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Posted by Bill on 08/15/06 21:05
You kind of trick out your question as the "ability" TO generate wealth
from generation to generation, as if that is what is being passed on.
IF it was, there would be no issue, because the government can't tax that.
We're talking about wealth, power, social prestige, position in society.
At one time, America believed in hard work and ambition, fundamental
equality of opportunity, and so on. Seems to me that a mild inhibition
that affects only a small number of very wealthy families is a small
price to pay to sustain that spirit.
And let's get real here-- it's not very difficult at all to pass on the
wealth through other means, including creative accounting, trusts, etc.
We all know about all those people standing on third base. Not a single
one of them believes he was "born" there-- they all hit triples.
Steve Guidry wrote:
> For what it's worth, I've always thought that this debate on the estate tax
> is probably one of the most legitimate tax debates going . . . because
> (whether you're for it or against it) it reveals one's basic view of social
> policy.
>
> Here's the basic question as I see it : do we take money from those
> families who have found ways to pass on the ability to generate wealth from
> generation to generation, (this is no small feat) and - - among other
> things - - give it to those who have demonstrated a profound lack of this
> ability.
>
> Those on the one side claim (rightly so) things like "This money has
> already been taxed", and "It's my money, I should be able to leave it to my
> kids, not the government".
>
> Those on the other side call for "social justice", and say "sock it to those
> rich bastards, they probably stole it anyway."
>
> It's a fascinating argument . . .
>
>
>
>
> "David McCall" <david--------@techshop.net> wrote in message
> news:5smEg.3015$df.2940@trndny06...
>
>>You keep talking about Bush giving tax breaks to the rich. I assume you
>>are
>>talking about the tax known as the death tax or the estate tax. This is
>>also
>>known as double taxation. Taxes have already been paid on that money, but
>>some think taxing your money once isn't enough, it needs to be taxed again
>>when you die. Most people are exempt from this tax completely because
>>they don't own businesses or have substantial savings or investments.
>>
>>This tax is not just aimed at executives of big corporations, but also at
>>the
>>family that owns the mom and pop store on the corner. It is also aimed at
>>the family that own a modest farm keeping that farm from being passed
>>down.
>>The theory is that dead people aren't around to complain so they make a
>>good
>>tax target. Unfortunately it isn't the dead person that suffers (his
>>suffering is over)
>>it is the rest of the family that has to sell the family business for
>>pennies on the
>>dollar to pay the taxes on their parents death.
>>
>>David
>>
>
>
>
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