I never could understand the fairness of the estate tax, but I have concluded fairness is not the criteria anyway. It’s just a matter of some people believing other people should not have a lot more money than they do and that government is the best decider of who gets what from our collective efforts over our working lives.
I will never have sufficient wealth to pay such a tax and certainly not any proposed wealth tax … I even gave up buying lottery tickets.
That being the case, why should you or I care as I assume no one reading this is in the upper millionaire stratosphere?
Because it’s inherently wrong in my opinion. It sends a message that reward from one’s hard work, risk taking, etc. is an entitlement for others.
Most of the super rich are generous with their wealth. We don’t need government taxing more than income as earned (although I do think taxing passive income like capital gains and dividends should be equal to earned income at the highest income levels).
There are those among us who simply don’t like anyone having more than they do. They ignore the road to wealth and focus on the pot of gold as if it magically and unfairly appeared before a select few.
Senator Sanders is so obsessed with this idea his proposals trip over themselves. He wants confiscatory wealth and estate taxes apparently forgetting if you take the wealth, the estate shrinks. What’s next, banning charity giving above designated wealth levels so the money flows only to government?
Sen Sanders’ proposed estate tax rates depending on the size of the estate: