Estate taxes are a great way to raise revenue and claw back a small portion of the amount that the deceased pulled from the larger system. That amount is acknowledged to be credited, at least in part, to the successful society in which the deceased participated. The estate tax also explicitly codifies that generational wealth transfer is inherently wrong, that each individual should be required to, at least in part, make their own way. It is a rejection of thousands of years of corrupt power/money accumulation within clans, in essence a rejection of the European style of corrupt familial wealth maintenance over many generations.
Whatever happens in coming elections, a strong federal estate tax on accumulated net worth over a certain amount (1 or 2 million?) would be a wonderful thing IMO. Go ahead and call it a death tax, as the Frank Lunzes of the world are want to do. No matter, just reinstate it and collect it aggressively.
Conflation galore wrote:
so many biden stans here wrote:
Sally Vix wrote:
Question for the progressives here. Elizabeth Warren is a staunch supporter of taxing wealth. Are you too comfortable with taxing the wealth of someone? Not taxing income but taxing someone's wealth?
I'm fine with taxing wealth. I think an easier way to address this is to set the tax rate for capital gains at the same level as the tax rate for earned income. I'm not sure if it does exactly the same thing, would have to see some economists evaluate data, but it does deal with the disparity between the treatment of gains from capital vs. those from labor.
Quit conflating capital gains with wealth. Cap gains are a mere subset of wealth. Could be significant for some, but not for the majority.
Some form of tax on cap gains is okay - makes it consistent with taxation of other forms of income. Tax on other wealth that has already been taxed when earned as income is not okay.
At the root, taxation is evil (albeit necessary to an extent) and should be minimized to the extent possible. Excess taxes are theft be the state.