March 28, 2012
government get enough during your lifetime? I understand the initial
behind the death tax. It was put in place to try and stop dynasties
forming. Advocates looked at generational wealth in Europe and wanted
generation to be put at the same starting line.
to be “fair” never works. The Koch brothers kids will always have
over mine. The great thing about the US is it doesn’t matter. My kids
just as successful as the Koch kids if they create something.
creator of Spanx come from a silver spoon background? No. She went to
State and was the daughter of an artist and lawyer.
is, you will never put anyone at the same starting line with anyone
That’s why the Constitution and Bill of Rights read as they do. Every
“inalienable rights”. It doesn’t mean Sam and Joe start the human race
exactly the same amount of assets. Life isn’t a board game.
beginning to understand this. Citizens are leaving their state to avoid
tax. The other problem they are having is as one generation dies, the
being forced to liquidate productive businesses to pay the death tax.
hurts local economies.
Tennessee tax really does cause the rich to flee. The authors found
2010 Florida had nearly twice as many federal tax returns with taxable
(per 100,000 population) as did Tennessee. The average estate is also
Florida—$7.4 million versus $4.4 million in Tennessee.
There is a
reason they call Florida “God’s waiting room.”
The tax has
been useless at avoiding the creation of dynasties. Anyone ever wonder
Kennedy made a boatload of money and the third,fourth and fifth
his estate don’t seem to have a problem with money at all? Wealthy
really good tax and insurance guys to help them avoid the death tax
Then they die in the correct state.
to build a fortune. Why should the government be entitled to a piece of
Street Journal has a great in depth editorial on the issue this
ought to read it. Along with death taxes, I would advocate repealing
taxes and even a lot of corporate taxes since corporation never pay
anyway. They either avoid them, or aggregate them. Consumers always pay
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