This week, I’ve asked readers to chime in on the Bush tax cuts. This guest post is courtesy of Vinny Kochetta (for more on the topic, see the original post):
I do not see an ethical basis for the estate/death tax.
If a bazillionaire chooses to be frugal and pass his fortune to a child, why should the government take half of that? Even if a half a bazillion is a lot of money… why would this be reduced to a quarter of a bazillion if that child chose to pass on the fortune?
This confiscation is morally reprehensible and flies in the face of property rights given by God when He said, “Thou shall not steal”.
I am not a bazillionaire and don’t plan to be. But I AM a businessman. I worked my way through college, trying to save and spend wisely. I later worked for a small company which paid below market wages in the hopes of growing with this business.
Eventually, I had an opportunity to purchase a portion of this company that I was committed to. Of course, I had to rely heavily on financing to obtain a part of this S Corp, so a significant part of the company profits is going to pay the bank and the US Treasury.
I have no complaints there.
After 15 years of working for the company and then 15 years of working for the bank, I might eventually taste some of the fruit of my labors. I wouldn’t anticipate changing my lifestyle much, so hopefully, some cash will accumulate. After years of diligence and dedication AND tax paying, why would the government take a significant portion of it should I not choose to spend it all (or all but $1MM)?
I have “blue collar” roots and have struggled to be successful. All during my life I have been conscious of those less fortunate than me and have supported charities easily three times the national average, so I’m not selfish or unaware of the plight of the poor.
I get angry thinking that anyone else would claim a right to my after-tax earnings!
There is no good reason to tax estates if those amounts were received or earned legally and I call for an end to the estate tax entirely. Keeping the Bush tax cut in place will be a step in the right direction.
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