What part of “it is not the government’s money” is so hard to understand? Via Riehl World View:
Advocacy groups such as United for a Fair Economy have been plugging a higher estate tax rate and lower exemption as critical particularly given the state of the economy and need to create jobs. They support a bill from Rep. Jim McDermott, D-Wash., that would set the exemption at $2 million per spouse, adjusted for inflation, with a progressively rising estate tax rate based on the value of an estate. For estates worth up to $5 million, the tax would be 45 percent, rising to 50 percent for up to $10 million and 55 percent for those above $10 million. That would cost about $203 billion, according to the Joint Committee on Taxation.
In an alert to UFE members Tuesday, senior organizer for estate tax policy Lee Farris wrote the McDermott bill was the best policy “because our country needs funds for long-overdue investments in health care, education, clean energy, and other public services — not more tax breaks for the heirs of the richest 1 percent.”
Addressing the current law exemption of up to $7 million per couple, Farris wrote: “If a person won $7 million in the lottery and then complained that it wasn’t enough, we’d call it ridiculous.”
Mr. Farris, ridiculous is what we call people who think that my money belongs to them because I have more than they do. Where did you ever get the idea that people should be punished for success in life and business?