The rich can afford it: Let’s keep the estate tax
Here we go again. The Republican tax plan wants to eliminate the estate tax, making a $20 billion-a-year hole in the budget. That’s billion with a B.
They like to call this a “death tax,” but this is misleading.
Death, unfortunately comes to all of us, but the estate tax comes to only the very wealthy. A couple can shield their first $11 million from the estate tax, meaning only two per 1,000 who die will pay into it.
But what about farms and small-business firms. Republicans claim they will be devastated by an estate tax. A study showed that 80 were affected last year – that is 80 in the whole country!
With so few paying into the tax, how can it generate so much money? Well, consider the Walton family, heirs to the Walmart fortune. Their wealth is placed at $130 billion. That’s a lot of estate tax, even with an army of accountants and tax lawyers.
This is progressive taxation at its best. Those who can afford it should keep contributing to the nation’s benefit. Let’s keep the estate tax!
Joan and Carl Jacobs