Here's the plan that I think Dems should be pushing:
exempt the first $30 million of an estate. But tax estates at 90% after that. This would break-up dynastic wealth but protect small & medium-sized family-owned businesses.
Anyone who bitches about a system that allows a $30 million tax-free gift for winning the lottery of the womb is a piece of crap.
The Wall Street Journal had a recent front-page story headlined, "Obama Plans to Keep Estate Tax." Here's a run-down of Obama's plan for the estate tax:
"The estate tax would be locked in permanently at the rate and exemption levels that took effect this year. That would exempt estates of $3.5 million -- $7 million for couples -- from any taxation. The value of estates above that would be taxed at 45%."
http://online.wsj.com/...
Billionaire tycoons favor a lower estate tax RATE. Whereas small-business owners favor a higher EXEMPTION level. Dems should side with the small business owners.
Bottom line: billionaire tycoons use a huge chunk of the Commonwealth to amass their fortunes. It's time for them to pay back when they croak.
FDR raised the estate tax rate to 75% and it set into motion unparalled wealth creation in America in the 1950's and 60's.