At a time of staggering inequality, I can’t believe that Congress and the Trump administration want to give me another tax break.
On Wednesday, the Republican party unveiled their tax reform plan, which included the elimination of the federal estate tax. But as one of a small segment of people in the top 1% with enough wealth to someday pay the estate tax, I believe a tax on inherited wealth is completely reasonable and fair.
Well, great, off you go then love. “Gifts to the United States” is the account, just send your check there.
After the second world war, between 1945 and 1975, we taxed wealthy people and invested in infrastructure, education, and middle-class opportunity. Veterans Administration mortgages, the GI bill, and other debt-free college opportunities put millions of families, albeit mostly white, on the road to economic prosperity. Median income rose commensurately for all working people, secretaries and sanitation workers as well as CEOs.
In recent decades, we have cut taxes on wealthy folks and failed to make adequate public investments to ensure broadly shared prosperity.
You do know that the Feds swallow more of the economy than they did back then, yes? Meaning that it’s what they’re spending on which is the problem, not the amount?