I will never pay an estate tax (unless I hit it big in the lottery which I plan on doing).
You may not care a hoot about this issue, I doubt many Americans do.
However, this is under the same concept as taxing Social Security benefits; few people affected initially but don’t index the trigger points and more people are effected each year.
Nevertheless, to me it is a travesty for government to confiscate ones life accumulated wealth regardless of the amount. That money was taxed probably twice along to way and to take another 65% to be distributed at the behest of politicians somehow just stinks.
You may say hey, if you have a $100 million, so what; you don’t deserve it and certainly your kids don’t. Who does deserve it then, society?
If I ever do hit the lottery, I will pay 39% to the federal government and more to the state and when I die my estate will pay another 40% to 65% on what’s left. Fair you say? Why, because I didn’t deserve it?
And the irony of it all is that the super rich will use trusts to minimize the tax. And the responsible ones will give their money to charity where it will do more good than giving it to government. Politicians aren’t going to get Buffet’s, Gate’s or Zuckerberg’s billions.
That leaves the successful farmer or small businessman successful saver/investor on the hook.
Is this how we define “fair share?”
She (Clinton) wants the votes of Republicans who are troubled by Donald Trump, but you wouldn’t know it from her continued left turns on the economy. On Thursday she decided that her proposal to raise the death tax to 45% from 40% isn’t enough and endorsed even higher levies that would apply to thousands of estates.
Though she defeated Bernie Sanders in the primary, she is adopting the socialist’s death-tax rate structure. She’d tax all estates over $10 million at 50%, apply a 55% rate on estates over $50 million, and go to 65% on assets above $500 million. The 65% rate would be the highest since 1981 and is another example of how she is repudiating the more moderate policies of her husband and the Democrats of the 1990s. WSJ 9/23/16