Skip to comments.Why The Death Tax Is The Dumb Tax
Posted on 07/31/2012 6:33:44 AM PDT by SeekAndFind
Id like somebody to get rid of the death tax. Thats what I want. I dont want to get taxed just because I died. I just dont think its right. If I give something to my kid, I already paid the tax, why do I do I have to pay again just because I died? -- Whoopi Goldberg
This study confirms that the cost of the estate tax far exceeds any benefits it produces.
So begins Cost and Consequences of the Federal Estate Tax published last week by the Republican Staff of the Joint Economic Committee, whose vice chairman, Representative Kevin Brady of Texas, continues to make his mark as a leader of the pro-growth wing of the House GOP. The reports documentation of how the death tax fails as both fiscal and social policy stands as a timely rebuttal to the politics of envy promulgated by President Barack Obama and the leadership of the Democratic Party.
My conclusion: the death tax deserves the sobriquet: the dumb tax.
The first reason the death tax is the dumb tax: it reduces, rather than increases total federal tax revenue.
Taken in isolation, the death tax raises very little revenue. The most tax it ever collected in constant, 2010 dollars was $36.7 billion. That was in 2000 at the end of the great expansion and bull market that followed passage of the North American Free Trade Act (1993), welfare reform (1996), the capital gains tax rate cut (1997) and nine years in which federal spending fell as a share of GDP. However, the average annual revenue collected by the death tax in the prior two decades was only $20 billion, a period in which its top tax rate ranged from 55% to 70%.
(Excerpt) Read more at forbes.com ...
Obama wants not only to keep it, but to increase its rate.
it’s not a tax, it’s theft.
My God, is Karin Johnson (Whoopie Goldberg) the only person’s quote to be used to condemn this moronic tax? She hates this country with a passion, and she deserves to pay this stupid tax. Notice, she only mentions one of her kids . . . the other 6 were murdered in abortions.
RE: My God, is Karin Johnson (Whoopie Goldberg) the only persons quote to be used to condemn this moronic tax?
Thanks for informing us of Whoopie Goldberg’s real name... I’ve always wondered why a black woman would use a Jewish stage name...
Unfortunately, her show (THE VIEW) is still being broadcast here in the USA and many parts of the world ( I saw it in Australia and NZ ).
Quoting her on this subject lends credibility to the effort just as "Jane Roe" having announced her opposition to abortion lends credibility to the pro life movement.
If we lose the estate tax, we lose the step up in basis, as well.
And yet, I’ll bet she’s in there fighting to get taxes raised on as many people as she can. Why those rich bastards...
She backs a party that wants to raise the very taxes she supposedly thinks are unfair.
She backs the party that thinks we aren’t paying our fair share. She backs the party that tries to guilt folks into accepting higher taxes.
Then it comes to her, and she gets it. As Dan Akroid used to say to Jane Kurtain, “What an ignorant slut!”
I don’t care where they broadcast it, I just want the accurate show title to be aired along with it.
Frankly, this show is poison.
Perhaps they should name it, “The DNC Spew” since it’s so political, and carrying the DNC’s water.
I suggest a different approach.
1)Let’s do away with double taxation of dividends.
2)Let’s treat estate taxes like capital gain taxes.
3)Let’s graduate capital gain taxes from regular income tax the first year reducing by an equal amount each year over 5 years until capital gains equals 1/2 of normal income tax.
Should there be a level of estate value that is immune from taxes? Sure. However, in the case of those that shelter income from taxation by building huge estates, shouldn’t have to pay 55 percent or more nor should they get away with never paying any taxes on gains accrued over the years. Think Bill Gates, John Templeton, The Kennedy’s, etc.
Ted Kennedy shielded his estate from the death tax. The Kennedy estate went to his TRUST and will be used by the (family) members of the TRUST to stage meetings and retreats (vacations).
The rest of us can suck scum from the bottom of a lake, I guess.
I think the Republicans are taking the wrong approach to this end of the Bush Tax Cuts. Instead of getting into a discussion of whether or not they should tax the rich,they should start showing the middle and lower class how much more it is going to cost them if the cuts are not extended.
Democrats tax you coming and going. Obamacare taxes you just for being alive while the estate tax makes you pay for being dead.
I like the cut of your jib!