Death Tax Or Estate Tax?
From USA Today comes this editorial on what is legally known as the estate tax:
Some sob stories of family businesses hit hard do exist, but that hardly justifies slashing the taxes on heirs of vast fortunes.
The Senate measure, which is still being negotiated, would tax inherited wealth of millions of dollars at a lower rate than what a teacher pays on a $70,000 annual salary. It would also give inherited wealth a more privileged status than money made from hard work or putting capital at risk.
In fact, it would ensure that the easiest way of making money ÃƒÂ¢Ã¢â€šÂ¬Ã¢â‚¬? being born into the right family ÃƒÂ¢Ã¢â€šÂ¬Ã¢â‚¬? is the least taxed. That would be good news for wealthy heirs. But anyone who says it would be good for the economy or more fair is spreading, well, malarkey.