“Democrats argue that the rich shouldn’t be able to create family dynasties by concentrating wealth.”
Why the hell not? Do people not own their own wealth?
Side question: If there is no estate tax, is there a step up in the basis value for capital gains upon death or do the heirs get hit for the full capital gains on grandpa's stock and real estate upon sale?
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States."—Justice John Marshall, Gibbons v. Ogden, 1824.
Thank you for a very good post.
Here in Oregon the Death Tax finances a socialist state government, which finances layabouts, social psychopaths and the dregs that use drugs, legal and otherwise.
I truly resent what my death will finance via Oregon’s Death Tax. Portland is horrible, just like Seattle and San Fran are. Salem, the state capital’s main streets are full of homeless derelicts who not only clutter our streets, but puke on them and leave used syringes there.
And Oregon’s taxes in general are literally driving established businesses out of the state. This is our reward for living in a state that is governed by democrats for two or more generations.
” Politicians have a solid track-record for transforming taxes on “the rich” to taxes on absolutely everyone.”
Oh, does this idiotic statement open up a can of worms! Why shouldn’t everyone pay to get the same service from the government. Does the middle tier not get support from the police or the military or the people that fix the roads or teach their children? This is a democracy, and the right to vote for the person you wish and the laws enacted are a Constitutional right. Do the only votes that count belong to the rich. If they are paying the bill, shouldn’t they have the only say in it?
This thought process is the major reason the libs expanded taxes in the way they did. It started out as voluntary pay and was not really implemented until 1861 as a mechanism to finance the war effort. In 1862, the IRS was formed. All the 16th amendment did was allow the Federal government to tax the income of individuals without regard to the population of each State.
The tax law, like almost all laws, grows as lawmakers use it for pork, try to make it fairer (when?), use it to stimulate a sector of the economy, or just want to raise revenue. So it’s no longer an account for raising the funds needed to pay their bill. It’s now become an investment fund for campaign fodder feel good programs. Whether they are needed by everyone, used by anyone, or are implemented at all in nothing more than paper.
Will Rogers said it best: “The difference between death and taxes is death doesn’t get worse every time Congress meets.”
rwood
What’s not mentioned is that the Death Tax is essentially double taxation, taxes on wealth that has already been taxed. Perhaps even triple taxation if SS has been deducted.
The government WILL get its vigorish.
No one seems to argue that congress and the United States do NOT have an unlimited right to the lifeblood of Americans.