Take a look at the south side of Chicago, one of Obama's pet projects. As far as the estate tax goes I think it should be done away with completely and I am not rich nor do I see myself coming into a hefty inheritance. What ever I make no matter how much I want to keep and do with it as I see fit. The government does not make a good parent, finance officer, and educator. The only thing it seems to do well is expand at our expense. I think I will stop now.
12/17/2010 9:11AM
Narrow view
You have a very narrow view of the estate tax (at least based on this opinion piece). Very few of those negatively affected by the tax are people like Paris Hilton and I think it is dangerous to judge this tax based on whether you like the heirs of billionaires or whether it affects YOUR family. For a small family business (like a farm), it doesn't really take much to get to $1 million in assets--and the tax levy that was scheduled to return on Jan. 1, 2011 was "up to 55%." Not many families in that situation can turn over 55% to the government and be able to continue running that business. This is just ONE example(of many) that illustrate why the estate tax should never be allowed to return.
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