The Estate Tax is not just for revenue

[question everything]

I was listening to part of the argument by Al Franken - I arrived at my destination - and he pointed out the hypocrisy of Eileen Chow who claimed that "there was a bill to raise the minimum wage but the Democrats would not vote for it!"

Al Franken then added that we should not repeal the estate tax since we need the revenue.

But there is more to that. Unless someone lives in a cabin in Montana, one benefits from a government program, one way or the other. Certainly the people at the top benefit from special exemptions or programs written specifically for them.

Thus, when they've done enjoyed their riches, they can pay society back.

[PsN2Wind]

1. Dontcha know

the "death tax" strips heirs of much of the money earned by their parents. That's why five of the Walton kids are in the LOWER tier of the ten richest people in the world.
Sarcasm should be readily discernible.

[Cosby]

2. I believe the Estate Tax was...

instituted to prevent huge accumulations of inherited wealth from creating a de facto American aristocracy--exactly what the super-rich repugs WANT to create.

[muesa]

3. The American Estate Tax

was much lower then the old (Pre WW2) British Inheritance Tax. A purpose of it is to break up "Perpetuities" (my bother is the Solicitor in the family, not me - but I think "Perpetuities" is the proper term for massive inheritances of income producing assets).

As a bit of an old world leftie - I think there is something sort of evil in massive inheritances of income producing assets that are not put to some philanthropic purpose.

[question everything]

4. But, as long as the top tax was, what, 70%?

the wealthiest did pay some of their share.

Now, the Bush tax cut set the tax on non-earned income: capital gain and dividends, at 15% while the income earners still have to pay the 7.65% of Social Security and Medicare taxes, often more than income tax.

So keeping payroll taxes intact, and regressive, while cutting capital gain and investments taxes give the ruling class even more of its wealth. Repealing the Estate Tax will, indeed, cement this division of two distinct classes based on the source of their income.

[Selatius]

5. Thomas Paine advocated for some form of estate tax

He advocated for a progressive tax code where the tax rate eventually rose to the "level of prohibition" on the largest estates. (100% tax beyond a certain point) And he lived before Marx. At least, that's what is found when one consults Paine's "The Rights of Man."