| ||the audacity of the estate tax|
This book may not be brand-new, but it is a good one.
And I just read a statistic that he quoted that almost blew me out of the bathtub. I'm going to have to research this a bit to see if it is true, but REINSTATING THE ESTATE TAX would add $1 Trillion dollars per year to the Treasury. And that, ladies and gentlemen, could single-handedly help this spiraling vortex of the world economic I.O.U. problems.
Look, China wants the U.S. to have a stronger dollar, so that it's yuan can be competitive for exports. But as it's middle class grows, China will repurpose their consumption customers to their own rice paddy workers, and this is no bueno! China halting purchase of our Treasuries (which fuels the borrowing to pay for these massively huge deficits) effectively keeps the U.S. a hostage of China.
According to Obama (who was a freshman senator at the time of the writing of this book) completely reinstating the Estate Tax would add a trillion per year to the Treasury. And that, my friends, would be nice! Estate tax is just a death tax - it means your heirs get their fortune TAX FREE. Warren Buffett said this is equal to picking the Olympic Gold Medal winners for future generations based on if their parents were Gold Medal winners. Members of the "Lucky Sperm" club get their fortunes tax-free.
Flip side to that argument would be that taxing estates would mean double taxation, since the income was earned during the worker's lifetime and taxed at that. But this is not true all the time you know. oh oh, the ambien is kicking in and honestly I have no idea what my point was. Feeling fuzzy and whoooo! My eyes! My eyes ....
| ||Posted 3/11/2009 12:47 AM - 1034 Views - 17 eProps - 21 comments|
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