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SW Minnesota | I understand that the Estate Tax was promoted by Teddy Roosevelt because he thought that big controlling Dynasties should not go on for generations. He was worried about creating a Ruling Class that would be a threat to democracy. The Estate Tax was not really even about revenue. In fact, it is the most expensive tax from an administrative standpoint on a per dollar of revenue basis. The fact that the size of the estate in terms of acres of land, which has been able to pass tax free, has varied so widely seems very inequitable in and of itself. Somebody above gave an example of the taxes that a widower farmer would pay on 640 acres. That same 640 acres could have passed tax free in 2010 and probably a few years in the 80's. For sure if he had used the Marital Exemption on half of it. It seems to me that if the Estate Tax was kept to its original purpose, the exemption would allow the vast majority of farm estates to pass tax free. Congress needs to be consistent with the Estate Tax Law. The exemption should be indexed to inflation or some measure, and the law should be left alone so people can plan accordingly. My idea would be that the capitalized amount of a Congressman's wages should be the amount of the estate that could pass tax free. The reason I say this is because Congressmen think they are hard working and underpaid. Why else would they expect to get raises when they have run the budget at a deficit for almost all of the last 70 years. It seems to me that a family that inherits only enough to create an income comparable to a Congressman's salary is really not that rich.
What people like ND Commodities don't appreciate is there is very little capital being accumulated or created in this country. We are going to wake up some day and realize we are a Third World Country owned by the Chinese and any other people who can actually make money and save it. | |
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Thoughts on all the talk/complaining about taxes/estate tax on here.
