I always enjoy batting around the estate tax…. relabeled decades ago the “death tax” by that sleaze Frank Luntz. It’s the tax you’re most definitely not likely to have to pay, and if you do, you’re currently very rich and will be dead when the 40% federal tax is paid on your estate, which must be over $5.45 million for a single person and double that if you’re married. Anything under that is exempt and you can give it tax free to your little Don Jr, Eric, or Ivanka. I became aware of this story Thursday when stopping by the Fox “Business” Channel, which is 92.5 % identical to its big brother, Fox “News,” peddling non-stop skewed right-wing drivel all day long. Of course, bemoaning the End Of The World and Who Would Ever Want To Be Rich and Successful If Death Taxes Went That High, the anchors pandered to their core audience, most of whom are actually near death but not likely to owe any estate taxes. Once again proving my irrefutable theory that all tv news is produced by 22-year-olds, this wonderful screwup on screen that says “Clinton Real Estate Tax Plan” bespeaks of the complete, utter ignorance of these people, not knowing the difference between estate taxes and real estate taxes. I’m lovin it!
Wall St. Journal: “The Clinton campaign is now changing its previous plan—which called for a 45% top rate—by adding three new tax brackets: a 50% rate that would apply to estates over $10 million per person, a 55% rate that starts at $50 million per person and that top rate, which would affect only those with assets exceeding $500 million for a single person and $1 billion for married couples. The 65% estate-tax rate would be the highest since 1981 and marks one of the most enormous tax-policy gulfs between Mrs. Clinton and Mr. Trump, who would repeal the tax. Neither of their proposals stands much chance of succeeding in a divided Congress where Republicans control the House and Democrats can block action in the Senate.”
Can’t wait for Donald “The people that like me best are poor people and middle-income people” Trump to defend his contention that all estate taxes need to be eliminated. Another reason to see his taxes: so we can see how he’s monkeyed around with whatever assets he really has so if he croaks his heirs pay little or no estate tax. Can’t wait to hear him tell the rest of us how we’ll all lose our incentive to build businesses and chase the American Dream if Uncle Sam will take so much of it when we die. Hey Donald, you know the best way to legally avoid estate taxes? Give tons and tons of money to charity. Oh, I forgot, you don’t do that. Not your game. My apologies.