Hands off my Estate

The debate on the "estate tax" is raging in Congress right now because at the end of this year it could change dramatically. The Bush tax cuts on estate tax have been progressively more lenient and this year there is 'zero' estate tax. But unless something changes, on January 1st the tax reverts to the previous level of a tax of 55% on all assets over $1 million. This may seem fair to some people, but if you own a small business, a family farm (or ranch) your heirs could have to sell the business or property just to pay these ridiculous estate taxes.

During an interview with Democratic Congressman Anthony Wiener today he was asked; "If a person works all their life to earn assets and pays taxes on those assets (like a business or farm), why should he pay taxes again after he dies?" The arrogant Congressman responded "He doesn't pay taxes, he is dead, and his heirs pay the taxes because this is "income" to them.

This one question to a committed liberal clearly illustrates their philosophical belief in "income redistribution". Liberals (progressives) believe that when someone with assets dies, a (major) portion of their assets should be distributed to the people in the country who are "not as fortunate". And of course liberals believe the government should be the ones to redistribute those assets.

It will be interesting to see what the politicians negotiate during the next few weeks, but there is no way the successful investor, or businessman, or farmer is going to tolerate 55% of their estate going to the government instead of their family. What I have earned in my lifetime (and paid taxes along the way) belongs to my family. If the government does pass this ridiculous tax we will figure out how to keep from paying it.

Old-time comedian Jack Benny who loved his money once said "If I can't take it with me, I'm not going to go". I say; "If the government tries to take 55% of it, we will give it away before we go".