America is about to do something to families that not even Russia or China do: pillage their inheritances.
The so-called estate tax – more pejoratively referred to as the “death tax” – is set to skyrocket Jan. 1 – from 35 percent to 55. And on a whole lot more families, as well: Currently, the tax applies to estates of $5 million or more; next year, it will extend to estates of $1 million or more.
The American Farm Bureau reports that means the tax will cover 97 percent of family farms.
The estate tax is a relic of class envy that not even Russia or China hold onto anymore.
It punishes families who have risked their capital and plied their sweat and tears to build businesses and work the land. And it is just another disincentive – albeit a huge one – for people to invest and grow businesses.
The estate tax often forces families to liquidate businesses and farms, robbing generations of families from carrying on
beloved enterprises they’ve grown up working for and nurturing.
It’s quite simply un-American at any level, and should rightfully be completely done away with. Yet this country is actually looking at increasing it.
How discouraging, when you can point to communist countries that have more family-friendly policies.