Max Speak, You Listen!
Knocking down the Myths of the 'Death Tax' (what we call the Paris Hilton Tax), Max makes many, many good points including:
1. The event that triggers the tax is NOT death. "Death tax" is a politically-interested misnomer. Most who die (98%) pay no such tax. The occasion for the tax is the transfer of a large amount of wealth. That's why it is called "The Estate and Gift Tax."Hmmm, why do the Rich hate America so?
3. Estate taxation IS NOT double-taxation. Much of the income accumulated in estates has NEVER been taxed. This includes appreciation in the value of financial assets, unincorporated businesses, and farms held until death. Even so, double taxation is not exactly unknown. If they don't like double-taxation, why don't the wingnuts campaign for the abolition of the sales tax? It taxes the use of income that has already been taxed. I think I know why.