One of the great things about America is that previous generations attempt to build a future for subsequent generations. I saw that from my own parents who saved and invested so that college education and an inheritance would be left for their three boys — of whom I am the middle son. I remember the day my dad made that last payment on 651 Kennesaw Ave NE in Atlanta, Georgia. In 1959 he’d purchased that house and property for $20,000. And the dream was that it would be passed on and kept as a family treasure — Mom and Dad even made sure there was a trust left to pay the property taxes. All this came from a lower middle-income couple — but they had a dream, a vision.
And so it is today that my wife Angela and I have invested in two properties in Florida and Texas, which will be left to our two daughters, Aubrey and Austen. Along with property, we intend to save, invest, and impart to them a comfortable nest egg — and yes, we will ensure they complete college without any debt, just as Buck and Snooks West did for me. That is the true American dream. That is our genetic code, our DNA.
And this is why the Death Tax must be killed. And please, spare me the incessant progressive socialist talking point about taxing the rich. There are some 71 percent of Americans who want the “Estate, Inheritance, Death” Tax to die.
But it might be a slow death.
As reported by Forbes.com, “The House of Representatives voted to kill the federal estate tax today 240-179, with 7 Democrats joining. That doesn’t mean that the estate tax is going away anytime soon, but anti-death tax advocates say it sets the stage for possible repeal in 2017. Significantly, the bill keeps in place a provision called “stepped up basis” that allows capital gains to escape taxation if passed to heirs. For now, there aren’t enough votes in the Senate, and President Obama has stated he would veto estate tax repeal anyway.”
Now, I’ll let you do the calculation but let me assist, just how many Democrats are there in the U.S. House of Representatives? Consider that only 7 believe we as Americans have the right to save, invest, and pass on better wealth and opportunity to our children and grandchildren. And in the Senate there are 47 Democrats, you need 60 votes to pass the Death Tax repeal that passed the House. But even more important, that cheeky fella who says he’s all about helping Americans has issued a veto — sounds like an intransigent Marxist/socialist ideologue to me. Even worse, we don’t have enough in the House and Senate to override a presidential veto.
When will the class warfare and wealth envy end in America? So let me understand, are the proponents of the Death Tax telling Lebron James that he shouldn’t be able to “concentrate his wealth” for his children — or how about any other sports figure or entertainment celebrity? I find it odd how the liberal progressive left never mentions names like Kanye West and Kim Kardashian. Oh yeah, they’re part of the growing Soviet-style politburo. It’s just us working stiffs and schmucks that they don’t want to have economic independence. And certainly it seems the left doesn’t want to advance the idea of economic growth by way of individual and private sector investment.
Here is the truth, and the pro and con assessment. “Only 2 out of every 1,000 people who die are subject to the federal estate tax, according to Tax Policy Center estimates. That’s because there’s a huge exclusion amount–$5.43 million per individual or $10.86 million per couple—before the tax kicks in (the top rate is 40 percent).”
“Arguments for repeal: it would spur the economy and lift burdens on owners of small businesses and farms. Karen Madonia, chief financial officer of Illco, a Chicago-area HVAC supplies distributor, testified on Capitol Hill last month how an estate tax on her father’s death would mean selling parts of the company (shutting down branches, laying off workers or liquidating inventory) to pay it.”
“Arguments in favor of the tax: it helps reduce concentrations of wealth and produces additional revenue. Repealing the tax would cost the Treasury $270 billion over 10 years. On average, 55 percent of the value of estates worth more than $100 million is made up of unrealized capital gains that have never faced income or capital gains tax, according to Americans For Tax Fairness’ review of Federal Reserve Data.”
It seems the argument for keeping the Death Tax is all about wealth redistribution and that the federal government knows what’s best for spending other’s money.
I want to build up wealth for Aubrey and Austen so that it can be turned over to them and they can continue to invest and grow. And as they continue to invest as Angela and I have done — guess what happens for our American economy? It grows. Now, instead the federal government, ok, liberal progressives, want that money so they can waste it, promote their vision of crony capitalism, and redistribute wealth in order to provide for the general welfare nanny-state.