Someone might want to tell Hillary Clinton that greed and envy are two of the seven deadly sins. She's guilty of both.
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Her revised tax plan would raise the estate tax to as high as 65% -- up from 40% today. She would also apply the hated death tax to as many as twice the number of estates.
It's one of her dumbest ideas yet — which is saying a lot. It won't raise any revenue to speak of. It's a bow-tied gift to estate tax lawyers and accountants. Many studies have found that the cost to the economy of taxing a lifetime of savings more than outweighs any benefits. It actually could end up costing the Treasury money by reducing investment in family businesses that are a major engine of growth for our economy.
But Hillary wants to take us back to the 1970s. According to a Wall Street Journal analysis, the plan would "impose a 50% rate that would apply to estates over $10 million a person, a 55% rate that starts at $50 million a person, and the top rate of 65%, which would affect only those with assets exceeding $500 million for a single person and $1 billion for married couple.
What Hillary doesn't get is this: Anyone who's smart enough to make half a billion dollars is smart enough to find a way to dodge this confiscatory tax. That's the whole history of the death tax — the very rich never pay it."
http://www.investors.com/politics/columnists/bernie-clintons-massive-tax-hike-is-based-on-greed-and-envy/
Get instant access to exclusive stock lists and powerful tools on Investors.com. Try us free for 4 weeks.
Her revised tax plan would raise the estate tax to as high as 65% -- up from 40% today. She would also apply the hated death tax to as many as twice the number of estates.
It's one of her dumbest ideas yet — which is saying a lot. It won't raise any revenue to speak of. It's a bow-tied gift to estate tax lawyers and accountants. Many studies have found that the cost to the economy of taxing a lifetime of savings more than outweighs any benefits. It actually could end up costing the Treasury money by reducing investment in family businesses that are a major engine of growth for our economy.
But Hillary wants to take us back to the 1970s. According to a Wall Street Journal analysis, the plan would "impose a 50% rate that would apply to estates over $10 million a person, a 55% rate that starts at $50 million a person, and the top rate of 65%, which would affect only those with assets exceeding $500 million for a single person and $1 billion for married couple.
What Hillary doesn't get is this: Anyone who's smart enough to make half a billion dollars is smart enough to find a way to dodge this confiscatory tax. That's the whole history of the death tax — the very rich never pay it."
http://www.investors.com/politics/columnists/bernie-clintons-massive-tax-hike-is-based-on-greed-and-envy/
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