Via HotAir, a reminder that we’re about to be taxed after death.
Part of the upcoming “Forward, over the fiscal cliff!”-scenario we’re potentially looking at includes a big hike in estate taxes (or, as they’re perhaps more aptly called, death taxes). Currently, the estate tax is applied to inherited assets at 35 percent after a $5 million exemption; most Republicans and even a mix of Democrats are in favor of lessening or eliminating the death tax altogether, but if President Obama gets the tax deal he wants, estate taxes will go up to 45 percent after a $3.5 million exemption.
In the event of neither a Bush-era extension nor President Obama’s plan, however, going over the cliff means that the estate tax shoots back up to the pre-Bush level of 55 percent after a $1 million exemption — and that has disastrous implications for our economy (which is just great, because we clearly don’t have enough disastrous economic implications looming over our heads already).
HotAir has a good video by Milton Friedman that breaks it down a bit more.
For those not quite clear on what that 55% of 1 million really entails, revisit this:
Remember the first three planks of the Communist Manifesto:
1. Abolition of property in land and application of all rents of land to public purposes.2. A heavy progressive or graduated income tax.3. Abolition of all rights of inheritance.
As the fiscal debate focuses on whether to raise the federal income tax rates for the top 2 percent of Americans, other possible tax increases have taken a backseat in the debate.
The wealthy taxpayers — organized by Responsible Wealth, which advocates for “progressive tax policies” — have signed a pledge calling for a “responsible estate tax proposal” as part of any fiscal cliff deal. In addition to Buffett and Soros, signatories of the pledge include other left-leaning billionaires, including Bill Gates Sr., Richard Rockefeller and Abigail Disney, as well as politicians like former President Jimmy Carter.
Let’s say you’re a super-wealthy conglomerate hedge fund megacorporation owner whose only real threats are from more agile upstarts. What better way to destroy them than by using the tax code?
Family farm owner dies? Drown his family in taxes so they have to sell the farm. Small business owner dies? Drown his family in taxes so they have to sell the business.
Responsible Wealth is calling for only the first $4 million of a couple’s income to not be subject to a tax. After that, it would be taxed at 45 percent, which would gradually rise on the largest incomes.
Yeah, only. So if you’re land-rich and cash-poor, like many farmers and ranchers, you’re up shit creek. If you have a few thousand acres of land you bought for cheap decades ago, the government will go in and appraise it again, adjust it for inflation, adjust it for whatever Agenda 21 zoning crap is going on, and adjust it for residences and improvements, and when they come up a few million higher than it was before you die, well… your kids are now stuck with that bill. Or, you can sell… and who’s going to be the big agricultural conglomerate there to snatch up your land, bulldoze your farmhouse and barn, and plant some genetic uber corn where you buried your old bird dog Duke? Oh, that’ll be Warren “TAX YOU TILL YOU F***ING DIE BECAUSE I GOT MINE B****ES!!!” Buffet.
The death tax itself is a destructive, regressive, horrible tax instituted by communists and their sympathizers. Again, it’s in the bloody manifesto. The death tax argument usually goes “well, they benefited in life, so they should pay back”. What that ignores is that they paid taxes their whole lives. Those who are veterans signed a line that said “up to and including my life”; and yet some bureaucrat communist oligarch tells them they need to “give back to society?”
“It’s shameful to leave revenue on the table from those who can afford to pay,” said Rockefeller, the great-grandson of industrialist John D. Rockefeller, said in a conference call organized by Responsible Wealth Tuesday.
So because they have something to take, it’s shameful not to take it from them by force? This isn’t “revenue”, it’s confiscation from the citizen by force.
John Bogle, founder and former CEO of The Vanguard Group, added: ”If we’ve been privileged in life and weren’t paying our fair share of taxes, somebody else is going to have to pay them. It will inevitably be those who are less able to do so.”
Bogle, like Soros, Buffet, and the rest, can always opt to pay more taxes. They can always cut a check for more.
“Every step, large or small, to come after that deficit is good,” Bogle said. “Who bears the burden? … Our position is that those who have most resources to bear the burden ought to step up to the plate.”
His position is that we need to liquidate the kulaks. He’s the oligarch, they’re the damned tight-fisted landed peasants. Kill the have-some want-more farmer.