This is America's greatest legislative challenge. Do we have the moral courage to answer it?
America at a Crossroads
Hubert Humphrey once said that the moral test of government is how that government treats those who are in the dawn of life, the children; those who are in the twilight of life, the elderly; and those who are in the shadows of life, the sick, the needy and the handicapped. His words still ring true today as a fair appraisal of our moral obligation to help the needy. Yet we are failing them and our obligation to help those who cannot help themselves. We have the means to meet this challenge. The question at issue is this: Do we have the moral courage?
Today, those three groups are in greater need than ever before even as our wealth (net worth) as a nation has soared to $97 trillion dollars. That total represents $300,000 for every man, woman, and child, or $1 million dollars for every family in America. But how meaningful are these averages when nearly one-half the population has no net worth at all? The reason for the severe skew is that those at the top have more wealth than the other 99 percent combined. And the single reason for it all are the inheritance laws. The inheritance tax accounts for only 0.2 percent of our federal taxes. If we increased that tax to just 2 percent of our federal revenue it would still be the lowest of all tax rates. Yet it would raise $750 billion in annual revenue—and we could meet our obligation to help the neediest among us. By raising it to 5 percent we could also eliminate the public debt in 10 years.
The inheritance tax is often mislabeled the “death tax,” yet it is really just a tiny tax on unearned income. Most Americans do not pay any tax at all on inheritances because their inheritances are very small. Few tax payers would argue against that outcome. But what about inheritances in the tens of millions or in the billions of dollars that virtually escape taxation?
Our wealth also doubles every 10 years. At present growth rates it will be equal to $1.5 quadrillion in just 40 years. It’s time to close all the loopholes surrounding this inherited wealth. The wealth of America was and is produced by all of us. It is the best single measure of all our national economic efforts. It was not produced by the children of the wealthy, nor should it be the source of more dynasty building by that same tiny group. This is the cause célèbre, the ultimate denouement in the battle of greed versus justice in America. Make no mistake about it: If we do not resolve this issue in favor of justice, it will defeat us; and it will define us for the next 1000 years. Our future awaits our answer…
I agree with you 100%. This kind of income is unearned and should go to good rather than family members who may or may not use it wisely. I don't understand the opposition to this fax.
There are some wealthy who have a tendency to give all of their wealth away to charitable causes (not necessarily help all of the people, but their chosen people) and require their children to earn their own wealth. But, without statistics, I believe that most wealthy people want to "keep it in the family" and build dynasties.
From the land of the milked and honeyed here’s a few political faux pas and a bit of attitude exposed to the harsh light of a Canadian who actually has their own opinion.
This is a political treatise that deals with the China issue from a completely new perspective. Disparaging as he may sound, from page to page, toward "the old system" and the Communist Party's various wiles, the author demonstrates his mysteriously
Love ya!
Jane
There are some wealthy who have a tendency to give all of their wealth away to charitable causes (not necessarily help all of the people, but their chosen people) and require their children to earn their own wealth. But, without statistics, I believe that most wealthy people want to "keep it in the family" and build dynasties.
Ron