The estate tax, the most progressive component of the federal tax code, applies only to Americans lucky enough to inherit substantial fortunes. In fact, only 0.6% of deaths result in taxable estates. By taxing inherited wealth, the tax preserves the American tradition of rewarding hard work, not inherited privilege and wealth.
Tuesday, October 12, 2010
No Tax Tuesday: The Right to Pass it On
Image via Wikipedia
The estate tax is one the liberals love to attack with. The basic idea is that if you work your whole life, save and build, try to make a better life for your children and their children, too bad, the leftist believe they are better suited to take what you have earned and give it to someone else.
A site that calls itself "themiddleclass.org" states the lefts position as,
So, what does the left plan to do with this money? Redistribute it to those they deem as worthy. I am the only one who thinks that sounds more than arrogant?
Notice the con; "By taxing inherited wealth, the tax preserves the American tradition of rewarding hard work." Really? And how hard did the people who will be receiving this redistribution of wealth work? Harder than the people who earned it? I thought part of the American tradition was making life better for your children. According to the "progressives" people are wrong to try to give their children something via an inheritance and that they (the empirical left) have a right to take what someone has earned and give it to someone else.
Imagine you have save all year long to buy your children special presents, maybe a trip to Disney world. Someone comes along and says that you should not be able to do that because it is unfair to other, less fortunate children. So, they take part of your earning and savings and give it to whom they deem as worthy. The absurdity of the logic is exactly the same as for the Estate Tax.