There is a nice tax cut waiting for you - that is, if people refer to you as Dr. or "my lawyer," not Mr. or Ms. And possibly, you might notice the relief if you and your spouse make between $100,000 and $200,000 a year. But if you're laying bricks or working as a teller at the local bank, you might wonder what all the fuss is about.Take the estate tax…
Again – it’s just amazing how well the Repugs have done at convincing the ‘average American’ (who made about $36,764 in 2002 according to the Bureau of Labor Stats) that they are the “party of the regular guy” …
As has been widely reported, it affects less than 1% of folks – when they die. But why is it a good thing?
1- Well, for one, our founder’s came out of a system where power was held by wealthy land owners: i.e. – the folks who had money. They endeavored to setup a representative system where people actually vote for their government officials. However, our system has degraded into “those with the most money to spend” win … as evidenced by the last 20 years of federal elections.
And where do all those campaign $$$ come from… big corps, which are controlled by the wealthy.
2- Most who “makes it” in this country has done so standing on the accomplishment of others and/or are simply a ‘good ole boy’. Take fearless leader: he was either on the board or part of exec management team for 4 different oil companies in TX – all of which failed miserable. Yet he came out of each far richer than he did going in.
Is this the way capitalism works for the average Joe?
3- Capitalism is based on the idea that ‘the best products and services’ will naturally rise to the top, rewarding the innovators. But is this really true? Does it really work this way when some to start off with a huge financial advantage?
I’m not saying Bill Gate’s kids should have to start from scratch. (Besides, his team of lawyers and accountants will have more money stashed away and out of the government’s reach that I’m sure he isn’t really worried about the estate tax.) – But isn’t it a good idea to ask those that have benefited extravagantly from our system to give a share of that back after they die – to help level the playing field for those less fortunate?
Make the first 10 million tax free – if your kids can’t make a go of their life with that big a head-start, you’ve done something wrong.
As for the other tax cuts – sure, everyone wants a tax cut: but does it make sense while the country runs HUGE deficits. Of course not. If I ran my company this way, we’d have been out of business 10 years ago.