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Politics : Liberalism: Do You Agree We've Had Enough of It?
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From: TimF10/2/2010 12:52:01 AM
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Democrats Push Retroactive 65% Estate Tax Rate
Wall Street Journal, A Very Grim Reaper: Another Tax That Democrats Want to Raise From the Dead:

While Washington debates whether to raise taxes on incomes and dividends next year, another huge tax increase looms as an even grimmer reaper: The death tax, which is currently zero, but will return to a rate of 55% next year if Congress fails to act.

Some Democrats don't want to stop there. The Senate Redistribution Caucus—Bernie Sanders (Vermont), Sheldon Whitehouse (Rhode Island), Al Franken (Minnesota), Sherrod Brown (Ohio) and Tom Harkin (Iowa)—are sponsoring the Responsible Death Tax Act to take the federal rate to 65% on large estates. Why stop at two-thirds, guys? Clearly, you think the government has a right to every penny a man makes in a lifetime.

These same five plus Budget Chairman Kent Conrad of North Dakota also want to retroactively apply a death tax to January 1, 2010 on the estates of those who have already died this year. Their revenue grab gives new meaning to the phrase grave robbers. ...

This is one more example of the way the current Democratic majorities put their wealth-spreading agenda above wealth creation, or even economic common sense. If it moves, they tax it. If it stops moving, they tax it more.

taxprof.typepad.com
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