Close the Billionaire Tax Loophole

[xchrom]

https://www.commondreams.org/view/2014/04/15




If our leaders want to balance the budget, here’s a suggestion: Congress can scrap a new “Paris Hilton” giveaway that’s draining billions of federal tax dollars.

This giveaway takes the form of a complex tax loophole designed to circumvent the federal estate tax, one of the few ways a democratic society can reduce extreme wealth inequality.

The estate tax is a levy on inheritances that multi-millionaires and billionaires leave behind when they pass away. It affects only the wealthiest two out of every thousand U.S. taxpayers — individuals with at least $5.34 million to their name, or $10.68 million for a couple.

Estate-tax levels have bounced around for decades. In 2013, the government officially pegged it at 40 percent, one of the lowest levels since 1930. The effective (real-life) rate paid by these deep-pocketed estates amounted to less than half of that.

[safeinOhio]

1. Lets put those families that bitch the most about taxes

and how the makers, not the takers, have earned those billions, on a level field with every other American. The Waltons, Kocks and the Melon families would, at best, been used car sales persons without having won the sperm lottery and been born into rich families.

[JoeyT]

3. At best is right.

Several of those families would be more likely to end up stolen car salesmen.

The Waltons especially. "Where'd your air conditioner go?" "Ah, another goddamned Walton stole it. Probably to trade for meth."

[pipoman]

2. Before the massive allowance of tax exempt wealth

The wealthy set up tax shelters, bought huge life insurance policies, and set up charitable foundations and trusts. All things that contributed to society. Now they can sit on the wealth and the heirs walk free and clear. I believe there should be an exempt amount, just not 10 million. ..