Post by The Big Daddy C-Master on Aug 10, 2016 9:00:10 GMT -5
Some points:
* The Estate Tax is an insidious law that appeals to the least common denominator in regards to envy.
* The Estate Tax goes against the fundamental right of individuals to leave their property behind to their children or anyone else.
* After paying the very high progressive tax for higher income individuals, the Estate Tax pushes the tax on an individual to 80%.
* The Estate Tax destroys smaller businesses who often don't have the amount liquid to pay the tax. A $50 million business doesn't have that amount sitting around. They are forced to sell their business and liquidate, often to a competitor who benefits from it. Warren Buffett likes this law because he can buy businesses on the cheap.
* The sale of the business kills jobs, kills competition, and destroys the wealth that the entrepreneur built. Entrepreneurs are less motivated to grow for the long run because they want to won't be able to keep their business which also hurts society.
*The government collects very little from this tax and it is a large burden to deal with.
